Hospice care occupies a specialized and growing niche in the healthcare economy as a comfort to the dying and their families, and a potential cost-saver for Medicare. With baby boomers now hitting their seventh decade, hospice is expected to become an even more important part of the healthcare landscape.
The ability to provide excellent end of life care in a cost-effective manner is the goal of every hospice agency. Unfortunately, the business of hospice is becoming more challenging each year as both competition and operational costs continue to rise.
According to a 2016 MedPAC (Medicare Payment Advisory Commission) report, the 2013 average hospice cost of care was $147 per day, an increase of 1.4% from 2012."