The Future of Senior Home Care: How It’s Growing and Benefitting Everyone
Older adults are increasingly choosing to live in their own homes rather than move into a nursing home. In fact, the number of people over age 65 who live in their own homes has increased by almost 25 percent since 2002! This is great news, as research shows that living at home leads to better health and overall quality of life. And while home care can be expensive, it’s definitely worth the cost. Read on to learn more about why senior home care is improving and growing bigger all the time.
Starting A Homecare Franchise
It is a great opportunity to start a senior care franchise because of the rapidly expanding customer base. There are already more than 45 million seniors in the USA. This number will double by 2060. Older generations such as the Baby boomers and Generation Z live longer with advances in medicine and technology. Home care is often their first choice because seniors are more comfortable in an environment they already know. These customers aged 60 years and older are potential customers of the home health care franchise. Most business consultants advise that it is best to get in early in a rapidly expanding industry. Early entry will allow the franchise home care business to build a reputation, improve the business model and benefit from early entry costs. Seniors are more likely to join a business that has several years of proven service.
A Franchisee With Proper Testimonials
They would rather join a home health care franchise that can provide amazing testimonials. A franchisee inherits the goodwill already generated by the franchiser. The new franchisee can use that momentum to build an even stronger reputation in the local market. Early entry costs will be lower than trying to purchase a franchise 10 years from now when franchise fees and operating costs will be higher. Business models often get better with time and accumulated experience. If you start early, the entry allows the new franchisee to grow the business. Growth often brings expansion. Early entry can permit the new franchisee to purchase new territories and/or purchase other franchisees that underperform or whose owners wish to divest.
The Insurance Industry Joining The Cause
Many predict that the insurance industry will change and pay for more senior home care businesses. Currently, about 90% of these expenses are paid out of pocket. Many seniors have savings, Medicare, and family members who can help. Social security payments are a steady source of income for the vast majority of seniors. Many Baby Boomers and Generation X also have income from private pension funds and personal investments. These sources of income provide a steady stream to pay for home care services. Industry experts predict that private insurance and Medicare will increasingly contribute more to home care costs. Franchisees will be well-positioned to tap into customers who are plentiful and who are also to pay their bills.
The Expectation Of A Stay-At-Home Care
More seniors prefer the convenience of staying at home and receiving care. At home, they enjoy the comforts that they have grown used to. Family members interact more easily with seniors when at home. Most families just need a stay-at-home nurse during the time they are at work. Employing the services of a home care franchise ensures that the client enjoys the home where he or she is most comfortable. Many clients spend most of their lives paying off a mortgage and saving for retirement. It would be tragic if a senior citizen cannot do so. Home care services make this possible and affordable. Nursing homes and assisted living facilities rob clients of the freedom of being able to be independent. The client can enjoy family gets together such as Christmas dinners and birthday parties. Even new experiences and life’s highlights are there for the client.
Adjusting To The Schedules
Memorable events such as births, Bar mitzvahs, high school graduations, and birthdays. Can now be shared with the family members who are being recognized. Picking the days and times to accompany seniors is important when family members have work and errands to do. There are fewer obstacles to visits from family members especially those who live out of town. Senior home care aides adjust their schedules to accommodate the customer and family. Assisted living and nursing home facilities are more restrictive. The latter have set visiting times and offer less privacy. It is less restrictive when you know they are still free to access all parts of their home.
Home Health Care – A Budding Business
The population is aging rapidly which means the number of seniors is increasing the opportunity for growth in business. Home health care franchises are also increasing mobility products. These products include wheelchairs and scooters that aid seniors in movement throughout their daily lives. Assisted mobility devices are used to help people who are at high risk of falling. Home care businesses increase the need for mobility products such as the need for ramps, stair lifts, and handrails. Ramps are beneficial for seniors who have scooters and wheelchairs. Seniors with walkers and canes may find that ramps are easier than stairs. Stairlifts are also beneficial in homes where seniors reside. Handrails are necessary for bathrooms and entrances for added support for seniors.
The home health care franchise is becoming more successful because they offer medical services as well. Some seniors may need a variety of medical treatments. The best franchises have the capacity to deliver services such as psychiatric services, post-surgical recovery, and injectable and medicine management. These services which require a certified nurse can be coupled with other senior care options. Including light housework and cooking, errands and shopping, and senior companionship. The medical industry will grow as more home care services need to hire more nurses to stay at home with seniors. Staffing an array of services are licensed and well-trained personnel.
These include Licensed Practical Nurses, Certified Nursing Assistants, Registered Nurses, and Home Health Aides. Best franchises not only ensure properly licensed nurses but ensure that they are provided with the latest training and networking opportunities. A franchise is only as good as the staff it employs. It ensures that staff attended conferences, seminars, and webinars in order to keep abreast of industry standards and practices. A well-educated staff has a greater potential to provide better service.
Another way that franchise recruit seniors to their senior home care business are to speak about what they lose when they do not gain your services. The fear of missing out is stronger when discussing the services that could benefit the families. The technique used is usually more effective. When families hear that their loved ones will be taken care of by certified nurses. Compare your franchise to a competitor so they can compare the two side by side.