House care firms are rising, and monetary well being is prime of thoughts going into 2023. That is in line with a brand new survey from House Well being Care Information and residential care software program firm AlayaCare.
“House care skilled large progress throughout the pandemic; nonetheless, the business just isn’t proof against the results of immediately’s recessionary instructions,” Brady Murphy, AlayaCare’s chief income officer, mentioned in an announcement. “HHCN and AlayaCare survey outcomes point out that respondents stay optimistic about 2023. They’re in search of methods to enhance margins by administrative efficiencies. They develop their prime line by demonstrating high quality of care with information. The conflict on expertise stays a strategic precedence. Distributors that leverage software program as an vital part of their success will prosper.”
There are a selection of key conclusions that may be drawn from the survey information.
An vital discovering is that a rise in referrals is likely one of the predominant drivers of monetary progress for practically half (44%) of respondents.
Moreover, 40% of respondents say their capacity to just accept referrals is healthier now than it was in January 2022. In reality, solely 17% of respondents mentioned it’s worse now than it was originally of the yr.
One other discovering from the survey is that 38% of house care firms contemplate hospitals their most vital referral supply. Expert nursing services had been additionally recognized as the principle supply of referral by 20% of respondents. Phrase of mouth rounded out the highest three with 18% of respondents citing this as a very powerful referral supply.
The survey additionally discovered that greater than 75% of respondents use a number of separate applied sciences to drive operational processes, whereas 24% of respondents use just one platform for his or her group’s wants.
When requested in the event that they imagine their firm is in “progress mode,” 65% of respondents confirmed that their group is rising. Solely 26% of these surveyed mentioned no, however additionally they thought of their firms steady.
Alternatively, 9% of these surveyed mentioned that their firm is shrinking.
Respondents additionally recognized the methods through which the financial downturn is affecting their outlook for the approaching yr.
General, 34% of respondents mentioned hiring plans slowed down, 31% talked about service line enlargement, 31% mentioned funding in expertise, 22% mentioned coaching and 16% mentioned the slowdown in funding associated to progress in actual property.