The COVID-19 pandemic played a role, but more and more people are making the healthcare shift. They’re opting for treatment at home, rather than in a healthcare facility. Rising healthcare costs started the increase in Care at Home Services, but it was the pandemic that proved to many how easily it can be done.
According to a poll of physicians conducted by the management consulting firm McKinsey & Company: By 2025, up to $265 billion in Medicare Fee-For-Service and Medicare Advantage care services might be moved from traditional facilities to patients' homes without sacrificing quality or access. That figure represents almost 25% of the total cost of care.
So, let’s take a closer look at what the McKinsey & Company survey uncovered, what Care at Home services are, and what it may take to make it even more mainstream than it already is.
What Are Care at Home Services?
Some examples of Care at Home services include:
- Primary care
- Dialysis and infusions
- Professional nursing
- Remote patient monitoring
- Rehabilitative therapy
- Hospice care
- Assistance with daily chores
These interventions can be provided as stand-alone treatments or as part of a comprehensive treatment plan for a variety of patient groups, including high-risk patients with chronic conditions or those who are healthy but at low risk.
What Can Help At-Home Care Grow?
The report also revealed a number of factors that could have an impact on the growth of Care at Home services. These include:
- It must be determined if at-home care will successfully treat a patient's physical, behavioral and social needs. Care at home providers aren’t the only ones who play a role in this. Technology businesses will be instrumental in speeding this innovation.
- The acceptance of Care at Home may hinge on whether or not people can afford it. New healthcare expense reimbursement programs may be needed to increase acceptance.
- Supportive physician views, awareness, and capabilities will be needed to push the idea forward. They’ll have to become aware of how it works, and its potential and then be trained on it.
- Finally, patients will have to be comfortable receiving the care they need in the comfort of their own homes. Payers could fund particular services to encourage uptake, and doctors could recommend Care at Home to patients when it’s appropriate to do so.
It really comes down to educating both doctors and patients on the benefits of at-home care.
What the Future May Hold
According to the McKinsey and Company report, “When patients enter a health care facility, their primary aims are to become well again and to go home.” But with the pandemic acting as a catalyst for increasing Care at Home services, the future may have already been reimagined.
And at Liberty HealthShare, we’re reimagining how you can pay for your healthcare costs. We’re a medical cost-sharing community, made up of like-minded individuals, who share the burden of high-priced medical procedures. When a member is in need, other members help.
But it’s more than that. Joining a healthshare ministry means taking care of yourself and staying in control of your health. Not just by retaining the right to choose the doctors you want to see, but also by making healthy lifestyle decisions that will keep you in tip-top shape.
The future of medicine is here. From where you’ll receive your care to how it will be paid for. If you’d like to learn more about medical-cost sharing and how it may benefit you, contact Liberty HealthShare today.
