A Glimpse into the Future of Home Healthcare Agency Franchises
Today’s post dives into a seminal study from the Health Services Research journal to offer a glimpse into the future of home healthcare agency franchise profitability. Read on to learn why the “2030 problem” is more of a “2030 opportunity”!
Understanding The “2030 Problem”
The United States senior population is set to undergo some drastic changes over the next decade.
Only two years after the turn of the century, analysts from the Health Services Research journal were already considering the challenges of the “2030 problem,” which refers to the challenges of “assuring that sufficient resources and an effective service system are available… when the elderly population is twice what it is today” (Knickman & Snell, 2002, pp. 849-850). Demographers have stated that 61 million Baby Boomers–the “young old”–will be aged 66 to 84 in 2030, while those born prior to 1949–the “oldest old”–will number more than 9 million.
After analyzing and synthesizing all the available literature on the “2030 problem,” Health Services Research reported the following principal findings:
First, it appears the “economic burden” of senior care in 2030 may be overstated. Researchers equate this burden with that which parents faced raising large numbers of baby boom children in the 1960s. However, parents in the 1960s were not “sandwiched” between care duties, whereas caretakers in 2030 will be responsible for both their children and aging parents. In light of this, it is likely that home healthcare agency franchises will play a massive role in helping families meet senior care needs, either by providing respite care on an “as needed” basis, or by taking charge of care duties altogether.
Moving past the idea of economic burden, researchers posited that the real challenges of caring for the elder will involve (Knickman & Snell, 2002, pp. 849-850):
- Making sure society develops payment and insurance systems for long-term care that work better than existing ones.
- Taking advantage of advantages in medicine and behavioral health to keep the elderly healthy and active for as long as possible.
- Changing the way society organizes community services so that care is more accessible.
- Altering the cultural view of aging to make sure all ages are integrated into the fabric of community life.
But what does it all mean for home healthcare agency franchises?
The Future Is Bright For Home Health Agency Franchises
The analysis offered by Knickman & Snell (2002) helps illustrate exactly why the 2030 “problem” is more of a “2030 opportunity” for home health agency franchises.
Quite simply, your home health agency franchise will help solve all 4 of the “real challenges of caring for the elderly” identified in the research.
- Though we don’t directly influence public payment policies and insurance systems, home health agency franchises can help seniors understand their insurance coverage. Moreover, we offer customizable programs that fit any budget, which effectively creates alternative payment systems for long-term care that “work better than existing ones.”
- Home health agency franchises will play a pivotal role in the implementation of new medicinal and behavioral health practices. For instance, our caregivers already help with medication management, incorporating gentle exercise, and healthy meal preparation.
- Though we cannot directly influence the way society organizes their community services, we do make them more accessible for families and seniors. Whether your clients need to be directed to local senior care resources, or their aging parents need someone to transport and escort them to community services, your business is there to help.
- Our home health agency franchises have been helping shift the cultural view of aging since we first opened our doors for business. It’s our mission to improve senior independence and quality of life.
These solutions to the top-4 challenges posed by the “2030 problem” translate to big profits and more opportunities to help out in your community. That’s something to get excited about–the future is bright!
Look Deeper Into The Future Of Home Health Agency Franchises
Call 1-(855)-393-2372 to book a free consultation with our team or visit the Executive Care franchise website to browse more industry insights for the future!
Knickman, J. R., & Snell, E. K. (2002). The 2030 problem: caring for aging baby boomers. Health Services Research, 37(4), 849-884.