Since its arrival on the scene in 2021, InHome Therapy has tried to cement its spot as the go-to for home health providers when it comes to their therapy needs. In order to do this, the company has been focused on accelerating its growth through acquisitions.
Over the last six months, InHome Therapy has hit the ground running. Ths company scaled in staff size and geographic reach with the acquisitions of Fort Myers, Florida-based Contract Therapy Services Inc., Austin, Texas-based Remedy Therapy, Dallas-based North Texas Home Therapy Professionals and Palm Beach, Florida-based Advanced Healthcare Services.
As an organization, InHome Therapy is a King of Prussia, Pennsylvania-based therapy outsourcing partner for home health agencies.
Each of the acquisitions bring something unique to InHome Therapy’s business, its COO Meaghan Chitwood told Home Health Care News.
“As an example, Contract Therapy Services had more speech therapists than your average company,” she said. “That allowed us to really bolster our speech, and also think about speech therapy differently, which was really helpful. Remedy allowed us to move into Texas, and the travel therapy part of their company was really interesting.”
Dan Haggerty, InHome Therapy’s chief revenue officer, sees travel therapy as newfound potential area of growth.
“The travel piece was something that was not initially on our radar, nor something that we were seeking out,” he told HHCN. “Now that we’ve gotten a handle on what that business looks like, and the total potential opportunity, we realized that travel will probably become a huge piece of our portfolio of services. In fact, we’re currently investing a significant amount of our budget into marketing for the travel services.”
This aspect of the business also allows the company to form partnerships with agencies in markets where InHome Therapy doesn’t have a large presence.
Haggerty noted that roughly 10% of InHome Therapy referrals two weeks ago came in from markets where the company doesn’t didn’t have a presence as recently as four or five months ago.
“We really think about it as being a partner to the home health agency operators in running their therapy departments,” Matt Murphy, CEO of InHome Therapy, previously told HHCN. “The way our model works is that we handle every aspect of their therapy business.”
Now that InHome Therapy has completed a big acquisition push, the company is focused on expanding its business in the markets it has entered.
“We’re looking at ways that we can set ourselves apart from the people who are in our same space,” Chitwood said.
InHome Therapy also raised growth capital from new investor TT Capital Partners and fromits original investor NewSpring. The company declined to disclose the amount it raised.
The new funds will go toward a number of different areas, including technology development.
“With technology development, we are looking at what are the things that we can do to be more accurate when it comes to what our agencies need,” Chitwood said. “What are the processes that need to be followed? How do we ensure that we’re hitting every single mark along the way?”
Chitwood pointed to the example of a discharge versus a discharge OASIS, and the need to ensure that the company is getting these kinds of decision points right every time.
InHome Therapy’s technology development is also focused on identifying all of the aspects of a therapist’s job that are non-clinical, and finding technology solutions that will streamline these areas.
Looking ahead to the rest of the year, InHome Therapy has a number of goals it would like to accomplish.
“We’re in a labor constrained market, where there will always be more business than therapists for the foreseeable future,” Haggerty said. “We have embarked on a campaign. We’re mobilizing multiple departments within the company to hire as many therapists as we can to bridge that gap. We’re calling it the 202 campaign, we will hire 200 clinicians between September and October.”
The company is also looking to have a beta version of their technology ready before the end of the year.
“Our leadership team believes that the company in our space that can figure out talent acquisition and technology will be able to provide the best solutions and be the best partner for home health agencies,” Haggerty said.
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