Home healthcare is a rapidly growing industry. There’s a lot of potential to set-up a business in home healthcare in the US, given the increasing number of elderly people. Even so, you need the right business growth and financial strategies to establish yourself as a home healthcare aide. How do you plan to reach your target audience? How do you plan to provide quality service to your patients while also ensuring that your revenue projections are met and that your business runs successfully? This post describes four tips that you can use to generate more revenue as a home healthcare aide.
1. Consider moving to a state that pays home healthcare aides better
The earning potential for home healthcare aides in some states is higher than it is in other states. This is based on the cost of living in a certain state. If the cost of living in a state is higher, you are likely to get paid more for home healthcare services in that state. The state wherein home healthcare aides earn most is Minnesota, where patients pay them as much as $31 each hour. North Dakota, Alaska, and Vermont are not far behind with an average earning of $29, $28, and $26 per hour, respectively.
Additionally, you may also want to consider competition in a locality when moving to a new state. Do a Google search for home healthcare aides and see how much competition you are up against before choosing to move to a new state. Also consider obtaining assistance in Healthcare Marketing and PR in order to reach a wider audience and expand your service base.
Another effective method to expand your service base is to make good use of the best home health software available on the market. Using software can help you to grow your agency and deliver a higher standard of care. It is essential to focus on that when running your business, as your patients need to come first. They, and their families have to feel satisfied with your level of care and attention. Ensuring that you utilize the right software for monitoring such as electronic medical records, note taking, and so on, will be highly beneficial.
Finally, survey the general healthcare industry scenario in the state to which you want to move. If the healthcare industry in that state is robust, elderly people are more likely to relocate to such areas to get better healthcare.
2. Get certified and develop new skill sets to increase your earning potential
Certified home healthcare aides earn more on average than home healthcare aides who are not certified. Getting a home healthcare certification is simple. It takes only 75 hours of time and some effort in studying and developing the necessary skills. The National Association for Home Care and Hospice (NAHC) has a certification program for home healthcare aides that involves 75 hours of training, after which you simply need to demonstrate your skills and successfully complete a written examination.
There are different types of home healthcare aides, and each type receives a certain standard range of payment. More specialized home healthcare aides who care for Alzheimer’s and post-surgery patients are more likely to be compensated well, financially.
You also need to consider service timings. If you are willing to work on weekends and care for your patients overnight, you can increase your service charges.
3. Get insurance to safeguard yourself from unforeseeable mishaps
When your business is running well, the last thing that you want is to face the financial fallout of a lawsuit. Whether you are an independent home healthcare aide or the owner of a home healthcare agency, you need to consider investing in home healthcare aide insurance. Home healthcare insurance is important because it could save you from having to shut shop being unable to handle the financial burden of a lawsuit.
Sometimes, your patients may suffer from allergic reactions that you are unaware of, under your care. A claim resulting from such a situation can be covered by professional liability insurance. So, if your patient with a peanut allergy consumes a dish with peanuts under your watch, this insurance can cover his or her hospital costs.
Say you knock over and break an expensive family heirloom at your patient’s house. What then? General liability insurance can save you from the resulting financial burden.
4. Train patients’ families and other people as part of your services
When working with terminally ill patients who are suffering from diseases like cancer, you have to ensure that all involved parties are on the same page with respect to treatment. If a patient’s family member has to care for him or her while you are not around, you need to provide them with the necessary training. As a trained home healthcare aide, you can get the required license to train others and charge for it.
Sometimes, home healthcare involves the use of complex medical support and diagnostic instruments. For instance, there are many devices used to monitor cancer and administer chemotherapy. When working on such a case, you can conduct training sessions for the patient’s family members and caretakers, so everyone is aware of what needs to be done during an emergency.
Ensure that when you are training people, you tell them of potential hazards and how to avoid them, so your patient is kept safe even when you are not around.
Conclusion
There’s massive potential for growth in the home healthcare industry, provided you have the right business and growth strategies. The tips on this post can help turn you into a sought-after home healthcare aide with high earning potential.
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