There are many different businesses that you could open up in the senior care industry, a home care registry is one of those options.
At its core, a home care registry is a marketplace that matches caregivers with seniors in need of care. What makes home care registries unique is that they work with 1099 caregivers, offering certain flexibility to the clients and caregivers that utilize services.
The Core Of A Home Care Registry
Home care registries are an important part of the post-acute healthcare continuum, particularly for seniors, but owners can choose their target demographics.
Compared to home care agencies, registries offer families a solution to hire and pay a caregiver directly, lowering overall costs. This gives registries flexibility and freedom when customizing care, care plans, and the relationship a caregiver develops with their client(s).
The essence of a home care registry is finding independent caregivers that work on a 1099 basis. The registry acts as a middleman, matching caregivers with clients who are looking for care options. The most important distinction that a home care registry offers is that their caregivers are not employees.
Lastly, registries offer owners more flexibility since the regulatory landscape is built primarily for home care agencies and other pieces of the healthcare continuum. This gives caregivers more control over the work that they do and streamlines the management process.
The Benefits of Starting A Home Care Registry
Opportunity is everywhere in senior care. 10,000 people are turning 65 every day, ensuring that there will be consistent demand for home care services.
The home care industry is growing at such a fast rate. Job opportunities for caregivers are predicted to increase in demand by 25% between 2021 and 2031, according to the Bureau of Labor Statistics.
Caregivers often cite scheduling instability as a reason for turnover, making home care registries a more attractive option for long-term work.
Without having to worry about the typical costs of operating a traditional home care agency, registries have a healthier overhead and the likelihood of a better work-life balance.
Home care services allow seniors and other people needing care to live in place and their community, managing and reducing social isolation and loneliness. Starting a home care registry is an effective strategy to tackle the caregiver shortage while giving yourself and others the opportunity to make a meaningful difference in the lives of others.
Navigate The Regulatory Landscape With A Trusted Home Care Registry Software Partner
Home care registries aren’t without some scrutiny in terms of laws and regulations, but the process is made simple with Ally MS. The regulations vary by state and region, which could include:
- Proper background check parameters
The benefits of having regulations in place give you a blueprint to run your basic operations and make sure that you check the boxes off as you begin the ownership process.
Electronic Visit Verification or EVV is one of the features Ally offers, enabling your registry to verify a caregiver’s location, minimizing the risk of fraud. Altogether, we can help your registry prepare for and successfully navigate the possibility of a DOL audit.
Maximize Profits With The Right Registry Vendor At Your Side
Traditional in-home care agencies have a 9% average profit margin, whereas with a home care registry, the potential is uncapped with the lower costs and liability.
Leveraging a software partner like Ally MS for your registry’s operations can include:
- Easy client and caregiver matching capabilities
- Seamless communication
- Hassle-free billing and payment options
Picking the right software vendor for a home care registry can take the guesswork out of ownership, giving you and your team time back in the work week for revenue-generating activities.
Tips To Get You Started On The Path To Home Care Registry Ownership
We’ve talked enough about what a home care registry is, here are some hand-picked tips to get you started on the right foot.
Identify your market and dive deep into local research.
Set up your business for success by knowing how many older adults or disabled adults live in your area, and cross-reference that information with where the best caregivers are.
Make sure to analyze the competition and see where there may be gaps in service geographically or in terms of service quality. Carve out a space for yourself that fills a need. Share that vision in a unique value proposition statement that helps families and clients to pick your registry over another competitor or option.
Put your business plan down on paper.
According to Forbes, “[P]eople who very vividly describe or picture their goals are anywhere from 1.2 to 1.4 times more likely to successfully accomplish their goals than people who don’t.”
Don’t just keep your business ideas in your head. It’s scientifically proven that writing things down can set you up for success. A business plan doesn’t have to be long or super formal, but it needs a few basic elements, like:
- Target audience(s)
- Marketing and sales strategies and goals
- Financial predictions
Actualize your business with software.
Tim O’Reilly, author and publisher, and the founder of O’Reilly Media once said: “What new technology does is create new opportunities to do a job that customers want done.”
Healthcare has traditionally stayed behind the curve with technology by about 20 years. But, it has the ability to extend your influence while enabling your business to work for you—instead of the other way around.
Ally MS has the power to turn your business plan into a reality with turnkey operational functions. Schedule, verify, bill, pay, and stay connected to care all in one place.