Hospice care is one of the most important elements in end-of-life care. When it comes to hospices, there are many options for patients and families that need help with their final wishes or who want to make sure they have the best possible quality of life in their last days.
Hospice care does not revolve around just one specific thing, but rather a combination of different types of services. As it relates to end-of-life medical care, there are three main elements that make up hospice: medication management; the ability for loved ones to come and see them in their home or facility; and emotional support through licensed professionals.
To get the most out of your family member’s journey through end-of-life, it is important that you know what will happen when they are in hospice and why this might be a good choice for them.
Mergers and acquisitions are becoming a more common part of the business world. CEOs and upper management are constantly looking for ways to expand their companies in new directions or solidify existing business ventures. Hospices are no exception to this trend, and it’s important for families that are considering hospice care to understand about hospice mergers and acquisitions that are happening in the industry.
Hospices that are for-profit companies have to be acquired by another company in order to stay open. This is not true of nonprofit hospices, but the reality is that most hospices are owned and operated by large insurance or healthcare organizations. When a hospice gets sold, it does not affect the care that your family member can receive. The staff and nurses will be no different, nor will their ability to help you during this difficult time.
Another thing to know about hospices is it is a very competitive field with many opportunities available for those who want them. For instance, it is not uncommon for a nurse who works at one hospice to be recruited by another, due to the need for more medical professionals in this area. This does not mean you will lose your caregiver, but it can lead to some transition time if their new job means they have to move or commute further than before.
There has been a recent surge in acquisitions of healthcare facilities. This is a trend that has been going on for some time now, but it does not seem to be slowing down or showing signs of stopping. Hospices are an incredibly important part of the healthcare industry and if your organization decides they want in on this market, you may find yourself looking at job opportunities as well as those available for your current staff members.
There have been a number of hospice acquisitions and mergers in recent years. For example, Bristol Hospice is being sold off by PE firm Webster Equity Partners to a price rumored to reach $1 billion. Encompass Health has also announced its interest in some form of transaction for hospice and home health.
Covid-19 has also been a significant factor in the increase of hospice transactions. Numerous businesses are aiming to recoup losses from the pandemic by selling hospice assets at a high price. This trend can be observed in almost every other business, not only in hospice care.
There are concerns regarding the rise in private equity firm presence in health care services. It is important to keep in mind that when it comes to these acquisitions, not much will change for those who need hospice care and their families. The staff members are still going to be there day-in and day-out to offer the care your family member needs.
There are a variety of factors that go into consideration when it comes to which hospices are to be acquired. For instance, if a hospice is located in an area that is not profitable, the company might decide it’s best to sell and put the money towards more successful ventures. On the other hand, if a hospice is located in an area with high patient turnover and an increased need for care, it might be a good fit for acquisitions.
Companies looking to acquire other hospices also consider if they already have a presence in that particular area or not. If they do not, they may see a hospice as an opportunity to expand their reach or solidify existing relationships. These acquisitions are not uncommon and can be beneficial for all parties involved.
Acquiring a hospice in an area where a company already has other healthcare assets can help streamline their businesses by having different types of healthcare facilities in one place. This is especially helpful when these different establishments make use of similar resources.
Another factor to consider is when companies are in the same industry, or if they are in an industry that is adjacent to palliative care. It stands to reason that a company that has other hospice facilities would know better when it comes to handling such businesses. However, other healthcare companies can also branch out into palliative care by acquiring a hospice.
Other factors to consider when it comes to a hospice acquisition include the company’s experienced leadership, their ability to handle financials and profit margins, and if they have an established office in that particular area or not. Acquisitions can be beneficial for all parties involved as long as everyone is on board with the change coming their way.