4 Home Care Industry Trends In the Post-Pandemic World

The demand for home care has skyrocketed since the pandemic, with no signs of slowing down. See current home care industry trends taking on the post-pandemic world.

1. Growing Demand For Home Health Care

More seniors require some long-term care. The Economic Policy Institute (EPI) finds that 70% of people who reach 65 years of age will need long-term care. Furthermore, the number of people in that age group will be 44% greater, or 25 million people, by 2040.

On top of that, people are looking to stay in their homes for as long as possible. AARP notes that more than 80% of adults prefer to live in their homes instead of nursing homes or other institutional settings. So that’s making families turn to home health care agencies to care for their aging loved ones. Dustin Distefano, CEO of home care franchise A Place At Home, talked with CareAcademy about this issue. He’s seeing assisted living and memory care communities that used to have waiting lists are now at 70% to 80% occupancy, while home care agencies have waiting lists.

2. Caregiver Shortage to Continue

The number of caregivers in the U.S. doesn’t meet the growing demand for home health care services. In June, American Health Care Association (AHCA) and its National Center for Assisted Living (NCAL) found that 73% of nursing homes are concerned they’ll have to close due to staffing issues. That same report shows that more than half of nursing homes are limiting the number of residents due to staffing woes. This is leading families to turn to home health care agencies for help.

Unfortunately, experts say the lack of caregivers will continue as a home care industry trend over the next year. According to EPI, 1 million additional home health care workers are needed by 2029 to meet the growing demand for home health care.

Reports show that pay and training are the primary areas that employers should address to encourage more people to enter the field. In 2021, the Bureau of Labor Statistics reported that the median annual wage for home health aides was $29,430 a year. That comes to $14.14 an hour if the aides work 40-hour weeks. Workers say they want more training opportunities to earn a better wage and perform more specialized skills to help their clients.

It’s essential for business owners in this industry to address this trend and what their employees are asking for if they want to retain staff.

3. Need for Companionship Care Rising

More than one-third of adults at least 45 years or older feel lonely, according to a National Academies of Sciences, Engineering, and Medicine (NASEM) report. Loneliness comes with several health risks, including dementia and an increased risk of heart disease or stroke. It’s also associated with higher depression, anxiety, and suicide rates. Hence, many families are turning to companionship care to ensure their loved ones don’t undergo any of these hardships.

Some home health care franchises, including A Place At Home, have already noticed this trend. Our in-home non-medical services include companion care. That can look like enjoying the senior’s favorite hobbies, having stimulating conversations, socializing, opening and sorting mail, and teaching seniors to use email and social media.

4. Use of Technology to Monitor Patients

Another trend that could keep you competitive in the home care industry is the use of technology. The pandemic showed us we could stay connected without meeting face to face, including through telehealth in the medical world. The downfall with telehealth appointments is that they don’t allow medical providers to collect vital signs like blood pressure and oxygen levels. New technology like remote patient monitoring (RPM) can solve this problem. It works by having patients collect their vital signs and submitting them so medical professionals can analyze the data. They would typically do this throughout the day.

This technology is expected to help lower the costs of medical care for seniors by reducing their hospitalizations. About 85% of older Americans suffer from at least one chronic health issue like diabetes, asthma, heart disease, and COPD. Through monitoring vitals with RPM, medical providers can help manage chronic illnesses from afar and help them avoid any costly downturns. In addition, medical providers will turn to home health caregivers to assist with this monitoring.

Take On These Trends With A Place At Home

As you can see, the home care industry is trending upward. Get a head start in it by joining a franchise like A Place At Home. You’ll help meet the growing demands of this industry and provide much-needed care to the senior community when you become a franchise owner. We offer multiple revenue stream opportunities, including helping staff agencies in your community solve labor shortages through staffing services. Take the next steps of owning a home care business by submitting a franchise form.

Assisted Living Franchise: Should You Invest? Here’s What to Expect

From 2018 to 2060, the number of Americans aged 65 or older will double to 95 million. They will make up 23% of our population. So, it’s no wonder people are looking into the senior care services industry. According to a Franchise Business Review survey, the senior care services industry has the second-highest average pre-tax income of all industries.

There are several types of senior care service businesses. They include in-home medical and non-medical care, housing placement services, assisted living facilities, and senior mobility product businesses.

So, should you buy into an assisted living franchise? Weigh the pros and cons in our guide and find out what you can expect with this franchise opportunity.

Benefits of an Assisted Living Business

If you want to have a significant presence and impact in your community, an assisted living facility will put you on the map. They are extensive facilities that typically house dozens of older adults with various health conditions. They are also a great business venture for someone with lots of capital.

Assisted living facilities generally can be recession-resistant due to the large aging population and the many elderly individuals needing full-time care. As a result, facilities aren’t typically affected by the stock market or economic downturns. In addition, SAMO Financial notes that smaller facilities fared better than bigger facilities during the height of the COVID-19 pandemic because it was easier for them to manage the spread of the virus.

Another pro to owning an assisted living franchise is the low turnover rate of residents. Most seniors will live in these facilities for years. It’s also a less competitive market because of the expensive startup costs. But, there’s government aid available for some assisted living facilities, according to Profitable Venture Magazine. Running a larger facility for older people with deteriorating health conditions comes with high stress, but it can be highly gratifying for an owner. You’ll enjoy big life moments with your residents and their families.

Downfalls to Senior Living Facility Ownership

Despite those pros, there are many cons to opening a new assisted living facility. First, it is an expensive investment. Startup fees for an assisted living franchise can range from $2 million to $10 million. Then you’ll have ongoing operations costs like maintenance for the facility and utilities. Other expenses include disinfectant and cleaning products, protective gear, and cafeteria food. So, it’s essential to know whether your incoming revenue will cover all those expenses and provide you with an income that makes it all worth it.

