CareOne feels it’s found formula for success: After 17 years in industry, senior care company ready to take on newcomers
By: Anjalee Khemlani
CareOne is well-versed in the broad spectrum of services needed to run a successful senior care organization. Most of all, it knows one thing: With an ever-increasing focus on this sector of health care, competition is rising.
After 17 years in business, CareOne feels it’s ready.
Tim Hodges, chief strategy officer, said the company has figured out a formula that has helped it weather the stormy seas of regulatory overhaul from the Affordable Care Act and the many changes from the Centers for Medicare and Medicaid Services.
Hodges said the company offers short-term, post-acute care, assisted living and other care services such as home and hospice.
And Hodges feels the company’s years of working out the kinks leaves CareOne in a prime spot to compete with any newcomers in the field.
“The main focus or trend we’ve been seeing is obviously a demand for high-quality services,” Hodges said. “The nice thing about competition in health care is that usually it’s sorted out by quality. In our business, you’re either good or you’re not.”
On the rehabilitation side, there has been an increase of facilities who were once nursing homes realizing the need to expand their services and trying to become as broad as CareOne.
“People aren’t as interested in nursing homes,” Hodges said. “So, facilities have been repurposing themselves as short term stay care facilities.
“Our model, when we started in 2000, was to create that level of care. We feel we’ve gotten a jump start on that model and had time to work out the kinks. We are not complacent, but we know what works to keep us ahead of the curve.”
It also helps that the company doesn’t rely entirely on Medicare to fund its operations.
“A large portion of clients pay for themselves out of pocket because Medicare doesn’t cover everything, and is increasingly covering less,” Hodges said. “We have found, especially when people pay, they are very discerning, and there is a clientele out there willing to access services out of pocket.”