Information Goldmine: Avoiding Data-Overwhelm to Mine Your Next Growth Strategy

Share on facebook
Share on twitter
Share on linkedin
ef71c346a5fd0e302d9fca2b4a0be254

Data is one of the most valuable assets for business owners. It’s used to track progress, identify areas for improvement, and make informed business decisions. 

Technology has made data collection much more accessible, but the abundance of statistics can lead to “data overwhelm” — a state in which business owners are unable to process and use the information effectively.

The amount of data available today is staggering. According to IBM, 2.5 quintillion bytes of data are created every day, and that number is only going to grow as more businesses adopt technology to assist data collection.

But data can only reach its potential when viewed in a framework that supports actionable outcomes. Inferring the data is not unlike using a magnifying glass: finding detailed evidence to determine your next plan of action.

Employing the best magnifying glass is just as crucial as placing it in the right position. The most successful home care agencies know how to do both.

Data is Abundant. Valuable Data is Not

Within the home care industry, it’s important to compare and benchmark the performance of an agency or organization with competitors and industry trends and norms. Home care agencies have access to a variety of data that can help them improve their business. 

This data can come from surveys, social media, automated data collection tools, and scheduling software.

At a macro level, the most comprehensive industry benchmarks come from the Home Care Pulse Survey data. At an agency level, Business Intelligence (BI) tools offer robust reporting capabilities in operational data. 

These intelligence tools build upon data collected in all-in-one scheduling software platforms that are used widely in the industry and have an edge because they can turn data into insight.

Turning Data into a Business Advantage

Data that can’t be analyzed may as well be discarded. However, data that is gathered, interpreted, and translated into better business is an unparalleled advantage.

Forrester found that “…while 74% of firms say they want to be ‘data-driven,’ only 29% say they are good at connecting analytics to action.”

That’s why it’s essential not to let data distract you from its real purpose; finding a tactical advantage that will enhance your sales. 

This starts by understanding the difference between data, information, and insight.

DATA is a mere collection of facts. It’s the number of times your caregivers missed work. It’s the amount of overtime you paid last year. They are facts and figures that lack context.

INFORMATION also comes from your business data but includes the processing of your raw data. It tells you not only how many times your caregivers missed work, but when. When it calculates your overtime budget, it compares it over a span of 10 years.

INSIGHTS (or “actionable insights”) take your detailed information and convert it to profit. If your caregivers missed a lot of work over the holidays, you can resolve to offer more seasonal incentives. The next holiday season, fewer caregivers miss work. Since caregiver turnover is a leading concern, a high Caregiver Turnover Ratio can clue you in to the need for greater employee recognition and support.

Insights, in short, are the powerful end goal of data.

Take, for example, the latest trends in hospitalizations

To keep inpatient and outpatient numbers down, Medicare has been offering reimbursement to hospitals with lowered readmissions. Because relationships with hospitals are vital to referrals, agencies who can prove—with data, information, and insight—that their services improve patient outcomes will have a distinct advantage over competitors.

Technology can Process Data into Information

Although published data shows you important benchmarks about your industry and competition, it only shows the general landscape of the home care market.

The daily operation of your agency creates a potential goldmine of more specific data that can be used to grow your business

For example, client visits, caregiver hires, and billable hours are powerful statistics that can lead to actionable insights. But to strategically scale your agency, you must first convert that data into information.

This is where technology becomes indispensable, especially when it’s:

  • Reputable
  • Integrates easily with other systems
  • Specific to the home care industry.

With specialized software, data is automatically collected, processed, and interpreted. The need for manual calculations and spreadsheets dissipates.

If you feel like your home care agency can subsist on rudimentary tactics and not advance to the informational level, consider this statement from Ken Stork at the Association for Manufacturing Excellence: “If you need a new process and don’t install it, you pay for it without getting it.”

Moreover, your information will start to reveal those critical patterns that become lost profit without intervention.

Solving Data Overwhelm with Insight

There are a few different strategies business owners can take to avoid data overwhelm and make sure they mine every opportunity for business growth. 

One is to leverage Business Intelligence to turn information into action.

According to Forbes, “An insight that drives action is typically more valuable than one that simply answers a question–especially an insight that makes you rethink something and pushes you in a new direction.”

Focus on your business goals

The first step business owners can take with their data analytics is to determine new business goals. These might be increasing market share, reducing turnover, or expanding service options.

These pinpointed plans help business owners prioritize which metrics matter most, and then decide which tools are best for measuring that progress.

