Is Home Health the Way of the Future?
Many clinicians seeking opportunities in home health seem to think so, while others are not yet sold on the idea. According to Randi Peled, FeldCare Connects CEO, “The demand for home health is increasing and is one of the fastest growing healthcare settings in the industry.” If you’re still skeptical, perhaps reading what Kindred Healthcare CEO said in this article will be your impetus for reconsideration. In summary, the article indicates that:
“The global market for home healthcare services, which was valued at $244.4 billion in 2015, should grow by 7.8% annually through 2025, according to estimates from Grand View Research….. Demand for home health and personal care aids in the United States will increase to 13 million by 2020, up about 70% from 2010, according to Grand View.”
For many clinicians, these statistics are convincing enough to recognize that an experience in home health is a valuable and strategic career move. Certainly, Medicare and insurance companies are advocating for home health because they can reduce costs.
What These Numbers Mean
Many independent contractors in physical therapy, occupational therapy, or speech therapy are paid from $75 to $150 per visit depending on the services rendered and depending on location. Even with this type of compensation, it is significantly lower than a typical in-patient visit which costs approximately $3250 daily compared to average $50 daily costs in home healthcare. Thousands of dollars in savings can be enough to convince patients and insurance providers to switch to home health.
Because of statistics like these, many clinicians feel that if they don’t pursue home health now, they may miss early opportunities that won’t exist when the market is saturated. Clinicians are aware of the massive growth opportunities predicted for home health therapy companies and are eager to capitalize on it now to have an edge on their competitors seeking the same opportunities.
For Those Still On The Fence
In 2014, there were 12,400 home health agencies actively serving patients. The sheer numbers of home health agencies alone indicate that this may not be a temporal opportunity. If you still have reservations or questions about home health, you may want to read articles about common objections to home health or read articles about home health and therapy companies in general. Don’t allow misinformation to keep you from capitalizing on an opportunity that could potentially be both fulfilling and lucrative.
Reach out to FeldCare Connects to kickstart your career in home health now! Either call us at (818) 926-9057, or go to Feldcareconnects.com/therapy-careers
