The burgeoning need for home care providers has many people in the senior care community considering the business opportunities available in this industry. This is good news for seniors and their families, because it means there will be more providers available as more people consider home care as a career.
Senior Planning Services, a NJ-based Medicaid planning company, would like to talk about some of the key factors to this phenomenon:
Profitability Potential in Home Care
One reason the home care industry is expanding is directly linked to the low initial overhead combined with the high profits available. Clients provide much of the equipment they need for their care, although providers may use a few key pieces of equipment across multiple clients. According to the Labor Department, this results in an average of a 15 percent profit in the first year for new home care companies.
Another factor fueling the growth of the home care industry is the changing expectations of society when it comes to senior care. Many seniors are expecting to lead more active and fulfilling lives, which often translates to staying at home and aging in place. They want assistance for the tasks they have trouble with so they can continue to enjoy those that are still within their capabilities. This means they are willing to hire and bring in care assistants.
An Increasing Population
Currently, the largest generation is entering their senior years, at the same time the life expectancy is increasing. The Baby Boomers are experiencing a longer and healthier old age compared to the generations that came before them. This increased population has put home care professionals in high demand.
In-Home Care Improvements
Finally, you can’t overlook the improvements that have taken place in the home care industry over the last few years. Better employee training is the main reason for this. Not only are companies spending more time with their employees, more certificate programs are becoming available that increases the working knowledge of those looking to enter the field.
Are you considering in-home care for you or a loved one? If so, industry experts recommend keeping these things in mind as you look:
- Does the care company perform background checks on all care providers?
- What credentials do the providers carry?
- What is the education and training level of the providers?
- How is scheduling handled? Will you work with a dedicated caregiver?
- What oversight practices are in place?
Whether you are 65+ and are considering your senior living options or are a senior living provider, this is a grand time to be involved in this explosive industry. Expect dramatic changes to come!