It’s football season and some of the best games end in a nail biting OT showdown. Playing in overtime makes for an exciting game, but paying overtime isn’t near the thrill, especially in the home care industry. The revision of the Fair Labor Standards Act in 2015 was a game changer for home care agencies in terms of paying overtime. Since implementation, agencies are required to pay overtime to employees who previously had been exempt. This means that a majority of home care workers must be paid at a rate not less than one and one-half times their regular rate of pay above 40 hours of work in a workweek, according to the U.S. Department of Labor. [Read more…]
They say never look back if you want to move forward, and while that might be good advice in certain situations, in business it’s important to look back occasionally. A year-in-review of your agency’s revenue and cash flow is essential to help uncover where money is being lost, where it’s being gained, and what financial goals need to be established for the coming year. [Read more…]
January is often when many businesses take a look back over the previous year to evaluate their performance and determine how to best move forward for future growth. Increasing costs and thinning margins mean revenue and cash flow are more critical than ever for home care agencies, especially as payer reimbursement complicates overall revenue and profit. [Read more…]
With millions of older adults in need of extra care and assistance, paying for in-home care is a leading concern for today’s families. According to research from AARP, an estimated 34.2 million Americans have provided unpaid care to an adult age 50 or older in 2015, and those numbers continue to rise every year. And, depending on the state, home care services for seniors can range from $32,032 to $56,056 annually. While most home care recipients pay for senior care services out of pocket, many also rely on the help of family members to afford the regular care they need to stay well. Think how refreshing it would be if there was a way for home care agencies to make this process easier on the whole family. [Read more…]
It’s the most wonderful time of the year – for the IRS, anyway. Tax season is officially upon us and most of us are looking for ways to get the most out of our tax returns, especially those of us who own small businesses. As you search for write-offs and credits that will help your agency save this season, make sure you’re not missing out on the Work Opportunity Tax Credit (WOTC)!
To be in the home care business, you have to be a caring, hands-on type of person. However, most agency operators wish they could be a bit more hands-off when it comes to office operations, like billing and payroll.
For years, being “hands-off” with payroll was not an option; thus payroll, billing, and other vital office operations were a constant struggle for agencies who had to manually calculate employees’ time and overtime from paper timesheets, as well as factor in travel and mileage expenses, adjust for sick days off, schedule vacations, and more. That’s a lot of time wasted, and time is money, as they say. [Read more…]