A recent survey on home-based care providers, including home health, shares insight into the financial health and growth strategy of these organizations going into 2023. While there’s a huge chunk of survey participants, 65% to be exact, that agree with the incredible growth of home care during the pandemic, this does not exclude them from the effects of the present economic and industry challenges, which include changes such as the OASIS-E and expanded home health value-based purchasing (HHVBP) model.
The online survey peered into how companies of all sizes drive financial growth by handling referrals and utilizing technology in today’s environment. We summarized some key takeaways from the survey.
Growth Plans and Referrals
65% of the respondents reported that they consider their company to be growing, with 44% citing that referral growth has the greatest impact on financial growth for their organization. 38% stated that hospitals are the top referral channel for home-based care businesses today followed by skilled nursing facilities and rehab facilities at 20%.
Moreover, 43% observed that their organization’s ability to accept referrals has been about the same compared to the start of 2022. The percentage of those who described it to be comparatively better comes at a very close second at 40%. Either way, most organizations’ ability to accept referrals has not worsened.
The survey results are promising when it comes to the confidence of organizations in their future growth. On a scale of 1-5, with 5 being the highest and 1 being the lowest, 39% selected 4 to indicate that they have immense trust that their current technology can scale to meet their organizations’ future growth. A lot of them (43%) have an active and fully-staffed marketing department to work towards this growth.
Amidst the economic downturn, 34% of the respondents stated that slowing their hiring plans impact their outlook for 2023, followed by service line expansion and technology investment at 31%.
A Promising 2023
Results from the survey show that home health and home-based care organizations are optimistic about 2023, looking for ways to improve margins through back-office efficiencies. By incorporating care quality with data, they grow their top line and work towards a prosperous year.
With what is on the horizon, organizations must be equipped to navigate the ever-changing industry landscape. From a business perspective, outsourced support for other key processes is always welcome. Leveraging tech and back-office support solutions can make a huge difference in realizing business growth.
This survey was conducted by Home Health Care News in partnership with Toronto-based healthcare technology company, AlayaCare from September 15 to October 4, 2022. It shows the views of 95 professionals who identify as working for organizations that provide home-based care. Download the full survey report here>