Table of Contents Hide
- What is a Home Care Agency?
- Is running a home care agency profitable?
- Do Home Care Agencies Pay Well?
- How much do home care agency workers make?
- How to become a home care agency
- Best States to Start a Home Care Agency
- 10 Highest Paying Home Care Agencies
- FAQs on highest paid home care agency
What is a Home Care Agency?
Home care agencies are registered institutions that provide bespoke support for individuals who need extra help to survive and cope with the activities of life in their homes.
These individuals may develop these needs for support through transitions in their lives such as aging or unpleasant happenings like accidents.
Any professional support services that allow a person to live comfortably in their own home are classified as home care.
In-home care services can help someone who is aging and requires assistance to live independently, dealing with chronic health problems, recuperating from a medical setback, or has special requirements or a disability.
Depending on a person’s needs, professional caregivers such as nurses, assistants, and therapists provide short-term or long-term care in the home.
Is running a home care agency profitable?
Yes, running a home care agency is profitable. It isn’t a get-rich scheme, but it is a great opportunity to earn a steady income while assisting elders in maintaining their independence.
Currently, non-medical home care fees range from $23 to $43 per hour, depending on the area.
Small towns and rural locations with lower living expenses have lower living costs, while big cities with high living costs have higher living costs.
Despite this, the national average hourly wage is $29, which equates to over $60,000 a year based on a 40-hour workweek. It’s not unusual to build a million-dollar homecare business in a few years.
Do Home Care Agencies Pay Well?
According to data from Payscale.com, after examining over 500 agencies and employees, the average pay of Homecare aids can range from $10 per hour for new home care aides with a year or less working experience to as high as $14 per hour for more experienced care aids who have spent 10 years and above years.
However, in exclusive cases, some hinge care agencies have paid as high as $14 per hour, although this is not so common.
How much do home care agency workers make?
The average pay of workers in-home care agencies ranges from position to position.
Coordinators earn an average of $20 per hour
Personal assistants range from $7-$16 per hour
Home care assistants receive $15-$16 per hour
Office assistants receive $19-$21 per hour
Human resource and care coordinators receive $19-$21 per hour
Health caregivers receive $18-$20 per hour
How to become a home care agency
Below are the 5 steps you need to take to become a home care agency:
#1 Make a business plan:
This is the first step in beginning a business of any kind. You must create a business strategy for your home health care organization because it will serve as the foundation for the rest of the process.
#2 File a state registration form:
Your agency must meet the conditions set forth by Medicare and Medicaid in order to receive payment.
Complete your state’s home care application for a license to certify your agency.
You’ll also need to register for your NPI (National Provider Identification) number, incorporate your firm, and obtain your tax identification. These regulations for establishing a home health care agency differ by state.
#3. Obtain certificates from Medicare and Medicaid:
Your agency will be able to provide health care services such as nursing care, physical therapy, etc while being reimbursed by Medicare and Medicaid plans if you receive these certifications.
Visit cms.gov to apply and participate in the survey. Some states may require business owners of home health care businesses to pass a jurisprudence exam in addition to these qualifications.
#4. Hire a team:
Your staff should embody and reflects what you want your home health care business to be since it provides personal attention to patients.
There are numerous approaches to finding the ideal employees for your company. Many firms, for example, use social media.
Interview potential employees, make sure you run extensive background checks to avoid legal action if a problem with an employee’s care arises.
#5. Find your customers:
It’s time to attract clients and start operating your firm once you have a business strategy in place and your ideal team.
This is one of the most challenging aspects of running any business, especially a service-based one like a home health care organization.
Client acquisition requires effective marketing methods.
Best States to Start a Home Care Agency
The best states to start and get paid as the highest paid home care agency in the world include;
Once considered one of the youngest states, the state’s senior population is expected to rise at a higher rate than the national average during the next decade, reaching 8.4 million people by 2040.
In California, the average cost of in-home care is $4,600 per month ($55,000 per year).
In comparison, the average annual cost of a nursing home in the state is around $125,000, which can cost families millions of dollars over the course of a patient’s life.
The state of Oklahoma has roughly 800,000 seniors, accounting for 20 percent of the state’s overall population, and this number is expected to climb by 37 percent over the next decade.
About 200,000 of them live alone, with the number rising as more individuals approach retirement age and continue to work.
Oklahomans pay an average of $4,200 per month for home care, which is less than the national average and totals $50,400 per year. A nursing home, on the other hand, costs an average of $60,000 a year.
More than 3.8 million persons over the age of 60 live in Texas, accounting for around 15% of the state’s population.
According to the most recent forecasts, this population will expand to 12 million in the next three decades, making this the state’s fastest-growing demographic.
In Texas, the cost of home care varies depending on where you live, but it averages $48,000 a year, whereas a semi-private room in a nursing home costs around $57,000.
Missouri presently has almost a million and a half seniors, a number that is expected to increase by half a million over the next five years. Its state average for home care costs is $4,200 per month, or $50,400 per year, or about $100 per month less than the national average.
