4 Trends Affecting Home Health Care Companies in 2018
2018 has been an interesting year for companies in the home health care industry. As we move towards the final stretch of this year, Infiniti Research takes a look at some of the biggest trends that are shaping the future of the home health care industry. As a world-renown firm, specializing in offering strategic market […]READ MORE >>
2018 has been an interesting year for companies in the home health care industry. As we move towards the final stretch of this year, Infiniti Research takes a look at some of the biggest trends that are shaping the future of the home health care industry. As a world-renown firm, specializing in offering strategic market intelligence solutions, we are committed to “keeping our eyes and ears open” regarding new trends and challenges facing the industry. For many, 2018 has been a tumultuous year, with numerous regulations going into effect and others being delayed.
Smarter home health care
With people getting more accustomed to using voice assistants such as Google Home and Amazon Echo, many home health care companies have started leveraging such technologies to their advantage. Clients can now report health metrics without any assistance and gain useful insights. This technology is all set to take over the home health care industry, especially after the implementation of the 21st Century Cures Act, which aims to make telehealth more accessible to the general populace.
EVV becoming mandatory
Electronic visit Verification, or EVV, is becoming mandatory for personal services that are funded by Medicaid. Failure to meet the deadline, which is Jan 1, 2019, will result in a significant loss of their Federal Medical Assistance Percentage (FMAP) funding. States may either choose an open-system or closed-system approach, and agencies must abide by those choices. This makes it all the more important for home health care companies to voice their preferences and engage with the states regarding EVV.
Offering hybrid solutions
Throughout 2018, home health care companies have been focusing on business expansion by offering private duty and personal care services. To be specific, home care helps prevent hospitalization by addressing the needs of the patients at the comfort of their homes. Most hospitals have started providing private duty care apart from home care services to reduce readmission rates this year. However, offering hybrid solutions comes with its own set of risks since factors such as rising wage costs can have a negative impact on the business.
Complying with regulations, such as the CMS’ Conditions of Participation, will continue to be an issue for companies in the home health care industry. The revised conditions emphasize on the quality of care being offered to the clients by home health care companies and the impact that it has had on the outcome. It also focuses on the promotion and protection of patient rights. The new regulations also aim at improving the care planning process and lays down the foundation for data-driven quality improvements.
Infiniti Research is a leading provider of market intelligence solutions. For over 15 years, we have helped numerous Fortune 500 companies to improve business processes through data-driven insights. Our solutions for the home health care industry can help you analyze the market space and devise actionable business strategies to stay ahead of other home health care companies.