Private-Duty-Nursing-Non-Medical — The aging Population is increasing the demand for private duty nursing

As a leading software provider for Private Duty Nursing, we monitor the forces and trends that are shaping the Private Duty Home Care Industry. The industry is poised to boom in the post-COVID phase as there is a growing preference and shift from institutional to in-home care as the industry shifts.

Shifting Demographics – As the Baby Boomer generation retires, the population the industry serves is exploding. The population over 65 in the United States will continue to grow significantly in the future. By 2030, 19.6%, or nearly one in five, Americans will be over the age of 65 which is expected to rise to 23.4%. Effectively, older adults will outnumber children.
Expanding Market for Private Duty Home Care. In 2018, spending on nursing-home services and continuing-care retirement communities increased by 1.4% to $168.5 billion. That compared to 5.2% growth in home care spending, which totalled $102.2 billion, according to the CMS Office of the Actuary. Home-care spending is expected to hit $186.8 billion by 2027.
Cost of Care – The growing economy is unlocking immense opportunities for the home care industry. The 65+ age group is preferring to to age in place i.e. stay at home instead of staying in Assisted Living Facilities or Skilled Nursing Facilities. This trend will accelerate with COVID-19’s significant impact on Skilled Nursing Facilities (about 40% of the deaths are in nursing homes).
Economic Trends – When the economy is growing, consumers feel that they can spend money on in-home care. Further, the demand is fuelled by state agencies and payers alike promoting in-home care against institutionalized care.

Aging Seniors prefer in-home care.
Payers and Medicare/Medicaid are also realizing the benefits of Private Duty Nursing

Cost Effectiveness vs. Institutional Care. Hospital care is costly. State agencies and healthcare payers are promoting healthy lifestyle changes and also promoting home care to support older adults. Care can be skilled or non-skilled care. The economic affordability and quality of care means that there will be increasing demand for credentialed private duty nursing care. States are pushing to use home based care instead of nursing home care to reduce cost to manage shrinking budgets. COVID-19 related economic issues at the state level will make states to move in this direction faster.
Medicaid. Medicaid based home care services (Home Based Services) and community waiver programs will continue to grow. Future administrations (mainly democratic) will increase Medicaid funding to pay for these services.
Community Based Services will provide better patient satisfaction and health outcomes.

Acute Shortage of Private Duty Nursing — There is an acute shortage of Private Duty Nursing personnel and this is fueled by lack of compensation standards.

Shortage of Skilled Nurses. With COVID-19, The population we serve is exploding, and the workers we need are becoming harder to find and keep.
Minimum Standards for Home Care Jobs. Skilled Labor constitutes the primary expense in home care. Efforts to contain costs are targeted at cutting the wages and the service houses. While it’s a difficult puzzle to solve, minimum standards for compensating home care workers will help reduce the skills gap the industry is facing. Thankfully, today, Medicare and Insurers have a much better understanding of home care’s impact on total costs of care and, more importantly, reduces the skills shortage the industry is facing, by attracting more caregivers to the profession.
Uber-like Models ready to emerge. Home Care Software requires integrated functionality such as scheduling, GPS, EVV etc. With increased demand for services, we anticipate that Uber like pay-as-you-go models will emerge.

As a leading provider of software for private duty nursing, CareVoyant is committed to bringing software solutions that are collaborative and help home care agencies quickly adapt to industry changes.

ABOUT CAREVOYANT

CareVoyant is a leading provider of cloud-based integrated enterprise-scale home health care software that can support all home-based services under ONE Software, ONE Patient, and ONE Employee, making it a Single System of Record. We support all home based services, including Home Care, Private Duty Nursing, Private Duty Non-Medical, Home and Community Based Services (HCBS), Home Health, Pediatric Home Care, and Outpatient Therapy at Home.

CareVoyant functions – Intake, Authorization Management, Scheduling, Clinical with Mobile options, eMAR/eTAR, Electronic Visit Verification (EVV), Billing/AR, Secure Messaging, Notification, Reporting, and Dashboards – streamline workflow, meet regulatory requirements, improve quality of care, optimize reimbursement, improve operational efficiency and agency bottom line.For more information, please visit CareVoyant.com or call us at 1-888-463-6797.