06.06.2023

The Ultimate Revenue Maximization Guide for Home Health and Hospice Providers in Post-Acute Care

Post-acute care plays a crucial role in providing rehabilitation services to patients after their stay in an acute care hospital, like the emergency room (ER). Whether it involves skilled nursing facilities, hospice agencies or home-based care, post-acute care settings aim to maximize patient health, prevent complications, and promote independence. In many cases, patients in post-acute care have a team of healthcare professionals that manage their physical and emotional well-being. Any agency can attest to the financial strain of providing top-quality care. In this guide, we will explore strategies home health and hospice providers in post-acute care can use to maximize revenue so they can continue to deliver the highest quality of care.

 

Optimize Billing and Coding Processes to Eliminate Errors

Accurate billing and coding are essential for proper reimbursement in the healthcare industry. Medical coding translates patient records into codes that insurance companies use to determine reimbursement.

To avoid delays and denials, providers should be mindful of common errors such as insufficient documentation, unbundling codes, upcoding, and failure to check National Correct Coding Initiative (NCCI) edits. Streamlining billing and coding processes through diligent record-keeping and documentation can help maximize revenue.

The trouble with stringent documentation requests for medical professionals is that they often feel overwhelmed and burnt out due to the number of clerical responsibilities required to process payment. While billing and coding errors are a team effort to avoid, there are alternatives to alleviate the burden of documentation and improve billing efficiency.

One such option is to partner with an organization like SimiTree, which can function as an extension of your team. SimiTree consultants are fully trained and certified to improve your workflow and eliminate costly medical billing and coding errors. Learn more about avoiding claims rejections, and the #1 issue with insurance eligibility in this short article.

 

Revamp The Patient Intake Processes

Efficient patient intake processes set the foundation for successful patient relationships. This stage of the patient journey is often plagued by antiquated and inefficient information entry. After spending hundreds of dollars in advertising and promotions, it pays to get the patient to their care provider with minimum resistance.

By designing streamlined and digital intake procedures, providers can maximize the potential for long-term patient satisfaction. Embracing digital solutions can expedite data collection, making it easier to understand patients' needs and goals.

Incorporating patient-centered programs can significantly improve their overall healthcare experience. One effective tool is a mobile app designed with an intuitive and user-friendly interface.

By providing features such as easy appointment scheduling and an interactive chat function, the chances of patients scheduling appointments when they need it are greatly increased. Patients are more likely to choose healthcare providers who prioritize their needs and provide a seamless experience, resulting in improved healthcare outcomes and a thriving practice.

 

Make Your Data Insights Your Secret Weapon

Data analytics and reporting offer valuable insights that can be leveraged to maximize revenue for post-acute providers. By collecting and analyzing relevant data, providers can identify trends, monitor performance, and make informed decisions. Utilizing tools and technology tailored for data analysis gives providers a competitive edge and the ability to drive revenue growth.

One example of such a program is the SimiTree Market Analysis Platform, which assists healthcare agencies in identifying opportunities using their own data. This platform provides insights that allow providers to compare their performance in various aspects such as cost structure, financial management, and market trends against national norms.

Experience the difference in data-informed decisions and try a complimentary demo for your agency. Armed with this information, providers can make strategic decisions backed by data, ensuring that they allocate resources effectively and maximize revenue generation.

 

Collaboration is Key to Success

Strategic partnerships with other healthcare providers have become increasingly important for home health and hospice agencies looking to expand their services and improve patient care. Coupled with the growing demand for home-based care, collaboration amongst stakeholders has become crucial to meet the evolving needs of patients.

The added benefit of these partnerships is that providers can create a seamless continuum of care within the home environment, ensuring that patients receive comprehensive and uninterrupted support.

Collaboration through strategic partnerships also opens new revenue opportunities. By expanding their service offerings through partnerships, agencies can attract a larger patient base and tap into new referral sources. This diversification of services can lead to increased revenue streams and a stronger financial position for the agency.

Learn more about strategic partnerships in our latest webinar with Rob Simione, CPA, Principal, SVP Consulting, and Jonathan Dickinson, Senior Manager, Financial Consulting. Watch the on-demand webinar recording and other videos with helpful tips for agencies on our YouTube channel.

 

Investing in Staff Development and Training is Critical

The skills and knowledge of the healthcare professionals at home health and hospice agencies directly impact the quality of care delivered to patients. Investing in staff development and training programs will help ensure medical staff stays updated with industry trends, regulatory changes, and best practices. This investment not only improves patient outcomes but also boosts revenue by maintaining a highly competent and motivated workforce.

SimiTree's Training, Education, and Development programs are designed to prime staff for performance and productivity. Whether through virtual classroom sessions to orient new employees or customized, on-site workshops addressing unique agency concerns, SimiTree offers flexible training options that provide the optimal tools to educate, engage, and motivate teams.

In a challenging and constantly changing market, SimiTree's industry-leading trainers break down key topics in an engaging format, equipping home health and hospice teams with the necessary knowledge for success in heavily regulated fields of care.

Maximizing revenue for home health and hospice providers in post-acute care requires a multifaceted approach. By optimizing billing and coding processes, implementing effective patient intake procedures, outsourcing non-core functions, utilizing data analytics, developing strategic partnerships, and investing in staff development, providers can achieve both financial success and exceptional patient care. Staying up to date with industry trends and continuously seeking ways to improve revenue generation will position providers for long-term growth and sustainability. Learn more about maximizing revenue in this article.

 

Talk to an expert today

We hope you found this article useful. As always, our experts are here to help. No matter the size, budget, or unique needs of a home health or hospice agency, SimiTree’s growth consultants, billing and coding experts, and training programs offer a comprehensive approach to agency development, equipping professionals with the tools to navigate the complexities of their roles and stay ahead of industry changes. In some of the top success stories, clients have seen growth that doubled referrals and admissions in less than a year. Contact us with the form below or visit our Growth Solutions, Outsourced Services, or Training, Education, And Development pages for more information.

What are you waiting for? SimiTree is here to help you unlock the full potential of your organization. Don't miss out on the opportunity to grow and thrive. To learn more about our services, fill out the contact form below or give us a call today at 1.800.949.0388.

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Let's work together to improve the health of your organization. At SimiTree, we balance financial expertise and clinical excellence to help our clients grow. How can we help you? Call us at 866.839.5471  or complete the form below.