By Billie Whitehurst, MS, RN, Senior Vice President, Extended Care and Care Operations, Change Healthcare
The time has come to embrace benchmarks. Like it or not, your home health organization already is being judged against your peers through Home Health Compare and the Home Health Consumer Assessment of Healthcare Providers and Systems (HHCAHPS).
If you’re participating in any value-based care arrangements, the hospitals and other providers you work with also are evaluating your organization’s performance. But even if you aren’t, you must be able to articulate your organization’s value to referral and potential referral sources as well as to patients and payers.
Learn more about benchmarking and its importance in our new e-book, “Improving organizational profitability through understanding key home health success metrics.”
Compiled from relevant posts on the Homecare Talk blog, the e-book walks you through this critical issue facing home health organizations across the country. The e-book will help your organization:
- Discover why benchmarks matter
- Learn what important metrics to track
- Compare benchmarks to peer organizations
- Drive process change through your organization
Value-based care not going anywhere
Much uncertainty reigns in today’s healthcare marketplace. The Affordable Care Act (ACA) remains under threat, with the prospects uncertain of either fixes to the ACA or potential replacement legislation. This uncertainly can lead to inaction as organizations take a wait-and-see approach for what happens next.
However, the Centers for Medicare & Medicaid Services is not waiting. So far, the federal payer has not been fundamentally changing programs already started, including the Home Health Value-Based Purchasing model begun in January 2016 in nine states.
Moving from episodic payments to payments based on care delivered as part of a fee split among all providers for an entire episode can be a difficult transition. To be successful, an organization must understand its costs, its outcomes and how both compare with peers. But participating in value-based care scenarios requires organizations to understand all aspects of the business, from cost structures and referral sources to varying profit margins based on payer type.
In order to maintain and improve profitability, home care organizations must understand their cost structures at a granular level through benchmarking. Do you?
Benchmarking the key to future success
At its heart, home healthcare is a people-oriented business—people striving to take great care of other people. But it is a business nonetheless. Whether your organization’s goal is to grow revenues, improve A/R days, diversify payment sources or launch new services, benchmarking should be a core activity.
Our new e-book, “Improving organizational profitability through understanding key home health success metrics,” contains these articles:
- Benchmarks Help Organizations Understand Key Metrics
- Four Metrics Your Organization Should Track
- Three Reasons Why Benchmarks Matter
- Does Your Organization Stack Up on Care, Integration Metrics?
- Do You Know What Your Accounts Receivables Are?
- Three Questions You Should be Asking about Benchmarks
- Not All Home Health Referrals Are Created Equal
Whether your organization uses benchmarks extensively, is somewhere along the benchmarking path or hasn’t yet begun, our e-book will help you better understand why benchmarks matter and how to leverage them in your organization.
By Nilo Mehrabian and Steve Silverstein Driven by healthcare reform and other changing market dynamics, stakeholders are at last getting down to the business of effecting true transformation. Actionable content—usable information that is understood, adopted, and embedded into workflow—is a critical tool to ...