Despite the continued pressure from a challenging regulatory environment, Bayada Home Health Care sees progress in ensuring increased state-by-state rates through its sustained advocacy efforts.
Earlier this month, Bayada fired 10% of its staff and cited the issue of refunds. Still, the company reported significant interest rate increases in several states in its latest 2024 annual report. This also details employee development strategies and growth outcomes.
In Delaware, the company locked down $2.9 million, increasing its personal care reimbursement rate by an estimated 5%. In Pennsylvania, the company saw an 8% increase in interest rates, resulting in an increase in Baiada's funds that exceeded $6 million. In New Jersey, the company secured an increase in personal care assistants of $40 million, bringing the company's funding to another $2.9 million.
The company has also made progress in several other states, including Massachusetts, Missouri, Vermont and South Carolina.
Bayada offers home health, home care, hospice and behavioral health services in 22 states. There are also international locations operating in Germany, India, Ireland, New Zealand and Korea. Overall, Bayada has around 33,000 employees nationwide. The company cares for an average of 46,000 clients each week.
Source: Bayada
The company's net revenue in 2023 was $1.852 billion, according to the report. Its total assets were $710 million and its net worth was $392 million.
“We believe it is our responsibility to strengthen our organization's financial foundations and support our growth in order to achieve our vision of creating a lasting legacy as the world's most caring and trustworthy team of health professionals,” the report read. “With a net worth of $392 million and no material borrowing, Bayada is well placed to support our mission to help people live a safe home life with comfort, independence and dignity.”
In 2024, Bayada opened 11 new offices. One of these offices focused on adult personal mandatory nursing, personal care for five people, one autism therapy service, and one short-term nursing and rehabilitation. Overall, in 2024 these new locations served 1,017 new clients.
On the M&A front, Bayada acquired two Saviors' health at home health and hospice business
In New Jersey. Bayada pointed out that the agreement allows the company to expand its home hygiene and hospice footprint in several counties in New Jersey. The company has acquired 379 new clients through its deal.
Joint ventures and strategic partnerships also play a role in Bayada's growth strategy. The company has joined forces in 11 healthcare systems and has served approximately 200,000 patients since 2016.
Employee development and introduction
Bayada has invested heavily in many educational and professional development initiatives.
“By investing in education at all levels, we not only strengthen our workforce, but also strengthen the care and outcomes of the clients and families we serve,” the company wrote in its report.
One of these education and professional development initiatives is an online learning management system that provides education and training courses to all of the company's office-based employees, caregivers and clinicians. The initiative was first launched in 2010.
In 2024, Bayada staff completed a 36,375,975 hour Bayada University training course. This is an increase of 29% since 2023, with staff completing more than 28 million hours of training courses.
Besides Bayada University, the company has also established partnerships with six universities. Through partnerships with Drexel University, University of Phoenix, Capella University, Wilmington University, Strayer University and Neumann University, Beydada offers discounted fees for staff, including workshops, accreditations, degree programs.
Additionally, Bayada offers leadership development workshops available to all employees. Last year, 1,300 employees participated in company-wide or team-based workshops, according to the report.
Apprentice is also part of Bayada's educational and professional development efforts. The company's nurse residency program hires new nursing school graduates to provide a job-based learning experience.
“The goal is to have the equipment to care for based on what they learned at nursing school.
In this unique year program, nurses receive additional practical and online learning to focus on critical skill development. Bayada clinical leaders provide coaching, training and support to these nurses throughout the year. Additionally, the program boasts a graduation rate of 98%. ”
The company also highlighted the success of its employee referral program. As part of Bayada's Talent Scout Employee referral program, staff who recommend ultimately hired candidates will receive bonuses ranging from $500 to $2,000.
Last year, 6,439 candidates were featured through the program, with 3,140 referrals being hired. This is a 49% conversion rate.
Bayada is not alone in the efforts to hire new employees through its referral programme. Companies such as Tribute Home Care, CareTech and ProHealth Home Health & Hospice were able to strengthen their recruitment efforts by relying on word-of-mouth recommendations.
