5 Promising Signs for New Senior Care Business Owners
This is an exciting time be a senior care business owner, and 2018 is the best time to buy a senior care franchise. Today’s post substantiates this claim, pointing to 5 promising signs for new senior care business owners.
- Healthcare spending is skyrocketing. Data from the US Census Bureau shows that healthcare spending has more than doubled between 2002 and 2012. Today, healthcare spending exceed $70-billion annually.Though this may sound like evidence of a national health epidemic, it’s actually quite the opposite. As nutrition and medical science improve, the average life expectancy has increased so that there are more 80+ year olds today than ever before. Though this is great news for Americans, it also puts a significant burden on the healthcare system.
This unprecedented rise in healthcare spending is a serious business opportunity for Executive Care owners.
- The “Graying of America” is underway. The number of Americans over the age of 65 has never been greater, and its increasing at an exponential rate. Back in the 1900s, this population accounted for only 4% of the total population (Spitzer et al., 2004, p. 22). Current estimates suggests that this number will grow to 20% by 2030, meaning that 1 in 5 people will fall within your business’s target audience in the next decade.This paradigm-shifting population change will continue to put huge demand on senior care services.
- The need for intensive care services is on the rise. The over-80 population is also rapidly expanding. Spitzer et al. (2004) notes that the number of Americans over 80 years old will grow to 5.3% of the population by 2030. This will place tremendous demand on the specialized care services that are especially profitable for senior care business owners.
- The demand for senior care services is never going away. People will never stop aging, and as they grow older, they will depend on homecare and other support services. If current trends continue, lifespans will only continue to increase, and as we spend greater portions of our long lives as “seniors,” the healthcare landscape will change to accommodate this new demand. Now’s the time to get in on the ground floor of this exciting industry!
- The popularity of nonmedical homecare is on the rise. Homecare businesses offering pre-assisted living, housekeeping and companionship services are enjoying considerable upticks in demand.For senior care owners, these non-medical services are the perfect introductory packages to offer clients who may take advantage of our full continuum of care later on. Executive Care includes these lighter, non-medical services alongside a full service suite of comprehensive medical care. This allows us to build trust and establish client relationships early in life, which pay off big when these same clients find a need for live-in care as they grow older.
Now is the time to pounce on home care franchises for sale! Senior care is a resilient industry; healthcare spending is skyrocketing; there are more seniors than ever; and the popularity of non-medical services supports serious franchise growth.
Find out more about the best home care franchises for sale at http://www.executivehomecarefranchise.com.