The in-home care industry has become the number one job creator in the U.S., and it’s expected to keep that top spot through 2020. Why? Because as our population ages, and more people choose to age in place instead of receiving institutionalized care, the demand for homecare aides is skyrocketing. This trend is good news for both homecare agencies looking to expand their business and the healthcare system as a whole.
Homecare services have the potential to reduce overall industry costs while simultaneously providing comfortable care for the most vulnerable of Americans – something we take very seriously at HHAeXchange. We’re not just building a tool for homecare providers: We’re committed to providing simpler, better outcomes for the most vulnerable members of society. And we’re driven by the knowledge that the U.S. homecare system needs to change to have a transformational impact on the entire healthcare ecosystem, and that HHAeXchange has the power to make the change happen today.
Driving factors for homecare growth
According to The United States Census Bureau, there are more than 40 million people age 65 or older in our country, accounting for nearly 14.9 percent of the total population. As the baby boomer generation continues to age, and opt for in-home care, the market is expected to continue to grow, as are the number of jobs available.
In addition to the growing number of seniors contributing to the growth of the homecare industry, changing perceptions and cost of care are also driving factors. As the idea of “aging in place” becomes more popular and seniors hope to stay in their homes for as long as possible, homecare has become a popular option. It is also a favorable option for states as they struggle to factor the increasing cost of elder care into budgets. So, what does this all mean for homecare provider agencies? It means they need to meet growing demand and scale their agency accordingly. Here’s how:
1. Invest in the technology that will promote the success of your business. New advancements in homecare technology allows agencies to improve patient outcomes by providing more information about member health in real time and opening doors to improving care and treatment plans. This technology will also provide the metrics necessary to ensure a provider is in compliance with the latest regulations and provide insights into what areas of the business need improvement.
Homecare management software will provide a transparent view of operations throughout the organization and automate daily tasks, including referral management, time and attendance, HR, scheduling, business intelligence and billing, allowing an agency to focus on providing the best quality care to its increasing number of members.
2. Show your employees how much they’re valued: Retain your homecare aides and attract new talent by promoting a positive work environment where each employee feels valued. First and foremost, ensure your aides are being fairly compensated for their hard work. While many agencies rely on manual processes to track schedules and hours worked, this can lead to errors, which means your aides might not get paid for all the hours worked. A central platform would track hours worked and create schedules automatically, ensuring accurate payment.
Additionally, a platform that makes your aides’ lives easier, providing them with the tools they need to focus on their jobs, is essential. For example, HHAeXchange allows aides to login to a mobile app to check schedules, track time and access member information on the go, so they can focus on providing the best quality care.
While the growth of the homecare market and the increased number of available jobs provides a significant opportunity for providers to expand, it will also bring some new challenges. By leaning on homecare management software, an agency will have the tools and metrics necessary to thrive in this new environment. Learn more about HHAeXchange’s Agency Management solution.