2023 Is the Year of Changes for the Healthcare Industry
2023 is molding all the trends in the healthcare industry. This year is going to change all aspects of home health medical billing services and coding. This means the revenue generators will see clear benefits if they get familiar with all the trends and work hard to become successful in their field. To help you get the best results from this. Here’s a list of trends in the home health medical billing service revenue cycle.
Medicare Fee-For-Service Will Become More Difficult
In 2022 proposed cuts were the dominated conversation and now 2023 is shaping up to look very familiar. The Centers for Medicare and Medicaid Services (CMS) didn’t implement the proposed cut yet under the final rule. Now it is taking an action on the plans to regain all the perceived overpayments under the PDGM. On the other hand, kicking off payment rate adjustments.
This reflects the general attitude that has been once shared by the Medicare Payment Advisory Commission that home health agencies are overpaid. The providers have pushed back in the year of COVID-19. They saying that they are still facing staff issues, raising inflation, and increasing bottom lines.
Now, there’s only one area of hope in medical billing services is the omnibus spending bill and which was passed in December 2022 and that it requires CMS to be more open in decision-making. However, according to the Home Health Care News that legal action could be the last option.
Patient Condition is Becoming More Complex Because Home Health Referrals Increases
As it is seen that the baby boomers continue to go back into their older lives and expect to see a huge burden on home health medical billing services. The point that outpaces the capacity that home health providers have to offer.
WellSky 2023 report has found that as of May 2022, the home health referrals had exploded to 123% of their 2019 levels. This was defiantly the part of COVID-19 public health emergency which has made home health medical billing services very useful for infection control and people’s demand for dealing with the impact of infections.
Well, you shouldn’t expect to see referrals stay as high as they have. Well knowing that there is still room for growth. This is so true especially when the legalization of Choose Home Care Act of 2021, has supported this shift to home health.
But the staff issues are prolonged. The rejections of Home Health jumped directly to 71% because of the lack of staff capacity. Demand increases won’t matter much if providers can’t address staffing problems, even if patients are sicker. SNF residents’ obesity climbed by 11% in 2022, while consequences from diabetes and hypertension increased by 34% and 25%, respectively. Home healthcare billing agencies are under additional pressure to adapt to the Home Health Value-Based Purchasing (HHVBP) Model. It went into effect on January 1, 2023, as a result of these patients’ rising complexity.
HHVBP Has Activate Value-Based Care
Providers who have not moved on the value-based care will likely be pushed to action by Home Health Value-Based Purchasing (HHVBP). The first performance year has begun, and it appears to be heralding the establishment of value-based. The contracts for home health services are on an ongoing basis. Leading experts in the field have already identified 2023 as the year that value-based care reaches a tipping point and becomes widely accepted. For instance, Humana has made it clear that home health is a key component of its value-based care approach. Aveanna, a home health and hospice provider, has likewise reaffirmed its dedication to value-based care for the long term.
Although the start of the national expansion of the HHVBP delays due to opposition from a large portion of the industry. Revenue cycle leaders should expect to spend a significant amount of time and money in 2023. It updates home health billing and home health coding procedures to reflect this shifting reality.