When it comes to growth, home care and home health providers are focused on a number of key opportunities.
For home care providers, care professional recruitment and retention programs are No. 1 on their list of top growth opportunities for 2023. That’s according to HCP’s 2023 Benchmarking Report, released last week and based on a survey of roughly 92,000 home-based care professionals.
Specifically, 32.9% of home care respondents said recruitment and retention programs were their top growth opportunity for the year ahead. Despite that outlook, the number of HCP respondents identifying care professional recruitment and retention programs as their No. 1 growth opportunity actually went down 6.5% compared to the previous year.
On the flip side, the percentage of respondents that consider strengthening relationships with referral sources as their top growth opportunity went up by 10.5% compared to the previous year. This ranked second on HCP’s list of top growth areas, with 26.8% of respondents identifying it as No. 1.
“Strengthening relationships with referral sources jumped up to 26.8% of agencies seeing it as their top opportunity for growth in the coming year, when historically that number has been just over 16%,” Amanda Sternklar, marketing director at HCP, told Home Health Care News.
Rounding out the top three, 6.5% of respondents on the home care side also saw expansion into new markets as a top growth opportunity for 2023.
Home care and home health see similar opportunities
In addition to looking at what home care providers consider the top growth opportunities this year, HCP also examined home health and hospice providers.
Overall, there was overlap between the responses from home care professionals and home health and hospice professionals in many key areas.
For home health and hospice providers, recruitment and retention grabbed the No. 1 spot, with 21.6% of respondents flagging it as their top growth area.
Customer referrals checked in as the No. 2 top avenue for growth, with 19.6% respondents identifying it as such.
At 14.9%, strengthening relationships ranked third on the list.
Also cracking the top five, at 10.1%, was new partnerships in the fourth spot, and new markets in the fifth spot, according to 9.5% of respondents.
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