Hospice Outlook 2020 (Part 1)
Author: Kathy Royer, RN, BA, MBA, DMin, CHPN, CHPCA, CEHCH
Hospice 2020 Outlook (Part 1)
Hospice News recently conducted a survey of over 300 Hospice providers across the nation. In the survey titled “2020 Hospice News Outlook Survey and Report” (sponsored by HomeCare Home Base), several issues were identified as areas providers are monitoring closely.
What is the greatest challenge to the hospice industry in 2020?
Staffing—26% of providers said staffing was their primary challenge in 2020. As the aging consumer population increase in numbers, the healthcare work force is shrinking. Providers are not only challenged to recruit staff, but also to on-board, and retain staff long term. Other challenges included concerns about competition at 18%, changing payment models at 18% and increased regulatory scrutiny at 17%.
Other than the home, what setting offers the greatest growth opportunity for your services?
Assisted Living—36% of providers identified the Assisted Living facilities as their greatest opportunity for growth. This was followed by Nursing Facility or Skilled Nursing Facility at 33%, In-patient Unit (not hospital) at 10% and hospital at 9%.
What will be your greatest growth opportunity for referral partnerships in 2020?
New physician relationships—27% of providers responded new physician relationships will be the best opportunity for referrals. Other opportunities included hospital systems at 25%, Assisted Living at 19% and word of mouth at 14%.
What technology investment will yield the greatest return on investment for your organization in 2020?
EMR—41% of providers identified their EMR to be of the greatest importance as providers look toward more integration in the area of technology. This was followed by predictive analytics at 29%, Telemedicine at 25% and Virtual Reality at 5%.
While the above information offers both challenge and opportunity, hospice providers will benefit from thinking about their unique situation while keeping in mind the over-all direction of the hospice industry.