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Revenue from Private Pay Decreased by 9% in the Past 3 Years

6/30/2021

1 Comment

 
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For many years, home care agencies have relied on private pay as a major revenue source. But according to the Home Care Pulse Benchmarking Study, that is changing. In 2018, home care operators reported that 72.% of their annual revenue came from private pay, while in 2020, agencies reported that just 65% of annual revenue came from private pay. What has changed over the years? 

For one, the industry is seeing a shift with more government-funded sources paying for home care like Medicaid waivers and veterans programs. According to Kire Madsen, VP of Customer Success, Home Care Pulse, who spoke on this month’s Agency Momentum webinar, more  government-funded sources and increased awareness of those programs has resulted in a slight decrease in agency’s private pay revenue. Madsen stressed that private pay is not going away, however other sources are expanding, especially Medicare Advantage, which is a newer revenue source that continues to grow as more plans offer to cover in-home support services. 
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To assist members in developing a strategy to become providers with MA plans, don’t miss our webinar on July 1 from 3-4 pm EST. It’s not too late to register. Click here to register.  ​
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1 Comment
Stephen Tweed link
6/30/2021 12:26:26 pm

Your headline is quite misleading. Private Pay did not decrease by 9% in the past three years. What decreased was private pay as a % of total revenue reported by respondents to the Home Care Pulse annual Benchmarking Report.

Our data at the Home Care CEO Forum showed that 69% home care companies in our Mastermind Groups n the top 10% of the industry grew their business by an average of 14.45% Some of this growth was in Medicaid Waiver programs, but most of the growth was in private pay.

Please be more careful about how you use data in your article headlines.

Thanks,

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  • Membership Resources
    • Member Login
    • Code of Conduct
    • Resources
    • Newsletters
    • Product & Services Guide
    • Join HCAOA
    • Benefits: Agency Membership
    • Benefits: Associate Membership
  • State Chapters
    • Alabama
    • Arizona
    • California
    • Connecticut
    • Florida
    • Georgia
    • Illinois
    • Massachusetts
    • Michigan
    • New Jersey
    • New York
    • Ohio
    • South Carolina
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
  • Education/Events
    • Calendar
    • National Home Care Conference >
      • 2023 Call for Speakers
  • Advocacy/Policy
    • Bring the Vote Home
    • Advocacy Fund
    • State of Home Care: Industry at Crossroads
    • Home Care Workforce Action Alliance
    • Caring for Seniors: Value of Home Care
    • Home Care by the Numbers
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    • Legislative Action Network
    • State Legislation Tracker
    • Federal Legislation Tracker
  • About HCAOA
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