Running the Numbers
Looking for a franchise opportunity in a "booming" industry? You might want to check out home health care for seniors. That baby boom blip that first appeared following World War II is now dipping into the golden years. As a result, the need for elderly care in America is on the rise and will remain in high demand for years to come. Consider the following data:
- The cost of long-term care in America has risen dramatically in just the past few years. The average cost of a year in a private nursing home reached $76,285 in 2008, according to the U.S. Department of Health and Human Services.
- At least 70 percent of people over age 65 will require long-term care services at some point.
- Between 2010 and 2030, those aged 65-84 will increase by 80 percent, and those 85 and older will increase by 48 percent.
As this population group ages, one thing that's becoming clear is that many of them desire to stay put. According to a recent AARP survey, about 89 percent of those 55 and older would prefer to live out their lives in their homes. And that desire only increases with age. The survey found that 92 percent of people 65-74 want to stay where they are. For those 75 and older, about 95 percent want to remain in their homes as long as possible.
The home healthcare franchising sector is taking note of this data. Many veteran companies, and some new ones, are looking for franchisees to develop territories and provide care for this growing elderly market.
Here's more data:
- The U.S. Department of Labor estimates that health care will generate 3 million new wage and salary jobs over the next ten years - beating out all other industries.
- The Department of Labor projects that employment in the home health industry will increase by more than 55 percent by 2016.
- Health care support occupations, including home health care aides and nursing aides, account for more than one-third of the healthcare industry.
- There are more than 12,000 home health care companies in the US. (with revenue topping $40 billion)
- More than 7.5 million citizens over the age of 65 receive home care services.
Home healthcare franchising opportunities range from active hands-on care givers to those who manage, oversee, and schedule the care provided for the elderly. It's a diverse and growing industry and will be in demand for several decades to come.
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