Posted Monday, June 27, 2022
The message at Chicago’s Home Care Innovation and Investment Conference last week: Medicare Advance (MA) Plans look to outpace fee-for-service Medicare Plans.
“Elliot Kohn, managing partner at Elevate Home Health, said his firm, which offers home health, personal care and support, has developed a strategy of partnering with small, fast-growing MA plans. He said that approach has helped the company build up its client base and tee it up for expansive growth.”
Popularity of MA Plans have been growing along with larger numbers of an aging generation looking to save money. MA Plans offer seniors average savings of $2,000, and some plans offer supplemental benefits, like Home Care. These are the main reasons market share for MA is expected to increase by upwards of 5% over the next few years.
Kohn stressed that data is key when it comes to partnering with MA plans. His company has invested in software that collects valuable patient data. “We are able to present to the MA plans what we are doing and say the last 20% of the patients you’ve given us, here are their outcomes,” Kohn said. “We are utilizing all of the synergies we have in place to give MA plans the comfort to work with us and give us what we need to provide care.”
Scott Power, chairman and CEO of Elara Caring, said his company has invested in more remote patient monitoring which helps them collect ongoing information on patient health and send notifications if patients are experiencing changes.
“The [monitors] feed a lot of data to us that we ingest in our platform,” Power said. “Then, you can take your data scientists and create algorithms around what alerts should look like.”
Both panelistis shared they believe United Healthcare’s acquisition of LHC Group may indicate the rising value that MA Plans are placing on in-home care.
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