Why In-Home Senior Care Franchises Are Poised for Growth
Home care for the elderly has been growing in popularity for years, and the COVID-19 pandemic has accelerated this trend. Businesswire and ResearchandMarkets.com found that skilled nursing facilities account for 9 percent of COVID-19 cases and 42 percent of all U.S. deaths. Three months after the COVID-19 pandemic, the utilization rate of nursing homes fell to 73 percent of the facilities, and continued to decline.
But aging and the health problems that come with it unfortunately haven’t gone away, so where do families turn for senior care franchise if they don’t feel comfortable in a nursing home? The answer is in-home senior care services, a model that is ideal for franchising, thanks to the more controlled home environment and the level of individual control tailored to the owner’s needs.
By 2050, when almost 21 percent of the U.S. population will be over age 65, more than 27 million Americans are projected to use senior care services. The increasing age of the population and the proportion of seniors choosing the more affordable option of staying close to home and family is leading to a surge in demand for home aged care services. According to one estimate, a 29 percent increase in the number of home care providers is expected by 2024.
During the continuous innovation and development of franchises, the quality and capabilities of home medical care also improve. Business models typically focus on several service delivery areas for seniors with different needs:
Home medical franchises: which help in the recovery of illnesses and the delivery of medicines
Physiotherapy: promoting surgical recovery or maintaining quality of life
General support: everything from cleaning to food preparation, delivery and administration
Cognitive training: maintaining mental engagement and preventing isolation in the elderly