Benchmarking Analytics for Strategic Business Growth

Benchmarking Analytics for Strategic Business Growth

“Without the data, you’re just another person with an opinion.” – W. Edwards Deming

By Stephen Tweed and Jensen Jones

“Without the data, you’re just another person with an opinion.”

W. Edwards Deming

How did your home care business do in 2023?

What do you know about your business based on analyzing your own results?

In the first quarter of each year, two important things happen relative to information and data in the
Home Care Industry. One if the annual HCP Home Care Benchmarking Study from Home Care Pulse. The
other is the Home Care CEO Benchmarking study of the 55 member companies in our Home Care
Mastermind Groups. Last Year, I shared some data from our Home Care CEO Mastermind Group members.

Here is what we learned:

  • 40% of our members showed a growth in annual revenue from 2020 to 2021
  • The average annual growth was 22.35%
  • 20% of our members showed a decrease in revenue, and the average decrease was 16.0%
  • 40% of our members were flat in revenue from 2020 to 2021.

We repeated this internal benchmarking study in January of 2023, and here is what the results show:

  • 80% of our members showed growth in revenue from 2021 to 2022
  • The average annual growth was 23.26%
  • 13.3 % of our members showed a decrease in revenue, and the average was 7.8%
  • 6.6% of our members were flat in revenue from 2021 to 2022

2021 was a much more difficult year than 2022, and data from 2020 showed that 2021 was more
difficult than 2020. One of the things our members have in common is that they pay attention to their own data, and they compare their data to information provided by the annual HCP Benchmarking Study from Home Care Pulse.

2023 Data Coming Soon

We are looking forward to receiving the 2024 HCP Benchmarking Report with data from calendar year
2023. We are also in the process of gathering and tabulating data from the Home Care CEO Forum. In a
matter of weeks, we will have the most comprehensive data that exists about home care in America.

Analyze Your Data for Better Strategic Decisions

Comparing your data to the benchmarks is a great beginning. Now we want to go deeper and do some
analysis of your own data so that you can make better strategic decisions. Here are some key strategic
questions that you can answer by analyzing your own data. In February of 2023, all five Home Care CEO Mastermind Groups in the Home Care CEO Forum met in-person in Marco Island and Naples, Florida. Each of the groups Participated in their own benchmarking study. We gather data using questions that the group developed modeled after the financial template in the HCP Benchmarking Study. Group members identified areas where they wanted to gather moredetailed data in order to have more in-depth discussions.

There was some very interesting information that came out of our benchmarking, and our comparison
to the HCP Benchmarking Study, that was helpful in our discussions, and helpful to members in refining
their business growth strategies. For example:

  • The home care clients with the highest dollar value per client come from Bank Trust Officers, Geriatric Care Managers, and other Trusted Advisors. The clients with the lowest dollar value per client come from Hospitals, Home Health, and Skilled Nursing Facilities.
  • The most profitable agencies have the highest hours per client per week.
  • The largest home care companies have the highest hours per client per week.
  • Home Care companies at the Masters Level have a client conversion ratio that is 44% better than median sized companies in the industry.
  • The number one recruiting source – – has the highest caregiver turnover rate. The second highest recruiting source – Employee Referral Programs – has a turnover rate that is 37% of the turnover rate of Indeed.

When you begin to identify data points like this, then home care company leaders can dig deeply into
their business growth strategies to find more effective ways to grow profitability. Add to this the ability
to discuss these issues in a Mastermind Group, and company leaders are coming away with significant
new insights about growing their businesses.

This year, our five Home Care Mastermind Groups will be meeting in different cities across the country
… Atlanta, Dallas, Phoenix, and

Six Big Burning Issues Affecting Your Ability to grow Your Home Care Business.

As part of our in-person mastermind meetings, we give members the opportunity to share with the
group their One Big Burning Issue that is affecting their ability to grow their business. They then ask for
help from their peers in the room. An analysis of the discussion from our two largest groups; the Top
5% Group and the Top 7% Group helped us identify the Seven Big Burning Issues facing Top Tier Home
Care Companies:

  1. How to achieve Profitable Revenue Growth year over year?
  2. How to use Revenue Diversification as a Growth Strategy?
  3. How to develop Caregiver Quality Assurance in finding and keeping the caregivers needed to grow the business?
  4. How to shift from a Client First Focus to a Caregiver First Focus?
  5. How to develop professional leaders and craft a company culture?
  6. How to excel In sales and marketing to attract your ideal clients in a post-COVID World?
  7. How to use technology and automation to develop repeatable, consistent home care business

Home Care Mastermind Members were able to offer specific examples of ways to address these issues
from their own experience, and from looking at their own data to determine which solutions are most

Study the Benchmarks and Compare Your Own Data

It is very clear to us that the largest, fastest growing, and most profitable home care companies are led
by owners and CEOs who understand their financial performance, who have clear metrics for measuring
performance, who analyze their data, and who can discuss with their peers ways to improve growth and
increase performance. These are leaders who use data analysis to make key decisions to strategically
grow their businesses.
Consider Joining a Home Care Mastermind Group
If you are the owner or CEO of an independent home care company that generated more than $1.5
million in annual revenue in 2023, we have a spot for you in one of our five Home Care Mastermind
Explore the Opportunity.

About the Authors:

Stephen Tweed is an award-winning professional speaker, industry leading home care business
strategist, and published author. He is the CEO of Leading Home Care … a Tweed Jeffries company
based in Louisville, KY, and Founder of the Home Care CEO Forum. He is the Author of Conquering the
Crisis: Proven Solutions for Caregiver Recruiting and Retention.
In 2019 he was awarded the first
annual Home Care Industry Leadership Award by the Home Care Association of America. He can be
reached at or

Jensen Jones is the CEO and Mastermind Facilitator for the Home Care CEO Forum. He is the
Founder of Jensen Morgan & Jones LLC providing facilitation, coaching, and consulting services
for Home Care/Home Health agencies across the country. Jensen completed his MBA in 2016
from the University of Oregon and has led organizations ranging from $3-5 million in annual
revenue to $65 million in revenue. Jensen was President of a multi-location home care agency
and was a member of the Top 7% Mastermind Group. He is a proud husband, father of two, and
care manager for his mother who currently receives full-time care at home. To learn more
about Jensen’s services please email or visit his website at