ARTICLES & RESOURCES
The U.S. Census Bureau projects the population aged 65 and older to nearly double. They estimate it will grow from 52 million in 2018 to 95 million by 2060, which accounts for almost 23% of the total population. The home healthcare industry is currently valued at $142.9B, projected to grow to 7.48% from 2022 to
In home healthcare, it’s important to get your patient’s medical record in order. Beyond filling out forms, accurate documentation affects your ability to take good care of your patients and make sure you’re able to collect on your billings. Based on an article by Kaiser Foundation , an average of 17% of claims get denied,
High employee turnover in home healthcare can be a major pain point for agencies in terms of morale and workload. According to the Center for American Progress, high turnover rates can cost you between 16% to 213% of the leaving employee’s salary. This factors in recruitment, training, and lost productivity. This revolving door also disrupts your Revenue Cycle
Running a home healthcare business comes with numerous challenges, from ensuring compliance with regulations to maintaining a reputable brand image. These time-consuming yet important tasks can divert your focus from providing top-notch patient care to your clients. This is especially true if you’re a small business operating on a thin margin. By outsourcing key business
Medical billing errors pose a significant challenge to your home healthcare agency. It directly affects your profitability. It also complicates your ability to cover costs like salaries and utilities. Addressing these billing errors demands administrative effort and resources. You need to dedicate staff time to identify and correct errors. You’ll need to re-submit claims, and
In recent years, the rise of home health care outsourcing disrupted the healthcare industry. It’s a response to mounting challenges families and healthcare providers face. They grapple with limited resources and rising operating costs. The search for solutions becomes paramount. Through business process outsourcing, agencies and families can get the expertise needed for home care
By getting the support of external partners, home health agencies can access specialized skills and tools without the hefty investment in training or infrastructure. This helps expand business operations and improve the bottom line. In a 2019 article provided by Home Health Care Mag, providers are using outside help a lot more. In two years,
Revenue cycle management (RCM) is pivotal in managing the financial aspects of patient care services. By ensuring healthcare organizations are paid on time and in full, effective RCM helps maintain a stable revenue stream and manage cash flow, resulting in a steady and predictable income. However, one persistent challenge is delayed reimbursements, which can severely
In today’s competitive world, businesses need to find ways to streamline their operations. To do this, most modern healthcare agencies turn to healthcare business process outsourcing (BPO) providers. A BPO’s cost-saving services can increase your company’s efficiency. This lets you optimize your operations. As a result, you’re able to focus more on patient care. Let’s
In 2021, insurance companies denied an average of 17% of claims. One insurer had a denial rate of 49%. Another reached a staggering 80% in 2020. All these denials were for patients who were treated by in-network physicians. That’s why medical claims processing is crucial for having a healthy revenue cycle. Efficient claims management strengthens your
