Why Starting a Home Care Agency Makes Sense – EHC’s Comparative Industry Analysis
The number of senior citizens in America is growing at an unprecedented rate. The Baby Boomer generation is comprised of roughly 78-million men and women born between 1946 and 1964, and they’re now aging past 65 at a rate of over 8,000 citizens per day. By year’s end, America’s over-65 senior demographic will have increased by nearly 3-million. By 2025, our nation’s care providers will be tasked with overseeing the health and daily needs of more than 72-million seniors, which is more than double the number currently requiring care.
The Economic Impact of Aging Baby Boomers – How Does Senior Care Stack Up to Other Industries?
The financial implications of the sudden rush of aging Baby Boomers are vast. Notably, the costs of federal-entitlement programs like Medicare and Social Security are projected to skyrocket; in 2008, Medicare expenditures were calculated around $386-billion, but this cost is projected to surpass $800-billion by 2018. This more than 100% growth, something that cannot be said for other industries, including goliaths like:
- Fast food: The fast food industry is thought of as a mainstay, and is one of the first that comes to mind when the word “franchise” is heard. Still, in 2015, the US fast food industry’s total revenue was over $200-billion, or 25% of what starting a home care agency gives you access to.
- Retail: The US retail industry is a giant, with retail sales reportedly totaling over $1-trillion in 2015. Though this may sound attractive, the devil’s in the details! Though its number are enormous, the retail industry is seeing a decrease in growth compared to its historical trends, something economists have chalked up to increasingly urgent social marketing campaigns stressing the need to depart from our consumer tendencies.And yet, while society tells us to decrease our consumption habits, the need for senior care continues to swell. Compared to the senior care industry – which more than doubles in value from 2008 to 2018 – the 2% growth from 2014-2015 in the retail world (which we can extrapolate to 20% growth over a decade) is no longer very impressive. Which would you choose from a profitable, sustainable career?
The Medical Impact of Aging Baby Boomers – What Kinds of Care Are Needed?
Growing numbers of senior citizens in America bring with them increasing need for elderly care services. As they continue to age, many will begin to experience health problems including:
- Impaired mobility. Health studies indicate that over 40% of seniors between the age of 50 and 64 have reported mobility problems, and these issues typically worsen with age.Our team has developed comprehensive care services catering to clients of all mobility levels. Our caregivers are specially trained to assist clients with spine and brain injury, disabilities, surgical impairments, and chronic injury from accidents. In doing so, we’re able to give America seniors back some degree of mobility and independence, and ensure our franchisees can secure mutually beneficial care contracts with as many clients as possible.
- Alzheimer’s disease, dementia, and other forms of mental/physical illness. Over 5-million people suffer from mental health issues like dementia and Alzheimer’s, and mental health research projects an incidence of over 13-million cases in the 65-and-over population by 2050.At Executive Home Care, we’ve made mental health one of our priorities as part of our specialized care service. Our caregivers are specially trained to address conditions including: Alzheimer’s and dementia, MS, Parkinson’s, ALS, spine and brain injury, and more.
- Stroke. Over 750,000 strokes occur in the United States every year, and more than 75% of stroke victims are aged 65 and over. As a result, anybody starting a home care agency should ensure their chosen franchisor has developed competent training and response strategies for clients who may suffer from strokes. Though this is specialized form of care is often overlooked, the Executive Home Care team includes stroke-specific care strategies in their training system.
Interested in starting a home care agency? Visit http://www.executivehomecarefranchise.com to learn more.