Home Health & Hospice
Agencies and programs delivering skilled nursing, personal care, hospice, infusion therapy, and rehabilitation services in home and community settings.
- 6
- Segments
- 22
- Verticals
Overview
Home Health & Hospice covers care delivered in the home — Medicare-certified skilled home health, hospice and palliative care, home infusion, personal care and home-aide services, and private-duty nursing. It is one of the most consolidated and invested-in themes in healthcare, riding the structural shift of care from facilities to the home.
Aging demographics, the cost advantage of home-based care, and Medicare Advantage incentives drive strong growth. Payers have vertically integrated into home health (UnitedHealth/Optum and Humana/CenterWell), private equity has rolled up hospice and personal care, and antitrust scrutiny (the UnitedHealth–Amedisys deal) has accompanied the consolidation.
Market snapshot
- Market size
- ~$243B
- Growth
- ~7.6%CAGR (2017–22, nominal)
- Companies
- ~117,000
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 621610 (home health & hospice) + 624120/624190 (elderly/disabled and other individual & family services).
Business model & economics
- Revenue model
- Medicare/Medicaid reimbursement plus private-pay home care
- Recurring revenue
- High — recurring, episodic and ongoing home care
- EBITDA margin
- 10–20%
- Capex intensity
- Low
- Structural shift of care from facilities to the home.
- Payers vertically integrating into home health.
- PE rolling up hospice and personal care.
M&A deal context
Who’s acquiring
What’s driving deals
- Payer vertical integration into home health.
- PE roll-up of hospice and personal care.
- Aging-demographic and care-shift demand.
Segment classifications
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