Home Care Well Positioned to support Accountable Care models and Reduce Avoidable Readmissions
Longtime readers of this blog may recognize the article below-- it remains today the single most popular post on this blog. The growth in new home care businesses continues while existing providers are experiencing tremendous growth. The Bureau of Labor Statistics estimates that home care services will be one of the fastest growing jobs through 2020, and employment estimates from BLS and others range from 10% to as much as 20% annually.
So is Private Duty Home Care a good business to be in? I'd say so. As compelling as the employment forecasts are, it does not begin to estimate the real size and scope of the problems that home care addresses. In this new era of Accountable Care, where major providers accept increasing risk and responsibility, the opportuity has never been greater for Home Care agencies to help better manage Care Transitions from hospital to home. This promises to be one of the greatest drivers of growth for home care over the next 10+ years.
We're already in an unprecedented time of population aging, where soon 1 out of 6 people in the US will be over 65 years of age. It's also well known that the 65+ population will triple by 2030. Caring for seniors more proactively in their homes and in the community reduces hospital admissions, which is a key priority of Accountable Care models and reform. Readers are well aware of the readmissions penalties that hospitals already face and which are scheduled to increase significantly. Home Care is well positioned to be a key part of the solution.
Ankota's technology is used by home care agencies of all shapes and sizes to Plan, Coordinate, and Deliver Care. Contact Ankota for a free demonstration.
Originally posted April 18, 2011
This post was provoked by a call from a family friend, Kelly, who is considering launching a business to provide non-medical, companion services in the home. Kelly knows that Ankota also provides software tools for Private Duty Home Care agencies, so she wanted to pick my brain about our experiences with companies like the one she is considering.
At Ankota, we have the good fortune to be able to meet and talk with many home care businesses. We definitely see trends in the market and have the opportunity to share some with you here on the Healthcare Delivery Management Blog. We're so confident about the growth in this market, we even offer FREE software to new startup agencies that qualify (email@example.com to learn more and see if your agency qualifies, or click here).
If you are reading this, odds are that you are already in the business of providing or coordinating home care services of some kind. Perhaps you are a home care provider, or are considering expanding your existing home health care business to include non-medical services. We're seeing rapid growth in non-medical home care, and the opportunities it presents for both new entrants and existing providers is compelling. Kelly’s call provoked me to think about the prospects of starting and developing a home care business such as this and prompted me to share parts of the discussion with our readers.
Thinking of starting your own agency? Why not? It’s an attractive business model to which the entrepreneurial minded are drawn. Entrepreneur Magazine wrote an interesting article five years ago anticipating the opportunity. The piece provided some good “getting started” advice that still resonates today. You can read the entire article here.
The National Private Duty Home Care Association (NPDHCA) and the National Private Duty Association (NPDA) both provide a wealth of information on their web sites (click logos below to go to their sites). Both provide resources to help you with training and certifications and provide excellent research on the state of the industry and prospects for growth. It is worth spending some time on their sites to read about hiring practices, research existing agencies in your geography, and keep an eye on industry events. You should consider attending the associations’ annual meetings, too.
To Franchise or Not to Franchise… I won’t analyze here the merits of going it alone versus franchising, but would welcome comments on this post discussing the pros or cons of either. Franchising is definitely a consideration that anyone entering private duty home care should evaluate. If you know of a good article or other materials on this subject, please email the link firstname.lastname@example.org and we’ll be happy to repost it here on Ankota’s Healthcare Delivery Management Blog.