Theology health system announced a new joint venture with home care provider Compass Expanding its reach in the home health market. The “Providence at Home with Compassus” joint venture will offer a comprehensive range of services, including home health, hospice, community-based palliative care and specialty care services.

Under the partnership, Compassus will oversee operations at 24 home health centers in Alaska, California, Oregon and Washington, as well as 17 hospice and palliative care facilities in Alaska, California, Oregon, Texas and Washington. According to Providence Chief Financial Officer Greg Hoffman, the initiative addresses the growing demand for home health and hospice care in the aging population. By expanding home health services, Providence aims to shorten hospital stays and improve post-acute care options by allowing for higher patient volume in acute settings.

This expansion aligns with Providence’s efforts to improve patient processing efficiency and increase revenue following financial disruptions during the pandemic. Providence recently achieved operational profitability in the first half of its fiscal year, thanks in part to the following initiatives: Reduce patient length of stay by 4%.

The global home health market is expected to reach $666.9 billion by 2030due to increasing demand among the aging population and increased adoption of telehealth.