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Home Healthcare: An Industry on the Rise

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If you are considering owning your own business or franchise, then listen closely. Today, the oldest baby boomers are well into their 60’s and according to “The History Channel” about one in five Americans will be older than 65 by 2030. Today there are about 78 million American baby boomers and as the oldest of them hits retirement age many will have additional medical needs. People age 65 and older make up 12 percent of the population but they account for 38 percent of all Emergency Medical Service (EMS) trips and 90 percent of nursing home use.  Here’s another staggering statistic; 60 percent of baby boomers have been diagnosed with at least one chronic medical condition.

Now factor in that The Huffington Post reported that, in 2010 the number of Americans age 65 and older was 40.2 million and that number will more than double by 2050. With the typical life-span increasing significantly over the past 30 year’s long-term healthcare has turned into a vital topic.

Healthcare franchising on the rise

According to Forbes 2014 best franchises list, three of the top ten rising franchises are home healthcare brands. FRANdata reported there were only 13 home healthcare brands in 2000 and that number has shot to 56 companies today. There are 45 franchise brands operating 6,000 locations, compared to 2001, when they operated in less than 300 locations.

Don’t take my word for it, instead read this story of a man whose injury ignited a new business venture. In 1991, a college senior was traveling home to visit family when he was involved in an awful wreck leaving him with a shattered femur and third degree burns. Fifteen surgeries later and countless months of home healthcare assistants the young man pursued a master’s in healthcare administration. As he was finishing his degree, an encounter with the same nurse that helped him with his previous injury led to a management job at her home healthcare business. Five years later he moved back to his hometown and decided he wanted to get out of management to run his own home healthcare franchise.  In January 2014, he expanded his territory and is now caring for 512,000 people. He saw a need and took action.

Why now?

Why is home healthcare franchising on the rise? Multiple aspects come into play; for example, lower investment. It took only $150,000 to open a home healthcare franchise compared to a fast food franchise costing $500,000. Additionally, home healthcare offers high revenue with relatively low investment and can drive a lot of volume after the first year. Not to mention the growing demand of aging baby boomers – people over 65 – is set to double by 2050. Within the next decade a lot of Americans will be entering into their elderly stage of life.

It’s no doubt that home healthcare facilities are on the rise and if you’ve found work among this industry or are considering starting your own venture, here are a couple tips to consider for improving effectiveness in your healthcare facility:

  1. Have a structured plan to grow your franchise: A roadmap and a clear outlook of your upcoming objectives will steer you away from failure.
  2. Never stop marketing your franchise: The main reason that some franchises fail is that owners stop marketing.  Don’t rely on the franchise concept or location alone to bring in business.
  3. Continually grow and learn new business skills:  Frequently learn new skills to be effective, if you’re not accounting savvy take a course so you have a firm grasp of the profit and liabilities of your company.
  4. Learn the state and federal rules governing home health: The federal manual is called the HIM-11. Each state has a Department of Health and Human Services that governs state regulations related to home health care.
  5. Acquire Liability Insurance: All that risk exposure means you need liability insurance. Ideally, you should have insurance that protects your business in general, plus professional liability insurance for your clinicians and worker’s compensation insurance.
  6. Hiring: Hiring clinicians to provide home health services requires a lot of thought and care.Develop clinical and situational interview questions, check references carefully and run thorough background checks on anyone you hire.

As healthcare providers of all kinds struggle to keep up with patient loads, many more franchise concepts will emerge. People are finding better, cheaper and more efficient ways to deliver healthcare services to patients across the country and now may be the right time for you to consider jumping into this industry on the rise.


brittany.rogers

by Brittany Rogers


Author Bio:

Brittany Rogers graduated from the University of Central Oklahoma with a Bachelor’s of Business Administration in Marketing. While attending college, Rogers was an active member of the UCO cheer team. Having recently joined Paycom, Rogers is profiling leads in collaboration with her team, while putting forth her marketing knowledge and creativity.

What Substance Abuse in the Workplace Costs Employers

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Of the estimated 14.8 million Americans who use illegal drugs, 70% of them are employed, according to the U.S. Department of Labor. Therefore, odds are your company employs workers who fall into this group. The use of drugs or alcohol by employees inside or outside the office can be costly for a business, leading to:

  • increased turnover rate
  • workplace incidents
  • poor workplace morale

From a financial perspective, the National Institute on Drug Abuse found substance abusers cost employers twice as much in workers’ compensation and medical expenses. Additionally, substance abusers are five times more likely to file workers’ compensation claims.

Furthermore, employees with alcohol dependencies are nearly three times more likely to have injury-related absences, according to the National Council on Alcoholism and Drug Dependence. In 2015, that council reported that federal surveys indicate 24% of workers reported drinking on the job at least once in the past year.

Recognizing the signs

Knowing how to handle substance abuse in the workplace starts with recognizing the existence of a problem. Whether it is abuse of alcohol, prescription drugs or illegal substances, a number of visible signs can indicate an employee needs help:

  • change in appearance
  • frequent tardiness
  • decline in job performance
  • slurred speech and drowsiness
  • mood swings and irritability
  • scent of alcohol

None of these signs alone indicates a substance abuse issue, but intervening early with employees displaying a combination of these signs may be valuable to your business. Implementing a companywide policy, training managers to recognize signs of substance abuse, and setting expectations with employees through training can help safeguard your business and your workforce.

 Disclaimer: This blog includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal problems.

