Black Book Research estimates the North American market for home care software and IT services market in Q2 2023 has reached $3.2 billion and is anticipated to grow at a CAGR of 20% during 2023-2033.
TAMPA, Fla., May 23, 2023 (Newswire.com) - Black Book Research announced that Netsmart has swept the home care health technology platform ratings for highest customer satisfaction in the annual client experience polling the clients of 49 software competitors. Black Book's study of subacute, home health, hospice, skilled nursing, and adult living facilities providers validated that Netsmart, headquartered in Overland Park, Kansas, has retained the top IT performance honors for the ninth year in a row.
Two-thousand two-hundred and eighty-five nurses, physicians, clinicians, and specialists, as well as administrative, IT, and finance leaders from 2,097 practices and facilities, participated in the 2023 Home Health Agency EHR PM RCM survey from December 2022 to May 2023. The qualitative polling includes the user experience scores of operations, nursing and clinical staff, physicians, and support personnel. One-third of respondents include financial, administrative, and information technology professionals. Netsmart outscored all competitors on 12 of 18 key performance indicators specific to home care technologies.
"Innovative industry software solutions are in high demand because technological efficiencies are needed to bring a higher-level benefit to providers should overpayments diminish the value of ambulatory services as an alternative to high-cost inpatient services," said Doug Brown, president of Black Book Research. "Consistently across the post-acute technology continuum, Netsmart has secured the top customer experience ratings in the industry since 2015," said Brown. "It's clear that, even in a tightening and increasingly complex market, Netsmart is continuing to lead the post-acute care industry by providing a product that is a vital part of their users' workflow, patient coordination, and critical digital capabilities to the successful providers in the value-based care environment."
Other significant survey findings include:
Ninety percent of home health CFO respondents report that payers are more closely scrutinizing the efficacy and economics of the delivery post-acute care since the pandemic, necessitating the urgent acquisition of more highly functional solutions, both clinical and financial systems.
Significant developments in technology, such as advanced connected home and mobile applications, are increasing efficiency and automation capabilities of data collection from home healthcare patients to improve hospital and patient connectivity, thereby improving healthcare delivery and quality of care after discharge.
Ninety percent of respondents confirm that the continued lack of interoperability across the full patient continuum poses obstacles to post-acute care delivery on numerous levels, especially for care transitions, referral, patient engagement and provider communications. In 2023, the number of adults over 65 will exceed the number of children in America for the first time, and by 2060, older adults will account for one-quarter of the U.S. population, underscoring the technology challenges and gaps in home healthcare delivery.
Forty-two percent of administrative respondents affirm acquiring new or replacement home care technology solutions, particularly revenue cycle management and analytics support in the next eighteen months to improve employee retention and clinical satisfaction via streamlined electronic documentation and workflows. Twenty-nine percent of for-profit home health agencies foresee an upgrade or replacement of their current EHR and RCM systems by Q4 2024. Hospital-based home health services expect the lowest adoption and expenditures in home health technology improvements through 2024 at four percent.
About Black Book
Black Book Market Research LLC, its founder, management, and staff do not own or hold any financial interest in any of the vendors or public relations firms covered and encompassed in the surveys it conducts. Additionally, Black Book does not contract for, barter, exchange or accept direct services from any public relations firm mentioned in the rankings. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor/firm notification of rating results and does not solicit vendor/agency participation fees, review fees, inclusion or briefing charges, consultation requirements and/or vendor collaboration as Black Book polls' clients. Since 2010, Black Book Market Research LLC has polled the vendor and service firm satisfaction in the software/technology and managed services sectors around the globe.
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Source: Black Book Research