From the 2024 Activated Insights Benchmarking Report
Home-based care agencies all around North America are reevaluating their operational
strategies to keep up with the demand of doing business in the fastest-growing industry in the
US—are you behind? Be the first to know about the latest 2024 trends.
Home-based care organizations are doing better than they have been for the last decade.
According to the 2024 Activated Insights Benchmarking Report (formerly the HCP
Benchmarking Report) agencies experienced a 10.5% customer increase on average last year,
surpassing the mere 4.4% growth seen in 2022. Customer growth hasn’t been this high since
before 2016.
Which begs the question: What are they doing differently?
Activated Insights, formerly HCP, surveyed over 1,100 home-based care providers to find out
exactly what is and isn’t working in their business operations and bring you industry secrets you
can’t find anywhere else.
Jump on these top three operational trends from the 2024 Activated Insights Benchmarking
Report to make this your best year yet, too.
Trend #1: Providers with the Highest Customer Retention are Prioritizing the Satisfaction of their Customers’ Loved Ones
According to the 2024 Activated Insights Benchmarking Report, the average customer length of
service increased by two months while the median customer lifetime value rose by $1,465 in
the last year, the highest it’s been in four years.
As 57% of customers come from family-requested care, it’s no wonder why providers who
involve families in their customer’s care plans are seeing the highest customer satisfaction and
retention rates.
How to hop on this trend:
While 94.9% of home-based care providers involve their customers’ family in care plans, only
26.7% completely met the family’s care goals.
This may be why 50% of customers find themselves voluntarily stopping services to look for
another provider capable of offering them a higher level of care.
Ensure you’re meeting the expectations of your customers and their loved ones by:
- Uncovering your blind spots by gathering feedback from your customers
- Utilizing your Net Promoter Score (NPS) to inform you on which areas of satisfaction
need the most improvement - Specializing your staff in topics geared to the needs of your customers
Providers who invested in enhancing the care experience to increase customer satisfaction, like
through Activated Insights, saw three times the average customer lifetime value. Find out what
else your customers and employees wish you would start, or stop, doing by conducting
satisfaction surveys to become the company that employees recommend to their friends and
customers recommend to their loved ones.
Trend #2: Only 1 in 4 Home-Based Care Providers Have the Data to Prove Their Quality Care Outcomes
According to the 2024 Activated Insights Benchmarking Report, the average hospital admission
rate for home-based care in 2023 was 4%.
However, only 24.1% of home-based care providers tracked their hospital admission rates last
year. That means, three-quarters of providers are not capitalizing on proving this level of quality
care. Not to mention, communicating the value of long-term and post-acute care industry as a
service.
See an increase in customer acquisition by collecting the data that proves your business’
customer retention.
How to hop on this trend:
Tracking industry Key Performance Indicators (KPIs) goes beyond proving quality care
outcomes, it also directly impacts your reach and revenue.
In the past year, providers who tracked every inquiry about their services saw an $811,964
increase in revenue compared to those who did not.
Calculate the quality of your care outcomes by tracking crucial industry metrics such as:
- Hospital readmission rates
- Inquiry to admission ratio
- Turnover rate
By benchmarking your data to industry-standard, you’ll be able to prepare and qualify for
industry awards and recognition that further prove your quality care outcomes while enhancing
your credibility.
Trend #3: Despite a Record-Breaking Staff Turnover Rate, Providers with a Strong Reputation are Turning Away Less Cases due to Staff Shortage
Despite the industry’s average care staff turnover rate reaching nearly 80%, there was a 16%
decrease in those who had to turn down cases due to the staffing shortage compared to 2022.
Which means, providers are getting creative in keeping their customers around.
As almost one third of total revenue is generated from the opinions of your customers and
employees, managing your reputation has never been more important.
How to hop on this trend:
Which is why home-based care providers across North America ranked strengthening their
relationship with referral sources as their number one priority in the 2024 Activated Insights
Benchmarking Report.
Because as the number one marketing source for 2023, word-of-mouth referrals produced the
lowest amount of turnover for the least in acquisition cost.
Strengthen your reputation in the industry by:
- Attracting top talent with Great Place to Work certification
- Managing your online reviews
- Strengthen employee satisfaction by checking in with them at important employee
milestones within their first 100 days of employment - Strengthen customer satisfaction by ensuring your staff are adequately trained for the
needs of your customers
Listening to what your care staff and customers say about you is the best way to ensure that
despite changes in the ever-evolving long-term and post-acute care industry, you’ll be the
business that people trust with their care.
Stay on Top of the Industry’s Hottest Trends
These are just some of the ways you can transform industry benchmarking data into data-driven operational business decisions.
Discover dozens more trends from the hundreds of data points in the newly released 2024
Activated Insights Benchmarking Report.
Let us know what operational strategies have been working for your business. You never
know—you could be the next provider to shape the industry in one of the most trusted national
reports for home care, home health, and hospice.
Rosemark is excited to bring you this guest blog from our partners at Activated Insights.