Finding Unbiased Senior Care Industry Analysis in 2018
A quick Google search for “senior care opportunities” yields more than 13-million hits in under a second. That’s a lot of information, but how do you know who to trust?
You’ll find that the majority of information is being published by businesses trying to sell you something. And there’s nothing wrong with that; many, like ours, have legitimate opportunities that deserve investors’ attention.
The real problems arise when you realize how few of these companies’ claims are supported by reference to concrete studies. And here’s the hard truth: any senior care industry analysis that isn’t supported by real research is full of biases. Unfortunately, that’s human nature, the desire to make a good first impression, that motivates people to dress-up statistics and paint a prettier picture than reality provides. It’s understandable, but completely unacceptable if you’re looking for a serious senior care industry analysis to inform your investment decision.
So then how do you find accurate information with so many interest groups and shareholders trying to sell you on their opportunity?
The answer: industry journals.
Journals like Nursing Outlook and Social Work in Health Care exclusively publish scholarly, peer-reviewed, and refereed articles that undergo the most rigorous review process in academia. In simple terms, nothing gets published without being subjected to the scrutiny of experts in the same field of study whose job it is to find flaws. These methods are employed to maintain strict quality standards, improve research performance, and eliminate credibility-crushing biases.
This is where your research needs to take place.
With today’s theme in mind, this post shares a few relevant stats to help your senior care industry analysis for 2018, taken straight from industry sources. And these findings are just the tip of the iceberg; if you’d like to read more about any of the findings published here, full reference information can be found below.
Reviewing the research: 4 factors to consider in your senior care industry analysis
- The senior population is expanding at record speed. Social Work in Health Care reports on the “Graying of America,” noting that 1 in 5 people will have aged past 65 by 2030 (Spitzer et al., 2004, p. 23). This growth is attributed to a number of factors, including the Baby Boom population and advances in medical science and wellness. But whatever the cause, it’s gotten the attention of senior care business owners and investors alike.
- Informal care is an emotional and economic burden. According to the Journal of Health Economics, care providers who remain working experience a decrease in work by 3-10 hours per week, and receive wages 3% lower than non-caregivers (Van Houtven et al., 2013, p. 240). Senior care businesses like ours relieve informal caregivers of the stress of round-the-clock caregiving, and also reduce the economic impact placed on families. This is one reason why communities have celebrated the opening of Executive Care facilities across America.
- The majority of “new” seniors want home care service. According to research by Nursing Outlook, 92% of seniors 65 to 74 want to remain in their current residence for as long as possible (Rantz et al., 2011, p. 37-38). This tendency increases as they age, with rates measured above 95% for those over 75 (p. 38). This promises continued high demand from America’s booming senior population.
- Senior care businesses make aging Americans happier. A four-year state-sponsored research initiative into the efficacy of long-term home care models revealed a client satisfaction rating of 94% (Rantz et al., 2011, p. 45). It’s not often you find opportunities that are both emotionally and financially rewarding, but senior care is one of them.
Looking for more research findings? Full senior care industry analysis available at http://www.executivehomecarefranchise.com.
Rantz, M. J., Phillips, L., Aud, M., Popejoy, L., Marek, K. D., Hicks, L. L., Miller, S. J. (2011). Evaluation of aging in place model with home care services and registered nurse care coordination in senior housing. Nursing Outlook, 59(1), 37-46.
Spitzer, W. J., Neuman, K., & Holden, G. (2004). The coming of age for assisted living care: New options for senior housing and social work practice. Social Work in Health Care, 38(3), 21-45.
Van Houtven, C. H., Coe, N. B., & Skira, M. M. (2013). The effect of informal care on work and wages. Journal of Health Economics, 32(1), 240-252.