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- August 8, 2023 AgingHere: Hospice Ventures, Unique Acquisitions, and Navigating the Non-Medical Landscape
August 8, 2023 AgingHere: Hospice Ventures, Unique Acquisitions, and Navigating the Non-Medical Landscape
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Hospice Ventures, Unique Acquisitions, and Navigating the Non-Medical Landscape
In this week’s email:
Today’s Insight from AgingHere
Expanding the upstream continuum: Hospice operators looking to expand into private duty and homecare
Private Duty Home Care Companies are getting Upstream Too with Unique Acquisitions
Navigating the Complex World of Non-Medical Care, Costs, and Regulations
A Comprehensive Guide to Non-Medical and Medical Home Care Ventures
Today’s AgingHere Survey
Making us laugh this week
AgingHere Referral Program
Today’s Sponsor: Mastering Medicare Podcast (MasteringMedicare.net)
Today’s Insight from AgingHere
The healthcare industry is witnessing an evolution in the domain of non-medical home care. Hospice agencies, particularly those with private equity backing, are diversifying their portfolio and venturing into non-medical home care in search of additional revenue streams and a holistic approach to patient care. This shift towards integration is fueled by several factors: a changing payment model, an interest in more regular patient interactions, and a competitive M&A environment that has seen a spike in deals related to non-medical care. As traditional payment avenues expand to include models like Medicaid and Medicare Advantage, this once-overlooked sector is bustling with activity and strategic investments.
On the flip side, home care agencies are not just sticking to traditional models. They are embracing unique acquisitions to ensure a comprehensive spectrum of services. Best of Care's acquisition of Moving Mentor, a firm assisting families with relocation and decluttering, is a testament to this trend. Similarly, Executive Home Care Holdings’ investment in Grasons Co., and their earlier acquisition of Assisted Living Locators, showcases a strategy aimed at providing clients with an all-inclusive service experience. These acquisitions reflect a broader industry vision – home care is no longer just about health; it's about catering to a more extensive range of client needs, from shifting homes to estate liquidations.
As the home care landscape diversifies, it's imperative to comprehend its intricate structure. At its core, home care splits into two primary categories: non-medical and medical care. Non-medical care, which constitutes a significant chunk of care demands, focuses on aiding clients in their daily activities, allowing them to age gracefully in their residences. This sector is typically easier to navigate due to reduced regulations and overhead. In contrast, medical home care ventures into the realm of clinical support, subject to stringent regulations but offering a comprehensive care model. For entrepreneurs eyeing this sector, initial investments would encompass areas like franchising, marketing, digital presence, and workforce training.
Expanding the upstream continuum: Hospice operators looking to expand into private duty and homecare
Hospice agencies, especially those backed by private equity, are increasingly interested in non-medical home care deals to enhance services and revenues. This trend is driven by the desire to diversify business, embrace value-based payment models, and offer more frequent patient check-ins. Non-medical home care, once sidelined, is seeing an M&A surge, with payment avenues diversifying beyond just private pay, including Medicaid and Medicare Advantage plans. The M&A landscape, however, is competitive with valuations varying based on multiple factors. read more.
Home care agencies are diversifying through unconventional acquisitions to broaden service offerings and revenue streams. Best of Care acquired Moving Mentor, which helps families with relocations and decluttering. This acquisition allows mutual service recommendations, offering a comprehensive care approach. Executive Home Care Holdings bought Grasons Co., an estate sales and liquidation service, and previously acquired Assisted Living Locators. These acquisitions aim to provide clients with seamless, integrated services, anticipating future trends in home care to include a wider range of client needs. read more.
Non-medical care is assistance provided by individuals without medical training, focusing on daily activities such as eating, dressing, and mobility. Understanding the distinction between non-medical and medical care is crucial for optimizing health insurance benefits and securing financial aid. While costs for these services differ nationwide, many financial resources are available, excluding original Medicare. The regulatory landscape for non-medical caregivers varies by state, with some requiring background checks and licenses. read more.
Starting a home care business, especially with the growing trend of aging in place, presents a promising venture. This industry has two main categories: medical and non-medical care. Non-medical home care agencies focus on assisting clients, mainly seniors, with daily activities, ensuring they age comfortably at home. Contrarily, medical home care agencies provide medical care alongside typical support services. The non-medical route is more straightforward with fewer regulations, less overhead, and covers about 80% of care demands. Medical care agencies, while stricter in regulations, offer comprehensive care, ensuring client retention and a broader service scope. Costs include franchise fees, websites, insurance, marketing, and employee training. read more.
Companies that provide non medical services by Microsoft Bing
Health Services of North Texas
Cicoa Aging & In-Home Solutions
American Medical Response
National Institutes of Health
Louisiana Department of Health
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Making us laugh this week:
Me if they make being funny illegal
— K ❥ B. (@kbsoperfect)
1:56 PM • Aug 7, 2023
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Today’s Sponsor: Mastering Medicare (MasteringMedicare.net)
Listen to Mastering Medicare Podcast Episode 23: Medicare broker deep dive - interview with Matt Gibson from 90 Days From Retirement
Companies and programs featured in this edition
Executive Home Care Holdings
Grasons Co
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