Home care companies make unique acquisitions to diversify revenues and stand out

In an attempt to expand, more home care agencies are looking to acquire companies in other sectors.

Companies believe that these additions will allow them to discover new opportunities and stand out from the competition.

A prime example is Best of Care Inc., which acquired Moving Mentor Inc. earlier this year. is a moving management, organization and consulting company.

“They help families or individuals who are either ready to move, thinking about moving, developing a relocation strategy, downsizing, getting the right size, reorganizing, decluttering, or simply rethinking their space,” Best of Care CEO Kevin Smith said. Home Health News. “They help consult with families and prepare every aspect of the move, including the emotional aspect, because for those of us who have either moved, helped move a parent, or faced the death of a loved one, we know how hard it can be. this process can be.

Best of Care is a home care agency based in Quincy, Massachusetts. The company employs over 400 home care assistants, administrative staff, care managers, nurses and relocation managers. The company also has a care division, TUCKed In Eldercare.

When it came to Moving Mentor, Smith said he had an “light bulb moment” right away. He identified the overlap between what the company is doing and home care.

“Moving Mentor is in people’s homes for significant periods of time and works with clients and families who are either in a moment of crisis or vulnerable,” he said. “This is usually the same starting point for home care. Some key event or change in the state or status of a person has occurred that requires some kind of intervention. Just as Moving Mentor is involved in people’s homes and lives, Best of Care is doing it.”

Along with commonalities, the acquisition now allows the two companies to interact with each other.

In other words, the relocation manager who enters the client’s home may also recognize the client’s need for home care services. On the other hand, a Best of Care employee can do the same with moving management services.

Overall, the acquisition is a step towards becoming a broader provider of aged care.

“It’s just in line with the holistic approach that Best of Care has been trying to build for years now,” Smith said. “With the experience of managing moves under our roof, we have no shortage of services we can provide to an individual or family member.”

Smith believes Moving Mentor sets Best of Care apart from its home care counterparts.

“Perhaps this gives us some different footing than some of our colleagues as we are one phone call away or one email request away to help you with any number of things you might not have even known about. . Help me,” he said.

Looking ahead, Smith predicts that more homecare leaders will seek non-traditional acquisitions.

“All this is due to the current staffing issues,” he said. “In my opinion, it makes sense for home care agencies to look for different ways to diversify their revenue streams and service offerings.”

The diverging path of Executive Care

Executive Home Care Holdings LLC recently acquired Grasons Co., a real estate sales and business liquidation service.

Executive Home Care of Hackensack, New Jersey is a personal care and companion care company. The company currently has 20 franchise locations throughout the country, primarily on the east coast.

The acquisition was part of the creation of Evive Brands LLC, a multi-brand service organization that brings franchised systems, including Executive Home Care and Assisted Living Locators, under one roof.

“With Evive Brands, we get very similar customers and demographics,” Executive Home Care CEO Tim Hadley told HHCN. “You have value-added services for different brands, so when we look to add additional brands under the umbrella and be able to provide different benefits and services to our existing customers, we are looking for things that complement each other.”

While Grasons will continue to operate independently, the move is yet another example of a home care agency thinking outside the box.

Hadley believes that bringing these companies together under one roof creates a kind of one-stop-shop for a variety of services.

“I think it definitely creates a trusting relationship that can become seamless — from us providing home care to you moving on to one of the other brands,” he said. “We help you find the right nursing home for your loved one, and then at the same time, we also help you downsize or liquidate assets. It becomes a regular customer for us.”

It’s been six months since Executive Home Care purchased Assisted Living Locators, another purchase that goes beyond traditional home care. The company helps the elderly find suitable places to care for the elderly, including in nursing homes.

“Assisted Living Locators has achieved tremendous results,” Hadley said. “We’ve been working with them to build a really more robust infrastructure to help support their franchisees.”

Ultimately, Hadley sees a lot of room for growth for the Garsons as well.

“Garsons is in the business of selling real estate and liquidating businesses, which is something that can be done anywhere in the country,” he said. “There is a huge opportunity for franchisees to get their own territory and have quite a lot of open space to be able to serve the needs of the people.”

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