The Economy’s Effect on Home Care – Blog Poll Results

Stephen Tweed | June 12, 2009 | Newsroom
Our May blog poll question was "Has the slow economy affected your business?" We asked about turnover, revenue, admissions, expenses and profits.You responded, 54 of you to be exact, and here's what you told us.Overwhelmingly (64%) turnover is down, compared with only 11% that saw a rise in turnover. This makes sense in a slow…

Our May blog poll question was “Has the slow economy affected your business?” We asked about turnover, revenue, admissions, expenses and profits.

You responded, 54 of you to be exact, and here’s what you told us.

Overwhelmingly (64%) turnover is down, compared with only 11% that saw a rise in turnover. This makes sense in a slow economy. People are less likely to leave a job without another one lined up, and families know that spouses’ jobs may also not be secure.

The remaining results were mixed. Revenues and profits were down for slightly less than half of you. Overhead expenses were up for 35% of you. 55% reported fewer clients admissions.

The economy hasn’t been overly friendly to the home care industry, according to these numbers, but compared to most other industries in many national averages our sector is still growing faster than the economy.

Keep working. The economy inevitably will turn around. When it does, top companies will be poised for greater success.

Stephen Tweed
Stephen Tweed, CSP, began his journey as a business strategist in home health care in 1982. Today, Stephen is among the top thought leaders in Home Care strategy and management. He has worked with top 5% companies from across the US. He is a sought after speaker at from national and state association events.

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