 

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Posted in Blog, Compliance, Featured

Jason Hines

by Jason Hines


Author Bio:

Jason Hines is a Paycom compliance attorney. With more than five years’ experience in the legal field, he monitors developments in human resource laws, rules and regulations to ensure any changes are promptly updated in Paycom’s system for our clients. Previously, he was an attorney at the Oklahoma City law firm Elias, Books, Brown & Nelson. Hines earned a bachelor’s degree from the University of Central Oklahoma and his juris doctor degree from the Oklahoma City University School of Law, where he graduated cum laude. A fan of the Oklahoma City Thunder, Hines also enjoys exploring the great outdoors with his wife and daughter.

Podcasts

5 Podcasts That Every HR Professional Should Download

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Podcasts provide the opportunity to sit like a fly on the wall and listen to some of the most brilliant minds in the world converse about today’s biggest trends and challenges.

According to a study by Triton Digital, nearly one quarter of Americans listen to a podcast at least once a month. Education is a popular subject, with 40% of podcast listeners tuning in to that type. If you’re an HR professional or business leader looking to broaden your knowledge of HR and HR technology this year, I highly recommend filling your ears and brains with these five podcasts throughout ’18.

1. HBR IdeaCast

From Harvard Business Review, the weekly HBR IdeaCast features leading thinkers in business and management discussing a variety of key topics in the work world.

It is an excellent resource for insights on a wide array of subjects including, but not limited to, HR. The discussions apply directly to organizations nationwide. The podcast reminds me of NPR’s Fresh Air, but with an emphasis on business leaders.

Recommended episodes:

2. HR Happy Hour

Since 2009, HR Happy Hour has featured thought leaders, workplace and technology experts, academics and more to take on important aspects impacting HR, technology and the workplace.

The podcast is so long-running that it has episodes dedicated to just about every HR topic under the sun. The charming hosts Steve Boese and Trish McFarlane make trending topics fun and informative.

Recommended episodes:

3. CIPD

From the UK’s Chartered Institute of Personnel and Development, the monthly CIPD podcast covers everything from talent acquisition to workplace training and cybersecurity.

CIPD’s international perspective brings fresh eyes to subjects that resonate with many American HR professionals. With a backlog of more than seven years’ worth of episodes available, it’s easy to recommend.

Recommended episodes:

4. Workology Podcast

Covering the science and art of the workplace, Jessica Miller-Merrell’s Workology Podcast offers insights and actionable tips on HR and recruiting. Each 45-minute episode promises an in-depth look at every company’s most valuable asset: the employee.

In asking sharp, pointed questions about the latest HR trends, Miller-Merrell does an excellent job as host, bringing a unique and often unexpected take on familiar subject matter.

Recommended episodes:

5. HR Break Room

The official podcast of Paycom, HR Break Room brings you quick conversations on hot topics in HR and HR technology. Co-host Chelsea Justice and I talk with guest experts about the challenges faced by the everyday workplace, as well as their solutions.

To be a bit self-indulgent, I love doing this podcast because it gives me the opportunity to talk with some of the most brilliant minds in the industry. In our first year, our esteemed guests have included New York Times best-selling author Cy Wakeman, millennial expert Adam Smiley Poswolsky, HR Bartender’s Sharlyn Lauby, futurist Jacob Morgan, author and Harvard professor Mihir Desai and of course, motivational speaker and leadership expert, Mark Sanborn.

Recommended episodes:

You can learn more about goings-on within the HR sphere by subscribing to HR Break Room podcast. Here’s to a year full of professional growth through podcasts!

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Posted in Blog, Featured, HR Management, Leadership

caleb.masters

by Caleb Masters


Author Bio:

Caleb is the host of The HR Break Room and a Webinar and Podcast Producer at Paycom. With more than 5 years of experience as a published online writer and content producer, Caleb has produced dozens of podcasts and videos for multiple industries both local and online. Caleb continues to assist organizations creatively communicate their ideas and messages through researched talks, blog posts and new media. Outside of work, Caleb enjoys running, discussing movies and trying new local restaurants.

Deadline Extended

Employer Deadline Extended for Furnishing 2017 ACA Forms

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Distribution of 2017 Affordable Care Act (ACA) Forms 1095-B or -C to your employees has been extended.

As issued in Notice 2018-06, the IRS has extended the deadline from Jan. 31 to March 2. (However, the deadline to provide Forms W-2 and 1099 to employees and contract workers remains as Jan. 31.)

Filing deadlines unchanged

While the deadline to furnish forms was extended, the filing deadlines remain the same: Feb. 28 for paper forms, and April 2 for electronic forms.

IRS Notice 2018-06 emphasizes that employers who do not comply with the due dates for furnishing or filing are subject to penalties under sections 6722 or 6721.

Good-faith transition relief extended

The IRS also announced the extension of good-faith transition relief. This may allow an employer to avoid some penalties if it can show that it made good-faith efforts to comply with the information reporting requirements for 2017.

This relief applies only to incorrect and incomplete information reported on the ACA forms, and not to a failure to file or furnish the forms in a timely manner. Additionally, the IRS stated it does not anticipate extending either the good-faith transition relief or the furnishing deadline in future years.

Contact a trusted tax professional if you have questions on how this may affect your business specifically.

Click here to read more about how the ACA is affect by the new Tax Cuts and Jobs Act.

Disclaimer: This blog includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal problems.

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Posted in ACA, Blog, Compliance, Featured

Erin Maxwell

by Erin Maxwell


Author Bio:

As a compliance attorney for Paycom, Erin Maxwell monitors legal and regulatory changes at the state and federal level, focusing on health and employee benefits laws, to ensure the Paycom system is updated accordingly. She previously served as assistant general counsel at Asset Servicing Group in Oklahoma City. She holds a bachelor’s degree from the University of Central Oklahoma and a J.D. from the University of Oklahoma. Outside of work, Maxwell enjoys politics, historical mysteries and spending time with her family.

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