In 2022, there were more than 450,000 home care provider businesses in the United States, a number that’s projected to keep growing. With so much competition, how can your home care agency stand out from the crowd?
One way to keep an eye on how your business is doing is to measure your KPIs or key performance indicators. The basics of key performance metrics involve tracking your data and comparing them to your business goals.
Not sure which metrics you should use to meet your home care business’ benchmarks? We’ve got five essential home care KPIs that you should start tracking today.
1. Quality of Care
The main goal of home care assistance is to provide care for your clients. Tracking your performance in this area will give you the most valuable insight into what you’re getting right and what you need to work on.
Client satisfaction is one way to measure this metric. From online reviews to conversations with clients, you can start to get a feel for what’s working for you.
Tracking the quality of care during visits will give you insight into what you and your caregivers need to excel.
2. Turnover and Retention
Honestly and accurately tracking caregiver turnover will help you figure out if something needs to change at the top. If you’ve noticed an uptick in turnover, start looking into patterns in the data you’ve gathered to figure out why.
This can be a hard one to improve on, especially if it comes down to corporate culture. Tracking caregiver retention performance indicators can help you keep your best employees and prepare for growth in the future.
3. Marketing Metrics
Speaking of growth, how are you reaching potential customers? Tracking customers’ journeys from inquiry to conversion will show you why you lose out on new business and what helped people seal the deal with you.
Customer satisfaction from our first performance metric is one way to get free word-of-mouth marketing. You might need to switch up your marketing strategy in order to get more bang from your advertising bucks.
4. Measuring Positive and Negative Outcomes
Figuring out how often a client had a positive or negative outcome can give you both a bird’s eye view and a detailed picture of where you need to improve. You’ll start to see patterns emerging and can anticipate your next steps.
For example, if you start to see more negative than positive outcomes, it could indicate you need to make a change. However, if there are outliers, like a client who is prone to medical emergencies due to the nature of their condition, you’ll have a better idea of how to use this data.
5. Preparing for Growth
As we mentioned before, the home care services industry is growing quickly. What are you doing to prepare for the future?
Measuring all of the KPIs we’ve gone over in this list will show you where your company needs to go to stay competitive. Whether it’s upgrading your tools, attracting and retaining better staff, or switching up your marketing, keep an eye on growth.
Measuring Home Care KPIs
Now you’ve got a better idea of what home care KPIs you need to measure. Be sure to take the next steps to gather the data and measure it against your goals.
We know you’ve got a lot on your plate and are here to help. Reach out to us today to see how we can help you grow your business.