The secret to becoming a master home care agency? Rely less on private pay, recruit well
Diversified payer streams, low turnover, better training and top-notch recruitment are what separate the so-called men from the boys in the home care industry. That’s the word from Erik Madsen, CEO of home care intelligence platform Home Care Pulse. Madsen made his comments during a Home Care Association of American Learning Lab on Tuesday.
Home Care Plus analyzed the performance of 221 home care agencies making $5 million dollars or more in 2020. Madsen said these firms, known as master agencies, had a lot more in common with each other than they did with the rest of the home care industry.
Madsen said master agencies relied less on private pay and long-term care insurance for revenues than their industry peers and more on Medicaid waivers and managed care organizations. That diversification helped those firms receive nearly double the industry average on per client revenues.
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