A Hybrid Approach
7 August 2021
Many people choose to start their own business because it is less expensive than a franchise. In the past, they would have had to pay a large upfront fee and ongoing royalty fees that can cost up to 10% annually in addition to marketing fees. Given these expenses, many home care agencies went independent instead of choosing franchising options for lower costs and increased freedom over decisions like what brand name or logo should be on their company’s uniform. However, this has tradeoffs too: if you are not paying royalties then there will be no support from your franchiser which means higher risk and no network support. In the home care industry, a single mistake can be costly to both your bottom line and even the lives of the patient. But with an established franchise model in place, you have someone providing guidance when it’s needed most.
A successful franchise brand offers crucial advantages that can help grow a homecare business and increase the chances of success. Training is an important factor in orienting home care franchises to licensing laws, so they are aware of what’s required when starting up their agency. Ongoing corporate support for agencies during the start-up phase has been helpful when setting up infrastructure as well as early growth due to marketing materials and existing brand recognition being available at hand. Above all else, these companies offer a framework with proven results across many areas which gives hope for future success. This however comes with a high startup cost upwards of around $100,000.
The core of Optonome is a hybrid of a franchise and independent home health care company with a low upfront cost, and an affordable ongoing fee that includes marketing, advertising, training, scheduling, billing, compliance monitoring, electronic visit verification, encrypted chat, and video messaging with a network of clinicians. Optonome is an online community of clinicians as well as business owners and landlords working together to improve the lived experience. The mission of Optonome is for health care businesses to offer access to affordable housing and activities to each individual they serve.
You might be wondering why Optonome’s small business owners are Board Certified Clinicians? The business owners at Optonome understand how important it is not only to have an expert available but also someone they can relate with on a more personal level. Whether it be weekly in-person check-ins or delivering personalized services, when an individual’s health and happiness means everything, there’s no better place than a business run by a healthcare professional.
Existing home care agencies are not prepared to provide the best possible service for their clients. Even if they partnered with a tech company, those businesses would only be providing part of the solution such as electronic health records software or training modules; however, these agencies do not have any resources on staff that can train their workers or facilitate relationships between customers and other local companies in order to improve individual’s well-being and independence.
Optonome Announces Equity Crowdfunding Campaign to Shift The Home Healthcare Paradigm
26 July 2021
Philadelphia-based health tech startup Optonome, provides a communication training and management solution for clinicians to become home healthcare CEOs and creates liveable wages for caregivers in a thriving $300 Billion+ long-term care market, is partnering with Wefunder to launch its crowdfunding campaign.
Philadelphia, PA – PRESS RELEASE-Optonome has announced the launch of its official equity crowdfunding campaign in partnership with WeFunder. Optonome is raising capital to scale its operations, grow a team of talented thought leaders, technology development, and marketing. Optonome will also use the capital to create healthcare training, patient advocacy and go to full production of beacon sensors used in homes and small businesses that provide real-time information to assist business owners with training, compliance, remote supervision, foot traffic, and occupancy control. The WeFunder campaign launches on July 26, 2021. Investment is open to the public and can be found at: www.wefunder.com/optonome
This fundraise follows a record year for Optonome marked by significant onboarding of clinician CEO’s. “In 2020 we made over $500k in revenue. We’ve grown over 750% in the past year. The average Optonome CEO saves over 80% of what it would cost to start with a national franchise.” says MedCity News winner Dennis Dicker, CEO of Optonome. “As the population of seniors and people with disabilities continues to grow, so does the home care industry. Currently, over 20 million older adults in need of long-term health care live within America’s borders as well as 9 million individuals living with a disability indicating an imminent boom in this sector, which is poised to be one of the fastest-growing markets, doubling in only 5 years time! However, what many don’t realize is that most common solutions require them to sell their homes and spend all their savings before moving into an institution where they may even outlive these funds leading to an even more dire situation. The alternative to this is to seek an existing provider who can coordinate home and community services helping people age in place; however, this solution is antiquated and the providers act more like brokers than caregivers charging high fees for connecting families looking for quality long-term support services and care workers.”
“As the population of seniors and people with disabilities continues to grow, so does the home care industry. Currently over 20 million older adults in need of long-term health care live within America’s borders as well as 9 million individuals living with a disability indicating an imminent boom in this sector, which is poised to be one of the fastest growing markets, doubling in only 5 years time! However, what many don’t realize is that most common solutions require them to sell their homes and spend all their savings before moving into an institution where they may even outlive these funds leading to an even more dire situation. The alternative to this is to seek an existing provider who can coordinate home and community services helping people age in place; however, this solution is antiquated and the providers act more like brokers than caregivers charging high fees for connecting families looking for quality long-term support services and care workersDennis Dicker, CEO Optonome
Optonome is a healthtech company that bridges the gap between patients and their home health and community needs. They help nurses, behavioral specialists (BCBA), physical therapists, occupational therapists and speech language pathologists start and scale their home healthcare company, guiding them through the challenging Medicaid and Medicare regulation process. Focused on the $300B aging in place market, Optonome connects these businesses to landlords who can provide its clients with housing, and also give small business owners connections so they are more visible among potential customers – through conversational commerce. Optonome is equipped with HIPAA compliant/ encrypted chat, voice messaging, maps, dynamic scheduling, calendars, billing software, and EVV in collaboration with Sandata.
Optonome finds patients who match up with the agency’s capabilities and recruits, onboards, trains caregiver staff (DSP’s) to help provide health services. The clinician provides oversight of caregivers and more in-depth care for patients while cutting costs with Optonome taking care of back office administrative work.
With Optonome reducing administrative costs enabled through its technology, home healthcare agencies are able to subsidize housing for their patients and offer their employees a liveable wage with better pay, to help tackle the DSP crisis.
Through Optonome’s technology, this landscape is poised for disruption providing a better solution by the people, for the people. Dicker’s mission is to ensure each consumer/patient receives the best quality care and provides upward mobility for healthcare workers, starting with the owners, who are nurses and therapists with years of experience.
For more information about Optonome, please visit: www.optonome.com or follow @Optonome on Twitter and Instagram.
The equity crowdfunding terms, opportunity and risks can be found at www.wefunder.com/optonome.
Dennis Dicker, CEO of Optonome, (215)543-3843, email@example.com