We often share stories on this blog about folks in the home care and care transition space who are doing innovative and future-facing work. Usually, the people we spotlight have been in the home care industry for a number of years or have a good amount of healthcare experience in some respect.
But as the saying goes, “The Future Is Now.” And the reality is, your agency’s toughest competition may not be coming from seasoned veterans, but from young entrepreneurs who recognize the changes on the horizon in the home care and care transition industry.
With that in mind, I thought I’d share an interview that Entrepreneur.com recently did with two “Millennial” entrepreneurs who just started their home care agency in March of 2015. You can read the entire interview by clicking this link: “Why These Young Entrepreneurs Entered the Homecare Industry” , but I’d like to highlight some key points that I feel folks in home care should consider carefully to help keep your agency competitive.
To set the stage, here are two quotes from the article that help frame the points I’d like to illustrate:
“The field of private duty home care is growing as the costs for hospital stays, skilled nursing facilities and assisted living facilities/nursing homes skyrocket. We saw a need for a higher standard of private duty home care in our area to assist individuals and families achieve a better quality of life while living and aging in their own home.”
“I did much of my initial research online, looking at several private duty home care franchises and what differentiates one from the others. Having previous experience in home care, I knew what to expect from a typical or average agency.”
Three Takeaways to Consider When Future-Proofing Your Agency
Granted, one interview isn’t much of a sample set to make a strong academic argument, but there are three take-aways that I got personally from the interview that I feel can be helpful:
1.) The need for home care and care transition services is increasing, and this fact is not going unnoticed by the next generation of business people.
2.) Whatever competition you are currently seeing in your market area, it seems likely that more competition is coming, and it will be coming soon.
3.) Along with the new wave of competition, comes an increased need for agencies to differentiate their business from others’.
Differentiate Your Home Care Agency with a Care Transitions Offering
Aside from elements like offering superior care and customer service, an agency can easily differentiate themselves through implementing a Care Transitions initiative. At Ankota, we believe that offering a care transitions component provides an opportunity for your agency to be set apart from your competition in the marketplace. Also, that there is an opportunity for agencies to create a new stream of revenue in a burgeoning industry.
To learn more about the opportunity to improve care and increase revenue via Care Transitions, Ankota offers a free white paper, Why Care Transitions Is The Next Big Thing for the Home Care Industry that can offer you more insight on this topic. Just click the link or the picture below to download.
If you're interested in learning more about software solutions for home care or for care transitions, we'd love to help! To schedule an online demo of our home care or care transitions software solutions, just click this button:
Ankota provides software to improve the delivery of care outside the hospital, focusing on efficiency and care coordination. Ankota's primary focus is on Care Transitions for Readmission avoidance and on management of Private Duty non-medical home care. To learn more, please visit www.ankota.com or contact us.