According to data from the U.S. Census Bureau, home care industry revenue skyrocketed from $30.4 billion a year in 2002 to $65.4 billion in 2012, and will continue to grow into the foreseeable future. This rising tide has inspired many investors to want to participate in the upside. In turn many home care franchise companies have popped up to satisfy demand. And like many industries, there are market leaders and copycats.
So which home care franchise is best for you?
BrightStar Care offers franchise candidates the highest revenue among home care franchise companies
BrightStar Care has the highest average franchisee revenue among all the home care franchises that publish their financial performance data. Among BrightStar Care franchises that were open for all of 2015, the average franchisee revenue was $1.595 million*.
BrightStar Care offers the client the highest level of healthcare services
BrightStar also sets itself apart by offering the full continuum of home care services: companion care, which involves visiting with clients and helping with common household activities like meal preparation, laundry, and housecleaning; personal care, which includes dressing, grooming, and help with mobility issues; and skilled care, which involves nursing care and therapies. Most competitors offer only the first two services. We offer the full continuum of care because it’s better for clients, and it’s better for franchisees.
As people get older, their health often declines and they are subject to chronic disease requiring more advanced care. Our ability to offer skilled care means that clients won’t have to find a new home care organization to help their mom, dad, or grandparents once their needs become more complex. Transitioning from one caregiver to another, or from home to a nursing home, can be traumatic for the individual in need and their adult children — especially in the case of older adults who may be suffering from memory loss that makes changes much more difficult. By working with BrightStar Care, clients’ children can minimize disruption and focus on enjoying their time with their parents — not juggling the challenges of being a caregiver.
Most home care franchises focus on companion and personal care and shy away from skilled care. These agencies will have to bring in their competition to satisfy their patients’ pressing healthcare needs. From a business standpoint, does that make sense? BrightStar Care franchisees benefit because they are able to keep clients for a longer period of time. Additionally, as healthcare challenges become more complex, the required services generally offer higher margins — while still saving clients and healthcare partners considerable money compared to the cost of providing the same services in a nursing home setting. While home care franchise competitors refer patients elsewhere once they need in-home medical care, BrightStar Care franchisees are able to continue to serve those clients in their home.
BrightStar Care earns the highest level of accreditation
BrightStar Care provides clients skilled as well as non-skilled in-home care designed to improve their health and quality of life, and ease the caregiving burden on their loved ones. Our franchisees earn accreditation from The Joint Commission, a nationally recognized healthcare standards organization that accredits renowned facilities like the Mayo Clinic. The Joint Commission has named BrightStar Care an “Enterprise Champion for Quality” for four consecutive years thanks to the systems and training we have in place to help franchisees and the staff deliver the highest standard of care.
We are the only home care agency to achieve this distinction. This matters for four reasons:
Recruiting new staff. Our high standards help BrightStar Care franchisees attract the best nurses who direct the care plans for clients at each franchise location, and also help us attract caregivers who want to know they are delivering the best possible care.
Attracting National Accounts and referral partners. Our nationwide footprint has helped us win National Accounts with large healthcare organizations who need skilled care providers.
Local Referrals from Medical Professionals. These referrals help drive growth for franchisees. Our high standards have made us a sought-after partner for local healthcare providers who are looking for a high-quality home care provider. Our franchisees hold the same designation as the hospitals we call on to refer us clients.
Winning families’ trust. Most of the people who hire us are adult children who are trying to find caregiving solutions for an aging parent. As they evaluate their options, many place a premium on working with a company able to meet medical challenges and that has a proven track record of delivering quality care. Our accreditation affirms the quality of care clients can expect.
Whom are we looking for?
BrightStar Care is looking for franchisees who share our passion for making a difference in the lives of families by easing the caregiving burden on adult children and providing high-quality care for patients.
Executives and Entrepreneurs. For those franchisees coming out of the corporate world, our franchisees are typically upper-mid level managers, executives and entrepreneurs looking to build a high volume business. BrightStar Care also appeals to experienced entrepreneurs looking for a highly scalable business with potential long-term and sustainable earnings potential.
You do not need a medical background. Each franchise location hires a Registered Nurse who acts as Director of Nursing, overseeing care plans for patients and providing skilled care when needed. As a franchisee, your role is to provide leadership to the organization, manage a staff that includes the Director of Nursing, a salesperson, a branch manager, and a team of caregivers. Your role is also to form relationships with the local healthcare organizations in your community that are looking for ways to improve outcomes for their patients in a cost-effective way, through both in-home care and temporary staffing solutions that BrightStar Care can provide.
Financial qualifications. The typical franchisee has a minimum $100,000 in liquid assets and a $500,000 minimum net worth. In addition, franchisees should have at least one year of living expenses in the bank or other sources of income to meet household expenses. Click here to see if you prequalify for financing.
What is the investment?
The startup costs for a BrightStar Care franchise range from $92,371 to $174,032. To learn more, click the button below, or fill out the form to download our free franchise report and start a conversation. You can also call us at 877-689-6898.
*Average Revenue for franchisees opened 12+ months (first locations only, see additional info on page 82 of 2016 FDD, Item 19, Table A)