Many home care providers struggle to recruit and retain workers, and for many, it’s the biggest obstacle to growth, according to a new report by home care software solutions firm AxisCare.
In a sampling of more than 200 home care owners and operators for the report, roughly 60% were in the private pay business, 25% were in Medicaid and the rest indicated that they provide services through the Department of Veterans’ Affairs or other payers. When asked about their top operational pain points, 69% said caregiver shortages were their greatest challenge. Roughly half experienced trouble recruiting and retaining workers, and 71% indicated that the costs associated with staffing presents a major hindrance to growth.
This growth could mean expanding into new communities or adding additional service lines, according to the survey. Roughly half of respondents acknowledged that adding new revenue streams could present valuable business opportunities, and 94% said that expansions into new geographic territories could fuel growth.
Among payer sources, 61% of survey participants identified private pay as offering the greatest potential for future growth. Experts have said the trick to finding success with private payers involves making the best use of people — hiring talented employees and leveraging family caregivers to supplement care.
However, people are not the only answer. Many of AxisCare’s survey respondents said technology will shape the future of home care, especially artificial intelligence. More than 80% of participants said AI technologies will have an impact on the way home care is provided in years to come, while 56% pointed out the importance of emerging remote patient monitoring tools.
“As we look to the future, it’s clear that integrating innovative tech solutions and enhancing workforce management strategies are paramount for home care agencies aiming to thrive in this new era,” Todd Allen, AxisCare’s chief executive officer, said in a statement.
