Strong and steady growth in the home care market is providing substantial opportunities to agency owners. With this in mind, companies that want to grow can benefit from watching how others are succeeding. A look at big home care agencies will reveal commonalities. Each company has a unique story. And the teams of people that run the day-to-day operations may look different. But all big agencies share certain traits. In the latest edition of our blog, we’ll take a look at these three things big agencies do and how they impact the overall outlook.
1. Create a Culture of Compliance
Large companies know that it is easier to maintain a process than implement change on a large scale. That is why big agencies foster an environment where the expectation is employees will do the right thing.
In 2020, VITAS hospice was the largest provider of in-home hospice services, according to LexisNexis. From its inception, VITAS was built on compliance. Years before the Office of the Inspector General (OIG) published guidelines, VITAS wrote its compliance policy to address risk areas and ethical conduct in providing reliable, safe, and quality care. This type of integrity is an example of how big agencies build on a solid foundation.
Rules and regulations change at a dizzying pace in homecare. Staying on top of ever-evolving requirements is challenging. Yet big agencies strive to stay up-to-date on requirements and ensure they are meeting them each day. Large home care agencies create a company culture of compliance that means doing the right thing and exceeding the standards of care they provide.
Learn more about home health software for agency compliance
THE PEOPLE REALLY DO MAKE THE DIFFERENCE
2. Put the Right People in Place
Each employee’s character and dedication to the organization matters from the CEO at the top to the clinicians and caregivers out in the client’s homes.
The home health aide providing direct care to the sick or elderly patient in their home can make or break the customer’s experience. The care coordinator in the office can make all the difference in patient and staff retention. Company leaders inspire the organization, making choices each day that can steer the agency toward success or failure.
Big agencies recognize the importance of recruiting and retaining the right individuals for the job. As the old saying goes, a chain is only as strong as the weakest link.
3. Stay Open to Opportunities
Consolidation has ramped back up. The industry saw a lot of activity in 2019 and 2020 with the Patient-Driven Groupings Model (PDGM) changes. The CARES Act temporarily halted that. Coronavirus relief and stimulus funds slowed consolidation trends. But now, many agencies are again in talks about mergers.
“We have been anticipating this historic consolidation opportunity in our industry to materialize in home health as a result of PDGM,” LHC Group Chairman and CEO Keith Myers said earlier this year.
Eight of the ten largest franchisors in homecare have been purchased by private equity firms or have taken investments. Big agencies are getting bigger by acquiring smaller operations that could add value to their company. In this way, the top agencies continue to rise. Taking a page from their playbook, agencies looking to grow should keep their eyes open for strategic opportunities in the coming months.
Summary
Staying open to opportunities for growth, putting the right people in place, and creating a culture of compliance are some of the things the big agencies do to achieve success in their companies. There is much to glean from observing others in the industry as home care’s momentum continues.
Author’s Note: Views, information, and guidance in this resource are intended for information only. We are not rendering legal, financial, accounting, medical, or other professional advice. Alora disclaims any liability to any third party and cannot make any guarantee related to the content.
Alora is ideal for agencies of any size or type, and many in our family of agencies have seen phenomenal growth and success. We partner with agencies from startup infancy through expansion and growth into numerous locations and patient censuses. From clinical performance to productivity, finances, personnel, and compliance, Alora brings the power of simplicity to your administrative and caregiver staff. We’d love to chat with you about it! Give us a call at 1-800-954-8250 to get a custom assessment for your agency.