A number of home care providers—and businesses in the aging services industry in general—are among some of the nation’s fastest-growing companies. In fact, these companies recently grabbed a spot on Inc.’s annual ranking. 5000.
Companies like connectRN, Entrusted Pediatric Home Care, BarbaraKares In-Home Care Services, Connect Pediatrics and Electronic Caregiver appeared in the top half of the list.
One of those companies, connectRN, is a platform designed to help nurses and other care professionals trying to find work. connectRN saw 1,472% three-year growth.
The company primarily operates 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. What’s more, the company has appointed Cora Jaulin to lead 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 labor shortage. That’s why it’s the perfect time for us to jump into this space to help our home health partners really think about how to provide home health physician options and continue to deliver on our shared promise of offering choice and opportunity.”
BarbaraKares is one of the newer companies to make a splash 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 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 Area Community Hospice and AmeraCare Family Hospice and Home Health.
Most recently, the company purchased Serenity Health Management in March. Traditions Health saw 377% three-year growth. This is Traditions Health’s fourth appearance on the list. The company first appeared in 2019.
Another returner to the list was Trella Health, a post-acute care data analytics company, which saw 366% three-year growth. At the beginning of the 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 established itself as one of the largest private providers in California.
HealthFlex Home Health & Hospice serves approximately 12 counties in Northern California. The company grew 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 valued 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 some [accountable care organizations] which we pursued and started working closely with the hospitals and we really wanted to make sure we had contracts with all the major [Medicare Advantage] players in our field. It 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.
Ultimately, BrightStar Care buys back agencies and runs them in-house. The company’s systemwide sales are estimated at approximately $700 million, with a similar return on investment at company-owned locations.
HomeWell posted 88% three-year growth. It recently made news when it announced it was waiving its initial franchise fee for new owners. These owners have the right 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 fill the need for home care,” Crystal Franz, CEO of HomeWell previously told HHCN. “I’m not sure if other home care franchise companies will follow suit, but we’re hopeful about this venture.” We think this will help us achieve our goals of becoming a more national brand as well as helping our current franchise vehicles.”