Hospice Industry Overview
Yes, the hospice industry has experienced significant growth. The market revenue was $29.1 billion in 2019. To start a hospice in Florida requires a certificate of need from the state health agency. Hospice care is free, paid through NHS and donation. You can contact a local hospice to see availability. Hospice workers may get gifts or gift cards. As an owner, you get to work in various locations. Downsides may include inconsistent hours and income. All responsibilities fall to you, so work-life balance is key.
Care Quality in Hospice Services
Hospice care focuses on patient comfort over interventions. For-profits tend to provide lower quality care. Financial stability depends on funding sources and costs. Government policies significantly impact profitability. An $81 million annual shortfall in funding is described as "a drop in the bucket." Hospitals may push hospice to save costs.
Operation and Profitability of Hospices
If well-managed, hospitals can profit 4-8% annually. About 25% operate at a loss. Becoming a hospital CEO requires years of healthcare and business expertise. Daily operations are overseen by a hospital administrator. The market for hospice services will keep growing to serve more patients. Efforts make care more accessible. The market is expected to grow 8% annually. The aging population with chronic diseases boosts demand.