By Stephen Tweed
What are you doing to get ready for 2022?
What did you learn in 2021 that will help you grow your business this year?
What are the outside forces and trends in our industry that will affect your company’s ability to grow in 2022?
2021 Was A Difficult Year
2021 was a difficult year for many home care companies. A number of our Home Care CEO Mastermind Members and our Strategic Business Coaching clients told us that this past year was much more difficult that 2020. Even with the onslaught of COVID in 2020, these company leaders were able to grow more that year than this past year. Of course, the biggest factor limiting growth in 2021 was the Caregiver Recruiting and Retention Crisis.
Mastermind Members Report a Mixed Year
An informal poll of our Home Care CEO Mastermind Members showed that 40% of our members who participated grew their business in 2021 over 2020, 40% were flat in year over year comparisons, and 20% showed a decline in revenue. For the companies that grew their business, the average annual growth rate was 22.35%, and for the companies that dropped in annual revenue, the average decline was 16.0%. This compared to 69% of our members who grew their business in 202o by an average of 14.55% , and 23% of members who showed a decline in revenue in 2020 of 12.33%.
The companies that showed the largest increase in revenue were the larger companies in our top tier mastermind groups, and some of that growth came through acquisitions. The companies with the largest percentage of revenue decline were the smaller companies who experienced major disruption in their local markets, or in their own companies.
Six Seismic Shifts Shaping 2022 and Beyond
As you know if you are a regular reading of Home Care CEO Report, one of the things we do at Leading Home Care is track the outside forces and trends that are shaping our industry. This year we will be monitoring the Six Seismic Shifts that are Shaping our Industry:
- The Crazy COVID Crisis
- The Caregiver Recruiting and Retention Crisis
- Private Equity and Industry Consolidation
- Increasing Competition in Local Markets
- Data Oriented Decision Making
- Medicare Advantage and In-home Care
These are the same trends that we discussed last year, but we have changed the order because of the impact that these shifts are having on home care companies and their leaders.
Let’s Talk about Home Care in 2022
To get more insights into the trends that will affect your company in 2022, I’d like to invite you to join us for the 2022 Home Care Growth Summit hosted by Home Care Pulse. This year, I will be interviewing a panel of Home Care CEO Mastermind Members who will share with you their experience in growing their companies and addressing these outside forces and Trends. My guests will be Allen Serfas, CEO of Assistance Home Care in St. Louis, MO, and John Bennett, CEO of Sunny Days In-home Care in Pittsburgh, PA. Allen and John have grown companies that are in the very top tier of home care, and they will give you specific examples of how they have addressed some of the barriers to growth that you all are experiencing.
Our session will be on Tuesday, February 15 at 11:00 am eastern time.
To see the schedule for the whole three-day Growth Summit, and to register, visit https://www.homecarepulse.com/2022-growth-summit/
While you will get great ideas, information, and insights by participating in the 2022 Home Care Growth Summit, you will gain even more insights by becoming an active member of a Home Care CEO Mastermind Group. We have expanded out Strategic Growth Mastermind Group, so if you are an independent home care company that provides between 1,500 and 3,000 hours of care per week, we have some spots open for new members. We also have an opening in our Top 7% Mastermind Group, which is for companies providing between 6,000 and 12,000 hours per week of care. If your company fits into one of those two categories, we invite you to visit the monthly Zoom video meeting of the group to see if feels like a right fit for you.
