Home health care is a diversified industry that includes home nursing care, companion care, support services, medical staffing, and others. Home care generally involves helping older people recover from an illness or injury and live independently for as long as possible. It includes occupational & physical therapy, speech therapy, and skilled nursing, as well as helping older adults with activities of daily living, like bathing, dressing, and eating, and assistance with cooking, housekeeping, and monitoring one’s medication routine.
According to a report by Zion Research, global demand for the home healthcare market was valued at $228.90 billion in 2015, and is expected to generate revenue of $391.41 billion by 2021. Major factors are driving the growth of this market, including the rising aging population, increasing incidences of chronic diseases, growing demand for affordable healthcare delivery systems due to higher healthcare costs, technological advancements, and government initiatives to promote home health care.
Broadening Your Footprint
Insurance brokers and agents focusing on this niche market in the U.S. have an opportunity to expand their footprint in home health care with Manchester Specialty Programs, a national specialty underwriting and insurance program management firm dedicated to providing integrated insurance solutions to this industry for more than four decades. Our target markets include providers and companies that fall under these Standard Industrial Classification (SIC) codes:
- Home Health Care Agencies/Services 8082
- Personal Care/Companion Care/Support Services 8082/8059
- Visiting Nurse Associations (VNAs) 8082
- Hospice 8051
- Traveling Nurse Companies/Nurse Registries 7361
- Medical Staffing Firms (25%+ medical) 8082/7361/7363
Our success in developing programs that properly address the exposures that these firms face is underscored by our exclusively endorsed Affinity Business Insurance Program for the National Association for Home Care & Hospice (NAHC). While all home care and hospice care providers are eligible to apply to our program, NAHC members may be eligible for additional credits and/or coverage enhancements, including a 5% Workers’ Compensation premium discount. To check if a client or prospect is a member of NAHC, please visit https://agencylocator.nahc.org/. Refer to the “Key” for member status indicator; a blue dot indicates an active NAHC member.
The target classes in which we specialize include preferred risks that have received accreditation status. For assistance on targeting these preferred providers, you can access the following information:
- Joint Commission Accredited Firm:
Visit https://www.qualitycheck.org/ (part of the Joint Commission website) and search by type of service, type of provider, by state
- Community Health Accreditation Program (CHAP) Accreditation Status:
Visit http://www.chapinc.org/additional-pages/find-a-provider.aspx and search by agency or by state
- Accreditation Commission for Health Care (ACHC) Active Firms:
As part of our commitment to helping our agency and broker partners expand their market share in Home Care, Personal Care/Companion Care/Support Services, Visiting Nurse Associations (VNAs) Hospice, Traveling Nurse Companies/Nurse Registries, and Medical Staffing, we provide marketing materials, including flyers on our various programs and coverage lines. For more information about our programs, please contact us today at toll free 1-855-972-9399.