{"id":5229,"date":"2022-03-23T19:56:05","date_gmt":"2022-03-23T19:56:05","guid":{"rendered":"https:\/\/melodybenefits.com\/?p=5229"},"modified":"2022-06-08T20:49:34","modified_gmt":"2022-06-08T20:49:34","slug":"top-3-home-healthcare-challenges","status":"publish","type":"post","link":"https:\/\/melodybenefits.com\/top-3-home-healthcare-challenges\/","title":{"rendered":"Overcome 3 Home Healthcare Challenges to Supercharge Agency Growth"},"content":{"rendered":"

Let\u2019s start with the good news:<\/span><\/p>\n

 <\/p>\n

The home healthcare industry is growing along with America\u2019s aging population.<\/span><\/p>\n

 <\/p>\n

According to the US Census Bureau, 21% of Americans will be 65+ years old by 2050. Older people typically have multiple chronic conditions that lend themselves to home healthcare. And seniors often find it more convenient and comfortable to be treated at home.<\/span><\/p>\n

 <\/p>\n

“The Home Healthcare Market was valued at $182.21 billion in 2020\u00a0<\/span><\/p>\n

and expected to reach $316.34 billion by 2027.\u201d\u00a0<\/span><\/p>\n

(<\/span>BrandEssenceResearch.com<\/span><\/a>)<\/span><\/p>\n

 <\/p>\n

In the initial COVID panic and lockdown, the industry dipped. But it\u2019s picked up now and is growing faster than it was before. Especially in NY, the memory of the horrific COVID nursing home calamity is fresh. Patients and their families don\u2019t want a nursing home or hospital setting.<\/span><\/p>\n

 <\/p>\n

And now for the bad news: Home healthcare agencies<\/a> face significant challenges on the front lines.\u00a0<\/span><\/p>\n

 <\/p>\n

Here are three of the industry\u2019s top challenges\u2014and solutions.<\/span><\/p>\n

 <\/p>\n

Challenge #1: Caregiver Recruitment and Retention<\/b><\/h2>\n

THE CHALLENGE:<\/b>\u00a0<\/span><\/p>\n

The healthcare turnover rate set a record high in 2018 at 82%.<\/span><\/p>\n

 <\/p>\n

On the patient side, satisfaction and quality of care suffer from a lack of continuity. On their end, agencies face the extra expenses of constant recruiting, on-boarding, and training.\u00a0<\/span><\/p>\n

 <\/p>\n

Levi Pavlovsky<\/span><\/a>, co-founder and COO of <\/span>Medflyt,<\/span><\/a> a digitized staffing platform, estimates that the <\/span>cost of hiring a new aide is $1000 each<\/b>.<\/span><\/p>\n

 <\/p>\n

Why the high churn rate for home healthcare aides?\u00a0<\/span><\/p>\n

Levi explains that HHAs are dissatisfied with:<\/span><\/p>\n

    \n
  1. Low pay\u00a0<\/span><\/li>\n
  2. Lack of proper training<\/span><\/li>\n
  3. No opportunity for job growth<\/span><\/li>\n<\/ol>\n

     <\/p>\n

    Caregivers\u2019 work<\/span> should be <\/b>highly valued.<\/span><\/p>\n

     <\/p>\n

    Aides\u2019 jobs can be physically and emotionally demanding. The services and companionship they give patients are often life-saving. And, according to <\/span>Homehealthcarenews.com<\/span><\/a>, each aide generates $13,000 in average annual revenue for the agency.<\/span><\/p>\n

     <\/p>\n

    But often, HHAs don\u2019t get adequate compensation or respect for their work. No wonder it\u2019s difficult to recruit and even harder to retain top aides.<\/span><\/p>\n

     <\/p>\n

    THE FIX:<\/b><\/p>\n

      \n
    1. The obvious solution is increasing caregivers\u2019 pay. That\u2019s the goal of Wage Parity Law<\/a>. Agencies who follow the law transparently and give top wage parity benefits<\/a> will earn their employees\u2019 loyalty.<\/span><\/li>\n
    2. Offering training opportunities is also important. Aides appreciate learning more about patient care, common patient conditions, or any topic that can further their careers.<\/span>\u00a0<\/span><\/li>\n
    3. Recognize and reward aides<\/a> who do outstanding work.<\/span><\/li>\n<\/ol>\n

       <\/p>\n

      The 2018 churn rate was a wake-up call for the industry. Agencies changed both policies and \u2014infinitely more difficult\u2014company culture to better appreciate, compensate, and train their HHAs.\u00a0<\/span><\/p>\n

       <\/p>\n

      The median churn rate dropped to 64% in 2019. That\u2019s still much higher than the average 18% turnover rate across other industries, but it\u2019s a step in the right direction.<\/span><\/p>\n

       <\/p>\n

      The median HHA churn rate was 64.3% in 2019.\u00a0<\/span><\/p>\n

      (Home Care Pulse Annual Home Care Benchmarking Study)<\/span><\/p>\n

       <\/p>\n

      Challenge #2: Keeping Caregivers Compliant<\/b><\/h2>\n

      THE CHALLENGE:<\/b><\/p>\n

      Let\u2019s be honest. Documentation and paperwork are boring, tedious, and annoying.<\/span><\/p>\n

       <\/p>\n

      For Medicare and Medicaid caregivers, there\u2019s a complex system of mandatory reporting:<\/span><\/p>\n