Pricing After A Pandemic
9 years ago Vaughn Young launched Angel Senior Care in Spokane, WA with the goal of bringing quality home care to his local community. What started as a small business quickly grew to become the market leader for in-home care. With over 20 years of health care experience on his resume, Vaughn believed he had seen it all, but in March of 2020 Vaughn was thrown the curve ball of the century.
Covid-19 placed the country on lock down and just a few miles away from Spokane, the city of Seattle quickly became a hot spot. The elderly were the most at risk and Vaughn took the necessary precautions to protect both his clients and his caregivers. While some clients temporarily paused services, a great many still depended on Angel Senior Care. Vaughn began to see other cities offer "hero salaries" which paid caregivers more in the wake of the pandemic, but he was curious to see how that would effect service rates.
Vaughn partnered with Onsite Performance Solutions for a Competitive Market Analysis. Since the report is customizable, Vaughn chose to measure 12 home care competitors in Spokane. "I really wanted to know if Live-In Care would still be provided, if 'hero salaries' were being offered to caregivers, and if service rates had adjusted at all in the wake of the pandemic", Vaughn stated.
The results? Operational adjustments were being made to increase caregiver consistency and limit the risk of exposure. However, Spokane hadn't been hit by the virus like Seattle was. Agencies weren't shying away from offering Live - In Care, if it was needed. There were no "hero salaries" and service rates hadn't been adjusted.
However, while Angel Senior Care presented comparable service rates among some competitors, the expanded report also revealed that the company was priced lower than several others. Vaughn discovered that he could increase service rates by at least 6% and still not be the highest priced agency in Spokane. The Competitive Market Analysis Report offered clarity during a time of uncertainty. "This report gave me the opportunity to make adjustments to my agency with confidence", Vaughn said.
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