We’ve studied the registry space like a science over the last year and compiled our best predictions and trends for 2024.
A preview of the trends:
- Affordability versus traditional home care
- More home care registry start-ups
- Balanced understanding between EMR and EHRs
- Mental healthcare providers will be an up-and-coming referral source
Affordability versus traditional home care
The selling point of home-based care has traditionally been that it’s cheaper to stay home than it is to relocate to senior living. It’s no longer the case.
When you look at the difference between home care and assisted living costs, the difference is $500 a month: a stark contrast for older adults on fixed budgets. For registries, this means capitalizing on the value and affordability for families in comparison to traditional home care.
“The trend for 2024 is that we have to nail down on what makes a registry the ideal option for families. We have to counter the objections that are shared by the public, including the vetting process, and the benefits that come with putting clients and families in control of care,” Julio Barea, head of sales at Ally.
With that in mind, keep your differentiators top of mind:
- Keeping care matches at the center of your pitch: Clients and families hire and fire caregivers as needs change.
- Rates are up for negotiation: Aside from the registry fee, families work with caregivers to determine a pay rate that works on both ends. This can counter the disparities experienced by groups around the country who can’t afford care but want to be in control as recently reported by the New York Times’ Dying Broke.
More home care registry start-ups
The appetite has never been greater for home-based care business ownership. Demand is constantly growing, and investors are increasingly noticing the aging care space.
Over the last few years, 2.5 billion—billion with a B—has been poured into senior and home-based care from venture capital firms alone.
Careyaya is a great example of this newfound interest in home care, matching physician students who need clinical hours with older adults looking for an affordable care solution.
Waiting lists for Medicaid waiver programs and other social services are growing by the day, and they need more providers like you to help. “There has never been a better time to look at pursuing a business in home-based care. Or, add new service lines. If you’re a registry, look into adding a home care registry business. And vice versa, if you’re a home care agency, check out home care registry or consumer-directed care work,” Barea adds.
Balanced understanding between EMR and EHRs.
EVV has been a positive development for the home-based care industry to mitigate fraud, waste, and abuse, but this technology is not consistent or parallel by other spaces.
“The best way for home care to proceed forward is to come closer, and meet in the middle with technology. Home care agencies need robust software tools that can help them manage their businesses and relationships with equal emphasis placed on data and claims visibility,” CEO of Ally.
Ally is uniquely at the forefront of this progress, taking to heart its responsibility as the flagship and only platform purpose-built for home care registry management. From referral source tracking and compliance features, to electronic visit verification and expert witnesses available to go to bat for you, we’ve got you covered.
Mental healthcare providers will be an up-and-coming referral source
There are many companies in the mental health space popping up. They will be an increasingly large part of a home care registry’s marketing mix.
Lyra Health, Kintsugi, and Spring Health are a few that we’ve been keeping our eye on.
With entrepreneurs and investors seeing the benefits of mental healthcare, it won’t be long until they pull in auxiliary resources like caregivers to be in their patients' homes long-term.
They aren’t able to provide 24/7 assistance at-scale the same way that caregiver registries do. Getting ahead to nurture these relationships will be key to home care leaders wanting to differentiate in 2024.
“The rates of loneliness and isolation for seniors are high and well-known. The bigger picture here is that people of all ages experience mental health issues like depression and anxiety. That accounts for more than 1 in 5 Americans,” added Barea.
Value-based care remains on the horizon.
Although the non-medical home care space hasn’t been deeply entrenched in the value-based care or VBC fold, we can’t ignore the possibilities and timeframe.
Whether you’re new or a veteran to the industry, you know the outcomes for clients are invaluable. From giving a wife some respite so she can get her hair done and have some time to herself, or helping an older gentleman become more comfortable walking, you’ve heard the stories. You know the value that home care provides.
We have to look positively at the future, and be able to illustrate the value of non-medical services concretely to stakeholders at all levels. For caregiver registries, this means:
By having numbers to back up the value of care, we’ll be better equipped to prepare for value-based care.
What do you predict for 2024?
At Ally, we’re not just a platform, we’re your partner. That’s why we stay up to date on the latest trends in the home care space, to keep you in the know. Whether it’s a legal update or an app update, we want you to be the first to hear it.
What do you think of our experts’ predictions? We look forward to spending another year with you and seeing what 2024 brings our way. Interested in making a switch for your registry management system? Schedule a demo today.
