The value-based care model was intended to be beneficial not only to patients, but also to healthcare providers. However, a recent survey reflecting the views of home-based care professionals on navigating value-based care showed that 63% of providers are either on the fence or indifferent about its impact. At the same time, the survey results revealed other key insights and an indication of optimism about the effect of value-based care on revenue, patient outcomes, mergers and acquisitions (M&A) activities, and more. The survey aims to identify value-based care trends and their impact on different stakeholders.
Potential for Business Development
Even though 54% of the respondents reported that value-based contracts account for very little of their organizations’ current revenue, this scenario is expected to change in the next three to five years. Nearly 42% are positive that most of their organization’s revenue will come from value-based contracts.
When it comes to M&A, 60%of respondents predict an increase in this business activity due to value-based care. In addition, 63% consider better patient outcomes as the top benefit of value-based care in home health, followed by increased patient satisfaction.
Challenges and Areas of Improvement
Navigating the value-based care model comes with challenges. According to survey results, the greatest challenge is data—its analysis, integrity, and gathering from multiple sources—followed by staff education. Consequently, the top priorities in value-based care are interoperability and tracking client satisfaction.
As far as adopting new practices in care delivery is concerned, 64% of participants believe that employing schedule and route optimization tools will be a standard to help in caregiver-centric scheduling. This is followed by an increase in virtual care at 56% and harnessing data from tech-wearable integration at 54%.
Overcoming Hurdles Through Tech and Strategic Partnerships
To take advantage of growth opportunities in value-based care, home health providers first need to address challenges that come along with it such as interoperability, data optimization for better patient outcomes tracking, and most importantly, staffing.
The need for clinician schedule and route optimization underscores the bigger need for more efficient staffing utilization. The goal is to maximize clinical staff for patient care and use other solutions to cover other key functions, such as documentation and compliance. Along with utilizing technology, agencies can leverage an outsourced clinical team to provide support for back-office functions.
When efficiencies are realized in all areas of the home health operations, the clinical workforce and other resources can be allocated to optimizing patient care delivery. This creates a domino effect wherein agencies are better equipped to pursue business growth in a value-based care landscape.
The survey was conducted from March 9 to April 4, 2022 by Home Health Care News in partnership with a home care software provider, AlayaCare. Download the full survey results here>