Prioritize Actionable Metrics

Tracking individual metrics without context is fruitless. With Business Intelligence software, you can choose a number of key performance indicators (KPI) that reflect your business objectives.

Locate your most valuable sources of information, then use Business Intelligence tools to create visual dashboards that present industry specific metrics clearly and concisely.

Essential metrics and KPIs can include:

  • Gross Revenue  
  • Converted Leads 
  •  Hours Billed  
  • Referral Source Statistics 
  •  Gross Profit  
  • Caregiver Turnover Ratio 
  •  Active Clients
  • New Applicants 
  •  Applicant to Hire Ratio

The right Business Intelligence tool is specialized to your industry and will eliminate the need to hire expensive analysts. You have instant access to charted, measurable trends. 

Now for the most important part: once you’ve identified these trends, whether they reveal success or problematic patterns, you can brainstorm and enact strategic, business-improving steps. 

Turning Insights into Plans

Business Intelligence software can specifically outline your next move by:

⦁ Minimizing travel time between caregivers and clients to maximize efficiency
Tracking referral sources as they evolve each quarter
⦁ Studying the margin between payable and billable overtime
⦁ Analyzing trends in caregiver turnover to improve retention
⦁ Identifying your most profitable services, and what makes them more successful

These are only a few examples of how insights direct you to profit, and as Jeanne Harris from the Harvard Business Review said, “Data is useless without the skills to analyze it.” 

Those skills manifest in software solutions. Converting data into income—within a single, user-friendly program—will always be a potent tool. 

With management and insight, data overwhelm ceases to even exist. When that occurs, statistics become an asset that can be immediately channeled and repurposed. 

There is no getting around it…

Technology and Business Intelligence are the keys to your agency’s advancement in an increasingly competitive market. 

For more information, visit www.axiscare.com/business-intelligence/

Originally posted in the 2022 Home Care Benchmarking Study by Home Care Pulse

Scale with Award-Winning
Home Care Software, AxisCare

See why more than 1,800+ home care agencies in all 50 states and 10 countries are growing with the help of AxisCare.  Getting started has never been easier!

Latest in Home Care

Wyoming

Supported: COMING SOON

Payers in Wyoming have selected CareBridge and AxisCare is completing the necessary development. We are planning on being fully compliant soon.


Illinois

Supported: YES

Illinois has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Illinois’s contracted aggregator, which will allow agencies to easily send required visit information.

Minnesota

Supported: YES

AxisCare meets the state ‘s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with HHAeXchange, Minnesota’s chosen aggregator, which will allow agencies to easily send required visit information directly to HHAeXchange. 

Michigan

Supported: YES

The Michigan Department of Health and Human Services has decided to go with an Open Model that allows providers to choose their own EVV system, as long as it meets federal EVV regulations. They are in the process of choosing an aggregator system that will accept data from all EVV systems.

AxisCare meets all state and federal EVV requirements, so providers may continue to use AxisCare as their EVV and management system.

Massachusetts

Supported: YES

Massachusetts has chosen an open model, but has not selected the aggregator.  AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution.  

Maryland

Supported: NOT AT THIS TIME

Maryland has chosen a closed model where AxisCare is currently not able to provide EVV data to the state.   Providers can choose to use AxisCare due to the many advantages but you must use ISAS to collect EVV required data.

 

Maine

Supported: YES

Maine has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Maine’s contracted aggregator, which will allow agencies to easily send required visit information.

Louisiana

Supported: YES

AxisCare meets the state ‘s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with LaSRS, Louisiana’s chosen aggregator, which will allow agencies to easily send required visit information directly to LaSRS. 

 

Kentucky

Supported: CONTACT US

Kentucky has chosen an open model with Tellus serving as the aggregator.  AxisCare has not developed the integration with Tellus for Kentucky yet (AxisCare supports Tellus integration in other states), but if your organization is interested in using AxisCare, please contact us. 

 

Kansas

Supported: NOT AT THIS TIME

Kansas has chosen a closed model where AxisCare is currently not able to provide EVV data to the state.   Providers can choose to use AxisCare due to the many advantages but you must use AuthentiCare to collect EVV required data.

 

Iowa

Supported: YES

Iowa has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, CareBridge) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with CareBridge, Iowa’s contracted aggregator, which will allow agencies to easily send required visit information.

Indiana

Supported: YES

Indiana has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Indiana’s contracted aggregator, which will allow agencies to easily send required visit information.


Idaho

Supported: YES

Idaho has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Idaho’s contracted aggregator, which will allow agencies to easily send required visit information.

