Savvy entrepreneurs and first-time business owners alike are keeping a close eye on the home healthcare industry. Though the days of the pandemic are waning, we’re only just now beginning to understand the impact it has had, and will continue to have, on the healthcare market. The good news is that unlike many sectors of the economy, home healthcare is on an upward trend—especially when it comes to home healthcare franchising.
So, what are the current home healthcare market trends? We’ve compiled some of the latest news from the industry and have identified a few major developments. These trends show that home healthcare is on the rise—and rising to some of the biggest challenges our economy is facing today.
The U.S. Census Bureau projects that 2030 will mark a demographic turning point—the year when all baby boomers will be over the age of 65. By 2034, they predict that older adults will outnumber children for the first time in U.S. history. That means that in just a few short years, one in every five Americans will be of retirement age.
Many of these people will need skilled care and assistance with their health. And because over three-quarters of older adults wish to age in the comfort of their own homes, the home healthcare market will need to keep growing to meet that demand.
The Affordable Care Act changed the way health providers are paid, creating a shift toward value-based care. Value-based care models prioritize services that will improve patient outcomes, instead of focusing on the bottom line alone. Though the ACA was enacted over a decade ago, the reimbursement model’s evolution is only just getting started in earnest.
A 2019 study showed that home healthcare both improves patient outcomes and saves Medicare money in the long term, making it a great example of a value-based care service. Federal administration is now promoting more care in the home. Therefore, policy experts expect that reimbursements will continue to rise as the number of people covered by Medicare increases.
In the earlier days of the pandemic, many people assumed that the isolation of staying at home might encourage more older adults to seek assisted living or retirement communities. However, that prediction hasn’t borne out. Instead, more people are choosing in-home care. The benefits are clear: home healthcare is more cost-effective and comes with fewer health risks than congregate settings. This is good news for home healthcare entrepreneurs, as supply has still not yet met demand.
With all the advancements in telemedicine and client management systems, more older adults are able to stay at home than ever. Technological innovations are primed to improve access to at-home care, allowing doctors to review medications, test results, and more via tablets and smartphones. Because in-home caregivers can coordinate care with patients’ doctors faster and more thoroughly than ever before, even more people are expected to use home healthcare services.
One of the industry’s biggest concerns right now is finding good, consistent, and reliable caregivers. The “great resignation” has sent workers looking for better opportunities across the board. Pandemic burnout especially caused many nurses and caregivers to look elsewhere. However, there is good news here: when you work with a trusted, established, and supportive franchise community, you make yourself attractive to the most passionate caregivers.
At Boost Home Healthcare, we provide staffing support for all our franchisees so they don’t have to undertake this search alone. Plus, Best Life Brands companies have consistently been rated as top places to work, providing the benefits and positive culture that today’s top talent expects.
Last year, Best Life Brands achieved record franchise development growth, and as a proud member of the BLB family, we’re not slowing down. Starting a home healthcare franchise with Boost isn’t just a great investment in the senior community—it’s a strong, stable, and promising investment in your career.
This year’s home healthcare trends are already showing that business can only boom from this point on. If you’re interested in joining this wave of recession-proof, value-based, high ROI franchising, let’s start a conversation.
Boost Home Healthcare is a proud member of the Best Life Brands family of companies. We strive to provide all our franchisees with next-level support, training, and resources so they can grow their business and serve their communities at the same time. Take your first step to being a home healthcare franchisee today by visiting us online or calling 248-781-8841 today!