Published on: October 16, 2018
in: Company News
Using the right home care software offers many competitive advantages. Now is the time to add home care software to your business’ suite of software products.
Consider the following figures (taken from HBKCPA):
- Global health care is expected to exceed $350 billion by 2020
- This represents a 9 percent compound annual growth rate over the five-year period from 2015 to 2020
- 3 million home care jobs will be added by 2020
- Personal care positions will grow by 70%
- Overall job growth in the home care market is expected to increase by 69%
The large population of aging Baby Boomers is part of what is driving the increased demand in the home health market, as well as the need for solutions beyond clinical settings. Home care offers many advantages for those who do not require skilled nursing but do need additional support or assistance.
Given these figures, it’s clear that the market is poised for exponential growth. Whether or not your agency can take advantage of that growth depends upon many factors. One important factor to consider is the home care software you are using.
Home Care Software: Not Your Average Accounting Package
Most home care agencies have software in place to track basic accounting needs. You can track your expenses, invoice clients, and see a basic balance sheet for your agency.
But, what if you want to run payroll? Project how many people you may need next week or next month? Estimate taxes, pay bills, review your accounts receivable, accounts payable, supplier list, customer list … and more?
The list goes on and on. As your home care agency grows, you’ll find yourself wishing you had the ability to do more, using software to save time.
To take advantage of the projected industry growth, you’ll need powerful software that goes beyond a basic accounting package. Home care software offers that—and more.
Home care software includes functions that can help you:
- Create care plans for your clients
- Share information with clients’ families on their care
- Document client information and demographics
- Manage staff, schedules, and other personnel needs
- Provide reports and other documentation
- Track, manage, and analyze accounting and financial information
As the industry grows, so too will the number of home health providers. Not all are created equal, of course. To stand apart from all other agencies, embracing the latest technology can give you an edge. Faster, better billing, smoother patient record keeping, and enhanced personnel management can make your agency run more efficiently than the competition. This frees up capital to be invested in new areas of opportunity, growth, and development.
Medicare’s new bundled payment structure for joint replacement and cardiac care adds the complexity of services and may also mean new opportunities for home health agencies. Hospitals are now incentivized to work closely with home health care agencies. With the shared goal of reducing readmissions, home health agencies and hospitals now have more opportunities than ever before to work together.
To facilitate the transfer of information, records, billing, and more, having the right home health agency software is vital for the growth of your business. Now is the right time to add software, so you’ll be poised for future growth.
Download our whitepaper and learn how home health providers automate accounting, payroll, financial reporting and comply with Medicaid and Medicare using ERP.
Mindover Software is a software reseller with a broad range of accounting, finance, customer relationship management and other software products, including accounting software for home care businesses. For more information about Acumatica or other software needs, please contact us or call 512-990-3994