DUBLIN--(BUSINESS WIRE)--The "Home Care Market Report" report has been added to Research and Markets' offering.
The home care market was valued at $100 billion in 2016, and is projected to reach $225 billion by 2024.
Two factors in particular are driving this growth: an aging population adding more seniors to the market, and lower overall costs for home care when compared to other post-acute care settings. As the market continues to grow, the number of companies providing home care services is expected to increase from 37,000 in 2016 to nearly 46,000 by 2021.
Home Health Agency Margins Remain High
- Home health agency profit margins for the largest payer, Medicare, have exceeded 10% each year for 14 years beginning in 2001.
- The Centers for Medicare and Medicaid Services (CMS) currently recognizes 11,802 companies as Medicare certified home health agencies.
- Hospice Care Growing Rapidly More than 4,000 agencies offer hospice care nationwide, providing care to 1.34 million annually.
- Medicare is the largest single payer in hospice care, providing the market segment with 90% of its revenues.
- From 2016 to 2019, Medicare spending on hospice care is projected to grow from $18 billion to $21.6 billion.
DME Providers Face Increasing Challenges
Competitive bidding has contributed to reduced Medicare spending on DME products and services.
- Because of deep reimbursement cuts, DME products are covered at an average of 88% of the cost of providing them.
- The industry is consolidating quickly due to the impact of the competitive bidding program and other factors.
Key Topics Covered:
1. 2017 Home Care Market Overview
2. Home Care Services Shift Towards Skilled Nursing
3. Number Of Home Care Beneficiaries Projected To Grow 18% By 2021
4. Age Demographics Impact Demand For Home Care Services
5. Senior Housing Shortages Expected To Begin In 2025
6. Home Care Providers Struggle To Compete For Talent
7. Home Care Occupations Projected To Have The Most U.S. Job Growth
8. 73% Of Home Health Services Are Paid For By Medicare, Medicaid
9. Home Health Agencies Experience Medicare Revenue Declines
10. Home Health Medicare Margins Targeted For Cuts
11. Medicaid Spending Expected To Grow As Payer Mix Shifts
12. Operating Characteristics Vary Little Between Most Efficient And Least Efficient Providers
13. Medicare Margins Vary Despite Similar Operating Characteristics
14. Tech Used To Assist In Aging In Place
15. Hospice To Continue Rapid Growth
16. Hospice Patients Are Older, Require Additional Resources In Later Stages
17. $14.4 Billion in Long-Term Care Mergers And Acquisitions Deals In 2016
18. DME Spending Projected To Reach $70.7 Billion By 2025
19. Competitive Bidding Drives DME Reimbursements Below Costs
20. Competitive Bidding Lowers DME Utilization, Drives Consolidation
21. Total Number of DME Companies Projected To Shrink 11.1% By 2019
22. 19 Of Medicare Top 25 DME Products/Services Had Medicare Spending Declines In 2015
23. GHX Reports $45.1 Billion In Sales Through Distribution in 2016
For more information about this report visit https://www.researchandmarkets.com/research/689v7r/home_care_market
