WINTER PARK, Fla., Jan. 16, 2024 /PRNewswire/ -- CareTime, the leader in home care technology, has launched CareTime V3, an all-in-one home care agency management system. CareTimeV3 launches at a time where home care agencies need more confidence accessing multiple payor sources in order to grow revenues and profits to retain caregivers.
For decades, the primary source of funding for home care agencies has been private-pay. Year over year though, this percentage of revenue has been decreasing. Under the Affordable Care Act, capitation programs have started to consider home care agencies as a resource to lower the cost of patient care and prevent avoidable readmissions.
While an hour of home care service is still the lowest cost direct patient care available in a Managed Care Organization or Accountable Care Organizations’ provider pool, home care agencies' lack of confidence to participate and bill with these new third party payors has prevented many to join. In addition, Medicaid Waiver, Veterans, Long-Term Care Insurance and other payor sources have strict billing procedures that add more barriers to accepting these referrals.
“In today’s challenging and ever-changing healthcare environment, home care operators need cutting-edge technology to help them optimize productivity and compliance,” said Bob Dean, CEO of CareTime. “These new time-saving features will deliver business efficiencies and better patient outcomes. CareTime is proud to underscore our commitment to serving the home care market.”
With CareTime V3 agencies traditionally need 1 biller for every 50 clients but are now able to handle 200+ clients with faster receipt of funds and lower claim denials.
CareTime V3 brings home care operators the following capabilities and benefits:
- Billing While You Sleep: With CareTime’s new automation feature, home care owners can leverage pre-set billing frequencies by payer source and get notified when claims are received.
- Automated Rules Engine: CareTime now offers an automated rules engine that enables agencies to determine what makes a claim complete, get notified of visits that are likely to be declined or incomplete, and organizes like-type visits in one place.
- EVV and Claims Management Dashboard: CareTime now boasts a user-friendly all-in-one dashboard to cut billing time in half while getting owners reimbursed quicker, with more accuracy. This business intelligence tool includes Accounts Receivable and electronic visit verification so owners can manage claims and collections with ease.
“We’ve developed a product that doesn’t force agencies to choose between superior EVV and claims visibility tools or top-notch phone apps and scheduling features. V3 is designed to move away from a single-focus approach and provide a comprehensive, integrated solution,” added Dean.
Peer To Peer: From One Home Care Agency Owner To Another
Problem: “Our process to get correct claims to the Managed Care Organizations (MCOs) that offer Florida Medicaid managed plans is very complex and quite difficult to manage. We write off many claims each year that we just can’t get correct or resolved. There are many opportunities for the claim to get lost, rejected, modified, denied, etc. at any point and the research to determine why can be a brutal endeavor. “
Solve: “Prior to the New EVV Portal there was a blind spot between our EMR and the MCO EVV Vendor. Many claims did not make it to the payer, and it was very difficult to figure out why. I strongly value the ability to see that the claim has been forwarded to MCO EVV Vendor. I can now get clear visibility into the claim data (visits) transferred to the MCO EVV Vendor., and I can see and interact with the actual data that was sent to the vendor. None of this was visible to me before. This shortens the time researching missing and rejected data and makes the research more self-service."
- Dave M. from Family Life Care
The newest version of CareTime will empower home care owners to grow their businesses and focus on the work they enjoy the most. To learn more about CareTime V3, visit caretime.us/v3.
Supporting Resources:
- Learn about 9 of the best practices for EVV software.
- Check out CareTime’s track record of satisfied home care owners.
- Read about how America A Care leveraged Home Care Technology for Exceptional Customer Service and Organic Growth
Home Care Industry Facts:
- Industry size: As of 2022, there are more than 400,000 home care providers across the US.
- Growth: More than 89% of adults 55+ wish to age in place, and it’s a top priority for just under half of aging adults. There are more than 10,000 members of the Baby Boomer generation turning 65 every day, and the demand for home care will continue to rise.
- Employee Turnover: The annual turnover rate among home care workers is 77%.
- Need for Technology: Caregivers working in homes need to securely share changes in condition and task completion information with their local office to ensure care quality. The need for technology will continue to grow as home care providers expand service offerings and more.
About CareTime:
CareTime stands out as the straightforward and user-friendly solution for home care agencies, providing a seamless experience unlike other complex alternatives. With essential features like CRM, scheduling, EVV, billing, claims, reporting, and a family portal, CareTime serves as a comprehensive "one-stop shop" for managing your business efficiently. What sets CareTime apart is its innovative automated billing system, allowing you to "Bill while you sleep." Additionally, the robust rules engine ensures flawless claim submissions every time, making CareTime the perfect choice for your agency's needs.
Click here to read the full press release.
Media Contact:
Rachel Shapiro
Head of Marketing
rachel.shapiro@allycaretime.com
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