Homewatch CareGivers Records 32 Percent Revenue Growth in 2008
International Franchise Provider of In-Home Care Grows Corporate Revenue, Increases Domestic Market Penetration to 32 States, Opens New International Office
22 New Offices Open in U.S., Canada Operations Expand, Same-Store Sales Grow
Greenwood Village, Colo.--(BUSINESS WIRE)--Homewatch CareGivers announced record-setting growth for 2008 as domestic sales revenue increased 32 percent over the previous year and overall revenue grew 20 percent over 2007, announced President Leann Reynolds. Homewatch CareGivers, founded in 1980, is the largest, most experienced international franchise provider of full-service, in-home care for people of all ages.
"Despite the recent economic downturn in the U.S., our franchise owners increased same-store sales 25 percent system-wide. Our significant bottom line in 2008 is due to the needs of families worldwide and Homewatch CareGivers provided over 3.1 million hours of the highest quality in-home care throughout the U.S. and in five international locations," Reynolds said.
In 2008, Homewatch CareGivers has serviced 22 new territories, expanded into the two additional U.S. states of Delaware and New Mexico, opened a new international office in Panama and moved to expand locations in Canada, Latin America and Asia. In Canada, Homewatch CareGivers expanded its Canadian operations with a new Eastern Toronto office under owner Terry Pitz, a 20-year veteran of the pharmaceutical industry.
Eighteen new owners serviced 22 new locations in 2008. In the fourth quarter alone, Lee McKinley opened the new Albuquerque, NM service area; Jim Nacchia opened the new Wilmington, DE service area; Dr. Hamayoun Javed, an émigré from Pakistan in 1997, began serving the Prince George County, MD area; and Joe Reilly, a practicing attorney, opened the Bristol County, MA area, which will be supported by his mother and sister who are each RNs.
"The Homewatch CareGivers potential client base will continue to grow dramatically over the next 15 to 20 years as our world population ages," Reynolds said. "Our aging population is living longer and desires more community and home-based activities in their last decades. We are poised to service these elder care demands. Our caregivers provide the best quality service possible. We carefully screen all of our caregivers. We pay above the industry average, offer incentive programs to reward caregivers for exceptional service and provide ongoing education for our caregivers to keep their skills up-to-date and improve their service techniques."
More than 34 million people in America are 65 years or older and this age group's population is expected to reach more than 70 million by 2030. As the baby boomer generation ages, the demand for in-home care services is expected to increase by 50 percent between 2002 and 2012 according to the Bureau of Labor and Statistics. Employment of personal and home care aides is projected to grow by 51 percent between 2006 and 2016, which is much faster than the average for all occupations, and nearly 390,000 jobs will be created.
About Homewatch CareGivers
Founded in 1980, Homewatch CareGivers is the largest, most experienced international provider of full-service in-home care for people of all ages, including seniors, children, veterans, the chronically ill, and those recovering from medical procedures. Caregivers are triple-screened and continually trained and supervised by healthcare professionals to provide reliable, compassionate, and highly skilled services in companion, personal and comprehensive care. In-home care services are personalized for each client and customized care plans are administered through an international network of 105 franchise owners with 174 territories which includes 10 international owners with 19 international territories. Each office is locally owned and dedicated to ensuring quality of life for clients and peace of mind for their loved ones.
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