New Hospice News Outlook Report: Providers Focused on Growth Despite Challenging Hiring Environment
Thursday, February 8, 2024
Results highlight the keys to growth and staffing in today's hospice landscape, as well as the technology investments providers are making to bolster those efforts.
CLEVELAND, Jan. 31, 2024 /PRNewswire-PRWeb/ -- Hospice News, a WTWH Media publication, has released the results of its 2024 Hospice Outlook Survey, identifying the top challenges and opportunities for hospice providers in the year ahead.
In summary, respondents indicated:
-- Staffing remains a critical pain point in 2024.
Recruitment and retention will be the top challenge in the year ahead, according to the survey results. Nevertheless, the outlook on staffing is improving year over year.
-- Diverse growth opportunities abound in hospice.
Growth is a focal point in 2024 and will come from a variety of outlets, with joint ventures and partnerships cited as the top growth tactics providers will employ. Of these opportunities, respondents said they believe assisted living offers the greatest pathway to growth, but physician relationships and hospital systems are projected to drive substantial referrals and revenue.
-- Operations is a critical area of opportunity for driving cost savings
and efficiencies, and organizations are willing to spend to get results.
Agency processes and optimization is the top opportunity for cost savings in 2024. In turn, operational process improvement is expected to be the primary driver for technology investment, with the majority of participants citing Electronic Health Record (EHRs) and Electronic Medical Record (EMRs) as the most likely technology investments to yield the greatest ROI.
"As the strains of the pandemic start to ease, hospice providers are in a position to drive robust growth despite the lingering staffing challenges," said Hospice News Editor Jim Parker. "The growing demand for hospice utilization and increased technology adoption across the industry is a compounding force that could finally facilitate a return to pre-COVID revenue and census levels."
Luke Rutledge, Chief Commercial Officer of Homecare Homebase also shared his thoughts on the 2024 Outlook Survey:
"Entering 2024, this survey is a key resource for the hospice sector as organizations pursue their operational, optimization and growth objectives. By closely collaborating with clients, we aim to enhance clinician satisfaction and integrate new features, recognizing the substantial ROI potential of EHR technology. We're keen to see how care providers innovate and form new partnerships with entities like MCOs and ACOs, highlighting collaborative strategies for high-quality hospice care and growth."
The survey was conducted online between October 23 to November 27, 2023. Access the full survey results here.
Hospice News conducted the survey in partnership with hospice EHR and data analytics leader Homecare Homebase, with the objective of learning about how providers are navigating the growing demand for hospice services, and the challenges that come with it.
The results show the views of 143 hospice professionals in a variety of leadership roles and organizations, painting a bold picture of the industry-wide sentiment in 2024 and beyond.
About WTWH Media and Hospice News
WTWH Media is an award-winning, digital-first B2B media and marketing company that connects brand marketers with targeted, hard-to-reach audiences of executives and practitioners. The company serves three core industry verticals including Engineering, Healthcare and Life Sciences, and Foodservice, Retail, and Hospitality. Hospice News is the leading source for news and information covering the hospice and palliative care industries. For more information on WTWH Media, please visit wtwhmedia.com.
About Homecare Homebase
Homecare Homebase is a Dallas-based software leader offering hosted, cloud-based solutions to streamline operations, simplify compliance and boost clinical and financial outcomes for home-based care agencies. Its customized mobile solutions enable real-time, wireless data exchange and communication between field clinicians, physicians and office staff for better care, more accurate reporting and improved revenue cycle management. Founded by industry veterans in 1999, HCHB empowers over 200,000 users to service more than 800,000 patients daily, resulting in over one hundred million visits per year. The company is part of the Hearst Health network. For more information, visit http://www.hchb.com or call us toll-free at 1- 866-535-HCHB (4242).
Media Contact
Robert Holly, WTWH Media LLC, 312-796-9949, rholly@wtwhmedia.com, wtwhmedia.com
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SOURCE WTWH Media LLC
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