What does the future hold? It’s a question that we’d all like answers to for various reasons, but we don’t necessarily need a crystal ball to find them. Often the best predictor of the future lies in the trends of the past. For example, did you know that median annual private duty revenue has increased 37% over the last eight years as demand for home care services has increased? And median caregiver turnover has risen to a record high of 65.7% in 2016 from 39.4% in 2009.
These statistics and others from Home Care Pulse’s annual Home Care Benchmarking Study can help home care industry professionals predict what 2018 will hold and create plans for success. Let’s take a look at some key areas of the home care industry and discuss what they’ll mean for your agency in 2018.
Caregiver Recruitment & Retention
Recruiting and keeping top tier caregivers has long been a struggle for agencies, but some trends from the past years may help uncover beneficial strategies for the coming year.
- Agencies who exceed 95% of the industry in caregiver recruitment and retention offered a median of 20 hours of caregiver training in 2015 and a median of 24 hours in 2016.
- Of those agencies polled in the Home Care Benchmarking Study, agencies who offered less than 5 hours of caregiver training saw a 16.2% higher caregiver turnover rate in 2015.
- Caregiver pay rates, including personal care attendants, homemakers, and CNAs, have risen only slightly since 2014 and remained static from 2015 to 2016 with earnings averaging between $150-$174 per 24-hour shift.
- Agencies who fell below 75th percentile in caregiver pay saw a median caregiver turnover rate that was 4.6% higher than those who were above the 75th percentile.
With caregiver turnover reaching record highs in recent years, it’s vital to consider how your agency can improve retention rates. These statistics tell us a great deal about how agencies should be preparing for caregiver recruitment and retention in 2018, namely placing emphasis on improving training so caregivers feel more confident in their roles and offering competitive wages and/or benefits.
How your agency operates in the office plays a big role in both client and caregiver turnover rates as well as your agency’s overall reputation in the community. But how are other agencies using technology?
- According to the Home Care Benchmarking Study, the top three technologies used by home care providers in 2016 included:
- Telephony timekeeping system (85.3%)
- Online or application based scheduling/time clock functions for caregivers (66.3%)
- Online/ smartphone applications used by caregivers to view and/or edit care logs (52.7%)
This is an important statistic that shows just how critical technology has become in terms of home care productivity and management. If your agency has been passive thus far in integrating technology into your office, 2018 is certainly the year to flip the digital switch!
Click here to learn more about how agencies should be using technology to recruit and retain caregivers.
Arrow Solutions can help seamlessly move your agency into the digital age with our wide range of home care management solutions. The Arrow system makes operating in complex environments with multiple locations, multiple patient sources, and different record-keeping requirements easy. Additionally, our customer-driven scheduling model is heavily based on the workflow of the case coordinator, and it’s built to simplify everyday tasks.
Contact our team today to learn how we can help your agency see a brighter, more profitable 2018!