Executive Update with Right at Home | 11.15.22
Duration: 30m 28s
Description: With the year coming to a close, Margaret Haynes, CEO, and Jen Chaney, VP of Franchise Development, provide an executive update on the state of home care businesses, the industry, and how Right at Home have done in 2022. The following is a summary of the discussion:
General Update – 2022 has been been a great year for Right at Home. Margaret states, “…as a network, we continue to build back to pre-pandemic levels, in terms of hours from a revenue perspective and the amount of services being provided, some of that is tied to increased pay rates, which increases bill rates. But, the network is very strong and very healthy. We continue to add additional locations this year; we’re actually ahead of the goal we set.”
How do I expand my business? Right at Home has an excellent program in place where owners can work with their business performance coach and operations team on a plan of attack.
What is a town hall meeting? Typically done once a month, it is an opportunity for the entire network of franchise owners to get on zoom and interact with the leadership team and department leaders on what’s coming up, new program rollouts, or new enhancements being made from a technology perspective. It’s a way to stay connected, highlight some great owners, and their employees. For example, our caregiver of the year will be speaking to everyone on what it meant to her on winning this award on this month’s town hall. There is also a follow-up email sent recapping the town hall, along with a central place to go to for all the resources referred to in the meeting.
Do you expect any changes to the business model at right at home, that prospective franchisees need to be aware of? Margaret believes she would not see Right at Home moving to a call option kind of approach that some other competitors just announced.
Are there minimums or expectations or for franchisees? Margaret notes There are expectations on both sides. If a franchisee is struggling to meet those expectations, we’re going to bend over backwards to try and help help them figure out what can do to help provide support and get their business moving in the direction they want to go. We get up every day and come into the corporate offices to help our franchise owners build sustainable, profitable businesses.
What is the biggest challenge for the industry right now? We know we need to find a way to leverage technology. Supplementing caregivers in the home or hands-on care with some additional support that comes from a technology solution. Right at Home wants to be able to test that out in our Company-owned shops before we ask distract or ask a franchise owner to do it. Another challenge is the caregiver shortage. Margaret continues, “that it really is a math problem at the end of the day. As consumers, and as individuals, we want to age at home. So we know that there’s not an equal big boom of the population behind the baby boomers. So our ratio of caregivers or people under the age of 65, to those over 65, is quickly moving to a one to one ratio, and then it’s going to be completely out of sync. So like half of a person to an individual. And that creates challenges in terms of just enough workforce.” Right at Home is looking at how do we help our independently owned and operated offices be the employer of choice in their local market.
What’s the biggest opportunity? For the same reasons of the changing dynamics of population, there is so much need for the services Right at Home provides. Healthcare is changing and more care is being pushed in the home for us to have additional impacts on each individual’s life.
What is the future strategy of Right at Home? Right at Home has been working on a three-year strategic roadmap. Starting it off by having listening sessions with various leadership groups, such as the franchisee network, and the entire corporate staff, board of directors, and even our founder, Allan Hager. Industry leaders from the healthcare and homecare perspectives, and healthcare ecosystem were met with. Next were visioning sessions with our Strategic Leadership Council and our internal group to create our three year strategic roadmap. Three main parts were developed: 1) Growth in Service Hours 2) Innovation and 3) Expanding the Footprint.
Are there plans to expand national account or drive more business referrals from hospitals or other health care practitioners? The role of Chief Growth Officer has been filled to really hone in on the idea of expansion and growth, and consider what additional things Right at Home can tap to introduce the brand earlier in the aging process.
Can you explain the President’s Circle? It’s actually a group of owners awarded with a retreat based on terms of how much revenue they are producing, and lives they are touching, and how big their business has grown to be.. It is based on two different categories, multiple and single territories.
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