Missouri

Supported: YES

AxisCare meets the state’s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Missouri’s chosen aggregator, which will allow agencies to easily send required visit information.


Hawaii

Supported: YES

Hawaii has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Hawaii’s contracted aggregator, which will allow agencies to easily send required visit information.

 


Georgia

Supported: YES

Georgia has chosen to use an open vendor model in which the state sets the standards for EVV, and providers may either use their existing EVV system or choose one that best meets their needs.

AxisCare has developed a direct integration with Tellus, Georgia’s EVV aggregator, so providers may continue to use AxisCare as their EVV and management solution.

 

Alaska

Supported: CONTACT US

Alaska has chosen an open model with Therap serving as the aggregator.  Therap has not provided the detailed specifications yet, but if your organization is interested in using AxisCare, please contact us.

Florida

Supported: YES

AxisCare currently provides direct integration with HHAeXchange and Tellus, so providers may continue to use AxisCare as their EVV and management solution.

 

Delaware

Supported: Coming Soon

Payers in Delaware have selected Sandata and AxisCare is completing the necessary development. We are planning on being fully compliant soon.

 

Connecticut

Supported: NOT AT THIS TIME

Connecticut has chosen a closed model where AxisCare is currently not able to provide EVV data to the state.  Providers can choose to use AxisCare due to the many advantages but you must use Sandata to collect EVV required data.

 


Colorado

Supported: YES

Colorado has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Colorado’s contracted aggregator, which will allow agencies to easily send required visit information.


California

Supported: YES

California has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers and MCOs to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, California’s contracted aggregator, which will allow agencies to easily send required visit information.


Arkansas

Supported: YES

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed integrations with HHAeXchange, AuthentiCare, and CareBridge, Arkansas’ contracted aggregators, which will allow agencies to easily send required visit information.

Arizona

Supported: YES

AxisCare meets the state ‘s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Arizona’s chosen aggregator, which will allow agencies to easily send required visit information directly to Sandata.

Mississippi

Supported: YES

The Mississippi Department of Medicaid has decided to go with an Open Model that allows providers to choose their own EVV system, as long as it meets federal EVV regulations. They are in the process of choosing an aggregator system that will accept data from all EVV systems.

AxisCare meets all state and federal EVV requirements, so providers may continue to use AxisCare as their EVV and management system.

Montana

Supported: YES

Montana has decided to go with an Open Model that allows providers to choose their own EVV system, as long as it meets federal EVV regulations. They are in the process of choosing an aggregator system that will accept data from all EVV systems.

AxisCare meets all state and federal EVV requirements, so providers may continue to use AxisCare as their EVV and management system.

Wisconsin

Supported: YES

Wisconsin has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Wisconsin’s contracted aggregator, which will allow agencies to easily send required visit information.

Rhode Island

Supported: YES

Rhode Island has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Rhode Island’s contracted aggregator, which allows agencies to easily send required visit information.

West Virginia

Supported: CONTACT US

West Virginia has chosen an open model with HHAeXchange serving as the aggregator.  AxisCare has not developed the integration with HHAeXchange for West Virginia yet (AxisCare supports HHAeXchange integrations in other states), but if your organization is interested in using AxisCare, please contact us. 

Washington DC

Supported: CONTACT US

Washington DC has chosen an open model with Sandata serving as the aggregator.  AxisCare has not developed the integration with Sandata for DC yet (AxisCare supports Sandata integration in other states), but if your organization is interested in using AxisCare, please contact us. 

Washington

Supported: YES

Washington has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, ProviderOne) while allowing providers to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with ProviderOne, Washington’s contracted aggregator, which will allow agencies to easily send required visit information.

Virginia

Supported: YES

Virginia has chosen to use an open vendor model in which the state sets the standards for EVV, and providers may either use their existing EVV system or choose one that best meets their needs.

AxisCare has developed a direct integration with Tellus, Virginia’s EVV aggregator, so providers may continue to use AxisCare as their EVV and management solution.

Vermont

Supported: CONTACT US

Vermont has chosen an open model with Sandata serving as the aggregator.  AxisCare has not developed the integration with Sandata for Vermont yet (AxisCare supports Sandata integrations in other states), but if your organization is interested in using AxisCare, please contact us.

Utah

Supported: YES

AxisCare meets the state’s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an export with UEVV, Utah’s aggregator, which will allow agencies to easily send required visit information. 

Texas

Supported: CONTACT US

Texas has chosen an open model with TMHP serving as the aggregator.  AxisCare has not developed the integration with TMHP for Texas yet, but if your organization is interested in using AxisCare, please contact us.

