Is Another Elderly Home Care Franchise Boom Imminent?
Looking beyond frequently-cited aging trends that support elderly home care franchise profitability, today’s post highlights two more factors that suggest another home care boom is imminent.
Elderly Home Care Franchise Services Remain Underused As Chronic Disease Prevention
As America’s population continues to age en masse, thanks in large part to the Baby Boomer cohort, the rate of chronic disease grows with it—and that’s significant for our industry.
According to research by Levine et al. (2019):
- 60% of adult Americans had at least one chronic disease or condition last year, and 42% had multiple diseases.
- Alzheimer’s disease, diabetes, osteoarthritis, and chronic kidney diseases were among the “leading causes of poor health, long-term disability, and death in the United States” (p. 1).
- One-third of all deaths in the USA are attributable to chronic heart disease.
- More than 29-million Americans had diabetes, while another 86-million had prediabetes.
- Chronic disease profoundly reduces quality of life, affecting enjoyment of life, family relationships, finances, and career.
- Chronic diseases are the leading drivers of health care costs in the United States—if lost economic productivity is factored in, the total costs of chronic disease exceeded $3.7 trillion in 2019, which amounts to one-fifth of the entire US economy.
And yet, while research has shown senior care is an effective way to manage and prevent chronic disease, only 8% of US adults received the care they needed in 2019, according to the journal of Preventing Chronic Disease.
With 92% of the chronically diseased (or “pre-diseased”) population still untapped, and awareness of the senior care services like ours growing every day, it’s likely that another elderly home care franchise boom is imminent. And that’s saying nothing of the preventive impact our services have for younger clients with disabilities, which made up a substantial percentage of our client base.
COVID-19 Drives Up Demand For Elderly Home Care Franchises In 2020
The COVID-19 pandemic has irrevocably changed nearly all aspects of everyday life for America’s seniors, many of whom are now forced to shelter-in-place and socially distance from friends and family to reduce their risks of infection.
But the pandemic has also had an effect on the senior care industry, which has been markedly positive in contrast. Indeed, according to a new report from the Wall Street Journal, the demand for elderly home care franchise services has never been higher.
Granted, nobody knows what the future holds, but Executive Care will be there to support America’s elderly every step of the way. Declared “essential” businesses early on, Executive Care franchise owners have been working hard to provide for seniors in need, offset the risks of social isolation, and enforce anti-infection practices to keep our communities safe, and we will continue to do so.
Book A Free Elderly Home Care Franchise Consultation
Call 1-855-393-2372 or visit the Executive Care Franchise website to check out some free franchise resources and schedule your one-on-one consultation.
Levine, S., Malone, E., Lekiachvili, A., & Briss, P. (2019). Health care industry insights: why the use of preventive services is still low. Preventing Chronic Disease, 16.