Here are some new details on trends we are watching in Home Care. Part of what we do at the Home Care CEO Forum is monitor the forces and trends that are shaping the future of our industry, and that will affect our members’ ability to grow their business and get ready for the future.
Industry Consolidation Continues
One of the major trends affecting home care in 2022 is the continued consolidation of our industry. Large companies backed by Private Equity groups are acquiring smaller companies and rolling them into the parent brand. Over the past 24 months, ten companies that were members of our Home Care CEO Forum Mastermind Groups have been acquired by larger companies. Also, several members of our Top 5% Mastermind Group have grown through acquisition.
In the most recent public announcement of an acquisition, 24 Hour Home Care in Los Angels CA has announced that is has acquired Trusted Life Care in Orange County and Los Angeles County CA. 24 Hour Home Care itself was acquired last year by PE company TEAM Public Choices. TEAM Public choices owns a number of other companies that provide in-home personal care.
Home Care mergers and acquisition advisors, Mertz -Taggart publishes a quarterly report on Home Care M&A Update.
Increased Care for Veterans
As the U.S. Department of Veterans Affairs has improved its processes for providing home care for American military veterans, many more home care companies are offering in-home care to vets. Two companies that we have worked with have developed new offerings to help home care companies serve veterans and get paid more easily. One of the big barriers to caring for veterans in the past was the billing process and getting reimbursed on a timely basis.
Veterans Care Coordination, one of he largest providers of home care to veterans works closely with local home care companies. The local company provides the caregivers and coordination with the veteran and their family. The U.S. Department of Veterans Affairs has established qualification criteria for veterans and/or the surviving spouses applying for the Aid and Attendance Pension benefit. Veterans Care Coordination provides services to manage veterans qualification for care and reimbursement.
Also AXISCare, a major provider of scheduling software for our industry has just announced a comprehensive billing service to agencies providing services to veterans receiving benefits from the Department of Veterans Affairs. AxisCare VA Billing is a turn-key billing service that provides agency owners with the opportunity to outsource VA claim submissions, appeals, and payment applications within AxisCare’s management platform. With percentage-based fees determined by remittances, as opposed to claim submissions, agency owners will be able to access support to navigate the VA billing system and its various payers.
With just over 9 million U.S. veterans currently enrolled in the VA, only 49% of the current total veteran population is using at least one VA benefit. AxisCare is hopeful that, by offering this service, many more agencies will take on more veterans in their communities and help them live a longer, more fulfilled life at home.
“AxisCare VA Billing is another game-changing service for our customers looking to begin or expand home care for another key segment of our population,” explains Todd Allen, AxisCare’s CEO.
Increase in In-Home Testing and Treatments
There is a new and convenient way for millions of individuals to assess whether they are at risk for developing diabetes. Labcorp (NYSE: LH), a leading global life sciences company, is making screening for diabetes easier with the launch of an at-home collection kit through Labcorp OnDemand™ that measures hemoglobin A1c (HbA1c) from a small blood sample.
This new convenient test may be of value to home care company clients who may be at risk for diabetes and don’t know it.
There are other companies that provide similar in-home tests for other diseases. An organization called “Let’s Get Checked” offers an array of in-home tests for various diseases.
Even Amazon is offering a wide range of in-home tests that consumers can use to check for various disease conditions.
As home care companies work more closely with clients and families to reduce trips back to the hospital, providing assistance with in-home testing will become more common.
What Trends are you Following? Send us a note.
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