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Diversify and Stabilize Revenue

Diversify and Stabilize Revenue

Owners of home care agencies are well-acquainted with the volatility of their revenue stream. They provide services to people in poor health, some of whom are at the very end of their lives. Clients may abruptly reduce visit hours, stop services, or be hospitalized, and any one of these can cause a sudden drop in revenue. 

Even worse, it’s difficult to keep caregivers who have lost their hours on staff. If you can’t assign them another client very quickly, they may leave your agency for a more reliable source of income.

Hedge Against Volatility with Community Based Home Care

Community based home care services are far more stable and predictable than traditional home care. Because with community based home care an agency serves the entire community rather than individual clients, if one client cancels suddenly, it’s easy to assign their caregiver to another client.. That means a sudden decrease or change in client visits has little impact on the revenue stream or the caregivers’ schedules.

Home care agencies serving in communities may also have the advantage of being the community’s provider of choice. That allows them to offer traditional home care services for residents needing longer visits within those communities. This is helpful for residents such as those who prefer to return to their apartments following a hospitalization instead of going to rehab, or whose level of functioning has decreased over time. This produces a significant revenue stream, and helps your agency remain stable and profitable over time.

Community Based Home Care Offers Dependable Revenue

As the founders off a community based home care agency, we know about the stability it offers. Once we got to know the community and implementing the right technology, we found that community based home care settles into a predictable routine. Once you demonstrate excellent quality of care, the community will rely on your agency, resulting in dependable and consistent revenue.

Imagine your home care revenue streams as a portfolio of financial investments with different risk levels. When done properly, community based home care offers predictable, low-risk revenue. By contrast, traditional home care can be highly volatile with higher risk but potentially higher gain. A home care agency that offers both can expect to enjoy steady and predictable growth.

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