Now is the time to invest in your home health care business. Here’s why. As the roughly 75 million Americans that make up the baby boom generation reach retirement age, an increased strain on resources has resulted in a greater need for alternative care giving. Home health care has become one of the most common and effective ways to treat the elderly.
About three million baby boomers will hit retirement age every year for the next 20 years. It’s the greatest proportion of older adult members of society in American history. Caring for the baby boomers in hospitals and nursing homes is expensive and unsustainable.
The longer average lifespan of adults, combined with a loss of boomer-age providers, adds to the increase need for other solutions. Sectors of the health care industry struggle to recruit enough qualified staff to meet demand, and hospitals and care centers struggle to expand at fast enough rates to meet the rapidly increasing demand.
This will result in the creation of more than one million new home health care positions over the next 10 years. According to the bureau of labor statistics, predictions show that by 2020, the ranks of home health care and personal aides will have swelled by over 1.3 million. This is a 70 percent increase from 2010.
So, what does this mean for you?
Make sure your services include assisting in bathing, grooming, getting in and out of bed, housekeeping, preparing meals and doing laundry. Offer rides for elderly to meetings and to pick up prescriptions. Expand the geographic area where you provide services. Hire nurses or physicians to take care of patients who are recovering from a hospital stay, are disabled, or are chronically ill.
The information contained on this page is for general informational purposes only. It is not legal advice and should not be relied upon in making borrowing decisions. Fundation loans are subject to lender approval.
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