By Stephen Tweed
You’ve heard me say it before many times.
I bring this up again today because we are getting close to the end of 2013, and in a few days you can begin to tabulate and analyze the data that you have tracked this past year. And if you haven’t tracked the data as well as you would like, now’s the time to get started for 2014.
This year we have had a rare opportunity to really study the facts and data around high performing home care companies. It began in April with the 2013 Private Duty Benchmarking Study from Home Care Pulse. This survey gave us fabulous data about the industry and for the first time a much clearer picture of what separates the “Leading Companies” from all the rest.
Across the industry, the median sized company in 2012 was $1,160,00 in revenue. The Leading Companies, defined as companies with revenue of $2 million or greater, had a median size of $3,347,000.
Second, we had the opportunity to work with our $5 Million Mastermind Group to gather some data from companies that are larger than $5 million in revenue. When we looked at the benchmark data from companies larger than $5 million, the median size was $8,194,524.
From looking at this benchmarking data, we have learned a lot about how these larger companies are so successful. You, too, will learn a lot about your company and be able to make better strategic decisions when you track data and analyze the results on a regular basis.
Measuring Tools for Private Duty Home Care
If you would like to learn more about how to track the data, what data to track, and what tools to use for tracking, purchase our previously recorded live web conference “What Gets Measured Gets Managed: Tracking Results in Private Duty Home Care.”