Why Value is The Hottest Word in Homecare
Value-based care is a major area of focus in the health care community and home care is no exception. Managed Care Organizations (MCOs) are under tremendous pressure to deliver value – improving results while controlling costs – and these efforts will inevitably put similar pressure on providers.
As a result, MCOs will be assessing prospective network providers with a keen focus on their ability to deliver value. Home care providers that can demonstrate value will have a substantial advantage in this new landscape as payers look to build out a network that can provide the most efficient and effective care. Providers that can do this will benefit from increased referrals and an opportunity to substantially grow their agency.
While value is a word that is being thrown around by almost everyone in the industry, what does it mean for a home care provider to demonstrate value? The simplest way to think about this is to put yourself in the payer’s shoes: If you are looking for home care agencies that you can trust, what do you want to see?
Metrics such as hospital readmissions, completion of scheduled visits, adherence to the plan of care, hours delivered and billing accuracy will allow agencies to prove that they are making a difference for members. The problem that most home care agencies face is that running an agency is time-consuming, and the hours it would take to compile these metrics would be prohibitive.
For agencies working with more than 100 members, or those looking to grow, automating key business functions will serve two purposes. First, it will free up time and ensure accuracy, but it will also allow more effective reporting, resulting in better opportunities to share and show value.
Agencies that rely on manual processes to perform functions like overtime management, billing audits and care plan compliance are going to struggle to manage those functions effectively. As you look at your agency, consider how you can more effectively demonstrate value without taking valuable hours from core business functions.
Learn more about the HHAeXchange platform and how you can reduce the time you spend on administrative functions like HR and billing, while increasing your value to MCOs.