Can Hospice Philanthropy Keep Up with Rapid Industry Growth?

With the aging Baby Boomer population, the need for hospice care is forecasted to expand at a compound rate over the next decade. Will the philanthropy industry be able to keep up?

According to data collected by research groups like Grand View Research and their report on U.S. Hospice Market Size, “the U.S. population aged 65 years and above is expected to reach 95 million by 2060 from 52 million in 2018.” That data was pulled directly from the Population Reference Bureau and indicates a growing urgency for stronger hospice fundraising programs.

In 2021, the hospice market was valued at 32.1 billion, and the increase in census is “expected to expand at a compound annual growth rate (CAGR) of 8.20%” through 2030.

Even though reimbursement rates are projected to increase alongside the industry need, philanthropy programs will have to scale at the same rate to support the out of pocket costs for nonprofit hospice organizations.

Are you positioned for an 8-9% growth in your philanthropy YoY for the next decade? For some organizations, the answer is a resounding “yes!”, but others may need to adjust their philanthropy strategic plan to continue to support their mission at the same level.

Want to step up your own hospice fundraising program? Schedule a free call with us to talk through some options!