According to a 2010 US census brief, seniors are now the largest age group in the United States, and their numbers continue to grow each year. As such, the need for services provided by the senior care industry is booming, and will continue to grow as the population continues to age and life-expectancy rates increase. This makes the business of senior care not only a robust one, but also necessary for the varied types of care seniors require now and in the future. Here are a few key reasons why the forecast for the senior home care industry is so bright.
It’s a necessary service
Services like Right at Home are critical to aging populations. With the entrance of baby boomers into the 65+ demographic, social service programs like Medicare and social security lack the funding and resources to adequately deal with this large group over the long term. Combine that with the fact that the baby boomers ultimately had fewer children as they became parents and the result is that there are not nearly as many “adult children” that can care for their aging parents on a day to day basis.
Affordable
Not everyone needs the same level of care. There are many situations where the care we provide for just a few hours per day is enough to allow the client to remain independent in their own home – at a fraction of the cost of a full time institutional setting. That doesn’t mean they wouldn’t eventually require the support provided by a nursing home; it just means that our services can provide peace of mind to families and extend the savings of seniors before an institutional setting is necessary. At Right at Home, we customize every client’s plan to fit their specific needs and budget.
A little assistance makes a big difference
Think about your daily routine. You probably get up in the morning, brush your teeth, take a shower, get dressed, have breakfast, and drive somewhere. While those are easy, everyday tasks to you and me – they could present significant challenges to a senior who is living alone. While Right at Home franchisees offer a wide range of services, with some franchisees even offering nursing services, the reality is that assistance with these normal, everyday tasks can make all the difference in allowing seniors to age more gracefully in the comfortable surroundings of their own home.
Transitions programs are “in”
The first few days after a patient is discharged from the hospital are very critical. If patients are not cared for properly, it can often lead to hospital readmission. Not only is this devastating for the patient, but beginning this fall, The U.S. Department of Health and Human Services is going to reduce Medicare funding to hospitals with high readmission rates. Right at Home is the first national senior care franchise to roll out a program, called RightTransitionsSM, to address this important issue. This initiative helps improve patient outcomes while reducing costs by assisting patients in their transition from hospital to home so they can get on the right path to a healthy recovery – without returning to the hospital.
Independence is Important
As I’ve mentioned in previous blog posts, the baby boomer generation is fiercely independent. There is a strong preference to stay in one’s home as they age versus moving in with other family members or into a facility. By receiving extra assistance from a home care franchise like Right at Home, seniors are able to continue a more normal, familiar routine at home.
The Sandwich Generation is caught in the middle
Adult children with parents who need assistance are also busy raising their own children. And they often struggle with finding a way to do both well. Consider that in the context of an increase of dual income families, a high divorce rate that has created many single parent homes, and a “mobile” population that has moved away from their hometowns (and their parents) to pursue various career paths and it’s easy to see why there is such a high demand for this business. And then there’s the guilt. Often times, guilt can set in as this “sandwich generation” isn’t able to provide the attention that their parents may need, or want. Having the help of a senior home care franchise like Right at Home removes that sandwiched child from the role of caregiver and can relieve the stress they are placing on themselves to take care of both their parents and their own children.
Senior care is now recognized as a good business
When we first started franchising we found that many people were drawn to this business because of the impact that it can have on local families in their communities. 12 years later, we still frequently hear from folks that are drawn to this business because they want to do something that matters – something that improves life for others. But, there’s been a shift in the past few years. People are now starting to notice that senior care is indeed a good business. And, rightfully so. Franchise Business Review recently produced a report showing the viability of several different industries. It was no surprise that senior care showed very well, especially when considered in the context of its relatively low upfront and ongoing investment.
As you can see, senior care franchises are not only a convenient service for consumers, but a necessary one in many cases. As an affordable option that allows clients to remain at home, this industry has tremendous growth potential – and it offers an unmatched opportunity for business owners to do something that improves the quality of life for seniors and their families.