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4 things to remember before starting a hospice business

On Behalf of | Feb 29, 2024 | Healthcare Business

The United States population is aging. Currently, there are around 45 million people over the age of 65. It’s expected to double by 2050.

With change comes opportunity, and one clear one lies in caring for this aging population. Here are some things to consider if you want to start a hospice business:

Make sure you understand the industry

There are plenty of easier ways to make money than running a hospice. Be sure to learn more from people with industry experience to ensure it is right for you. Your clients will be people in the later stage of life who deserve respect and kindness. Many will have complex needs that require a workforce to go above and beyond just ‘doing their job”. The industry suffers from staff shortages that can affect your ability to keep clients happy and run a successful enterprise.

Get all necessary permissions

The hospice industry is highly regulated, even more so after The U.S. Centers for Medicare & Medicaid Services (CMS) finalized its hospice Special Focus Program (SFP). You must get all the required licenses and permits before moving too far ahead. Failing to do so could lead to fines and closure.

Do your math and secure the funding

Do not underestimate the costs of entering the industry, and remember, it is not the place to cut corners. If you are not confident of securing adequate funding, it may be better to look at another business idea.

Remember, business is a legal matter

If you believe you can meet all the requirements and wish to proceed, ensure you get experienced legal help to set things up correctly. It will provide you with the foundation to move forward with confidence.