A Closer Look at Senior Care Franchise Opportunities
Today’s post takes a closer look at the value of current senior care franchise opportunities by assessing 4 major sources of revenue: homemaking, companionship, skilled care, and specialized dementia care. Read on to learn whether your prospective care franchise is ready to capitalize on long-term care trends.
Homemaking Services — The Perfect Senior Care Sales Funnel
When seniors start to struggle with the activities of daily living (ADLs), home maintenance is one of the first things to go.
And thus begins a slippery slope–the more we neglect the home environment, the greater our risk of physical and psychological issues. You’ve heard the old sayings–messy house, messy mind. And clutter creates dangerous slip-and-fall hazards.
Housekeeping services aren’t anything new, and they won’t make you massive profit on their own. But they do act as effective “sales funnels” for seniors who will need more intensive support over time.
That’s why Executive Care offers a comprehensive housekeeping service that also supports seniors with the ADLs. Many of our most loyal clients started as one-a-week housekeeping visits.
Companionship Services Save Lives
Seniors are at heightened risk of suffering from depression and social isolation, particularly those who choose to “age in place” in the comfort of their own homes.
Companionship services are only the tip of the iceberg when it comes to senior care, but they’re an essential piece of the care continuum that can literally save lives.
And like housekeeping services, companionship services act as a great introduction to families whose care needs will only increase over time.
Skilled Care Services Expanding Daily
Great news: there’s never been a better time to grow old in America.
With the help of modern medical technology, nutritional advances, and health-conscious living, people are living longer than ever. Three years ago, the over-80 population constituted only about 3.8% of the total population, but that number is set to grow to 5.3% by 2030 (Spitzer et al., 2004).
As the over-80 population continues to increase, so too does the number of chronic conditions, disabilities, and mobility restrictions, which is forcing some serious changes on our healthcare system. Whereas medicine was one practiced primarily to treat “acute, episodic illness,” healthcare providers are increasingly focusing on expanding long-term care services.
So how does this affect your valuation of senior care franchise opportunities?
Simply put, if the senior care franchise opportunities you’re considering don’t offer specialized care for older seniors, it might be best to look elsewhere. Companies that only offer general care services miss out on a big market share.
At Executive Care, we ensure our franchisees are ready to meet the needs of the over-80 population. Our Skilled Care service offers care from Registered Nurses, which can include:
- Medication management
- Simple wound care
- Diabetes care
- Colostomy care
- Feeding tube care
- Bladder catheterization, and more
Dementia Care Services in High Demand
As the number of seniors (and especially older seniors) continues to increase, the prevalence of dementia grows with it. One study by the journal of Health Affairs indicated that roughly 7 out of 10 assisted living/long-term care residents suffered from various forms of cognitive impairment (Zimmerman et al., 2014).
Accordingly, the best senior care franchise opportunities will include dementia care as part of their overall service package.
At Executive Care, our Specialized Care staff are trained to treat Alzheimer’s and Dementia, along with other special conditions such as:
- Parkinson’s Stroke
- Spine and brain injury
- Development disabilities
- Injuries suffered in motor vehicle accidents
- Surgery recovery
You can learn more about the Executive Care opportunities at https://www.executivehomecarefranchise.com.
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.
Zimmerman, S., Sloane, P. D., & Reed, D. (2014). Dementia prevalence and care in assisted living. Health Affairs, 33(4), 658-666.