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The certification reflects a growing trend of hospices pursuing disease-specific certifications or programs as a way of diversifying their services within the MedicareHospice Benefit. VITAS is the first national hospicecompany to earn the AHA certification, though some local and regional hospices have done so.
Hospice leaders have kept their eyes on four key numbers as 2022 progressed: clinical capacity, length of stay, labor costs and utilization. A fifth, the rising number of new hospices in certain states, has emerged as a priority in recent weeks. These metrics are key to understanding what hospices experienced this year.
In 2022, the hospice community laid the groundwork for a transformational 2023. During late 2021 and 2022, the U.S. Centers for Medicare & Medicaid Services (CMS) developed new approaches for enforcing hospice regulations that will become effective on Jan. 3–6 Big Provider, Payer Hospice Deals.
Labor shortages and other headwinds have battered hospices during 2022, including large companies. This year brought the return of Medicare sequestration, and pandemic-driven disruption in referral streams are lingering. Acquisitions have contributed roughly $65 million to Addus’ bottom line thus far in 2022.
Though hospice deal volume dipped in 2022 compared to previous years, five particular transactions could paint a larger picture of where investors see value in the space. These interesting, unusual or groundbreaking deals could signal what’s to come in 2023 and help shape the hospice market’s long-term future. s (NYSE: HUM) $2.8
A hospice physician in California is facing up to a decade in prison after pleading guilty for their involvement in a kickback fraud scheme that bilked Medicare of nearly $30 million. Contreras served as a physician for two Pasadena-based providers, Saint Mariam Hospice Inc. and Arcadia Hospice Provider Inc. The FBI, U.S.
Referral rejection rates among hospices reached a record high of 41% in 2022, according to data from CarePort, a WellSky company. While some hospicecompanies reported hiring and capacity gains in 2023, often driven by bonus programs, the problem persists for many providers.
Rumors that the company would come up for sale began circulating earlier this month following reports from the Wall Street Journal, which also reported that Amazon was in the running as a buyer. None of the companies are commenting to the media about a potential sale or bids. Signify earned $246.2
Frontpoint Health has completed its acquisition of the Texas-based home health and hospicecompany High Plains Senior Care Group (HPSC). The HPSC deal expands Frontpoint’s footprint and builds density in markets the company already serves, according to CEO Brent Korte. Financial terms were undisclosed.
Medicare Advantage organization SCAN Group has invested an undisclosed dollar amount in tech-enabled hospice startup Guaranteed. The move comes nearly a year after California-based Guaranteed launched in August 2022, when founder and CEO Jessica McGlory began her own provider company two years after her father passed away.
Kevin Sarkisyan, of San Gabriel Hospice & Palliative Care, pleaded guilty to one count of conspiracy to defraud the government for his involvement in submitting false enrollment applications to Medicare that hid the “real owners of a hospicecompany,” according to court documents.
The practice appears to stem from a rash of newly licensed hospices that have emerged in California, Nevada, Texas and Arizona. Some of these providers have secured licenses, as well as Medicare certification and, sometimes, accreditation. In that time frame, Nevada saw 56 newly certified hospices, and 369 emerged in Texas.
Four national hospice and senior care industry groups have called on Congress and the U.S. Centers for Medicare & Medicaid Services (CMS) to make regulatory and legislative changes to instill stronger program integrity safeguards. The Hospice Program Integrity plan lists 34 recommendations that center around five key areas.
(NYSE: EHAB) is continuing to mull over a potential sale, with executives providing few details as the company determines its next steps. The Dallas-based home health and hospicecompany has been digging into a strategic review process since August that could result in a possible sale or merger of some or all of its assets. “As
A coalition of hospice industry organizations recently urged the U.S. Centers for Medicare & Medicaid Services (CMS) to examine the issue and to consider actions like targeted moratoria on licenses. The agency will also implement a hospice program complaint hotline through which the public can report issues to CMS.
The Texas-based home health and hospicecompany VitalCaring Group was built largely through acquisitions, and the company expects to step up that strategy in 2024 with an emphasis on hospice. Centers for Medicare & Medicaid Services (CMS)] implements that. That keeps me up at night.
SEIU analyzed Medicare claims data showing that the average hospice transfer rate among HCA hospital discharges was nearly 40% above the national average in 2021 and represented a 50% growth rate over four years. For one, hospice utilization has been on a steady upswing nationally for several years. told Hospice News.
Lauren O’Dwyer, CFO at Anvoi Hospice and Anvoi Management, LLC, has been named a 2022 Future Leader by Hospice News. Centers for Medicare & Medicaid Services (CMS). As a controller, I have my hands in nearly everything to impact the hospicecompany as a whole, not as just a specific department or area.
You have to have that reverse engineer look at [hospice billing] in the financial model.”. Compared to other health care settings, hospices lack diversity in revenue streams such as private insurers and Medicaid funding. Through the hospice benefit, Medicare covers nearly 90% of a provider’s patient care revenue.
Regardless of providers’ disparate methods, hospice remains a high-growth industry, expanding at an annual rate of 7% to 8% annually, Bank of America (BofA) Global Research reported in TKTK. By 2030, the hospice market’s total dollar value is expected to nearly double, reaching $64.7 billion, up from $34.5
The company has pledged to deploy $50 million to $100 million on deals during 2022 and plans to open 10 new locations. Earlier this month, it acquired Caring Hearts Hospice in Texas for an undisclosed amount. . There are a lot of home health and hospicecompanies where the idea is just to get bigger and put more dots on the map.
The recent entry of large numbers of newly created hospice organizations in several states has heightened long-standing concerns among hospice leaders (as shared with CMS in November 2022) about the adequacy of Medicare certification, accreditation, and enforcement processes.
Hospice leaders will need to keep their eyes on five key trends in the new year when it comes to compliance, business operations and finance. Hospice utilization reached 51.7% The number of hospice care days also saw increases, as did average length of stay and average number of patient visits per week.
Despite a cool down in the hospice mergers and acquisitions market during the first quarter of 2022, private equity firms have stayed aggressive on deals. About 30% to 50% of home health and hospice transactions in 2021 involved private equity, according to the M&A advisory firm The Braff Group.
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