SURVEYING THE PRIVATE DUTY LANDSCAPE THE FUTURE IS TODAY. Presented by JC Weber Director of Operations Home Care Pulse

Transcription

1 SURVEYING THE PRIVATE DUTY LANDSCAPE THE FUTURE IS TODAY Presented by JC Weber Director of Operations Home Care Pulse

2 About the Presenter

3 Presentation Outline I. Growth & Future of the Home Care Industry II. Top Threats to Industry 1) Caregiver recruitment & retention 2) Legislation (minimum wage, Affordable Care Act, etc.) 3) Standing apart from the competition III. Top Growth Opportunities for Industry 1) Relationship with referral sources 2) Offering of other service lines 3) Best of Home Care Award qualification

4 2016 Private Duty Benchmarking Study 615 home care providers 1,231 locations Finance, Sales & Marketing, Operations, Caregiver Recruitment & Retention, the Client Experience

5 WHY are you in the home care industry?

6 Career Satisfaction

7 Career Satisfaction - Median Revenue

8 Industry Growth Previous 5-Years

9 Demand for Home Care According to the Pew Research Center: - 10,000 Baby Boomers will turn 65 today, this will continue for roughly the next 12 years. - ~50 Million Seniors 65+ Years Old in the U.S. - ~2 Million Seniors receiving home care

10 Historical Median Revenue

11 Top Threats to Home Care Industry 1) Caregiver recruitment & retention 2) Legislative issues 3) Standing out from competition

12 Caregiver Turnover

13 Caregiver Recruitment Caregiver retention starts with caregiver recruitment.

14 Caregiver Turnover

15 Caregiver Acquisition Cost

16 Why Caregivers STAY Supported HappY Loyalty Trained Appreciated

17 SUPPORTED -Beyond a Shoulder to Cry On- Consistently connect caregivers to your WHY! Consistently invest in their education, skills, and knowledge. Connect with them weekly. Have them share their wins. Provide mentors for them, especially early on. Then Give them a shoulder to cry on.

18 Caregiver Mentoring Program A Caregiver Mentoring Program is a formalized training program focused on building confidence, satisfaction and retention among both your caregivers and your clients. The primary purpose is to strengthen the relationship with your caregivers and help them achieve success in their career.

19 What It is and What It is Not What it is not Does not compensate for a poor hire Is not in lieu of Supervisory Visits Not intended to be the primary training program Not meant to replace initial or ongoing training programs! It is not, if done right, going to cause clients to question the skills of your new caregivers What it is Helps new caregivers feel more apart of your team Build upon relationships A great recruitment tool A marketing tool for new clients and referral sources Strengthens retention among clients and caregivers A career ladder for caregivers

20 TRAINED - Beyond Telling Them How -

21 Top Requested Trainings Training Requested 1) First Aid (CPR, wound care, medical response) 2) C.N.A. Training (Home Health Aid) 27% 3) Alzheimer s, Dementia, Parkinson s, etc. 73% 4) Hands-on (on the job, in-person) 5) Hoyer lift, transporting, and moving clients Any additional training Specific additional training

22 Appreciated - Beyond Saying Thank You - Ideas for Recognizing Your Outstanding Caregivers

23 HAPPY - Beyond Satisfied - The Ideal Caregiver Personality Type Compassionate Emotionally invested Responsible Forgiving Genuine Wear their feelings on their sleeve Professional

24 HAPPY - Beyond Satisfied - Keeping This Type of Caregiver Happy Needs fulfillment A consistent reminder of the difference they are making. The WHY. Share experiences Give them the stage. Give them more responsibility. Show compassion when they mess up. Show appreciation, privately and in front of peers. Make it genuine. Treat them like professionals.

25 HOT LEGISLATIVE ISSUES Fight for $15 minimum wage Caregiver wages Affordable Care Act (Employer Mandate) Major health benefits Removal of Companionship Exemption Overtime pay for caregivers White Collar Exemption Overtime pay for salaried employees

26 Fight for $15 Minimum Wage

27 Fight for $15 Minimum Wage Billable Hour Profit Analysis Average Hourly Billing Rate $23.00 Overhead/Admin Allocation $ % Caregiver Hourly Wage $15.00 Avg. $10.00 Profit -$1.20

28 Fight for $15 Minimum Wage

29 Caregiver Benefits 41.2% 44.6% 39.5% 36.5% 42.5% 31.8% 7.7% 9.4% MAJOR HEALTH DENTAL SUPPLEMENT (I.E., AFLAC) PAID VACATION SICK LEAVE 401K MATCHING PROFIT SHARING TUITION PLAN

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31 Impact of Regulation on Business 1) Increased tracking and reporting 2) Cost of doing business 3) Time of employees (systems and processes) 4) Fear of not being compliant 5) Not understanding regulation

32 Growth Opportunities for Industry Working ON your business and not IN your business

33 Attracting Enough Referrals

34 Why Consumers Choose a Home Care Provider

35 Hire a Referral Sales Rep

36 Referral Sales Rep Median Revenue

37 What Sets Your Business Apart?

38 The Client Experience Combat threats of caregiver shortages, legislative issues, and increased competition with growth opportunities of delivering the best client experience possible. Create a Brand Promise (Vision, Mission, Core Values) Know what your clients and caregivers value Become a key lifeline and resource to the client and family Human Touch (what technology cannot offer) The demand for home care is only increasing.

39 2016 Home Care Benchmarking Study Promo Code: NEHCC16 (case sensitive) $100 Off (Regularly $299)

40 or