The healthcare delivery marketplace is rapidly changing and here are the facts that underscore the changes within the senior care segment of the marketplace:
In 2014, more than 10,000 people will turn 65 every day;
By 2025 the senior population of America will increase from 49 million to nearly 72 million;
The population of people 85 and older is the fastest growing segment of the US population and will grow from 5.3 million to nearly 21 million by 2050;
89 percent of all seniors want to age in their homes for as long as possible;
80 percent of seniors have at least one chronic health condition and over half of them have two;
The average annual cost of a nursing home is $90,030 and the average annual cost of assisted living facilities is $45,600.
This huge shift in the age of our population presents both challenges and opportunities. Today, we stand on the brink of a home care industry that is poised for unprecedented growth. With compelling demographic, social and economic factors all favoring home care expansion it is not surprising that health services experts predict that home care, in particular non-medical companion and personal care at home, will experience exponential growth for decades to come.
Each and every day families are faced with the reality of an aging loved one slowly losing their independence and ability to live safely and securely at home. Families and their trusted advisors are turning to high quality and credible home care providers to professionally assess the situation and provide immediate and long term home care service plans and solutions.
Healthcare experts also conclude that the advent of the Affordable Health Care Act will further alter the health delivery landscape which will result in more long term chronic care needs of seniors being addressed within the community, at home, rather than in traditional high cost institutional settings.
The market for home care services has grown over 105 percent in the past five years, and the market is estimated to be well over $50 billion/year today. Furthermore over 82 percent of revenue in the home care market is paid for privately.
Home care service delivery systems are be expanded to meet both the growing medical and non-medical needs of our senior population. Technology is being designed and retrofitted to address the long term home care needs of our seniors. The home environment itself must be “senior-proofed” and altered to accommodate the long term needs of our aging population.
With this confluence of events and changes impacting our society, physicians are expected to play a pivotal role in the professional system of home care delivery. Physicians will be well positioned to provide direction, oversight and continuity of services beyond the traditional office setting and into the home. This is a great opportunity for forward thinking physicians to enhance the scope and reach of their practices while meeting the current and future needs of their patients and their families. Essential aspects of home care services will be the continuity and coordination of high quality services at home.
The expanding home care market will require the need for comprehensive home care assessments, precise home care plans and the coordination and continuity of a broad range of services and products to meet the needs of our aging population.
It is anticipated that medical practitioners will be at the center of this home care expansion. Alignment with home care providers who are committed to providing the highest quality home care services will be essential.
Jim Neumann, President of Best Franchise Choice, LLC, is a member of the Franchise Brokers Association where he is a Certified Franchise Broker as well as a Franchise Immigration Specialist. Jim is also licensed to help entrepreneurs buy or sell businesses in Florida and does so as a member of the Florida Business Exchange. Through Commercial Funding Services, he provides the money entrepreneurs need to get into business and to grow it. He can be reached at firstname.lastname@example.org