We've brought together a team of educators and home care experts to answer the burning questions that you and every home care owner will ask at some point.
Becki Harrington-Davis Senior Content Marketing Manager at CareAcademy
Sabrina Sattler Account Executive at Careswitch, home care agency advisor specializing in startup success and longevity
Ilya Vakhutinsky Careswitch CEO, home health aide's son, Forbes 30 Under 30, caregiver advocate
Jennifer Ramos Managed and sold three different home care agencies; CEO of JR3 Consulting
Angelo Spinola Home health, home care and hospice chair at Polsinelli
Brian Cottone Jr. Benefits expert at VItable Health
Connor Kunz VP @Careswitch, former head of education @ Home Care Pulse, scaled a service business 7 figures in 3 years
While the amount a home care agency owner varies based on size of agency, how they're compensated, and a variety of other factors, we have good data to help answer this question.
The short answer: the average home care agency owner earns a salary of $101,400.
By the way: we have this data thanks to our Home Care Compensation Report, which you can check out free here.
Back to the question of how much home care owners earn. To start with, here's a graph showing our current data on average salary for home care agency owners, split up by agency size (as measured by weekly billable hour ranges).
It's also important to recognize there are various ways home care owners are paid, and not all are even taking compensation currently, either because the agency isn't profitable yet or because they have independent income and they're focused on getting paid when they sell the agency.
In our survey, we asked agency owners whether they
1) Pay themselves a salary
2) Pay themselves with a set percentage of profits
3) Pay themselves with whatever net profits are left after expenses
4) some combination of the above, or
5) are taking no compensation.
Here's a graph of their responses. (As of this writing, the sample size is 421 agencies.)
Not shown: the 16% of agency owners, mostly in the smallest size bracket but with owners across all size brackets, who aren't taking any compensation currently.
How does your pay compare?