Expansion in the Home Health Care IndustryPosted by admin | May 11, 2017 , (0) comments
Over the past few years, the home health care industry has been booming. In total, the industry is expected to be worth $349.9 billion in 2020. More and more home health agencies are starting up and expanding across the country, and they are offering a wide range of innovative services. For instance, doctor-on-demand services are becoming increasingly popular in American cities, making it possible for patients to get care fast, without having to go to the emergency room. Also, more providers are making regular services available to the growing elderly population, many of whom want to continue to live at home without having to worry about major health risks. As a result, America’s seniors can get the help they need to manage chronic conditions while still living at home, without ending up constantly in and out of the hospital..
To meet the growing demand in the industry, more doctors and clinics are considering expanding their services to include home health visits. That means that more providers — from trained doctors to registered nurses to home health aides — will be needed to provide care. Indeed, according to the Bureau of Labor Statistics, the growth rate for home health aides alone is expected to increase by 38 percent between 2014 and 2024, which is much faster than the national average for all occupations.
On the whole, both of these trends — the expansion in available home health services and the growing number of workers in the field — are positive for the healthcare industry, the economy as a whole, and the patients who benefit from home health services. However, for providers, they can make medical coding and billing much more complicated. New hires may not be familiar with the OASIS form (which is required for Medicare and Medicaid reimbursement) or the new ICD-10-CM coding system. Also, for clinics that are expanding services into home health care for the first time, it can be more of a challenge to keep track of patient paperwork, but it is also essential so that the clinic can track patient outcomes and ensure a high quality of care.
For providers who are embracing the benefits of expansion home health care field, but struggling with the technical challenges of the rapid pace of growth, it can be helpful to outsource key medical coding and billing processes. By relying on experts for to prepare and review reports, providers can be sure that reimbursement processes will run smoothly and that the data they use for quality analytics is accurate. Plus, they can dedicate more time and effort to what’s really important — meeting the needs of an ever-growing group of patients who need home health care.
For home health care providers, AnnexMed offers home billing services, as well as medical coding and OASIS assessments. Contact us today for assistance with all of your medical billing and coding needs!