A number of home-based care providers—and businesses in the aging services sector in general—are among some of the nation’s fastest-growing companies. In fact, these companies recently took a spot on Inc.’s annual ranking. 5000.
Companies such as connectRN, Trusted Pediatric Home Care, BarbaraKares In-Home Care Services, Connect Pediatrics and Electronic Caregiver appeared in the top half of the list.
One of these companies, connectRN, is a platform designed to help nurses and other care professionals trying to find work. ConnectRN has seen 1,472% three-year growth.
The company operated primarily in the skilled nursing facility (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 healthcare has been a key area of focus for connectRN ever since. In addition, the company brought on Cora Jaulin to run its home health business.
“We’re 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 manpower. So it’s kind of the perfect time for us to jump into this space to help our home health partners really think about how to serve the opportunity for a home health clinic and continue to deliver on the promise our general to provide choice and opportunity.
BarbaraKares is one of the newest companies making waves on the list. Founded in 2017, the company offers a variety of home care services. The company has seen 958% three-year revenue growth.
In addition to BarbaraKares, Compati Home Health Care, a provider of non-medical home care services for veterans as well as private pay clients, also made the list for the first time.
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 Community Area Hospice and AmeraCare Family Hospice and Home Health.
Most recently, the company acquired Serenity Health Management in March. Traditions Health has recorded an increase of 377% for three years. 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, which saw 366% three-year growth. Earlier this year, Trella Health acquired PlayMaker Health.
Having PlayMaker Health under its umbrella gives Trella Health just over 50% market share with the top 200 home health and hospice organizations in the US
HealthFlex Home Health & Hospice was once a small agency, but over the years it has cemented itself as one of the largest privately owned providers in California.
HealthFlex Home Health & Hospice serves approximately 12 counties in Northern California. The company has grown from one location to four. The company has seen 255% three-year growth.
The company credits strategic partnerships for its growth.
“Our goal, early on, was to really be a valuable partner to the large healthcare organizations and systems around Northern California,” Alex Koshevatsky, co-CEO and co-founder of HealthFlex Home Health & Hospice, previously told HHCN. “There were several [accountable care organizations] that we followed and started working closely with, the hospitals, and we really wanted to make sure that we had contracts with all [Medicare Advantage] players in our area. That really helped us grow quickly.”
Home care franchise companies BrightStar Group Holdings and HomeWell Franchising also made the list. BrightStar Care saw 89% three-year growth.
At its end, BrightStar Care bought agencies and operated them in-house. Company-wide system-wide sales are approximately $700 million, with a similar ROI at company-owned locations.
HomeWell saw 88% three-year growth. It recently made headlines when it announced it was moving the initial franchise fee for new owners. These owners are allowed to reinvest this fee in the company.
“At HomeWell, we really like to lead the pack, we like to be innovative and make bold moves to help our homeowners and meet the need for home care,” HomeWell CEO, previously told HHCN. Crystal Franz. “I’m not sure if other home care franchise companies will follow suit, but we are hopeful in this endeavor. We think it will help us achieve our goals of becoming a more national brand, as well as helping our current franchise vehicles.”