The U.S. hospice market size is estimated at $35 billion in 2022 and forecasted to grow to $65 billion by 2030, making the hospice sector within the healthcare industry one of the fastest-growing matured industries in North America, especially in the post-COVID pandemic era.
The pandemic exposed healthcare's lack of trained professionals and the need to increase the use of systems that can enable autonomy and better communication capabilities. The new partnership will help Parrish Hospice Care improve the needs of hospice patients, either within their own homes or at strategic healthcare centers of choice, with advanced technology while effectively minimizing human errors.
What is hospice?
Hospice is intensified, comprehensive care for patients with a terminal diagnosis. It is designed to address the physical, psychosocial and spiritual needs of the terminal patient, their family and loved ones. Delivered by a team of specialists, the care focuses on pain management, coordination of care, communication, decision making and quality of life and the afterlife.
Who pays for hospice?
Medicare pays 100%. Most private insurance plans also offer hospice coverage.
How is the hospice market in the Ohio-Michigan area?
While the hospice market in Ohio and Michigan is largely dominated by a few industry giants, such as Hospice of Northwest Ohio and ProMedica Hospice, few private companies have expanded there to date.
Parrish Hospice Care is ideally positioned to offer patients full hospice care capabilities, compassionate care and exceptional personal service. Collaborating with Blackstar Investments will also provide Parrish Hospice Care with a local and personal connection with patients in the heart of the Northwest Ohio-Michigan region; therefore, enabling the growth of both businesses locally. The investment promises 75% ROI over a three-year period.
“We see the hospice market in the Northwest Ohio-Michigan region as a major opportunity to fulfill our passion for the healthcare industry while supporting the growth and success of our bottom line,” said Mr. Emmanuel Tenkorang, President of Blackstar Investments. “The launch of this partnership earlier this year was a very important milestone in the strategic principle of diversifying our portfolio in the U.S and also on the world stage. I am delighted to be leading the business in such an important market and I’m looking forward to building on our success across Northwest Ohio and Michigan and partnering with ambitious businesses to help them reach their potential.”
Reneesha Parrish, RN, BSN, is a home health and hospice guru with 25 years of experience and will be leading the expansion efforts in the Northwest Ohio-Michigan region.
Emmanuel Tenkorang, PMP, MSc, is a globally experienced business investor with a demonstrated history of growing businesses in the technology and services industries.
For more information about Parrish Palliative and Hospice Care, visit www.parrishhhc.com.
To learn more about Blackstar Investments Inc., visit www.blackstarinvestments.com.
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