By any indicator, the hospice industry is experiencing growth as more families see the value in end-of-life services for their loved ones. Today there are more than 4,300 hospice agencies in the U.S., which is a 43% increase in the number of hospices since 2006, according to the Office of Inspector General (OIG). However, this growth has come with increased regulatory scrutiny and reimbursement pressure that is forcing many hospices to rethink how they manage their operations and deliver care in order to stay compliant and maintain a financially sustainable business.
Whether you’re a start-up or a well-established hospice agency, navigating these changes is no easy task. You need solid strategies in place to help you compete for referrals and meet your financial goals. We’ve compiled a number of resources designed to help you address these challenges and get your agency on a strong growth path.
Below is a preview of tips from hospice expert Deb Beaty. To get more tips from her and other advice, watch the full-length video, read our tip sheet or view the webinar, “Hospice Growth Strategies for Agencies of Any Size.
A strong billing in financial program is also of the utmost importance because if you're losing revenue with denials you're impeding your growth, really, because you don't have that cash flow coming in. Another tip would be maybe outsource that billing because there's experts out in the field of hospice that will do your billing for you and kind of take that pressure off of your platter. And most generally, those billing services can get your claims out the door 99% of the time clean the first time.