AUSTIN, TX--(Marketwired - Dec 17, 2014) - According to a recent survey of home health industry leaders conducted by Kinnser Software, new policies from the Centers for Medicare and Medicaid Services, coupled with disruptive technology innovations, are set to change the face of the in-home health services in 2015. According to the poll, data, personalized care routines and adaptation to regulatory environments will be some of the most important factors for the success of the home health industry over the next 12 months.
The future of fitness trackers: Keeping up with Grandma: In 2015, wearable technology will continue its evolution from extravagant step-counters to critical remote health monitoring tools. According to Kinnser's research, 45 percent of those surveyed said that increased access to patient data and technological innovation will present the biggest opportunity for growth in 2015.
"Big data will mean big business for home health agencies," said Chris Hester, president and founder of Kinnser Software. "Home health agencies and physicians will use the data collected from wearable technologies to inform better care decisions, allowing them to deliver higher quality care in an ultimately more efficient way. This new approach will enable insights into the care continuum and help identify long-term patterns and risk factors before they become serious medical issues."
The need for "in the middle" care will grow, creating niche business opportunities: Traditionally, home care has been divided into two drastically different markets. At one end of the spectrum is home health, a mostly government-funded space caring for those that require highly specialized treatment, such as post-acute and ambulatory care. At the other is private-duty or in-home care, for situations where non-medical treatment is required, like assistance with activities of daily living. As Medicare reimbursements tighten, home health industry leaders predict that many patients are going to find themselves in between these two types of care; in a situation where they require the skills of trained home care professionals, but may not qualify for government reimbursements.
"Business opportunities will exist for agencies that can straddle these two sectors, providing a high level of care while implementing innovative cost structures," said Hester. "Chronic and post-acute care require two different types of in-home workers and health aides, and agencies will recognize the emerging business opportunity presented by this diversification."
Home sweet home: boomers to age in place: According to the study, the trend toward aging in place will put even more emphasis on home health agencies as the center of the U.S. health care system. An AARP survey indicated that 90 percent of seniors want to stay at home vs. at a living facility, and our home health leaders agree: 50 percent of those polled by Kinnser agree that one of the biggest opportunities for business growth in the coming year will be the population's increased interest in in-home care. While 67 percent of home health agency leaders cited reduced reimbursements as one of their biggest business challenges, there's a silver lining to policy changes overall: 18 percent see comprehensive changes to Medicare and Medicaid as a significant driver of business growth in 2015.
"As those heading into retirement look for care options, home health offers them the opportunity to age in an environment that they're comfortable in, while not compromising on the quality of care they receive," said Hester.
Stormy policy troubles give way to the cloud: In the face of policy changes and new regulations, technology will provide a way for home care agencies to maintain profit margins while delivering top-quality care. Forty-three percent of home health agency leaders say ICD-10's implementation will be one of the top challenges for the coming year, and 30 percent recognize the leading role that cloud tools and online platforms play in helping them improve their business. The cloud also enables on-the-go data access from more devices: 75 percent of those surveyed say mobile devices like smartphones and tablets are one of the top tools helping improve their business and offer better patient care. In 2015, cloud tools that help automate complicated coding processes will take center stage as more home health agencies move to Web based services for faster, more secure and dynamic care resource management.
"Technology advancements are undeniably one of the biggest forces shaping the home health industry," said Hester. "In 2015, cloud-based tech tools will go beyond being simply tools of convenience and be recognized for the gold mine of data they contain. Companies and physicians will begin to gather and leverage data in smarter ways to make data-backed care decisions and better understand health trends."
About Kinnser Software
A decade strong, Kinnser Software, Inc. provides web-based solutions that deliver clinical and business results for the home health, hospice and private duty industries. Headquartered in Austin, Texas, Kinnser Software serves more than 2,300 home health agencies, therapy companies, hospices, and private duty care providers nationwide. Kinnser helps thousands of clinicians and other staff in post-acute healthcare to manage scheduling, billing, electronic visit verification, day-to-day operations, and patient referrals. To learn more about Kinnser Software visit kinnser.com.
About Kinnser's Home Health Leaders Study
The Kinnser Home Health Leaders Study was conducted via online survey over a three-week period between Nov. 17 and Dec. 5. Respondents from some of the top home health agencies answered questions about the biggest business challenges they faced in 2014, and where they see the biggest opportunities for growth in the coming year. The study reflects the responses of 181 home health leaders and care providers.
Contact Information:
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Kinnser Software
kinnser@highwirepr.com
