What’s up everybody? It’s Steve “The Hurricane” here. And for today’s episode of “A Drink with The Hurricane”, we are going to discuss the simplest way to double your revenue in 2022. So definitely raise your glass, and let’s toast to your success in this episode. Cheers.
This is “A Drink with The Hurricane”, the talk show discussing all things growing your home care business. This video is sponsored by Home Care Evolution, where we help home care agencies adapt to changing circumstances, transform their business, so that they can thrive for years to come.
I know this sounds crazy. Steve, you’re gonna tell me how I can double my revenue? But it is not crazy. And it is not as difficult as you may think it is. So first, I’m gonna tell you what it is we have to do, and then I’m gonna share with you how you have to do it so that you can begin your journey of doubling your revenue this year and beyond. And so from the most recent Home Care Pulse report, it is no surprise to me, but for a lot of folks out there, it is shocking news to realize that if you do not track all of your referrals that are coming into your agency, you will generate half of the revenue that you could, versus the agencies that track every single referral that comes in. Literally, $1.1 million was the average agency surveyed that did not track their annual revenue. And $2.2 million is the revenue of the average agency that does track every single inquiry that comes in. That’s double the money. So if you’re not tracking your inquiries, you are leaving 50% of the revenue you could generate on the table. 50%, that’s madness. So here’s what you gotta do to improve your inquiry tracking.
Number one, make sure you find out where every single referral came from. And I know so many people will tell me that they track their inquiries, but they really don’t know. They don’t know where they came from. They don’t know if it came from SEO. They don’t know if it came from their website. They don’t know if it came from their website, but it was actually a conversation with a social worker or a discharge planner that prompted the client to call or go to the website and then call the agency. You really have to know where those referrals are coming from and refine it down that much. You have to ask and specify. Is it you went to our website or what caused you to go to our website? Because if it’s coming from a referral source, you need to go back and follow up on it. That’s gonna help you to get more qualified leads. Qualified leads convert at a higher rate and stay on services longer than non-qualified leads.
You also wanna track the non-qualified leads as well, which I’ll say is the second tip here. A lot of folks only track qualified leads. That’s a mistake. You know why it’s a mistake? Because say I’m part of a franchise, and I can only service at this geographic area right here. And a referral comes over here outside of my territory. Well, I’m not gonna track that because that referral really isn’t for me. I had to give that to my neighboring franchisee, but the reason why you still wanna track that is because something you did, SEO, marketing and sales, client referral, whatever it is, caused this patient who lives outside your service area to contact you.
Here’s another example. Forget if you’re a franchise or not. Somebody calls in who’s not your customer, meaning they can’t afford the services. A lot of people consider that a non-qualified lead. If I’m a private pay agency and someone is on Medicaid, then that person’s not qualified. So I’m not gonna track it. Again, what am I doing that is attracting that Medicaid recipient to call me so that I can adjust it? If it’s a referral coming from a referral source, and I know that it’s a non-qualified lead and I tracked it, I can go back and have a conversation and reeducate the referring party on who my target customer is, so that they send me qualified leads versus non-qualified leads. And if my website is bringing a bunch of folks who don’t meet the qualifications, I can update my website to reflect that we are a private pay agency to reduce getting non-qualified leads. That’s a perfect reason as to why you have to track that information anyway.
The third thing you want to do and the final thing you want to do is role play, role play, role play. Every quarter, you should be role playing and secret shopping your agency. I know my clients who are in the elite academy and coaching clients. We secret shop their offices all the time, because we are very big proponents and very big advocates. And we actually train people’s agencies on inquiry management because we know when you’re tracking your inquiries, your revenue will go up significantly greater. That’s why we talk about it in the Home Care Evolution quarterly magazine, which if you wanna subscribe to it, you can go to homecareevolution.com and you can subscribe to it, and every quarter, you’ll receive the new issue for free. It is that important that we do this. Now with the role playing, you secret shop your office. You hear what they’re saying on the phone. If it doesn’t go well, you sit down and you role play. Make sure they’re going through all of the points that you’re supposed to communicate on the phone with a prospective client. Make sure they’re qualifying the lead. Make sure they’re putting the data into the system. At the end of the year, you should have accurate statistics. When you have accurate statistics, that will tell you where to spend your money, where to spend less money, and how to budget your business much better for years to come, year after year after year. I can’t stress this enough. It is literally 50% less revenue if you are not tracking your inquiries.
So the tip, track your inquiries, do these three things that I’m saying, and I promise you, you will blow away the competition.
So folks, I’m Steve “The Hurricane” and I just spent three days teaching all these people how to..
“Blow away the competition!”