Tennessee

Supported: NOT AT THIS TIME

Tennessee has chosen a closed model where AxisCare is currently not able to provide EVV data to the state.   Providers can choose to use AxisCare due to the many advantages but you must use Sandata, Healthstar, and Time4Care to collect EVV required data.

South Dakota

Supported: CONTACT US

South Dakota has chosen an open model with Therap serving as the aggregator.  AxisCare has not developed the integration with Therap for South Dakota yet, but if your organization is interested in using AxisCare, please contact us. 

South Carolina

Supported: NOT AT THIS TIME

South Carolina has chosen a closed model where AxisCare is currently not able to provide EVV data to the state.   Providers can choose to use AxisCare due to the many advantages but you must use AuthentiCare to collect EVV required data.

Pennsylvania

Supported: YES

Pennsylvania has implemented an open model in which the state sets the standards for EVV, and providers may either use their existing EVV system or choose one that best meets their needs.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also integrated with Sandata and HHAeXchange, Pennsylvania’s two EVV aggregators, which allows agencies to easily send required visit information.

Nebraska

Supported: YES

AxisCare meets the state’s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Tellus, Nebraska’s chosen aggregator, which will allow agencies to send required visit information.

Oregon

Supported: YES

AxisCare meets the state’s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an export with eXPRS, Oregon’s aggregator, which will allow agencies to easily send required visit information. 

Oklahoma

Supported: CONTACT US

Oklahoma has chosen an open model with AuthentiCare serving as the aggregator.  AxisCare has not developed the integration with AuthentiCare for Oklahoma yet (AxisCare supports AuthentiCare integrations in other states), but if your organization is interested in using AxisCare, please contact us. 

Ohio

Supported: YES

Ohio has chosen to implement an open vendor model in which the state selects a single aggregator (in this case, Sandata Technologies) while allowing providers to continue using their existing EVV systems as long as it meets federal EVV guidelines.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with Sandata, Ohio’s contracted aggregator, which will allow agencies to easily send required visit information.

North Dakota

Supported: CONTACT US

North Dakota has chosen an open model with Sandata serving as the aggregator.  AxisCare has not developed the integration with Sandata for North Dakota yet (AxisCare supports Sandata integrations in other states), but if your organization is interested in using AxisCare, please contact us. 

North Carolina

Supported: YES

North Carolina has implemented an open model in which the state sets the standards for EVV, and providers and MCOs may either use their existing EVV system or choose one that best meets their needs.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also integrated with Sandata, HHAeXchange, and CareBridge, North Carolina’s EVV aggregators, which allows agencies to easily send required visit information.

New York

Supported: YES

New York has implemented an open vendor model in which the state selects a single vendor while allowing providers to continue using their existing EVV systems as long as it meets federal EVV guidelines.

New York has chosen to work with three EVV aggregators: eMedNY, HHAeXchange and CareBridge.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have developed integrations eMedNY, HHAeXchange, and CareBridge which allow agencies to easily send required visit information.

New Mexico

Supported: NOT AT THIS TIME

New Mexico has chosen a closed model where AxisCare is currently not able to provide EVV data to the state.   Providers can choose to use AxisCare due to the many advantages but you must use AuthentiCare to collect EVV required data.

New Jersey

Supported: YES

New Jersey has implemented an open model in which the state sets the standards for EVV, and providers may either use their existing EVV system or choose one that best meets their needs.

AxisCare meets state EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also integrated with HHAeXchange and CareBridge, New Jersey’s two EVV aggregators, which will allow agencies to send required visit information.

New Hampshire

Supported: YES

New Hampshire has decided to go with an Open Model that allows providers to choose their own EVV system, as long as it meets federal EVV regulations. They are in the process of choosing an aggregator system that will accept data from all EVV systems.

AxisCare meets all state and federal EVV requirements, so providers may continue to use AxisCare as their EVV and management system.

Nevada

Supported: CONTACT US

Nevada has chosen an open model with AuthentiCare serving as the aggregator.  AxisCare has not developed the integration with AuthentiCare for Nevada yet (AxisCare supports AuthentiCare integration in other states), but if your organization is interested in using AxisCare, please contact us. 

Alabama

Supported: YES

AxisCare meets the state ‘s EVV requirements, so providers may continue to use AxisCare as their EVV and management solution. We have also developed an integration with HHAeXchange, Alabama’s chosen aggregator, which will allow agencies to easily send required visit information directly to HHAeXchange.