Top Four Reasons Why Your Agency Should Track Readmission Rates
There are four main reasons why home care agency owners should track readmission rates. Here’s how and why they matter.
1. Improve client outcomes – First and foremost, tracking readmissions puts your agency in a stronger position to reduce the number of clients experiencing episodes or problems that require readmission to a hospital. For the client, this translates to better quality of life, lower costs, and increased health.
2. Qualification for Medicare Advantage clients – Insurance agencies that have clients that qualify for Medicare Advantage are looking to pass their clients on to home care agencies that will reduce their clients’ chances of being readmitted into a hospital. Home care agencies that can prove their reduced readmission rates will obtain more of these clients. Moving into 2021 obtaining these Medicare Advantage referrals will in large determine the success of home care agencies.
3. Credibility as an agency – As your agency reaches out to the many channels for more client referrals, whatever data you can leverage will work to your advantage. Professional referral sources want to see your credibility backed by data. If you can accurately track reduced readmission rates internally, you’ll let referral sources now you’re making it a priority and you’re more likely to be trusted with their clients.
4. More referrals from medical service providers (hospitals, clinics, SNFs, etc.) – More than any other channel hospitals want to see your agency is reducing readmission rates because they benefit from keeping their patients from coming back to the hospital. If you can show a hospital you’re tracking and reducing readmissions, they’re likely to trust you over your competitors and pass more referrals to you.