Top Healthcare Franchises Targeting Senior Services
Top healthcare franchises are targeting senior services like never before. But why? And should you be doing the same?
Today’s post looks at population changes and gaps in healthcare accessibility to explain why and how top healthcare franchises are getting involved in senior care–and how you can, too.
The “Silver Tsunami” is Rising
The “Silver Tsunami” refers to the unprecedented number of seniors who will soon be added to America’s over-65 population.
Thanks in part to advances in medicine and nutrition, more Americans will reach retirement age than ever before. According to the U.S. Department of Health and Human Services’ Administration on Aging, the average American can expect to live another 19 years once they turn 65–that’s nearly five years longer than people who turned 65 in 1965, the year Congress rolled out Medicare and Medicaid.
It’s great that people are living longer, but there is serious concern about America’s healthcare capacity. Are we ready for the “Silver Tsunami”?
Placing further strain on our healthcare infrastructure is the fact that the Baby Boomer generation is aging past 65 en masse. Millions of individuals born between 1946 and 1964 will soon require home care assistance. By 2030, there will be roughly 72-million seniors to care for, according to the Administration on Aging.
The addition of millions of seniors will undoubtedly strain the U.S. healthcare system as never before. And we’re already stretched thin–the Atlantic reports major nursing shortages are expected until 2022, and the theNew England Journal of Medicine estimates that only 1 mental health professional will be available for every 6000 seniors suffering from dementia in the near future (Bartels & Naslund, 2013, p. 493-494).
Given the impending spike in demand for long-term care services, and the present lack of providers, it’s no wonder that top healthcare franchises are shifting their focus to providing senior services. This move is not only highly profitable for business owners (what other industry has this kind of supply-demand dynamic?), but also gives them the greatest opportunity to make a difference in their local community by helping those in need.
What Senior Services Are Top Healthcare Franchises Targeting?
The care needs of the over-65 population are diverse. Seniors are more prone to chronic illness, dementia, mobility restrictions, social isolation, and depression, and so many business owners have chosen to focus on these areas of treatment and non-medical support.
However, top healthcare franchises are taking a “one-stop-shop” approach to senior care, creating care continuums that support seniors’ changing care needs without the need to switch providers. This not only makes life easier for the client, but also maximizes revenue streams for the business owner. For example, Executive Care offers more than 7 different senior care services, ranging from light housekeeping, companionship, and transportation to more intensive live-in or skilled care provided by Registered Nurses.
Working with Top Healthcare Franchises
Bartels, S. J., &Naslund, J. A. (2013). The underside of the silver tsunami—older adults and mental health care. New England Journal of Medicine, 368(6), 493-496.
Comlossy, M., & Walden, J. (2013, December). The silver tsunami. In National Conference of State Legislatures. Retrieved from https://www.ncsl.org/research/health/silver-tsunami.aspx.