By Stephen Tweed
What will Home Care look like in 2029?
What will your Home Care Company look like in 2029?
What are the factors that will shape the future of our industry?
To begin to understand what our industry and our home care companies will look like five years from now, we need to explore the factors that are shaping our industry. At Leading Home Care and The Home Care CEO Forum, we have been studying the forces and trends that are shaping our industry for over a decade. There are five ways we monitor factors affecting our future:
- Reading industry publications
- Attending industry association conferences
- Interviewing industry leaders
- Engaging in conversations with members of our Top Tier Mastermind Groups
- Conducting industry surveys
The result is a growing database of industry information that helps us anticipate what the industry might look like five years from now.
Six Factors Affecting Your Future
As a result of this consistent monitoring, we’ve identified the following factors that we want to know more about:
I. Home Care Systems
From ten years of working with owners and CEOs in the Top 6% or the Home Care Industry, we have learned that these leaders are systems thinkers. Any task that is repeated regularly in your home care business needs to be systematized. A system is a combination of people and processes, and whenever possible, the use of technology to automate the process and make work easier for the people.
What areas of your business do you need to systematize?
2. Pain Points
Change happens in a company or industry when the pain of the present is greater than the pain of the change. By regularly asking Home Care Leaders about their biggest pain points, we can anticipate the types of change that are likely to happen.
What are your biggest Pain Points?
3. External Forces and Trends
Change in home care is driven by external forces that are out of our control, and those forces lead to trends which are patterns of change. As leaders, we need to be paying attention to the forces and trends that are shaping our industry.
What are the external forces that are hindering your ability to grow your business?
4. Growth Opportunities.
Home Care is the fastest growing segment of health care in America, and there are amazing opportunities to grow a significant home care company. How do we identify those growth opportunities and develop strategies to take advantage of them?
What are the biggest growth opportunities that you see in your local market?
5. Payer Sources
As the home care industry grows, there are more and more sources of revenue to compensate you for the care you provide. A decade ago, most home care was paid for privately. Today, there are at least eleven different payer sources that you can work with to provide care to your clients and their families.
Which Payer Sources will provide the greatest opportunity for growth over the next five years?
What are the Important Elements in each of these Five Factors?
In our study, we have realized that each of these five factors is made up of a number of different elements of varying importance. Which elements in each factor will be most important in determining the direction of our industry, and therefore the direction of our companies? What insights do you have about how the elements each factor will help shape our industry?
The biggest factor we think will affect your future will be technology. What aspect of technology will be most important? Will it be …
- Artificial Intelligence
- Remote Patient Monitoring
- Telehealth and Virtual Visits
- Crypto Currency and Bitcoin
- Smart Homes
- Robotics in the Home
- Virtual Reality Training
- Tablet Based Communication
Which of these technologies do you feel will have he biggest impact on the future of Home Care?
Help us Gather Data about the Future of Home Care
As a regular reader of the Home Care CEO Report, you have years of knowledge and experience in this industry. We’d love it if you would take ten minutes to answer 15 questions about the future of Home Care in America.
In exchange for your time and wisdom, we’ll send you a copy of the full published White Paper giving the results of this study and send you a personal invitation to join us for an interactive web conference to discuss the results.
Also – when you complete the survey, you will be entered into a drawing for a chance to receive an Apple Watch Series 9! That’s a pretty good return on ten minutes of your time and sharing your knowledge and experience of home care.