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Senior and Home Care Franchise Industry Report 2012 - Introduction and Industry Overview (1)

 
 

Senior Care and Home Care Franchise Industry Report 

 

Late adulthood is a time ideally filled with leisure along with enjoyment of the fruit borne from the labor undertaken earlier in life. Following a middle adulthood where top priority in many cases was given to family along with various work, community, and societal undertakings, senior age marks a return to a phase where doing things for one’s self can be a top priority again. Images of visiting with children and grandchildren, RV travel across the countryside, and cruises on ships with shuffleboard playing, bingo halls and the like tend to come to mind first. These exploits have been chronicled, dramatized, and stylized in TV shows, commercials, and in various other mediums.

“Do not regret growing older. It is a privilege denied to many.”  -- Unknown

But for some, this time will kindle a need for a helping hand for things as little as household chores, or grander things in scale like nursing care. To give something back to those who have come before is what some people aspire to do. For that desire, there are many avenues to travel. Opening a franchise in senior and home care industry is one.

 

Industry Overview

 

A month hardly passes without a TV news report or written article about how many jobs were added over the past month, or what industries the job outlook looks promising for. In these media clips, very few industries get as much attention as healthcare does – and for good reason. Healthcare services will always be needed, and one segment of the industry expected to flourish in the immediate future is senior and home care.

Senior care-3Organized home care is believed to have its origins with the Charleston Ladies Benevolent Society, which provided medical care and other charitable assistance as early as 1813.1 Home care steadily grew until the 1930s, when it experienced a moderate decline with the rise of hospital care. But by the late 1950s, the industry was experiencing a resurgence bolstered by rising hospital costs, campaigning by organizations, and subsequent legislation (federal and state) that provided benefits to home care recipients.2

Franchises within the senior and home care industry provide non-medical and skilled medical services predominately to seniors, but also cater to any individual who needs their services regardless of age. These services can include any combination of the following:

 

  • CompanionshipSenior care-4
  • Respite care
  • Therapy services
  • Chronic disease management
  • Escorting to doctor’s visits, etc.
  • Running errands (e.g. grocery shopping, picking-up prescriptions) 
  • Grooming assistance
  • Bathing and dressing
  • Meal preparation and feeding
  • Housekeeping and laundry
  • Caring for pets and plants
  • Medication reminders
  • Incontinence care
  • Nursing intervention
  • And more...

 

The home care industry is very fragmented in terms of the number of companies it encompasses. Collectively, these companies have been growing on average at a rate of approximately 5% over the past five years, currently accounting for nearly $70 billion annually in annual revenue.3 Some well-known franchises within the industry include: Senior Helpers, Home HelpersCareMinders, Home Instead, Visiting Angels, Comfort Keepers, BrightStar, and Interim Healthcare.

The employment market for workers in the home health and personal care industry is expected to grow dramatically faster than for all other industries. According to the U.S. Department of Labor, the employment of home health aides is expected to grow by 69 percent from 2010 to 2020, while the employment of personal care aides is expected to grow by 70 percent from 2010 to 2020.4

Industry growth factors don’t just include an aging population. The occurrence of chronic disease among all ages, continual efforts to find the most cost-efficient treatment options, and increased acceptance of home care by doctors are also factors.

 


1No place like home: a history of nursing and home care in the United States, http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1044639/

2Home Care, http://www.marshallcavendish.us/marshallcavendish-us/attachment/reference/catalog/science/health/0761473475-2.pdf

3IBIS World Home Care Providers in the US: Industry Market Research Report, http://www.ibisworld.com/industry/default.aspx?indid=1579

4Home Health and Personal Care Aides Job Outlook, http://www.bls.gov/ooh/healthcare/home-health-and-personal-care-aides.htm#tab-6

 

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