Could More Home Health Care Reduce the Costs of Medicare?
In a guest piece in The Herald News by Alan Silvia, a Massachusetts state representative, the potential benefits of an increase in home health care are explored. According to the the article, the costs per day of home health care in comparison to care in a hospital differ greatly, with a single day of hospital care coming in at slightly over 10 times the $137.00 per day average in home cost of healthcare. With an aging population that is going to test the limits of social security and medicare programs, the question of how to effectively treat those who need care while not drying up Government funding. The solution, as proposed by Mr. Silvia, is to increase the amount of elder care that takes place in the home as both a preventative measure to keep the elderly out of hospitals and save Medicare millions in treatments that would otherwise be subjected to the inflated costs of treatment in hospitals.
Home health care has the twofold benefit of protecting the health and independence of an aging population, as well as sustaining small business growth in the US, with many home health care firms being privately run and operated. Media coverage of lapses in standards in home based healthcare do much to flare up anxieties, but little to address the pervasive problem of attitudes preventing the proper embracing and standardization of the practices. Already, there are stiff requirements both procedure-wise and ethics related that must be met by aspiring home health care businesses. The study referenced by Mr. Silvia was put out by Avalere Health, and suggests that home health care practiced not only saved medicare $2.81 billion, but actually reduced the likelihood that patients would need to be treated in hospitals, compounding the savings. Home health care businesses that are ready to expand may not be able to grow based off of operational cash flow, as minimum operating supplies and worker salaries in the health care business are necessary expenses. To increase the rate at which home health care business owners can expand their operations to meet the needs of our aging population, Horizon Business Funding offers medical business financing programs. These programs allow home health care business owners to access liquid cash for utilization in the purchase of vital equipment, supplies, and hiring, without compromising long term cash flow structure.
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