Stephen Tweed at Leading Home Care shared a sneak preview of the Home Care Pulse 2014 Private Duty Benchmarking Study. Here's an excerpt of what they shared:
This year’s sample was slightly smaller than last year – 551 companies compared to 617 – the growth numbers are significant.
- The median sized company increased from $1,160,000 to $1,398,090.
- The net ordinary income for the median sized company was 23.5% of revenue
- The median sized companies are bigger on the east coast and west coast, and smaller in the south, central, and great lakes regions
- 70% of revenue is coming from private pay and 9% from long term care insurance.
- The number one referral sources is past and current clients
- The number one marketing method for referral marketing is making sales calls
- The number one marketing method for consumer marketing is internet SEO
- The number one thing that sets providers apart from their competitors is Caregiver Quality
- The number one threat facing home care companies is caregiver shortages
- The median sales conversion ratio from Inquiries to Assessments was 38.8%
- The median sales conversion from Assessments to Admission was 80.6%
- The median cost of acquiring a new client was $478.57
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