By Stephen Tweed

Most of you have heard me quote my favorite line from W. Edwards Deming …

“Without the Data, you are just another person with an opinion.”

Well, we have the data.

For the past fifteen years, Home Care Pulse has been collecting and tabulating data to provide the Home Care industry’s most robust benchmarking report.  At Leading Home Care and The Home Care CEO Forum, we have worked closely with the team at HCP to refine the questions and gather the data.

We regularly utilize the report when collaborating with our top-tier Home Care CEO Mastermind Members.
Indeed, we conduct a mastermind benchmarking survey for our members to compare their data with their peers and industry benchmarks. We encourage all of our members to gather their own data and participate in the HCP study.

How Do You Use Benchmark Data?

When you participate in the HCP Benchmarking study, how do you use that data?

Most companies compare the answers they gathered on their Preparation Worksheet with the industry data provided in the report.  The HCP Report has been refined over the years to include various size companies, and the report team have broken out results for The Leaders, companies generating $2.4 million or more in revenue, and The Masters, companies generating $5 million or more in revenue.

Here are some of the ways we use the HCP Report to help our members and Strategic Business Coaching client grow their businesses:

• Measuring Profitability – perhaps the most valuable section of the report is the finance section, and the P&L information that helps you see where expenses are going, and how much Net Profit from Operations is left.  This information is broken down by size of company so you can really compare apples to apples.
• Company Growth – there is great information about the size of home care companies based on years in business.  This shows you how quickly the median companies are growing.  If you are above the median your business will grow more quickly.
• Sales and Marketing – HCP provides great information about the most frequently used sales and marketing methods.  You can follow the pack, or you can look at what other companies are doing and do something different.
• Recruiting and Retention – the biggest barrier to growing your business is finding and keeping caregivers. HCP has tracked recruitment and retention trends, providing valuable insights into popular methods for attracting and retaining caregivers over the years.
• Operations – we’ve learned that the largest, fastest growing home care companies are systems thinkers, and they focus on the people and processes in home care operations. Repetition and consistency in operations are key to growth and profitability.

Why Participate in the Study?

It’s hard work and time consuming to gather the data and submit it for the HCP Benchmarking Report.  Why bother? Why not just get out the credit card and buy the report after it comes out?

Well, we’ve discovered some real benefits to gathering your own data and participating in the study:

1. When you gather your own data, you learn more about your own company.  Remember Deming. Without the data you are just another person with an opinion. 
   Home care company leaders often overlook their own data, leading to misconceptions about their businesses.
2. When you compare your own data to the industry benchmarks, you have the opportunity to engage in “data-oriented decision making.” This involves utilizing your data and industry benchmarks to make strategic decisions for your local business.
3. You can have meaningful conversations with peers. At the Home Care CEO Forum, we leverage internal benchmarking and HCP industry data for detailed discussions on revenue growth, talent retention, and financial performance improvement among our members.

Home care company owners aspiring for industry excellence should join the 2024 HCP Home Care Benchmarking study.

Here are the steps:

1. Download the preparation worksheet.
2. Gather your own data.
3. Submit your data to HCP.
4. Get a copy of the final report.
5. Compare your data to the industry benchmarks.
6. Explore what you learn about your business compared to others of similar size.
7. Develop your business growth strategy to increase your revenue, serve more clients, employ more caregivers, and improve your financial performance.

Don’t delay. Get started today.

The 2024 HCP Benchmarking Study will be gathering data through the end of February.