What is the Senior Care Industry?
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. According to Statista, a majority of individuals receiving home care in the US are more than 65 years old. The elder care franchise industry offers a large variety of services. These include meal preparation and feeding, housekeeping, respite care, therapy services, infusion therapy, nursing, medication administration. Additionally, the industry offers outside of the home services to assist senior citizens. These services include transportation, grocery shopping, meal planning, and housekeeping. Often in-home and non-senior home franchises overlap, offering multiple different services.
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.
The elder care industry in the us is on the rise
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 advantageous 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.
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.
Different Sectors of the Industry.
Home care spans beyond senior services. Home care is extended to any individual that may need extra assistance in their daily lives. While senior citizens constitute a large portion of clientele for this industry, they do not represent the only demographic receiving help from these services. Often, individuals that struggle with chronic conditions benefit from the home care service industry. There are services that even assist mothers pre and post-natal as well. The industry allows individuals with any sort of disabling condition to regain a sense of ease and independence in their daily lives.
Positive outlook for senior services.
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.
Positive Effects of Technology
Technology has played a key role in advancing and developing the senior service industry. Many of the health devices that senior citizens use each day involve measurement and monitoring. This can include heart rate, cholesterol levels, etc. These devices are becoming more simple to use and understand, much to the benefit of the industry and clientele. Furthermore, these health instruments are becoming significantly more accurate.
Additionally, the process of finding the appropriate home care service is becoming simplified. Different online platforms are now available to match users with the service, company, or even health care professional that they require. Finding the right service or doctor can be a huge challenge for much of this industry’s clients. This process has been largely simplified thanks to developments in technology.
Highly qualified professionals in demand.
Something that all prospective franchisees must keep in mind is the industry’s demand for highly qualified, experienced, and professional employees. Many of the individuals employed by senior service franchises directly or indirectly affect the health or well-being of the client. Thus, it is absolutely crucial that all employees be professional. As far as nurses or aides are concerned, it is necessary that they provide the required certifications and educational experience.
Is the industry right for you?
The senior services franchise industry can be a financially and 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.
Choosing an ideal location for a senior service franchise plays a key role in the success of any business within this industry. It’s vital to analyze the general age group of the demographic within a certain area. While people across age groups use home care services, most people that require services within this industry are over the age of 60. A location in the center of a cosmopolitan city where a majority of the population is under the age of 50, for instance, may not be optimal. A suburb where a key portion of the population is over the age of 50, or nearing that age, would likely be more successful. While this is only an abstract example, and does not necessarily represent reality, an in-depth analysis of local populations is extremely helpful in choosing a location.