What Makes Senior Care Franchise Opportunities So Valuable in 2018?
Today’s post lists off 4 reasons why senior care franchise opportunities are “flying off the shelf” in 2018. Read on to learn why joining the Executive Care team makes sense!
- Our industry is enjoying enviable supply and demand dynamics. Can you think of any other industries that have record-breaking increases in market demand, even as the competition dwindles? This is the current reality in the senior care industry, though maybe not for long.By 2030, 1 in 5 Americans will be over the age of 65. And yet, the Atlantic reports that 1.2-million job vacancies will emerge for registered nurses between 2014 and 2022. So just as senior demand for care increases, its supply drops down. This has created a unique opportunity for prospective franchise owners.
- The over-80 population is growing, too. Americans are aging past 80 in record numbers due in large part to advances in medicine, nutrition, and technology. One study in the journal of Social Work in Health Care estimates that this age bracket will grow to 5.3% of the population by 2030 (Spitzer et al., 2004, p. 23).Older Americans are the heaviest users of Live-In Care, Specialized Care, and Skilled Care services, which are some of the most profitable and life-changing programs Executive Care franchisees have to offer. Try to find another industry whose target market is expanding like this!
- American families are tired of informal caregiver obligations. Recent estimates from the National Alliance for Caregiving and AARP indicate that nearly 20% of all adults in the United States are responsible for providing care to an elderly relative or friend.The economic impact of this informal care burden cannot be overstated. The journal of Health Services Research estimates the total opportunity cost of informal caregiving around 30 billion hours of care annually, which amounts to $522 billion in unpaid labor each year (Chari et al., 2015). The enormity of this figure is best understood by considering it in contrast to total spending on formal long-term care services, which was estimated at only $211 billion back in 2011 (Chari et al., 2015). Put another way, informal caregiving duties are costing families more than they would pay to hire a long-term caregiver. Once Americans wake up to this fact (and they are already!), the demand for senior care services – and, accordingly, the value of senior care franchise opportunities – will skyrocket.
- Americans are spending record amounts on homecare. A recent study by the U.S. Census Bureau found that homecare spending had more than doubled from $30.4-billion in 2002 to about $65.2-billion in 2012. Given the growth of the senior population and the growing awareness of how costly informal caregiving can be, this should come as no surprise.
Explore Senior Care Franchise Opportunities in your Area
Visit https://www.executivehomecarefranchise.com to find information about senior care franchise opportunities around the country. If you have additional questions, book a free consultation with a member of our team.
Chari, A. V., Engberg, J., Ray, K. N., & Mehrotra, A. (2015). The opportunity costs of informal elder‐care in the United States: new estimates from the American time use survey. Health Services Research, 50(3), 871-882.
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.