Staffing challenges, post-pandemic demand for services and regulatory changes top the list of challenges home care providers cited in a 2023 trends report by home health technology firm Axxess and professional services firm SimiTree.
In a survey last month of thousands of home care providers, half said technology that provides prescriptive analytics, remote patient monitoring, streamlined automation and workflow solutions could improve patient outcomes. More than half also said diversifying service lines could help them develop strategic partnerships with referral sources and increase revenue.
Staffing was also a big concern for respondents. Four out of 5 polled said their agencies have been implementing strategies to improve retention and engagement. Home health firms also said regulatory uncertainty over value-based purchasing and Medicare rate cuts continue to challenge their businesses.
“2023, like any other year, presents its own unique set of challenges and opportunities for the home care industry,” Nick Seabrook, managing principal at SimiTree, said in a statement. “Organizations are still dealing with staffing shortages and regulatory scrutiny that threatens reimbursement rates and patients’ access to care. Agencies that establish and execute a strategic plan to address the threats and opportunities are the ones that will position themselves for a successful 2023.”
In an effort to improve profit margins, respondents said they were increasing productivity requirements for staff, reducing the number of visits provided in an episode or benefit period and reducing discretionary spending.