A semi-private room at a nursing home, on the other hand, will set you back $60,000, a figure that is expected to rise in the near future.
It is predicted that there are half a million seniors living in Kansas, with that figure expected to increase by 100,000 over the next decade.
In Kansas, a family may expect to pay an average of $48,000 per year for senior home care. While a semi-private room in a nursing home will set them back an average of $67,000 per year.
The state of Virginia has a population of 7.7 million people, with about 12% of them being seniors over the age of 65.
This amounts to just under a million older residents in the state, a population that is likely to rise dramatically over the next decade.
Virginia has much lower home care costs than the national average, with an annual total of around $48,000, or $2,000 per month.
A semi-private room at a nursing home, on the other hand, costs an average of $82,500 per year.
This is the fastest-aging state in the United States, according to data from the Administration on Aging.
Between 2006 and 2016, the number of people aged 65 and up climbed by 65.6 percent. In Alaska, there are 77,206 persons aged 65 and up.
Homemaker services cost $5,434, which is higher than the national average of $4,290, and home health aide services cost $5,533, which is higher than the national average of $4,385.
Many people, particularly seniors, go to Nevada because of its brilliant lights and natural beauty.
Over the decade ending in 2016, the population of people aged 65 and up increased by 57.3 percent. Nevada today has 441,142 retirees, accounting for 15 percent of the state’s population.
A non-skilled Private Pay Home Care agency costs $40,000 to $80,000 to start. A Licensed Home Health non-Medicare business costs $60,000 to $100,000, and a Medicare Certified firm costs $150,000 to $350,000 to start.
Colorado’s senior citizen population has grown by 55 percent in the last decade, to 743,524 people aged 65 and more. Retirees now account for 13% of Colorado’s population.
In Colorado, on average, home care costs $4,957 per month. This is $667 more than the national average of $4,290 and $382 less than the monthly cost in Wyoming.
The number of people aged 65 and up in Arizona has increased by 50% in the ten years leading up to 2016. Retirees account for roughly 17% of the state’s population.
In-home care in Arizona costs an average of $4,767 per month. Not only is this within a few hundred dollars of the national median, which is $4,290, but it’s also within a few hundred dollars of the average cost in numerous adjacent states.
10 Highest Paying Home Care Agencies
The highest paid home care agency include;
#1. Home Watch Caregivers:
It is one of the higher-paying HHA agencies. Home health aides make an average hourly wage of $17.67. The annual pay is around $23,103.
#2. Maxim Healthcare Services:
The hourly wage at Maxim Healthcare is $10.89. To reach the $21,910 annual pay, you may need to work an average of 6 to 8 hours every day.
#3. Visiting Angels:
The average pay rate for the Visiting Angels is $11.33. When you have patients all year and can work at least 4 hours each week, your yearly home health aid income can exceed $31,502.
#4. Synergy Homecare:
Synergy Homecare is one of the highest-paying HHA agencies, with a weekly fee of $11.03 per hour. The average yearly income for a home health aide is $18,542 per year, and you must work at least 32 hours per week to earn it.
#5. Senior Helpers:
Senior Helpers earn an average of $11.07 per hour. This might earn you around $21,157 per year if you work roughly 20 hours per week.
#6. Right at Home:
The hourly rate for Right at Home is $10.71. The annual pay for Right at Home is $20,749. In order to earn this annual payment, you must work an average of 37 hours per week.
#7. Interim Healthcare:
The hourly wage for a home health aide is $10.68. The average annual wage is $26,087 dollars. This is after putting in approximately 46 hours per week.
#8. Bayada Home Health Care:
The average hourly wage for a home health aide is $10.59. If you work an average of 43 hours each week, your annual compensation will be $23,992.
#9. Help at Home:
It stands out as one of the highest-paying HHA agencies, with an hourly rate of $10.46. You can expect to earn $19,887 per year as a Help at Home. However, you’ll need to work an average of 36 hours every week to get there.
#10. Comfort Keepers:
The hourly fee is set at $10.20. The yearly Comfort Keepers’s wage is $19,353 per year, making them one of the highest-paying HHA organizations. However, you must work an average of 36 hours every week to earn this amount.
FAQs on highest paid home care agency
Each state has its own set of regulations to protect consumers. In most states, a home care franchise needs a license to operate non-medical and/or skilled nursing services.
Home care services can aid someone who is aging and requires assistance to live independently, is dealing with chronic health problems, is recuperating from a medical setback, or has special requirements or a disability.
most home care services are paid from the individual’s personal sources. However, about 30% or less of home care services are paid by public and private funds.
It is typical for just one staff of a home care agency to continue visiting the client.
However, depending on the agreement made by the individual home care agency, a different care staff may continue visiting.
Yes, Medicaid covers the payment of home care services and this is applicable in all 50 states of the US.
Home care can be a lucrative venture. The demand for home care is steadily increasing, and over the next 20 years, it is predicted to be more than treble. Furthermore, home care is a satisfying career in which you may “do well by doing good.”