In the home care industry there can be many different payer sources that an agency may work with – including sources like Medicaid, the Veterans Administration, private health insurance companies, and out-of-pocket payments from individuals. As a home care agency, each of these sources may represent a new revenue stream and a new client segment to target. While the majority of your current home care clients may be strictly private pay clients, you may want to consider setting your agency up to be qualified to bill for various insurance-covered services as well.
When expanding to provide services that may be covered by non-private pay sources, it will require some legwork on your part to ensure that your agency is qualified to bill these different entities – like Medicaid or the Veterans Administration – but it can be well worth it to do so. By enabling your business to work with these other payer sources, you will be expanding your target market and will very likely see increases in annual revenue that can make a large difference in the success of your business.
If you decide to pursue this avenue to increase business, keep in mind that each payer source will carry with it a new workload requiring various paperwork requirements and certifications. Managing these processes and then reporting to these home care payer sources can be a little daunting but with a good system in place to keep track of it all, your back-office processes will still be kept streamlined and efficient.
For our Rosemark System customers, we can make managing the reporting and billing requirements of non-private home care payer sources fairly simple. If you would like to learn more about how the Rosemark System can help you expand your business by simplifying these processes, contact your Rosemark System customer care manager or schedule a demo with us by calling 734-662-3537.