Today we are going to talk about Alternative Revenue Models for your agency to explore. For those of you who are newer to the industry, you are probably curious as to what we mean by Alternative Revenue Models, so let’s dive right in.
Your primary revenue stream as a personal care agency derives from your caregivers providing care (both companion care and personal care) to clients inside of their homes (or other residence). This is not, however, the only way your agency can produce revenue. In fact, 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, from accepting referrals to provide additional care to their residents, to setting up an official staffing agreement, where your caregivers supplement their workforce. Additionally, you can conduct another type of referral agreement with ALC’s. Some agencies set up placement agreements with ALC’s and receive payment on the resident’s that you refer into their community.
Another source of revenue that has become a larger need since the COVID-19 pandemic began, involves shopping. For clients that have difficulty with making it to the store, your agency could do their shopping for them, and then deliver their items back to their home. Related to this, is transportation. Transportation is still a gap that is faced by many home-bound seniors. For those who need help getting to appointments and/or that still want to shop for themselves, this is a great way to expand your business. 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.