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How can I help my home health business thrive in 2021?

The home health industry survived the pandemic and is poised for growth through 2021. Healthcare businesses who struggled to defend their worth to Medicare, Medicaid and other providers in the past found extension of coverage to include their services during the pandemic. These services offered much needed care during a time when it was difficult to go to a clinic or hospital setting.

In addition to the continued growth of the home health marketplace, investment professionals note the fragmented nature of the healthcare industry makes it a prime target for mergers and acquisitions. This marketplace is set up for growth after the pandemic as specialists who had to postpone elective procedures can now regain lost ground by mobilizing staff and scheduling procedures. As such, home health businesses could consider a deal with another specialist clinic to help take advantage of this arena for growth within the healthcare marketplace.

Those looking to grow within this marketplace are also wise to review expenses and adjust where possible. This could include reducing personal protection equipment (PPE) costs and other medical supply expenses.

Home healthcare business owners are wise to keep in mind that the industry is becoming more complex. There is more regulation now than ever before. Because of this, it is important to carefully review the impact of a transaction before finalizing a deal. A single misstep could result in a violation of a federal law potentially leading to allegations of criminal conduct. This could include setting up a deal with a lab to run tests for patients. If not done within the confines of the law, the agreement could run afoul of the Eliminating Kickbacks in Recovery Act of 2018 (EKRA). A violation can cost hundreds of thousands of dollars and lead to potential imprisonment.