As they say, “What gets measured gets managed.” We’re here to share the top KPIs to benchmark your registry with and to keep you on a trajectory for growth.
KPIs are baselines to measure how successful you are against a goal, and can help guide you on the right track. Busy days can cause certain things to be shoved under the rug, but these five metrics help you do a pulse check on how business is going.
We’re in the middle of a caregiver shortage, and that means doing what it takes to source the best caregivers and keep them on for as long as you can.
Screenshot from the 2023 Home Care Benchmarking Study (pg. 69)
One of the biggest indicators of caregivers sticking around is pay. In the traditional home care industry, the hourly rates are shared in the picture above. Where does your registry’s rate compare?
Lower? Higher? Take these rates with a grain of salt, but also as an opportunity to complete a mystery shopper analysis for your competitors (registry and non-registry) to gather more intel.
Registries have a unique benefit over traditional home care agencies by giving caregivers and clients the shared responsibility of rate negotiation on pay that goes directly to the caregiver. You have more room to play with in your margins, and that can manifest in your registry’s long-term success.
The other side of the equation, too, is that pay is the second highest reason for turnover. The top reason is lack of communication and keeping people informed (especially of schedules), something that can be easily implemented with the right platforms in place.
With the degree of separation between clients and your registry, you don’t have as much visibility into schedule creation, but one important metric you can keep on top of that’s tied to scheduling is client invoice totals.
After doing some basic napkin math using average billing rates and care utilization rates from Home Care Pulse, the average (traditional) home care client uses 53 hours of care per month. Using a bi-weekly billing cycle, each invoice would be roughly $824.
How does your registry compare? This can vary significantly based on the types of clients you work with, the skills that caregivers offer to clients, and more.
Some registry management programs might not have the degree of functionality you need to remain compliant from a billing standpoint. Familiarize yourself with what requirements you have to abide by from a local level, and confirm that your billing and payment practices are up to standard.
“At Ally, we’ve gotten billing and payment processing for your registry down to a science. With payment disbursement coming from Ally, instead of your entity name, it helps to keep your business clean and compliant in the event of an audit. With the reporting functionalities you need, you can run reports to stay on track with a client invoice total metric,” shared Julio Barea, VP of Sales.
Do you have a referral source that you really love? One that’s always sending new clients your way to match with a caregiver.
Make sure that your registry management platform has the functionality to tag referral sources in client profiles, so that you know where your marketing dollars should go.
With Ally, you can track hours by payer, and send custom invoices by payer including care logs and signatures for easy reimbursement processes. Make sure that you are pursuing and following up with referral sources that are demonstrating that they will refer to your business. Also, be sure to analyze those that aren’t sending referrals to you to see what you could change or optimize.
Just as we talked about tracking referral sources for clients, you can do the same for the caregivers that you contact with.
Every caregiver counts, especially in this labor climate. Make sure that you are able to attribute a source to each caregiver, and prioritize maintaining relationships that bolster referrals.
You can make this a part of your caregiver on-boarding process, making sure that they share how they found you, and it could include multiple sources, whether that’s hearing from a friend about the organization’s culture or seeing an advertisement on Facebook.
Whatever the source is, make sure you document it and track the trends over time.
For context, we looked at the 2023 Home Care Pulse Benchmarking Study, and the top three sources of finding caregivers were:
Where have you found luck in finding caregivers to match with your clients? Let us know in the comments.
Now that we’ve talked about a few KPIs that can help your registry, let’s take a step further.
Metrics should help you stay in line with organizational goals. With the ever-changing landscape of compliance, that is a focal point that can help you structure other metrics.
This could be as simple as, “I want to maintain each client with 100% documentation and record compliance this year.” Setting a SMART goal can help you and your team align on priorities, triage work, and achieve goals, all while furthering your registry’s compliance with new and existing regulations.
At Ally, we’re happy to be your partner in compliance and help you work toward achieving business goals and metrics. What KPIs are you going to track?