The Home Health Care Wire
Your source for CareVoyant and industry news. NOVEMber 21, 2024
KPIs for Home Care – Census and Financial
KPIs are quantifiable measures that provide home health care agencies the ability to measure the current state of their performance, set meaningful goals and milestones to measure progress, and provide insights to employees across the organization to help them make better decisions.
These metrics provide information on the number of active patients, admissions, discharges, and the average length of stay for the agencies. Financial KPIs will provide information on revenue, Days of Sales Outstanding (DSO), gross margin, late claims, etc. Investing in the right home health care software is critical to home care agencies' efforts to improve their census and financial efficacy.
Declining reimbursement, labor shortage, increased labor costs, and regulations will significantly pressure home care agencies' operations and bottom line.
Key Performance Indicators (KPIs) can play a crucial role in helping home care agencies to meet these challenges, continue to grow, and improve the bottom line. KPIs can help agencies measure current performance, identify areas for improvement, set operational goals, and ensure the goals are met. Understanding KPIs and selecting appropriate ones for the organization will help agencies improve operational efficiency and meet their growth goals.
The COVID-19 pandemic has accelerated the trend of patients preferring professional care at home instead of a Skilled Nursing Facility or Hospital. Many families and elderly patients are now increasingly considering Hospital-at-home and SNF-at-home models. Private Duty Nursing Home Care agencies are uniquely positioned to take advantage of this trend and grow. Private Duty Nursing Agencies can partner with Hospital Systems or Accountable Care Organizations (ACO) to provide skilled care at home.
Leveraging technology and the right software platform will help Private Duty Nursing Home Care Agencies to implement strategies to effectively manage Electronic Medication and Treatment Administration and ensure patient safety.
Home Healthcare Industry News
How Homecare Can Help in Stroke Recovery
Rehabilitation after a stroke begins in the hospital, often within a day or two after the initial event, and may continue at a rehab facility. After discharge from the hospital or rehab facility, stroke recovery continues at home.
Providers cheer as House overwhelmingly passes veteran-aimed home care bill
The Senator Elizabeth Dole 21st Century Veterans Healthcare and Benefits Improvement Act (HR 8371) would, among its provisions, increase the Department of Veterans Affairs’ expenditure cap for non-institutional alternatives to nursing home care, such as home care, from 65% to 100%; require the VA to expand home- and community-based services programs; implement a home health aide pilot program for veterans; and expand veterans’ access to services through the Program of All-inclusive Care for the Elderly.
2025 Home Health Prospective Payment System Final Rule
On November 1, 2024, the Centers for Medicare & Medicaid Services (CMS) issued the Calendar Year (CY) 2025 Home Health Prospective Payment System (HH PPS) final rule, which updates Medicare payment policies and rates for Home Health Agencies (HHAs).
ABOUT CAREVOYANT
CareVoyant is a leading provider of cloud-based integrated enterprise-scale home health care software that can support all home-based services under ONE Software, ONE Patient, and ONE Employee, making it a Single System of Record. We support all home based services, including Home Care, Private Duty Nursing, Private Duty Non-Medical, Home and Community Based Services (HCBS), Home Health, Pediatric Home Care, and Outpatient Therapy at Home.
CareVoyant functions – Intake, Authorization Management, Scheduling, Clinical with Mobile options, eMAR/eTAR, Electronic Visit Verification (EVV), Billing/AR, Secure Messaging, Notification, Reporting, and Dashboards – streamline workflow, meet regulatory requirements, improve quality of care, optimize reimbursement, improve operational efficiency and agency bottom line.
For more information, please visit CareVoyant.com or call us at 1-888-463-6797.