The Latest Trends in the Hospice Care Industry

As 2023 has begun, most of the hospices have slid into a challenging position contending with obstacles, labor shortages, and other difficulties. Providers can detect hints of development through the gaps.

Since the industry has recovered from the pandemic shock and has a better grasp of negotiating the new terrain, many hospice officials believe the sector will eventually settle into a “new normal.”

However, uncertainty tempers this hope. The COVID-19 pandemic has taught the hospice industry to expect the unexpected. From where the hospice industry stands, it is clear that it will face specific challenges regarding lack of labor, an increase in home care services, and technological innovations that can diversify hospice services. Close monitoring elderly and new government regulations will bring hope for positive change and growth in the industry.

Following are some trends in the hospice industry.

Growing Number of Senior Citizens

The Hospice industry is suffering from an influx of senior citizens. According to recent predictions, the population of people over 60 years will reach 2.1 billion, while those above 80 will be 426 million by the end of 2050.

High-income countries like Japan face a mature (aging population) transition. A similar pattern is expected in low and middle-income countries. So what does this mean for Hospice Industry, and why is it challenging for them?

Old age is characterized by severe health complications, including physical immobility, depression, diabetes, arthritis, and urinary inconsistency. That means they will need more assistance from healthcare practitioners and Hospice staff. According to a new study, the growing demand for palliative care has increased due to the higher number of people suffering from chronic illnesses. Besides, in-home care is becoming prevalent among the aging population due to government-sponsored insurance and health benefits.

Government Regulations Propels The Industry

The government closely monitors and regulates the healthcare industry to ensure the safety of patients and medical professionals. Due to the advancement of technology and disproportion of the patient-doctor ratio, the government is more likely to introduce new regulatory laws to meet the growing demands. New policies will be implemented to ensure data safety and privacy in this modern digital time.

Similarly, the public authority has established specific guidelines to ensure the hospice industry must maintain improved services. This incorporates a steady move toward value-based palliative care instead of hospital visits and associated costs.

Technological Advancement in Hospice Market

The market for hospice care is experiencing a significant penetration of new technology. The most prominent players in the industry are continuously launching new technological advancements. They implement new machine learning techniques to learn about patients who need their services early in their sickness and ensure they receive the best home care before their condition worsens.

For example, a US-based hospice company Amedisys Inc. implemented Medalogix’s Muse in February 2022. The software is an ideal pick for the healthcare industry because it allows better end-of-life care for patients as it uses machine learning techniques to predict the transitions of the patients.

The company uses this software to focus on the transitions the patients undergo in the last seven days. Furthermore, Muse, the software, prepares the care team for action if more people need more excellent care for their illnesses.

Telehealth Services are Increasing

In 2021, the U.S. Department and Human Services study revealed that patients now prefer telehealth clinics. The visits to the doctor through telehealth have increased 63 times and risen to 52.7 million from 840,000 in 2019. The drastic rise in telehealth services is the result of the pandemic.

The report showed that many Medicare services offer telehealth services to their patients. In 2020, 8% of visits were to primary care providers, one-third were to behavioral healthcare providers, and 3% were to other specialists. This data reveals that patients visited behavioral healthcare providers more through telehealth care services.

Many believe that the pandemic was the source of motivation for the hospice industry to adopt telehealth care services as a viable option. Since the specialists are providing care services remotely, it allows them to reduce additional costs, become more efficient, and eliminate the risk of contamination by avoiding physical visits.

Difficulty in Talent Acquisition and Retention

The hospice industry needs more staff in different sectors. According to a Medical Group Management Association (MGMA) survey of 673 medical practices conducted on September 20, 2022, 58% of the participants indicated that staffing has become one of the industry’s significant problems currently facing.

One of the survey participants said that sourcing reliable personnel for the doctors became challenging due to a lack of labor. They said they spend extended hours scrutinizing employees and shortlisting candidates who later receive job offers, but they quit within the first three months of their employment. The MGMA survey stats show that in the poll conducted on September 6, 2022, 80% of the 691 respondents felt significant stress and burnout due to excessive workload and extended duty hours. Moreover, the American Organization of Nursing Leadership (AONL) study revealed the significant challenges nurse leaders faced, including staff retention and the workers’ emotional health.

The Bottom Line

The hospice industry has undergone several changing trends. With COVID-19 hitting the world, hospice care shifted to virtual clinics, which made it easier for doctors to provide healthcare services to their patients without risking their lives.

Technological advancements in medicine and medicinal care have allowed the hospice industry to gain multiple benefits by incorporating technology with healthcare services. These trends will keep changing every year while assuring the best care to their patients.

Knight Home Care Financial specializes in handling financial bookkeeping, tax recording, accounting, tax and cost reporting and other services for healthcare organizations. Learn how Knight Home Care Financial can remotely handle all of your financial bookkeeping. Outsource your back office remotely with Knight Home Care Financial.