Posted on Monday, March 2, 2020 1:58 PM
Despite providing 50% of palliative care, hospices struggle to turn a profit or to break even. Organizations are turning to innovative models and working to develop payer relationships to turn the tide.
“I anticipate a significant change in the hospice arena for the next five to 10 years, and forward-thinking groups need to prepare themselves to move upstream and be ready for reimbursement changes from the traditional model,” Timothy Ihrig, M.D., chief medical officer for Crossroads Hospice & Palliative Care, said in a recent Hospice News webinar on the growth of palliative care in the United States. “Many are looking to mitigate financial risk associated with high-cost, high-need patients. We’re seeing a transition; it’s been underway for many years and still needs to evolve to full maturity — of accountability for outcomes and patient care rather than [the health care system] just doing things to people.”
Palliative care can cut hospital costs by $3,000 per patient, and even more if the patient has four or more diagnoses. According to a study from Florida TaxWatch, home-based palliative care could reduce health care costs by $103 billion in the next 20 years.
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