Senior Housing Trends You Must Know For 2024

The senior housing landscape has undergone significant transformation since the start of the COVID-19 pandemic. If you’re considering investing in the senior care industry, understanding these shifts is crucial to making informed decisions.

Get the latest insights on senior housing trends you must know about in 2024. Learn about the state of the senior housing market here.

The Pandemic Effect

COVID-19 brought about a reevaluation of senior housing trends. There’s been a decline in the demand for nursing homes while the appeal of at-home care surged. That’s partially due to senior living communities becoming hotspots for outbreaks, leading many families to reconsider their choices. There’s also an increasing number of seniors looking to “age in place” and remain in their homes for as long as possible, as moving to nursing homes can pose a financial burden on them and their families. A Today’s Homeowner survey found that nearly 90% of people 55 and older want to age in their own homes.

Middle-Income Seniors’ Affordability Quest

The economic repercussions of the pandemic have been far-reaching. Many middle-income seniors are now more price-conscious and are actively seeking affordable senior care options. Research released by NORC at the University of Chicago found that more than 11 million Americans 75 years or older will not be able to afford assisted living and long-term care by 2033. Bethesda Health Group finds that the median yearly cost of living in      an assisted living facility was $54,000 in 2021. So, that expense will only increase as inflation rises. Plus, if the senior has paid off their home, why would they want to take on a new living expense such as rent? As a result, there’s a recent shift in senior care demand. That shift underscores the need for innovative solutions catering to this demographic without compromising quality.

One outlet that is growing in response to the affordability quest is in-home care. Brands like A Place At Home, which offers personalized care plans to fit the needs and price points of families, are thriving.

Biggest Changes and Challenges to the Senior Housing Industry

Staffing shortages, especially among nurses, continue to pose a substantial challenge, affecting the industry’s capacity to accommodate more seniors. Companies that focus on taking care of their staff are excelling. For example, A Place At Home locations receive some of the highest satisfaction ratings from their caregivers. More than half of our locations have earned the Home Care Pulse Employer of Choice designation.

Some other significant senior housing trends include a heightened emphasis on chronic condition management and preventative care and a growing desire for enhanced programming in senior living communities. As for the senior housing development trends, the industry faces rising construction and operational costs. These costs often get passed down to residents, making it less affordable for many.

However, it’s not all gloomy. Many senior living businesses adapt to these challenges by incorporating technology to enhance residents’ quality of life. From telehealth services to virtual reality experiences, technology plays a pivotal role in reshaping senior care.

A Place At Home: Leading the Way in Senior Care

The U.S. home healthcare market is expected to grow from $96.08 billion in 2023 to $156.28 billion by 2030, according to Fortune Business Insights. A Place At Home stands at the forefront of the evolving home care industry. Recognizing the challenges and shifts in the industry, we’ve positioned ourselves as a comprehensive solution for seniors. Our range of services, from in-home care to senior living alternatives, ensures seniors receive the best care for their needs.

Furthermore, we understand the importance of affordability without compromising on quality. Our franchise model is designed to provide entrepreneurs with the tools and support needed to succeed in this ever-changing market.

Ready to join the solution and make a meaningful impact in the lives of seniors? Request information today and embark on a rewarding journey in senior care.

Homecare Referral Guide: How to Create a Referral Program

Learn more about healthcare startups

Looking to source homecare referrals but don’t know where to start? Here are ideas on where to look and how to create the perfect referral program.

The Power of Referrals

Imagine you’re looking for a service or product. Would you trust a random advertisement or the recommendation of a friend? According to Nielsen Commspoint Journey, 30% of consumers follow brand recommendations.  This trust is the foundation of homecare referrals. When someone recommends your in-home care services, it carries weight, credibility, and trust. It’s a testament to the quality of care you provide and the satisfaction of your clients.

Understanding Referral Programs

A referral program is a structured system where you incentivize your current clients, their families, or even professionals in the industry to recommend your services to others. Incentives can look like discounts, complimentary services, or other rewards. The idea is to benefit both parties: your business gets a new client, and the referrer gets a token of appreciation.

Sourcing Referrals for Homecare Businesses

The next question is, where do you find these golden referrals? Here’s a list of how to get clients for non-medical home care business:

  • Previous and existing clients: The Private Duty Benchmarking Study released by the Home Care Association of America found clients as the top referral source for home care agencies, making up nearly 20% of all referrals. Happy clients are often more than willing to refer friends or family if they’ve had a positive experience. Additionally, people are more perceptive to recommended services from friends and family.
  • Local hospitals and clinics: Build relationships with local healthcare providers, including hospital discharge planners. That same survey found the following highest number of referrals came from these planners, about 9%. Discharge planners often encounter patients in need of in-home care. While working with the U.S. Department of Veterans Affairs (VA) requires a certification process, once completed, connecting with local VA clinics can bring in clients.
  • Local senior centers: These are hubs for the elderly community and can be a rich source of referrals. Senior centers are typically associated with a city or county. City governments often have senior service departments with a plethora of resources for seniors and their families. Connecting with them is a great way to have them help you get your name out.
  • Rehabilitation centers: Patients recovering from surgeries or injuries might need temporary in-home care. Like the hospital discharge planners, building relationships with people involved in the discharge process in rehab centers will help put your homecare agency name out there more.

Crafting Your Referral Program

  1. Define clear objectives: What do you hope to achieve? More clients? Brand awareness? Set clear goals that will help guide the direction of your program.
  2. Choose your incentives: Whether it’s a discount, a free service, or a small gift, it needs to be enticing enough for someone to refer your services.
  3. Promote your program: Use your website, social media, and physical brochures to inform people about your referral program.
  4. Make it easy: The referral process should be simple. Whether it’s a form on your website or a phone number to call, make sure it’s hassle-free.
  5. Track and measure: Keep an eye on how many referrals you get and from where. The insight will help you refine your program over time.

Start Ahead with A Place At Home

Choosing to franchise with A Place At Home gives you a significant edge in the referral game. As a recognized homecare referral agency, our brand already carries trust and credibility. Moreover, our extensive network of franchisees and reputation can open doors to networking opportunities, making it easier to establish relationships with hospitals, clinics, and other potential sources of in-home care referral services.

From the beginning, we work with you on how to build your client list. We provide training and resources to help you navigate the industry’s complexities, including how to set up and manage a referral program effectively. Our experience and insights can save you from common pitfalls and set you on a faster path to meet your goals.

Ready to get started? Fill out our ‘Request Information’ form.