Senior Home Care Business Opportunities Continue To Appreciate Through COVID-19

Senior Home Care Business Opportunities Continue To Appreciate Through COVID-19

While COVID-19 is causing irreparable damage to many industries, senior home care business opportunities only continue to appreciate as the pandemic stretches on. Today’s post highlights several factors driving our resilient demand.

Senior Home Care Business Opportunities Continue To Appreciate Through COVID-19

As we enter the eighth month of the “new normal,” it’s only natural that people think back fondly of the pre-pandemic past. For many, business was booming, the senior care industry included. Indeed, back in 2016, a senior care industry report by the AARP identified “disruptive growth opportunities” in six service areas:

  • Daily essential services, which include meal preparation, personal care, home maintenance, and transportation. The AARP valued this service area at $207.6-billion in 2020.
  • Health and safety awareness, which includes personal safety monitoring, diet and nutrition care, health alerts, and telehealth support. Value in 2020: $20.3-billion.
  • Care coordination, which includes senior care consultations, care planning, connecting with local senior resources, and record/benefits management. Value: $8.4-billion.
  • Transition support, which includes support with transitions between care environments (e.g. hospital-to-home). Value in 2020: $21.3-billion.
  • Social well-being, which includes companionship and social support. Value in 2020: 5$-billion.
  • Caregiver quality of life, which includes respite care and social support. Value in 2020: $17.2-billion.

The report also foregrounded the lopsided senior care supply-and-demand dynamic that left investors agog: only 45-million caregivers would be available to care for 117-million Americans in 2020.

But while COVID-19 changed almost everything about life as we know it, not everything changed for the worse. Indeed, while the majority of industries face severe disruptions, supply-chain problems, and uncertainty, the COVID-19 pandemic has only increased the demand for senior care businesses. New research estimates the value of the home healthcare market will grow past $517 by 2025, driving potential profits to unprecedented heights.

4 Factors Upping The Value Of Senior Home Care Business Opportunities During COVID-19

  1. Senior home care business opportunities support America’s critical infrastructure. Executive Care falls under CISA’s “essential business” designation, which allows us to continue to operate during lockdowns as long as stringent COVID-19 protocols remain in place. This designation makes our senior home care business opportunities highly resilient, and ensures you’re able to help as many people as possible. Most senior care companies are currently growing, rather than scaling back to ride out the pandemic.
  2. Senior home care businesses reduce risk of community spread. With stringent COVID-19 protocols in place, our professional caregivers are better equipped to support seniors safely as they shelter-in-place, keeping families and their loved ones safe during the pandemic threat period.
  3. Senior care businesses provide valuable respite services as the economy reopens. With many informal caregivers returning to work after extended periods of sheltering-in-place, many families now rely on respite workers and formal caregivers to shore up the care gaps.
  4. Senior demographic dynamics remain on-trend. Even with COVID-19 affecting all aspects of daily life, senior aging trends are progressing as predicted. With an estimated 1 in 5 Americans soon to be over the age of 65, the demand for care remains record-high.

Learn More Senior Home Care Business Opportunities Near You

Call 1-(855)-393-2372 or visit the Executive Care franchise website to book a free consultation with a member of our team.

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