By Tom Schramski, PhD, CM&AA
Volume 2 Issue 20, September 29, 2015
I just returned from my 45th high school reunion in small town Minnesota where many of my life-long friends are retiring. Many of them had worked with one employer in blue- or white-collar jobs for over 30 years (I was short-termer by comparison, having worked 22 years for a company I helped to found). This is a disappearing phenomenon of the Baby Boomer and Traditionalist generations.
The healthcare vertical of home care and hospice services is challenged by this evolution more than any other human service marketplace. The complex blend of independent contractors, Millennials, changing labor regulations, consumerism, healthcare reform, and many other ingredients is increasingly leading to a redefinition of the social contract between home care companies, individual providers of service, and their customers. When combined with the very thin margins of many service providers, thoughtful innovation is a necessity.
Successful home care owners and executives are paying careful attention to the following trends in their strategic decision-making:
The threads of autonomy and personal choice are woven through these trends and provide some sense of where the home care marketplace is headed. One size does not fit all for direct service providers and customers, and they are increasingly vocal about their position. Successful home care entrepreneurs see this and are incorporating the insights into their future actions.
Tom was the Founder and Managing Partner of VERTESS. He was a Certified Merger & Acquisition Advisor (CM&AA), consultant, and Licensed Psychologist with over 35 years of very successful national experience in the healthcare marketplace, including co-founding and building a $25 million behavioral health/disabilities services company. Tom represented sellers and investors across the healthcare spectrum and was recognized for his executive leadership in the 2005 Entrepreneur of the Year issue of Inc. Tom passed away in December 2018.