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Starting off with an eldercare business - Reasons why this is a lucrative venture

With the aging baby boomer population, society has earned a new responsibility of dealing with the ever-increasing senior citizens who are in dire need of elderly home care. In fact, the senior home care market in the US is anticipated to grow from $120 billion to $226 billion by the time it is 2024 being driven by a rapidly burgeoning senior population. The occurence of chronic health disorders speak about the requirement of transformative solutions as long as senior care services are concerned.
Reports suggest that the 65+ age group is all set to constitute a growing portion of the population of America and this is going to put a noteworthy level of stress on Medicaid and Medicare. Not only is this true with America but also with other countries like the UK and Australia. A home care Parramatta agency in Australia reported witnessing similar pressure of more and more seniors being admitted in their facility.

Senior care – What is it?

Based on the source that you refer to, a person becomes a senior citizen at various ages. As per rules and regulations of Medicare, one becomes a senior at 65 years. Although the Office of Social Security enlists 67 years as the official retirement age but you can begin to get Social Security benefits once you reach 62 years. Irrespective of all these, senior care can take different forms in the United States of America.

Have you heard of the colloquial term "home"? If you did, you’ll know that this is one of the most common kinds of assisted living for seniors. These facilities help people who are not able to live on their own means due to different health disorders like Alzheimer’s, physical disabilities or dementia. These facilities aren’t just exclusive to seniors but they definitely constitute the biggest ratio in these centers.

Another kind of senior care is home care where the family hires an aide or a nurse who either works part-time or lives full-time in the house of the senior attending all the needs and requirements of the patients.

Senior care business – Are there any rocky obstacles to overcome?

Just as senior life is fraught with risks and impediments as against youth, senior care also has its own set of issues that are not found among health care for younger patients. Osteoporosis and arthritis are two of the most common physical conditions that are found among the seniors that make mobility a big issue. Seniors who are attacked by any of the two diseases are gradually unable to live on their own. On the contrary, there are mental health conditions like dementia and Alzheimer’s disease which can also have a devastating impact on the senior population.

Considering both the long term and the short term, the aging population is only showing signs of growth. The total number of Americans who will reach 65 years of age will cross 98 million by 2060 from 45 million in 2016. As a result of this rise, the share of the total population held by 65+ age group people will also increase to 25% from 15%. All this will lead to one big problem which is sustainability.

Increasing volumes of patients among the general population, especially senior citizens will aggravate the shortage of labour among the American providers. As per reports from Deloitte, labor constitutes more than 65% of the non-capital expenditures of the hospitals and it is also the biggest driver of operating costs. It is alarming to note that by 2025, American providers will suffer from a shortage of more than 500,000 health aides (home care aides), 100,000 nurses and 30,000 nurse practitioners.

Digital technology has disrupted the elderly care business

The sustainability issue and the labor shortage is a serious threat but with the digitization policies in the health care industry, such problems can be resolved. Thanks to the advancements in the field of healthcare technologies that costs can be brought down, quality of health care can be improved and overall a more sustainable model of business can be created for senior care.

Telehealth is one of the most effective technologies that are being used in home care and assisted living facilities. Different uses of these technologies have already started to show its magic in senior care, from smartphones with bigger and more visible buttons to laptops that are especially designed for senior use.

Digital assistants have also started reaching seniors and millennials alike. With the help of Google assistants, seniors are able to monitor and supervise health issues and receive alerts for medicines. Heath care providers have started leveraging similar devices for telehealth applications. Seniors can access their team of home aides, primary care physicians and family members remotely with the help of these devices without having to leave the premises of their homes. There are even certain apps that can allow seniors to optimize their medicines, diet and exercise routines.

Thanks to the wearable devices that the physicians can more effectively supervise their senior patients who are in their homes in order to check for their irregularities. This curbs wasted resources and wasted time. In fact, you will be surprised to know that there are few home care facilities that are transforming into smart homes to help the senior population. Google Home and Amazon Echo or Alexa are voice assistants that help seniors remember their regular schedules like taking medicines, when to have their food or remembering doctor appointments.

What can be the next step towards digital transformation? Senior care homes will soon be transformed to ones with Artificial Intelligence that can anticipate the patterns of behavior among the seniors so as to prevent them from falling down and avoid emergency situations. Seniors who don’t require visiting hospitals can have easy access to a wellness regime to come back to when they get back home. So, life at assisted living facilities can get smarter and palatable with smart mattresses, motion detectors and even with the help of personal robots.

