Webinar Recap: Drive More Revenue, A Retention Framework Workshop
By MissionCare Collective
| Jul 25, 2023
In a riveting one-hour webinar titled "Drive More Revenue: A Retention Framework Workshop", two industry heavyweights—Gregg Mazza, author of "Home Care Revenue Breakthrough Secrets", and Maggie Keen, VP of MissionCare Channel Partnerships—provided invaluable insights into maximizing revenue and retaining caregivers. Here's a quick recap of the session:
Recruitment Versus Retention: The Great Debate
Is recruitment the biggest challenge for care agencies? Or is it retention? The consensus is that both present significant hurdles. Recruitment costs are soaring, making it increasingly difficult to find new caregivers. Simultaneously, the cost to recruit, onboard, and train a new employee surpasses $4k, severely impacting profitability. Worse yet, many agencies are reporting a shocking 63% loss of new hires within the first 90 days.
Retention as the Proven Solution
The silver lining, however, lies in improving retention. It’s shown to positively affect your bottom line by saving recruitment costs, enabling more caregivers to fill more shifts, and ultimately, increasing revenue and profit.
Key Takeaways: Driving Revenue Through a Retention Lens
Gregg Mazza shares ten powerful tips for increasing revenue through a retention-focused strategy:
Strategies + Tactics (PLUS SYSTEMS): Integrating well-defined strategies, tactics, and systems is fundamental.
Your Multiplier Effect: Harness the power of multiplying effectiveness through strategic retention.
Differentiation Strategy: Introduce wellness programs with hidden benefits.
Focus on Growth: More referrals mean more caregiver options.
Know Your Dream Avatar: Identify and understand your ideal caregiver.
The Stories We Tell: Your story matters, it's how people make decisions.
Focus on Lead Measures: Track effectiveness diligently.
Strategic Engagement: "Spray and pray" is not a viable strategy.
Ask the Right Questions: It can make a big difference.
Your Energy Matters: A positive and encouraging energy from leadership influences retention.
The 15-Minute Retention Framework
One standout takeaway was the introduction of the CoachUp Care framework. This comprehensive model incorporates an engagement strategy for home care agency owners and their teams to connect a disconnected workforce. If you're interested in learning more about the 15 minute framework - request a meeting.