Value-based care is a major area of focus in the health care community and home care is no exception. Managed Care Organizations (MCOs) are under tremendous pressure to deliver value – improving results while controlling costs – and these efforts will inevitably put similar pressure on providers.
As a result, MCOs will be assessing prospective network providers with a keen focus on their ability to deliver value. Home care providers that can demonstrate value will have a substantial advantage in this new landscape as payers look to build out a network that can provide the most efficient and effective care. Providers that can do this will benefit from increased referrals and an opportunity to substantially grow their agency.
While value is a word that is being thrown around by almost everyone in the industry, what does it mean for a home care provider to demonstrate value? The simplest way to think about this is to put yourself in the payer’s shoes: If you are looking for home care agencies that you can trust, what do you want to see?