Partner Chris Donovan was quoted in the Home Health Care News article, “Savvy Home Health Providers May Look to Cash In on Behavioral Health, AI Interest.” The article discusses hot areas of investment in the health care industry, including telehealth, behavioral health and artificial intelligence, based on a recent Foley health care blog about the three health care sectors still attracting investment.
While at-home care was not explicitly identified as one of the hottest investment targets in the report, home-based care agencies building out their operations could benefit by leaning into the aforementioned opportunities during the COVID-19 crisis, Donovan told Home Health Care News.
“I see telemedicine as really having turned the corner, due to both payer and patient acceptance during COVID-19,” Donovan told HHCN. “The convenience, cost savings, safety and flexibility of this modality will be difficult to roll back. Regulators have the same tools to prevent abuse as with in-person treatment … It will [also] have great reach and application in payment and certain diagnostic areas.”
As health care at large is becoming more remote, home health agencies should continue to invest in their telehealth capabilities so they can be ready to provide those services when and if CMS allows them to be reimbursed properly. “CMS has issued new waivers under its interim rule,” Donovan said. “If [those] waivers stick post-COVID-19, providers that have invested will be at a competitive cost and service advantage. Moreover, if payment is capitated or at-risk under a bundle or value model, the cost saving of remote monitoring and telemedicine will be central cost and outcomes tools in the future.”
Donovan also noted that artificial intelligence in health care will likely continue growing despite COVID-19. “AI will be an attractive tool to home health in two areas: payment and treatment,” Donovan said. “AI and machine-learned tools that drive efficient revenue cycle management, coding and diagnosis will drive great efficiency in home health beyond the current dominant software platforms. AI models that provide predictive analytics that limit hospital admission or readmission will drive higher quality outcomes that agencies can use to rationalize higher pricing with commercial payers and referral/discharge sources.”