The nonmedical home care industry is fast growing and proving to be more useful for the elderlies. Whether they are suffering from any specific medical condition or not, home care service agencies are more like a boon to them rather than just any other service. This industry is constantly evolving in order to keep up with the ever changing regulatory environment.
This change is also the result of their need to deal with the demographic pressures. These pressures have put the home care businesses forcibly in a situation whether they have to make a choice between adapting to the changes and being left behind.
If you look back a couple of years you will see that:
- This specific industry has witnessed an increase in the focus on the data and outcomes.
- They players have been focusing on the implementation of EHR or Electronic Health Record platforms.
- There is also an increases use of technology that has helped them to track the conditions of the patients in a better way.
In fact, all these efforts and care providing policies of these home care agencies have enabled them to align all the players in this special ‘care continuum.’ This is actually the result of the common effort of these health care agencies to deliver more specific and better home care.
Factors driving the change
There are different factors that are driving such changes in the home health care industry. According to the experts it is expected that:
- In the next few years there will be millions of baby boomers continue to hit the 65 years old mark
- There will be a significant upsurge in the growth of the senior population and it will not show any signs of slowing down or subsiding
- Add to that a stricter and tighter labor market as well as the effects of the historically low unemployment will also cause serious shortage of qualified home care givers and
- On the other hand there will be a simultaneous increase in the number of home care agencies entering this specific home care market landscape.
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All these factors have led and will lead to an increase in the realization of the value of such care giver services. This will in the process result in the realization of the need to retain good home care givers by the home care giving agencies. The reliable and reputable home care giving agencies such as myallamericancare and others will also make quality hiring and recruiting their top priority all across the industry.
The licensure requirements
In addition to that, this specific industry is also expected to witness and increased requirement of licensure especially at the state level. As of now, there are 33 states that need some sort of licensure for providing home care to people. However, these requirements vary from one state to another and it is seen that no two states in the country have the same requirements.
- All these changes can however prove to be a truly positive development in the home care services that will raise the service standards and quality all across the nation.
- Another significant aspect of these changes is that the home care agencies now will have to adapt such changes or face premature death.
Why? This is because there is an increased need for the emerging technologies and its usage such as EVV or Electronic Visit Verification. This is in fact going to be made mandatory in several states within 2019.
- That means there is no way in which these home care agencies can avoid these fundamental changes that they need to make in order to continue doing business just as the way they used to. What worked for them well not even ten years ago will not work even till the end of this year or remain effective in this ever changing home care environment of today.
- Another significant effect of these changes is the labor shortage that these home care agencies face and this is not going to go away.
All these changes point out at a few different aspects but the most significant one is that the home care businesses will now certainly and essentially have to improve the way in which they recruit, hire, train and retain their home care givers. This will eventually help them to combat the rate of turnover in this industry that at present is set at 60%.
Looking ahead of times
Considering the trends of these changes and looking ahead of times, the industry experts believe that more changes are expected to come up within the next few years.
- It will be seen that almost all hospitals, insurers and healthcare networks will be recognizing the need and demand of home care services.
- They will focus more on home care services and keep more clients in their homes in order to reduce the costs of hospital readmissions.
This eventually means that these organizations will have more financial prospects for home care businesses but at the same time they will have to abide by the increased requirements to provide such services and all the regulations as laid down by the government.
Amongst all others, there are a few specific trends that will shape the future of the home care service industry in the years to come. These are:
- Increasing awareness among the general public about home care services
- Greater use of such services enabled by the Medicare Advantage supplemental benefit plans
- Increase in the use of telephonic health offerings
- Enhancement in services and home care delivery
- More prompt industry consolidation
- Increased need for technology investments
- Higher costs of licensure and
- More regulatory requirements.
All these will changes and trend in the coming years will essentially lessen the number of active and developing home care companies. It will also result in the greater extension of flex employment for home care givers. This will eventually help the industry to bridge the gap between labor and the increasing demand for home care services.
Therefore, the only way the home care companies can move forward is by embracing and navigating these changes.