Operational Excellence

Is your agency ready for Value-Based Home Care?

06/20/2024

As the healthcare landscape shifts towards value-based care, non-medical home care agencies have a unique opportunity to become invaluable partners in the home and community-based care system. By proactively preparing for this transformative change, your agency can thrive in this evolving market and significantly improve the lives of older adults.

The Changing Landscape of Home Care

In a recent survey, AARP found that more than 90% of adults 65 and over prefer to age in the safety of their homes. This preference, coupled with care coordination, has led to innovative home-based care models that were once only delivered in the hospital.

Raising the Bar

More states, including mine, are implementing new standards for non-medical home care agencies. How will your home care agency incorporate and meet new quality, service, and client satisfaction metrics?

How is your agency incentivizing the right type of care, not just an abundance of care?

Who is responsible for the dollar value of what’s being provided?

Who is accountable for making sure that those dollars are adequately allocated?

Are you focusing on the client’s full journey?

How can you avoid hospital admissions or re-admission altogether?

Claiming Your Seat at the Value-Based Table

As a non-medical home care agency owner or manager, you are well-positioned to play a crucial role in this new era of care delivery.

To thrive in the value-based care era, you must be able to:

Establish Strategic Partnerships

Stakeholders, including home health agencies, clinics, hospital systems, and community-based health and human service organizations, want to partner with providers that have demonstrated the ability to improve patient care by reducing hospitalizations, reducing operational costs, and maintaining an overall positive patient experience. These collaborative efforts have the potential to enhance and help grow your business.

Use the Correct Data to Drive Decisions

Data is king in the world of value-based care. Are you establishing and measuring critical metrics to create your value proposition? Using this data to communicate effectively with referral sources, payors, and collaborating providers is essential.

Identify and Address Activities of Daily Living and  Social Determinants of Health (SDoH).

Different functional limitations can negatively impact your clients’ ability to prosper, manage self-care, and stay out of the hospital. At the same time, remember that up to 80% of an individual's health outcomes can be non-medical related. Economic stability, education, and social support play oversized roles in our health. Is your agency paying attention to and addressing the non-medical factors that impact each client’s well-being?

Do they have enough to eat?

Are they lonely?

Do transportation challenges reduce their access to health care and social engagement?

Do language and educational differences present barriers to getting the right care?

Are there challenges in keeping the lights on and the water running?

Does the home design or furniture placement make moving around unsafe?

Are family members nearby? Do they have challenges that prevent them from visiting their loved ones?

Evaluate your clients' functional limitations (bathing, dressing, eating, moving around) and social determinants of health, such as income, cultural differences, education, language, access to transportation, nutrition, and social support, and develop targeted interventions to address these challenges.

Taking Action Today

In my four decades of experience in non-medical home care, I've witnessed firsthand the transformative power of embracing value-based care principles. By taking proactive steps to establish strategic partnerships, leverage data-driven insights, and address social determinants of health, your agency can unlock its full potential and secure a competitive edge in the market.

Start your journey today by self-evaluating your agency's readiness for value-based care. Identify areas for improvement and develop a strategic plan to address them. Contact potential partners and attend industry events to stay informed about the latest trends and best practices.

I invite you to share your experiences, questions, or insights with me at gt@corcoranconsultants.com.  Together, we can navigate the challenges and opportunities of the value-based care era and ensure that non-medical home care remains a vital component of the healthcare ecosystem.