Finding the Best Senior Care Franchises: Reviewing Research from 2016
The senior care industry is changing every day. As you continue to research senior care franchise opportunities, ask yourself: are my facts up to date?
In today’s post, the Executive Care team reviews some key findings from 2016 market reports to help prospective franchisees make the best business decisions this fiscal year.
Senior Care Lessons from 2016: Why Choose Executive Care in 2017?
- The growth of the senior population continues to stagger analysts (and excite prospective franchise owners!). Expanding on previous findings, America’s senior population (age 65 or older) is projected to increase by more than twice its current size, from 46-million today to over 98-million by 2060. This will increase the demographic’s share of the total population from 15% to nearly 24%.
- Longer lifespans are changing our care needs. Advances in medical technology, dietary knowledge, and socioeconomic standards have increased the lifespan of the average American to an unprecedented high (Rowe et al., 2016, p. 1644). Today, most people will live past 65, and many will live past 85; according to Rowe et al. (2016), the population of Americans aged 85 and older is the nation’s “most rapidly growing segment” (p. 1643).
With the growth of the over-85 population, Rowe et al. (2016) have expressed concerns about potential increases in extreme frailty and disabling diseases (p. 1644). At-home senior care services improve quality of life and safety for individuals suffering from these ailments, so it follows that the demand for live-in, specialized, and skilled care services will boom in 2017.
- America’s senior population requires more diverse home care services than ever before. Aging Baby Boomers have different needs; some are physical, as with clients who rely on our Skilled and Specialized care for their mobility and everyday tasks of living. Others are emotional and social, as we can see with clients who require Companionship Services. Furthermore, chronic conditions sometimes emerge in pairs, which means the demand for dynamic care teams is growing. Rowe et al. (2016) posit that key opportunities for progress involve the ability to care for multiple chronic conditions at once. Executive Home Care’s staff are equipped to provide care for those suffering from brain and spinal injury, MS, Parkinson’s, Alzheimer’s, dementia, serious personal injury, and more. You can browse our list of services and learn why we are so well prepared for America’s changing care needs at http://www.executivecarefranchise.com.
- New research suggests that seniors want care in different settings – not just at the retirement center. Rowe et al. (2016) share senior care best practices in their September 19th report, Preparing for Better Health and Health Care for an Aging Population. One recommendation involved offering care options in varied setting (p. 1644); rather than bringing the patient to a care center, the “transitional care model” suggests that making care available at-home, on-call, and during daily life has improved patient care experiences, health, and quality-of life outcomes (p. 1644). In other words, we know that clients will be looking for senior care businesses that offer care they can deploy in any setting. With this in mind, Executive Care’s multi-setting model makes sense for prospective franchisees looking to participate in these key opportunities this fiscal year.
On behalf of the Executive Care team, we hope these findings inform your franchise research!
Rowe, J. W., Fulmer, T., & Fried, L. (2016). Preparing for better health and health care for an aging population. Jama, 316(16), 1643-1644.