Today we will talk about Alternative Revenue Models for your agency to explore in order to increase profitability. Those newer to the industry are probably curious about Alternative Revenue Models, so let’s dive right in.
Your primary revenue stream as a personal care agency derives from your caregivers. This stream comes from caregivers offering companion and personal care to clients inside their homes or residence. This is only one way that your agency can produce revenue. Agencies have a variety of ways to expand beyond traditional personal care-based services.
One place for your agency to seek partnerships is with your local Assisted Living Communities (ALC’s). Partnerships with ALC’s can involve multiple levels. This includes accepting referrals to provide additional care to residents to set up an official staffing agreement, where your caregivers supplement their workforce. You can conduct another type of referral agreement with ALC’s. Some agencies set up placement agreements with ALC’s and receive payment from the residents that you refer into their community.
Another source of revenue that has become a more prominent need since the COVID-19 pandemic began involves shopping. Your agency could shop for clients who have difficulty making it to the store and then deliver their items to their homes. Related to this is transportation. Transportation is still a gap that many home-bound seniors face. This is a great way to expand your business for those who need help to get to appointments and still want to shop for themselves.
Thank you for taking the time to read this blog. For more information regarding how we can help change the way you care, please visit our website seniorcarebusinessadvisors.com. We look forward to hearing from you and working together.