In August, Inc. Magazine, which covers independent businesses, launched its 2020 Inc. 5,000. The annual list quantifies the fastest growing private companies in the country on a rolling three-year basis. Several home care agencies were included in the 2020 iteration of the Inc. 5,000, including five HCAOA members:
Three of those members – 24 Hour Home Care of El Segundo, CA; Assisted Living Services of Cheshire, CT; and Senior Solutions Home Care of Brentwood, TN – were profiled by Home Health Care News.
In that article, the companies’ leaders outline what has helped them deliver sustained growth over the five-year evaluation period that qualifies one for the Inc. 5000. Ryan Iwamoto, 24 Hour Home Care president and co-founder, outlines how a focus on community has helped them achieve tremendous growth over the last three years.
“I think if you look at our stats compared to some others in the industry, I think a lot of them don’t really get too much business from hospitals,” Iwamoto said in the HHCN article. “And I think a higher majority of our referrals have come from hospital case managers and discharge planners. I think a lot of that has come from some of the partnerships that we’ve created to really build value for not only the patient, but also for the health systems and hospitals.”
Kunu Kushal of Senior Solutions Home Care cites his company’s adaptability as the reason for its triple-digit growth in the last three years. “[W]hat we’re noticing is the consumer is getting to be much more educated over the last 10 years, and the needs of the caregivers are much more than they’ve ever been,” he told HHCN. “So put those two things together and having a home care company that’s still using the same playbook from five or 10 years ago just doesn’t work today.”
Mario D’Aquila, the COO of Assisted Living Services, meanwhile, cites increasing appetite for public home care funding as an important revenue stream. “We always start with private pay,” D’Aquila told HHCN. “But then we’ve gone into the more governmental payer side, so Medicaid waivers through the home- and community-based waiver system … and also here are some Medicare Advantage plans that do pay for some home care, which is becoming more common.”
The 2020 Inc. 5000 is ranked according to percentage revenue growth when comparing 2016 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2016. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2019. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2016 is $100,000; the minimum for 2019 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.