Buoyed by a growing demographic of Americans who want to age in place, home care companies are among the fastest-growing companies in the country, according to a recent ranking of the top 5,000 fastest-growing private companies.
In the most recent Inc. Magazine’s Inc. 5000 list, 13 home care companies made the cut. It’s no surprise these companies snagged spots on the list, especially now that home care franchises are taking the franchise market by storm.
The 2016 Inc. 5000 is a compilation of the fastest-growing private companies in the country across more than 30 industries ranging from logistics and media to manufacturing and health.
These are the home health care companies that continue to pave the way for success in the industry:
#489—Sunny Days In-Home Care
#827—Providia Home Care
#1545—Capitol Home Health
#2036—FirstLight HomeCare Franchising
#3357—Home Care Assistance
#3989—CT in Home Assistance
#4108—Great Lakes Caring Home Health and Hospice
#4639—Home Instead Senior Care Birmingham, Alabama
#4990—Accurate Home Care
Coming in the No. 1 spot among the fastest-growing home health companies, Sunny Days In-Home Care, located in McMurray, Pennsylvania, has seen a growth rate of 776% in the last three years, according to the Inc. 5000. Taking second, Fort Myers, Florida-based Providia Home Care has seen a growth rate of 480% in the last three years. The company reached $13.2 million in revenue last year, according to Naples Daily News.
Of the 13 home care companies on the list, FirstLight HomeCare Franchising announced that the accolade comes at a time when the company has grown to more than 134 locations in 31 states. Its gross sales reached more than $3.9 million in 2015, up from $2.6 million in 2014, according to a recent company press release. This is the second year in a row FirstLight has been named on the Inc. 5000 list.
“In the last three years, our company has grown by over 183% and when you consider that we have only been franchising since 2010, that expansion is even more impressive,” Bill McPherson, executive director of franchise development at FirstLight Home Care, said in a press release.
BrightStar Care also has released news this week to expand its market in Philadelphia, with 26 new home care locations. The company has a target of 50 new franchises around the country this year.
Of the group, 24Hr HomeCare is ranked on the list for the fourth year in a row, according to a recent press release from the company. One partnership 24Hr HomeCare established in 2015 with Uber and the UberAssist program to help transport seniors from hospitals back home set the pace for other home care providers to start thinking about how to better integrate their programs with transportation services.
“The fact that we’ve been able to sustain our rapid growth for such an extended period of time attests to our company’s ability to adapt to a developing industry, adopt innovative new technologies and processes for senior care, and above all, continue to hire the best,” said Ryan Iwamoto, co-founder and chief marketing officer of 24Hr HomeCare.
Written by Alana Stramowski