Home Health Care Business Outlook Excellent As Senior Population Climbs
Opportunities in the home health care business are at an all-time high, and climbing, as every day more than 8,000 Americans turn 65. From now until 2025 the senior population is expected to rise from 49 million to nearly 72 million.
Because of this senior population boom, businesses that serve elders are in for unprecedented opportunity. The opportunity is especially promising for home health care business as today’s seniors are expressing a desire to continue living in their own homes as they age, rather than moving into senior care facilities, such as assisted living and nursing homes.
And because of advances in health care technology and the fact that today’s seniors on average are living longer and are healthier than those in previous generations, home-delivered health care is a practical solution for most seniors.
A home health care business offers seniors services personalized to their specific needs. Some may need just a few hours of care a week, while others may require full-time, in-home assistance.
These in-home senior care services are provided at a cost savings compared to institution-based care. Plus, they offer seniors the opportunity to maintain independent living for as long as possible in the comfortable, familiar surroundings of their own homes.
A home health care business is an ideal opportunity for persons who are skilled in business and have a genuine concern for the well being of seniors and a desire to help them live safely, happily and independently at home. The owner of a home health care business does not have to have a background in health care, but rather the ability to recruit and manage skilled and caring health care professionals.
Services provided by a home health care business fall into two primary categories – medical and nonmedical services. Medical services include nursing care for management of chronic health conditions such as diabetes or heart disease, administration of medicine, wound care and physical therapy. Nonmedical care includes assistance with personal care, such as bathing, grooming, toileting, mobility and feeding. Other nonmedical services include companionship and help with household tasks, such as light housekeeping, laundry, meal preparation and transportation to doctor’s appointments and shopping.
In October 2009, FRANdata, which tracks the franchise business market, reported that home health care business franchises grew by 13 percent each year from 2006 to 2008. And the opportunity for growth will continue well into the future.