Why Home Care Agencies Need Technology to Succeed

The projections for home health care demand over the next decade have hit an all-time high. One market research report states that the home health care sector is expected to reach USD 349.8 Billion by 2020, up from USD 227.5 Billion in 2015 (marketsandmarkets, 2015).

This presents home care agencies with an incredible opportunity to grow and become more profitable. However, with the major shift from a traditional Fee-for-Service model of care to a Bundled Payment (aka Capitation) model, the industry is being hit with even more growing pains.

So the question is, how can home care agencies take advantage of this massive opportunity for growth in a time when resources are limited and the industry is undergoing major change? The answer is heavily reliant on the best home care technology.

Traditional concepts, such as paper processes, storage systems and outdated software can create a massive roadblock for agencies trying to survive in this new environment. Technology is revolutionizing home health care. Keeping up with ever- changing health tech trends is a challenge on its own, but it’s necessary in order for your agency to strengthen and grow.

According to the 2014 HIMSS Leadership Survey, 65 percent of respondents have decided to increase their IT budgets, with majority of the funds going towards the adoption of paperless processes. Investing in technology for your home care agency may seem costly and time consuming, but harnessing technology can benefit you in a number of ways:

Streamline Workflows

It is estimated that care workers spend only 30 percent of their work day providing direct client care, while the remainder is spent on a variety of processes that are symptomatic of inefficient processes (Health Financial Management Association, 2008).

Technology has the power to eliminate these processes. It was reported that implementing home health care software resulted in an 87% reduction in billing and referral processing times, as well as a 90% paper reduction (AlayaCare ROI Case Study, 2015).

Reduce Costs

Implementing home care technology offers a promising pathway to reduce the cost for ever-growing health care expenditures. Using a cloud-based software, you only pay for the resources you need.

Cost is generally based on demand and more convenient payment models are becoming available such as pay-as-you-go plans. Staff and hardware costs are dramatically reduced and agencies have the ability to maintain easy access to information without breaking the bank.

Increased Visibility and Access to Data

Cloud-based software allows agencies and employees to sync their clinical documents and care plans, while simultaneously receiving important updates in real time. Authorized employees have the ability to share EHRs in various locations, providing more timely access to important information anywhere, anytime.

Improved Client Experience/Satisfaction

Home care patients are demanding convenient, high-quality care, and technology offers it. While technology can never replace the authenticity of face-to-face visits, the combination of tools such as Remote Patient Monitoring in addition to in-person visits can significantly aid in clinical decisions, improve patient satisfaction, and increase their overall access to care.

Technology has become mandatory for efficient agency operations. It provides easier access to information, streamlined workflows, point-of-care transparency, and ultimately improved client outcomes – all while operating in an environment where regulations constantly change your business.

Technology will be what differentiates agencies in the future. Download the Home Care Agency Guide to Technology and learn what providers need to consider when it comes to keeping up with industry change.