Everyone wants the best care for their family members, especially when they require assistance in their day-to-day activities. Senior care franchises make efforts to improve the daily lives of senior citizens, giving them the attention and diligence they expect.
Senior care industry: explained.
Due to the high national birth rate in the baby boomer era, the number of senior citizens is on the rise. Currently, there the number of people aged 65 or older accounts for roughly 14.9 percent of the US population, up about 1.6 million from 2016, according to the United States Census Bureau.
Currently, the number of people aged 65 or older accounts for roughly 14.9 percent of the US population, up about 1.6 million from 2016.
Senior care is one of the most popular industries, estimated to bring in roughly $400 billion by the end of this year, according to Freedonia. This is a 6.3 percent rise from the previous year, due in large part to the growing number of senior citizens. Not to mention, the longer life expectancy has served to further encourage this industry. This is particularly beneficial to the industry, as only about 3 percent of seniors live in nursing homes or communities, many opting to stay at home. For this reason, the elder care industry in the US is on the rise.
The elder care industry in the us is on the rise
Much of the revenue in the senior care industry is derived from insurance or Medicare and Medicaid. Thus, much of the competition between businesses is fueled by quality and popularity of service, rather than actual revenue.
Positive outlook for the industry.
According to IBIS World, the industry employs more than 350,000 people in approximately 8,560 different senior care businesses. Senior or in-home care franchises cover a vast array of sectors. These include meal preparation and feeding, grooming assistance, medication administration, infusion therapy, live-in care, and nursing intervention. In all, these services aim to assist and improve the lives of senior citizens that need help in their day-to-day activities. Franchises like Interim Healthcare and BrightStar Care are aimed at providing both medical and non-medical services aimed at improving and simplifying the lives of senior citizens.
Often senior care and home services intersect, as they complete many of the same tasks and duties. Many senior service franchises are beginning to expand their businesses to cover a broader span of services in order to give customers and clients more options.
Highly qualified professionals in demand.
Some of the biggest difficulties in the senior services industry comes from a difficulty in finding appropriately qualified employees, whether they be in-home aides or nurses. In the senior service industry, many clients and companies demand highly qualified and professional employees, capable of meeting high standards. However, with the number of senior citizens rising, the increased demand is making this a challenge.
Is the Industry Right for You?
The senior services franchise industry can be a financially but moreover personally rewarding industry to consider. This is a prime opportunity to use your business to help other people, making their lives more convenient and overall livable. While the industry does come with certain challenges, may believe that the difficulty is well worth the personal reward.