Health care technology leader Axxess, in partnership with the Council of State Home Care and Hospice Associations and the Forum of State Associations, conducted a survey in December 2023 of thousands of home-based care providers from agencies of all sizes to find out what their primary focus is for 2024. The survey found that home health care and hospice providers are focused on efficiencies for improved operations while at the same time dealing with regulatory challenges and changing payment dynamics in the industry.
According to the “2024 Industry Trends Report,” which is based on the survey responses, the following topped home health care and hospice providers’ list of concerns:
- Staffing (62%)
- Changing payment dynamics related to alternative payment models (51%)
- Regulatory changes, audit scrutiny, and oversight (37%)
- Employee engagement (35%)
The survey found that organizations seek to improve operational efficiencies through staffing, scheduling optimization, employee upskilling, more efficient clinical documentation, revenue cycle management optimization, and data analytics optimization. The use of technology is viewed as assisting in operational efficiencies; employee engagement, retention, and training; and regulatory compliance. In addition, according to the report, the shift of hospice and home health care reimbursement toward a focus on value and quality is also making technology the quickest way to elevate operations, optimize outcomes, and attract and retain staff.
Meeting Regulatory and Reimbursement Changes a Challenge
According to the report, home health care and hospice organizations don’t feel prepared to meet regulatory and reimbursement challenges in 2024. Only 10% of respondents indicated their organizations are prepared for the key issues that will impact care at-home providers, while 34% indicated their organizations are “somewhat prepared.”
The report also provides home health care and hospice providers with best practices to address their concerns. These include:
- Attracting diverse talent: Look at the specific needs and work styles of a multi-generational workforce.
- Making your employees’ well-being a priority: Invest in employee satisfaction to increase retention and improve patient outcomes.
- Enhancing technology: Provide the next generation of leaders with education, training, and resources for navigating regulatory changes and adapting to new technological ecosystems.
- Leveraging data analytics: Use dashboards and business analytics to track financial performance and solve possible concerns ahead of time.
- Creating a strategic growth plan: Use branding, message, and sales strategies to boost market share and revenue.
- Updating payment models: Evaluate the organization’s readiness to implement alternative payment methods.
- Strengthening payer partnerships: Use valuable data to enhance payer relationships and financial success.
- Forming strategic partnerships: Evaluate relationships for compatibility with the organization’s vision and goal, emphasizing interoperability, payer relations, staffing, and growth opportunities.
- Optimizing the patient experience: Provide timely and appropriate care to promote organic growth and improve the patient experience.
About One80 Intermediaries/Manchester Specialty
Manchester Specialty, a division of One80 Intermediaries, is a national specialty underwriting and insurance program management firm, licensed to do business as a program administrator in all 50 states and D.C. Our agent/broker partners and their Allied Health clients look to us for our expertise, broad product capability, and commitment to the market and the quality and stability of our insurance programs for Home Care, Medical Staffing, Allied Health, and Human Services organizations. For more information, call us toll-free at 1-855-972-9399 or visit Allied Health Firms – One80 Intermediaries.