Home Care Industry Future Trends Survey 2023

Section I: The Future of Home Care

In-home personal care for the elderly and disabled is the fastest growing segment of health care in America. There are over 26,000 companies providing this care.

To better understand the future of this industry sector, and the trends that are shaping the future, we would like to get your input.

Please take a few minutes to answer these 15 questions. In exchange for your time and insights, we will provide a full copy of our published White Paper, and will invite you to participate in a live Web Conference where we will share the results of this research, and share our perspective on this information to help you grow your business and get ready for the future.

Thanks in advance.

1.As a result of working with hundreds of home care companies, Leading Home Care has identified twelve specific systems that are key to operating a successful home care business. Which of the following 12 systems do you feel are most important for you to leverage in the future to scale your home care company? Pick the three most important systems to develop. (Pick 3)

Home Care Sales System

Home Care Marketing System

Client Inquiry Conversion System

Caregiver Recruiting System

Human Resources Compliance & Information System

Caregiver Retention System

Client and Caregiver Scheduling System (Home Care Operating System)

Care Coordination System

Payroll System

Billing & Collection System

Metrics Tracking

Financial Reporting

Other (please specify)

2.What are the biggest pain points that will get in the way of growing your home care business over the next five years? Rate each pain point listed on a scale of 1 to 5.

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Caregiver Shortages

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Caregiver Recruiting

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Caregiver Retention

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

New Client Attraction

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Office Team Effectiveness

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Regulatory Compliance

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Data Privacy and Security

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Operational Systems Efficiency

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Revenue Growth

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Profitability

1. Not at all painful

2. Not very painful

3. Somewhat painful

4. Very painful

5. Extremely painful

Other (please specify)

3.There are a number of external forces and trends that are shaping the future of home care. Often these forces are outside of your control, but hinder your ability to grow your business. Please rate each of these forces on a sale of 1 to 5 on how much you think it will hinder your ability to grow your business over the next five years.

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Consolidation of the industry

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

The entry of Private Equity companies into Home Care

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Increasing competition

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Rising costs of staff, supplies, and services

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

The increasing use of technology in home care

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Government Regulation at the Local Level

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Government Regulation at the State Level

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Government Regulation at the Federal Level

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

The State of the Economy

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Labor Market Conditions

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

The increasing cost of home care

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Professional Liability

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

The increasing awareness of home care by consumers

1. No hindrance

2. Very little hindrance

3. Some hindrance

4. Very big hindrance

5. Extreme hindrance

Other (please specify)

4.What do you see as the greatest growth opportunities for home care companies in the next five years? Which of these will provide the greatest opportunity to you and your company based on where you are today? Rate each opportunity on a scale of 1 to 5.

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

Doing a much better job with our current business in our current market and attracting more clients

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

Expanding into new geographic markets

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

Adding additional payer sources

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

Adding new revenue streams

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

Acquiring other Home Care companies in expanded markets

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

Leveraging innovation in technology to increase efficiency and reduce costs

1. No growth opportunity

2. Very low growth opportunity

3. Some growth opportunity

4. Very high growth opportunity

5. Extremely high growth opportunity

5.Based on your current model of business, which of the following payer sources will provide the greatest opportunity for growth in the next five years? Rate each payer sources on a scale of 1 to 5.

1. No opportunity for growth