Hot off the presses, the Summer 2022 issue of HCAOA's magazine The Voice is now available online. This issue is driven by data, going in-depth about how data is critical in telling an agency’s “story” and offering an outline for agencies to determine what data to collect that applies to the agency, employees, and clients.
Featured in this issue:
Better Medicare Alliance (BMA) has released a new, searchable 2022 Medicare Advantage enrollment map, featuring MA enrollment data by state, Congressional district, and county. The map is populated with April 2022 state and county enrollment data from CMS. The map shows that MA is now the dominant form of Medicare in more than 120 Congressional districts nationwide.
Hundreds of home care providers across North America shared their data, strategies, and best practices in running a home care agency for the 2022 HCAOA Benchmarking Report.
In 2021, the industry median annual revenue for a home care agency was $1,664,856.
For HCAOA member agencies the median annual revenue was $2,146,881. That’s an increase of 29%.
If you’d like to see more HCAOA-member versus industry comparison data, download the 2022 HCAOA Benchmarking Report here at no cost.
A report from the inspector general’s office of the Department of Health and Human Services uncovered delayed access or denials to seniors who should qualify for Medicare Advantage. According to the office, annual audits have found “widespread and persistent problems related to inappropriate denials of services and payment.”
Prior authorization cases that were turned down were often because of lack of documentation or not following protocol to be approved (such as getting an X-ray before an MRI). Human error played a part in denied payment issues for a simple processing error.
The office made recommendations to CMS, which oversees Medicare Advantage, to issue new guidance for the insurers and take additional steps to review system errors.
Read the article.
Earlier this year, the University of Michigan National Poll on Healthy Aging asked adults 50–80 about their perspectives on aging in place, their homes, and available social supports. The majority of adults 50–80 (88%) said it is important to remain in their homes for as long as possible. However, many are not prepared to age in place.
While about four in five older adults think their homes either definitely or probably have the features for them to be able to age in place, many reported their homes did not have common accessibility features, and nearly half reported they had given very little, if any, consideration to what home modifications would be needed.
Read the full report here.
Todd Austin, president of Home Care Pulse, reviews industry trends and insights gathered from hundreds of agencies across the US in the 2022 HCP Benchmarking Report.
Here’s a sneak peek of revenue breakdown by years in business:
The report contains 175+ data points and benchmarks like the one above to use as a roadmap and resource for your home care agency. According to the report, in 2021, a home care business that has been in business for 5-6 years averaged $1.5M in revenue. Use this chart to see how your home care agency compares.
To purchase a copy of the full Report, use the code preorder2022 at www.homecarepulse.com/benchmarking.
HCAOA members are invited to an exclusive webinar with Home Care Pulse on May 12 webinar for an overview of the report and detailed data on how the past year affected agencies, plus what you need to know to operate better in the next year. Learn more and register here.
Austin will review:
Register now for the free webinar.
HCAOA recently released a new report, “State of Home Care: Industry at a Crossroads,” which provides background information on our industry as well as our top policy priorities as we move forward. The report can be downloaded from the HCAOA website. Members can also request hard copies of the report by emailing firstname.lastname@example.org.
HCAOA talks with member agencies every day, and the number one struggle facing most home care agencies right now is being able to hire and retain enough caregivers to meet the demand for services. HCAOA’s new report, State of Home Care: Industry at a Crossroads, released last week, delves into exactly why this caregiver shortage has become so critical.
One of the reasons HCAOA partners with CareerPlug to support members in recruiting and hiring caregivers is because they conduct original research that analyzes hiring and retention trends. Many agencies have heard of the “Great Resignation” and experienced record levels of turnover. CareerPlug asked hourly employees what they think about their current compensation and what they expect in future pay, and summarized the results in the “2022 Hourly Workers Compensation Expectations Report.”
Genworth’s latest Cost of Care report shows the highest year-over-year increase in the cost of homecare services at a time when the majority of long-term care recipients are choosing to receive care in their own homes. Even with the increase, the median annual cost of home care, $61,776, is still significantly less expensive than the median annual cost of a nursing home, $108,405.
Last week, HCAOA released “State of Home Care: Industry at a Crossroads” during a special livestream event featuring members and caregivers. This new report spotlights data and industry challenges, calls on home care industry leaders and policymakers to unite around six policy priorities that address the rapidly growing demand for care and to help Americans age in their own homes with comfort, safety and independence.
Senior care providers who pair a clear understanding of what families and patients want with a strong focus on reaching these audiences directly see the most success, sometimes even a 100-400 percent growth in revenue, according to a new report released by Transcend Strategy Group.
The Home Care Pulse Benchmarking Report is the industry's most comprehensive national study. HCAOA encourages all members to complete the report survey, which serves as a great exercise for your business and helps the industry collect key data and insights. Participate now and save 60% on your copy of the final report.