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The Fastest Growing Companies In Home-Based Care

The Fastest Growing Companies In Home-Based Care

A number of home-based care providers – and businesses in the aging services sector at large – are among some of the nation’s fastest-growing companies. In fact, these companies recently grabbed a spot on Inc. 5000’s annual ranking.

Companies such as connectRN, Entrusted Pediatric Home Care, BarbaraKares In-Home Care Services, Connect Pediatrics and Electronic Caregiver made an appearance in the top half of the list.

One of these companies, connectRN, is a platform meant to aid nurses and other care professionals trying to find work. connectRN has seen 1,472% three-year growth.

The company mostly operated in the skilled nursing facilities (SNF) space, but that changed last year when Amedisys Inc. (Nasdaq: AMED) became one of its financiers. Amedisys participated in connectRN’s $76 million funding round.

Home health care has since been a key area of focus for connectRN. What’s more, the company brought on Cora Jaulin to head its home health business.

“We are definitely continuing to learn about the needs in the home health space,” Jaulin previously told Home Health Care News. “There continues to be a shortage of labor. Therefore, it’s sort of perfect timing for us to jump into this space to help our home health partners really think through how to serve up opportunities for a home health clinician, and to continue to deliver on our overall promise to offer choice and opportunity.”

BarbaraKares is one of the newer companies making a splash on the list. Founded in 2017, the company offers a variety of in-home care services. The company has seen 958% three-year revenue growth.

Aside from BarbaraKares, Compati Home Health Care, a provider of non-medical in-home care services to veterans, as well as to private-pay clients, also made the list for the first time.

The College Station, Texas-based home health and hospice agency Traditions Health also earned a spot on the list. Last year, the company made a number of acquisitions including Area Community Hospice and AmeraCare Family Hospice and Home Health.

More recently, the company purchased Serenity Health Management in March. Traditions Health has seen 377% three-year growth. This is Traditions Health’s fourth appearance on the list. The company made its first appearance in 2019.

Another returnee to the list was Trella Health, a post-acute care data analytics company who saw 366% three-year growth. At the start of the year, Trella Health acquired PlayMaker Health.

Having PlayMaker Health under its umbrella gives Trella Health a little over 50% market share with the top 200 home health and hospice organizations in the U.S.

HealthFlex Home Health & Hospice was once a small agency, but over the years it has managed to cement itself as one of the largest privately-owned providers in California.

HealthFlex Home Health & Hospice serves about 12 counties in Northern California. The company has increased from one location to four. The company has seen 255% three-year growth.

The company credits strategic partnerships for its growth.

“Our goal, in the beginning, was to really be a valuable partner to the large health care organizations and systems around Northern California,” Alex Koshevatsky, co-CEO and co-founder of HealthFlex Home Health & Hospice, previously told HHCN. “There were some [accountable care organizations] that we pursued and started working with closely, the hospitals, and we really wanted to make sure we had contracts with all the major [Medicare Advantage] players in our area. That really helped us grow fast.”

The home care franchise companies, BrightStar Group Holdings and HomeWell Franchising also nabbed spots on the list. BrightStar Care saw 89% three-year growth.

On its end, BrightStar Care has been buying back agencies and operating them in-house. The company’s system-wide sales checks in at roughly $700 million, with a similar ROI on company-owned locations.

HomeWell saw 88% three-year growth. It recently made news when it announced it was waving its initial franchise fee for new owners. These owners are allowed to reinvest this fee into the company.

“At HomeWell, we really like to lead the pack, we like to be innovative and make bold moves in order to help our owners, as well as deliver on the need for home care,” HomeWell CEO Crystal Franz previously told HHCN. “I’m not sure if other home care franchise companies will follow suit, but we are hopeful in this endeavor. We think it’s going to help us meet our goals of becoming a more national brand, as well as help our current franchise vehicles.”