Worthy reasons to invest in senior health care business

Are you ready to make your next big move but you’re not eager to take the stress of starting from the scratch? If answered yes, there are several options to select from and according to us; a home health care business is probably the best step in your career. Here are few reasons to jumpstart into senior care business.

Reason #1: This industry has a ‘heart’

When you invest your money in a senior care or home health care industry, you not just prepare yourself for filling your wallet but to also fill your heart with compassion, support and love. By stepping into this kind of business, you get a chance to bring about a difference in the lives of people, regardless of whether you’re dealing with caregivers or clients or households. The impact that you can create on the entire senior community is way more sensible than just owning a food joint.

Reason #2: The demand for senior will explode in the coming years

Baby boomers who are hitting their 60s and 70s are on the rise and hence with the spike in aging population, there will also be a growing demand in the health care industry. Majority of the seniors prefer living in their homes as long as that is possible as they hate to live in an unfamiliar place. Hence, you can well understand that there will also be a home care boom in the near future.

Reason #3: You can start this even without a background on health care

Though it is a real asset if you have a health care background but that doesn’t make this a necessity for starting off with a home health care business. Even though you might be a novice in this industry, it is better to get in touch with the experts to know about the most valued resources. They can also offer you tip for taking the next best step forward.

Reason #4: Perfect option for people who love other people

Whenever we say home care, it doesn’t mean solo work but it involves the process of helping others. If you’re a person who loves to be surrounded by others, this can be the best option for you. Before starting a business, there’s much more to think than just the bottom line. If your ultimate goal is to be of help to the seniors and aging population who are mostly lonely and dejected with their health, this is your calling for sure.

Reason #5: It is a huge industry

In the US, home care is a mammoth 95 billion dollar industry and it is burgeoning at a rapid level. Researches reveal that the total number of Americans above 65 years of age can double by 2050 and it is predicted that 2/3rds of this demography will require long-term care in the near future. Hence, this industry is huge and hence whenever you establish a business, you can be sure about getting a valid return on investment (ROI).

Are you sure you know everything before starting a home care business?

Gray is the forecast for the future. By 2030, 20.7% of the population will be above the age of 65. As more seniors will prefer staying back at the comfort of their homes, home care is something that will spur out of control. This is why majority of the savvy entrepreneurs are rushing to start off their business in the non-medical home care area. This is called pre-assisted senior care living.

But before you take the plunge, are you sure you know everything about the process? If you don’t, you needn’t worry as we have compiled a list of the factors that you should consider before starting a business.

#1: Begin it with a strong foundation

When you start off with this business, you will have to deal with human lives, that too of seniors and they’re too delicate to deal with. In case you screw up with the services that you provide, people won’t refer the name of your business. While investing in the infrastructure and staff, ensure making the best and the most appropriate investments so that you can keep receiving more clients and let your business flourish.

#2: Make strong connections

Once you start this kind of business, you will be referred by home care providers like hospital systems and assisted living agencies. According to the discharge planners, they have to get patients out of the rehab or hospital as fast as they can. When you end up establishing strong connections with these discharge planners and get things done in a professional manner, you can become one of the famous ones. So, try and build connections with hospitals and discharge planners as that will help.

#3: Select a proper location

While choosing the location of your corporate offices, you should balance two factors. You have to select an area that is affluent enough and that which is served well by public buses or trains. If only the place is affluent, you can get clients who will be able to pay for your services from their pockets and the offices can also be accessible by majority of the health-care workers.

#4: Try appointing adults for marketing

Most of the seniors are not able to speak about their needs when they are subject to diseases like dementia or other disabilities for which they need to seek help of dementia caring services. Hence you shouldn’t appoint them for marketing for your home care services. Rather than that, it is better to develop certain effective marketing strategies for adult children who can educate the seniors and navigate them through all sorts of long-term requirements.

#5: Appoint a sales team

Experts believe that people who are going to step forward to such people businesses usually fail as they don’t give value to the sales staff. Whenever people call your service, you should have someone who is not only hardworking but also enthusiastic and oriented towards solutions.

Therefore, now that you know the prospects of starting a home care business for the seniors, what are you waiting for? Take into account all the above mentioned details before taking the plunge into the market.

3 Oct 2019 17:02

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About Boris Dzhingarov

Boris Dzhingarov graduated UNWE with a major in marketing. He is the CEO of ESBO ltd brand mentioning agency. He writes for several online sites such as Tech.co, Semrush.com, Tweakyourbiz.com, Socialnomics.net. Boris is the founder of MonetaryLibrary.com and cryptoext.com.




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