Five years after the start of the recession, economic recovery is still in the early stages and job growth has been inconsistent. In search for a better solution, economists and entrepreneurs alike have looked at those high-flying industries that not only remained stable, but actually grew throughout the recession. A recent Huffington Post piece highlighted several of these lucrative businesses -- from fantasy sports to pet pampering to family movies -- but the real winner has been the senior care industry. Home care is one of the most successful, fastest-growing business sectors in the country, even though it already employs 2 million Americans, according to the release. According to the Department of Labor, demand for senior care will expand by 70 percent between 2010 and 2020, adding more than 1.3 million jobs to the U.S. market. And the rest of the world is not far behind.
While other industries downsized due to plummeting revenues, home care has continued to grow at a dizzying pace. Seniors and their adult children, taking a more financially conscious approach to aging, quickly realized that the staggering costs -- financial and emotional -- of relocating to a facility or retirement community were actually greater than the cost of one-on-one care from a professional in-home caregiver. A major slide in real estate prices further solidified the desire to remain at home and "aging in place" suddenly became the preferred plan for millions of older adults.
This growing sentiment, coupled with a major demographic shift, has led to a revitalization of the home care industry. In the 1990s, home care was dominated by small mom-and-pop operations with a handful of clients. That all changed in the past decade, as home care has become a go-to franchise opportunity for entrepreneurs seeking a rewarding career and an ever-growing business. This increased competition has allowed the industry to segment between professional agencies and small shops, with companies like Home Care Assistance differentiating themselves with innovative services such as web-based care management, cognitive exercises and concierge level services.
Though home care has grown rapidly in the past decade, there is still a massive opportunity in the years to come. Professional companies are already revolutionizing the industry with more thoughtful business models and metrics-driven operations. Families are also becoming more familiar with and aware of options at home as opposed to the nursing home.
There is no doubt that home care has made its way into our national consciousness. Discussions about "work-life balance" and "leaning in" have begun to go beyond child care to include the millions of family caregivers who work full-time while caring for an elderly parent. Companies are beginning to provide elder care solutions to avoid losing billions of dollars in employee productivity due to caregiving responsibilities. Celebrity spokespeople for Alzheimer's have raised awareness of chronic disease and care solutions. Most important of all, seniors have come to realize that safety and independence are not mutually exclusive terms and that happy, healthy aging can be achieved at home.
Today's retirees have both heightened interests and raised expectations when it comes to their long-term care needs. There are currently 78 million Baby Boomers in the United States; with nine out of 10 of them expressing a preference to age in place, home care is not going anywhere but up.
If you have questions, the staff at Home Care Assistance would be honored to have the opportunity to help you. Please feel free to call 501-525-8886.
Business on 06/29/2015