Elderly Home Care Business Breakdown: Assessing Senior Care Markets
There has never been a better time to launch an elderly home care business.
That’s a statement so bold it’s liable to be written off as sales pitch, but it’s 100% true. If you’re an entrepreneur looking to get involved in a profitable and rewarding new venture, franchising an elderly home care business is probably your best bet.
In today’s post, we examine how demographic trends, insurance provider support, and healthcare resource scarcity combines to create the perfect climate for success as an Executive Care franchisee.
Senior Demographic Growth Continues to Outpace Expansion of Healthcare Services
The United States’ geriatric population has never been as big as it is today, and this demographic growth is showing no signs of slowing down. Since 2011, the Baby Boomer generation has been turning 65 at a rate that our current healthcare infrastructure simply wasn’t prepared to support. Estimates by the United States’ Census Bureau project that the over-65 senior population will swell to over 83.7-million by the year 2050. To put that staggering figure in context, that’s almost twice the number of over-65 seniors alive today – and our healthcare system is already struggling to keep up.
Senior Care Healthcare Shortages Remain Unaddressed
“Where have all the nurses gone?” (Heinz, 2004, p. 44).
Even before the Baby Boomers began aging past 65, an article appeared in the peer-reviewed Dimensions of Critical Care Nursing journal where researchers sought to answer this simple question.
Heinz (2004) noted that young people were increasingly being attracted to non-nursing jobs more than a decade ago. This decreased enrollment in nursing schools coincided with financial constraints in healthcare, hospital restructuring and reengineering, and the retirement of an aging nursing workforce, which left the healthcare system extremely short on staff (p. 44-45). And while much effect has been made to increase nurse retention and enrollment since, our healthcare system is still stretched thin.
Assessing Elderly Home Care Business Implications
So what does this all mean for you, the reader?
Members of the over-65 demographic have intensive healthcare needs, and our healthcare infrastructure is struggling to provide them. Additionally, most seniors have indicated that they would rather go forward with in-home care options than relocate late in life; at the same time, favorable reimbursement policies by insurance providers boost the growth of the senior care sector. In other words, the demand – and opportunity – for elderly home care business services has never been greater.
Prospective business owners still have time to “get in on the ground floor” of the senior care industry. The global elderly care services market generated $180-billion in revenue in 2014. Growing at a compound annual growth rate of 6%, some estimates figure it will have reached $300-billion by 2020. The profitability of this sector will only continue to rise as we approach the 2050 landmark.
Building Better Elderly Home Care Businesses with EHC
If you’re interested in taking advantage of this unprecedented market trend, visit http://www.executivehomecarefranchise.com to learn more about our national brand. We offer top tier training and support, a trusted brand name, and the opportunity of a lifetime! Book your free consultation today.
Heinz, D. (2004). Hospital nurse staffing and patient outcomes: a review of current literature. Dimensions of critical care nursing, 23(1), 44-50.