Meeting America’s Care Demands: Diversifying Senior Care Revenue Streams
Diversifying senior care revenue streams may sound like a sophisticated business strategy, but it’s really quite simple.
At its most basic, a “revenue stream” is just another word for a source of income for your business. The “stream” may be small or large, but it never constitutes your entire revenue – think of that as the ocean that your various streams run into.
Broadly speaking, businesses want as many revenue streams as possible. When properly managed, this approach allows businesses to protect themselves against dramatic market shifts and maximize profitability. Diversifying senior care revenue streams is particularly important in our industry because it allows owners to help more members of the community.
Today’s post explains how Executive Care diversifies senior care revenue streams to meet America’s increasing demand for qualified support services and help franchisees generate impressive (and resilient) returns on their investment.
Foregrounding America’s care needs
First, let’s take a quick look at what studies show about America’s changing care demands.
- The demand for general senior care is spiking. The Social Work in Health Care journal predicts that America’s elderly popular will double from 35-million today to more than 70-million by 2030 (Plassman et al., 2007, p. 125). No other industry can say that their target market is effectively doubling in the next decade, which underscores the massive demand for general senior care.
- Homecare services are in great demand. Nearly 90% of seniors prefer to stay in their homes and receive care that they might otherwise need to travel or move into senior residences to acquire, according to one AARP study.
- Intensive homecare services are badly needed. Thanks to advances in medical science and nutrition, America’s seniors are living longer than ever before, with the over-80 population expected to skyrocket to 5.3% of the whole by 2030 (Spitzer et al., 2004, p. 23). With greater numbers of older Americans, the demand for specialized and intensive live-in care is increasing.
- Dementia rates show specialized care demand is on the rise. Research by the Social Work in Health Care journal shows that dementia and Alzheimer’s disease are still highly prevalent, with rates measured at 13.9% and 9.7% of the population accordingly (Plassman et al., 2007, p. 125). More Americans suffering from dementia means more demand for specialized care services.
Executive Care has expanded its service package to accommodate these four major care needs, making skilled care, specialized care, and live-in care programs available. But that’s only the tip of the iceberg.
Diversifying senior care revenue streams
In addition to the aforementioned senior care services, Executive Care offers additional senior care revenue streams, as well as those targeting non-senior clients. Our franchisees enjoy greater return on their investment and job satisfaction by offering the following care services in addition to core senior care packages:
- Long-term care insurance
- Supplemental staffing
- Veterans assistance program
- Personal care service
- Companionship service
- Homemaking service
- Transportation service
Offering more than 10 different support services, Executive Care is quickly becoming a one-stop-shop for America’s broad care needs, which is great news for franchisees who are already enjoying booming demand for their core packages.
You can learn more about each individual service or explore our opportunity in greater detail at http://www.executivehomecarefranchise.com.
Plassman, B. L., Langa, K. M., Fisher, G. G., Heeringa, S. G., Weir, D. R., Ofstedal, M. B., & Steffens, D. C. (2007). Prevalence of dementia in the United States: the aging, demographics, and memory study. Neuroepidemiology, 29(1-2), 125-132.
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.