This year’s edition of Inc. magazine’s annual list of the 5,000 fastest-growing privately held companies in the U.S. featured a number of in-home care providers that have made jaw-dropping business gains.
To earn a spot on the 2019 Inc. 5000 list, released earlier this month, companies had to be privately owned, U.S.-based and independent, meaning they couldn’t be a subsidiary or division of another company.
Among the several in-home care companies to make the list was Home Health Companions, a Dallas-based licensed home health provider that offers in-home companion and caregiver services, private duty nursing and aging life care services.
Founded in 2011, the company employed 24 people five years ago; it currently employs 80. In 2018, Home Health Companions brought in about $3.1 million in revenue.
Company leadership attributes some of its success to its private-pay model, which it sees as more stable than Medicare or Medicaid.
“The benefit for us is that we work directly with our client,” Lisa Shardon, president of Home Health Companions, told Home Health Care News. “We have to adhere to the standards of licensing in Texas, but our model is that we get paid by our clients, so it’s based on client need.”
Still, working within the private-pay space has its challenges as well.
Home Health Companions has to stay on top of creating new programs and specialized services that will attract new clients while accommodate existing ones, according to Shardon.