Reveals Growth in Telehealth Technologies, Specialized Care; Points to Staffing, Profitability Challenges
FRAMINGHAM, MA – December 3, 2019 – Definitive Healthcare, the leading provider of data, intelligence, and analytics on the healthcare provider market, today released results from its first annual Home Health Agency Study. In this survey, Definitive Healthcare polled 159 executives at U.S. based Home Health Agencies in order to uncover the most common services areas, lines of specialized care, and future plans for strategy and development.
“The home healthcare industry is in the midst of a rapid expansion, driven by an aging U.S. population,” said Jason Krantz, CEO of Definitive Healthcare. “Coinciding with this population shift, comes the likelihood of needing to care for the people who fall within the very age demographic most frequently suffering from chronic disease states and conditions, like Alzheimer’s, cardiac diseases, COPD, and diabetes.”
Here are some of the study’s findings:
Expanded service offerings (particularly telehealth technologies): 24% of the respondents are planning to expand their service offerings within the next two years, most notably in the telehealth technology space, where respondents forecast that HHA participation will more than double (currently 20.8%, and expected to reach 48% over the next two years).
More specialized care: 73% of respondents plan to either expand upon or initially offer specialized care services, with an emphasis on the care or treatment of specific chronic diseases or conditions.
Staffing as the Biggest Challenge: As the Home Health Agency market continues to grow and expand, it is not terribly surprising that the need for finding and hiring qualified staff tops the list of greatest challenges. 61.6% of organizations identified staffing as the biggest challenge for their organization, a 20% difference from the next closest top challenge, profitability (42.1%).
“Now that CMS has altered its rule to include additional HHA services, like non-skilled, in-home support, it’s understandable that respondents expect to see an expansion in telehealth installations over the next two years. This trend is also reflected in Definitive Healthcare’s 2019 Telehealth Study, which showed that adoption of inpatient telehealth solutions has surged over the past year, with 90% of future investment plans slated to occur within the next 12-18 months,” continued Krantz.
Definitive Healthcare's market-leading data and analytics platform tracks more than 16,000 Home Health Agencies throughout the U.S., allowing users to view telehealth implementations (and plans for future installations), compare referrals to and from HHAs, access HCAHPS star ratings on an HHA’s overall care quality, analyze care leakage for specialized treatments, and review all-payer mix analyses.
Currently, Definitive Healthcare serves 9 out of the top 10 pharmaceutical companies, 9 out of the top 10 healthcare information technology firms, and 9 out of the top 10 medical device companies. In January 2019, Definitive Healthcare announced the acquisition of HIMSS Analytics’ Data Services, further expanding its provider IT install and purchasing insights.
About Definitive Healthcare Definitive Healthcare is the leading provider of data and intelligence on hospitals, physicians, and other healthcare providers. Its product suite provides the most comprehensive and highest quality data available anywhere on 8,800 hospitals and IDNs; 148,000 physician groups; 1.7 million physicians, nurses, and allied health professionals; 11,200 ambulatory surgery centers; 14,600 imaging centers; 91,600 long-term care facilities; 40,000 clinics; 1,400 ACOs and HIEs; more than 4 billion commercial medical and Rx claims; 115,000 clinical trials; and 900 Canadian hospitals. The company’s data provides its 2,200+ clients with the analytics and insight needed to effectively segment and research the healthcare provider market. Definitive Healthcare is backed by 22C Capital, Advent International and Spectrum Equity. For more information, or to trial the service, visit https://www.definitivehc.com/.