Being an assisted living facility owner can be a high-stress position. You’re not only making sure you pay all bills, but you must also hire and pay staff and keep your residents and their families happy. Because of this, Assisted Living Directory finds that facility owners are often tired and overworked. You’re not guaranteed weekends or holidays off because if a problem arises in the facility, you’ll need to attend to it. That includes hours in the middle of the night.

It’s no secret that hiring is a struggle for American business owners these days. That’s no different for assisted living facilities. On top of that, you must develop ways to retain staff once you hire them.

Lastly, there are numerous hurdles involving licensing and certifications. All states have regulations for senior living facilities. Assisted living facilities must follow medical regulations because medical providers are on staff.

Consider an In-Home Care Franchise

While there are pros to owning an assisted living facility, there are many cons. Avoid those downfalls by opening an in-home care franchise like A Place At Home. You’ll still significantly impact your community and feel highly rewarded for your services. In addition, you’re still in a recession-resistant industry. In today’s world, seniors stay in their homes for as long as possible, leaving their families to rely on in-home care businesses for assistance. You’ll have long-term clients like an assisted living center if you provide excellent service.

In-home care franchises are significantly cheaper than investing in an assisted living facility franchise. Instead of needing millions of dollars to open a center, you will likely need less than $200,000 for the initial investment. In addition, ongoing costs are comparatively minimal because you can run your business out of your home, minimizing those operation and utility costs.

Provide Better Care with A Place At Home

You don’t provide medical care at A Place At Home, so there’s no hassle with medical certifications or licenses. Your revenue stream doesn’t have to stop at the in-home care services as a franchisee for A Place At Home. We offer complete care for our seniors and their families, including care coordination between medical and non-medical providers, senior living alternatives, and staffing solutions for assisted living facilities and other centers. Ready to build a business with our senior-focused care model and invest in the booming senior care industry? Submit a franchise form today.

How to Get Clients For Your Non-Medical Home Care Business: Eight Tips

With over 54 million Americans  65 years old or older, it’s no wonder the senior care industry is booming. So, you’re interested in opening a senior care company but aren’t sure how to get clients for your non-medical home care business. Even just a small portion of that older population would make all the difference. Getting qualified home care clients for your non-medical home care business is critical for profitability. We’ve got top tips for client recruitment all lined up for you.

Eight Ways to Find New Clients

Before getting started, make sure you have a clear plan. Define your market. As a senior care business owner, you want to remember that most people looking for your services will not be the seniors needing care. It’ll most likely be their children or grandchildren in search for someone to take care of their loved ones. Once your target audience is defined, use it to shape how you implement these marketing methods.

  1. Provide great care to your clients.
    You’ll earn word-of-mouth referrals by providing top-notch care. To ensure you give your clients the best possible service, you’ll want to spend money and time recruiting, hiring, and onboarding your employees. With A Place At Home, we guide you through a proven training process. It includes a sales, recruiting, and retention series to help hire and keep your employees, which is also key to retaining clients.
  1. Cultivate professional relationships and partnerships with other businesses.
    Develop connections with local businesses like doctors’ offices in your area with the hope that they will recommend you to their patients. Give them your brochures or other marketing materials to pass on to their patients. Hospitals are another place to provide brochures so nurses can include them with discharge papers. You can also partner with house call physicians, occupational therapists, hospital discharge planners, social workers, rehab centers, adult day care centers, and veterans’ administration. Another option is partnering with businesses to provide reciprocating referrals. Be careful of doing this, however. Your reputation is on the line. If the company you refer your client to doesn’t meet their expectations, that could negatively affect you.
  1. Get involved by volunteering.
    Put yourself among community members by getting involved. Connect with local schools, churches, food banks, and other organizations to show you care about bettering the community your business serves. Consider wearing t-shirts with your company logo to get your name out there.
  1. Integrate into the community by sponsoring an event or team.
    Another way to show involvement is by sponsoring events. Remember, your target market here is not necessarily seniors. Sponsoring 5k races or a booth at a local fair can increase your brand’s awareness among seniors’ children and grandchildren.
  1. Share your knowledge.
    Educate your market about the services you provide. Hold “lunch and learns” at senior centers, retirement communities, or churches to share your expertise on health and aging topics. These events allow the community to put a face to the business name.
  1. Build an online presence.
    The children and grandchildren of potential clients may not live locally. You’ll want to make your company info is accessible to family members worldwide. Create a Google My Business profile so you can attract clients through local searches. Set up your website and social media accounts. Collect emails on your website to send out email marketing campaigns to bring in even more business.
  1. Use lead generation sites.
    While these sites can be expensive, they can put your marketing dollars to good use. These sites create qualified leads that will likely turn into customers. Lead generation sites that are good for senior care businesses are Caring.com and SeniorAdvisor.com. Caring.com typically ranks number one in organic searches for “(location) home care agency.”
  1. Collect and promote your reviews.
    Recent research shows there is more emphasis on reading reviews than ever before. A BrightLocal survey found that 77% of people ‘always’ or ‘regularly’ read reviews when browsing for local businesses in 2021. That’s up from 60% in 2020. You can promote your reviews on your social media pages and your website.

Find Support and Training With A Place At Home

All of this might seem overwhelming for  a potential new business owner. But, there’s good news! Don’t fret about how to get clients for your non-medical home care business. Instead, consider a senior care franchise like A Place At Home. With our CARE Track, we have seen a 95% success rate of franchisees servicing their first client within the first 60 days of launching. If you’re ready to build your business and begin booking clients, submit a franchise form today to learn more about joining the A Place At Home team.