New Home Health Care News Outlook Report Shows Providers are Bullish in the Near-Term Revenue Impact of the Final Rule while Turning to Tech for Workforce Optimization
Results highlight the keys to recovery in 2023 and the importance of exploring all avenues for both staffing improvements and bottom-line boosts
CHICAGO, Feb. 14, 2023 /PRNewswire-PRWeb/ -- Home Health Care News, an Aging Media publication, has released the results of its 2023 Home-Based Care Outlook Survey, identifying the top challenges and opportunities for home-based care providers in the year ahead. In light of continued staffing pressures, survey participants are planning an increased use of technology for workforce optimization, while also pursuing new care services in the home.
As for looming questions around the final payment rule for CY 2023, the answers are bullish in the near term: 42% of survey respondents predict their organization's overall revenue will increase in 2023 relative to 2022. However, a significant portion of respondents are worried about the possibility of surviving as years pass.
Asked about new care types for the year ahead, respondents identified high-acuity care in the home as the clear-cut top choice. With staffing still the anticipated toughest challenge in home-based care, respondents say they will increase investment in technologies designed to ease the burden on caregivers' daily work.
Home Health Care News conducted the survey in partnership with home-based care technology company Homecare Homebase to learn how providers are navigating today's continued staffing challenges and burgeoning revenue opportunities. The results show the views of 266 professionals who identify as working for organizations that provide home-based care, painting a vivid picture of the industry-wide sentiment for the year to come.
These results provide perspective and context around the industry's outlook on 2023, revealing the key factors driving industry optimism.
In summary, respondents indicated:
- Growth opportunities abound — 51% of survey respondents indicate that in 2023, for the first time ever, their organizations plan to pursue higher-acuity care in the home. That makes non-medical home care services, home health care and higher-acuity care the industry's three most promising growth areas.
- Near-term revenue is expected to rise due to the final payment rule, but the long-term impacts are worrisome — Forty-two percent of respondents predict their organization's overall revenue will increase in 2023 relative to 2022, but a significant portion of respondents are worried about the possibility of surviving as years pass.
- Staffing will be a significant pain point in 2023 — 68% of survey respondents cited staffing as the greatest challenge to the industry in 2023. The greatest staffing-related challenge was recruiting and retention — largely as a result of the final payment rule for CY 2023, which is projected to impact organizations' ability to attract and retain staff, and meet referral demand.
- Providers are turning to technology for workforce optimization — Respondents cited staffing utilization (42%) as the top area for increasing business efficiencies, and they are ready to invest in remote patient-monitoring technology, patient engagement tools and staff management platforms to ensure it.
"The staffing pinch in home-based care is real — and so are the opportunities to overcome it," said Home Health Care News Managing Editor Robert Holly. "By embracing new service lines while turning to technology for staffing support, industry leaders are showing their positivity relative to the year ahead."
"Home health organizations are changing and adapting to meet the challenges ahead and technology providers play a huge role in this transformation," shared Scott Decker chief executive officer of Homecare Homebase. "The 2023 Outlook Survey dives into the trends for this year, while also taking into account a much needed long-term view of the CMS Home Health Final Rule."
The survey was conducted online between November 22, 2022, and December 20, 2022. Access the full survey results here.
About Aging Media Network and Home Health Care News
Aging Media Network, an innovative publishing company based in Chicago, Illinois, is the publisher of Home Health Care News, Senior Housing News, Skilled Nursing News, Hospice News and Behavioral Health Business. Home Health Care News is the leading source for news and information covering the home-based care industries.
About Homecare Homebase
Homecare Homebase is a Dallas-based software leader offering hosted, cloud-based solutions that streamline operations, simplify compliance and boost clinical and financial outcomes for home-based care agencies. Its customized mobile solutions enable real-time, wireless data exchange and communication between field clinicians, physicians and office staff for better care, more accurate reporting and improved revenue cycle management. Founded by industry veterans in 1999, HCHB empowers over 200,000 users to service more than 800,000 patients daily, resulting in more than one hundred million visits per year. The company is part of the Hearst Health network. For more information, visit http://www.hchb.com or call us toll-free at 1- 866-535-HCHB (4242).
About Hearst Health
The mission of Hearst Health is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person's health journey. Care guidance from Hearst Health reaches the majority of people in the U.S. The Hearst Health network includes FDB (First Databank), Zynx Health, MCG, Homecare Homebase and MHK (formerly MedHOK). Hearst also holds a minority interest in the precision medicine and oncology analytics company M2Gen. Follow Hearst Health on Twitter @HearstHealth and LinkedIn @Hearst-Health.
Media Contact
George Yedinak, Aging Media Network, 312.809.5755, [email protected]
SOURCE Aging Media Network
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