Best Practices for Home Healthcare Companies
Based on the experience of working with 3 partners over the last year, FSG has documented best practices on how to acquire more customers, and recruit and retain attendants for attendant services offered by HHC companies.
Learnings from our interactions include:
- Economics: A home healthcare company providing attendant services can achieve a profit of approximately INR 5.3 Crore (around USD 688,311) in year 5 of operations from an investment of approximately INR 5.2 Crore (around USD 675,324) from attendant services
- Customer acquisition: Developing KPIs for the sales team to increase visibility into the sales pipeline and a conversational sales pitch for doctors can help increase patient referrals
- Attendant recruitment: To recruit a large number of attendants, companies can develop a compelling hiring pitch that highlights the benefits of the attendant role, and incentivize referrals by offering a referral bonus
- Attendant retention: To improve attendant retention, companies should increase earning potential through increments and bonuses, and ensure a comfortable working environment by ensuring adequate support from service managers, setting strong expectations with customers about attendants’ needs and training attendants to manage difficult situations at customer homes
- Economic sensitivity: Returns from the business are most sensitive to utilization of attendants on payroll, the length of service for each patient, productivity of the sales team (i.e. number of sales closed per sales person) and prices charged to customers