An Insight into How Home Care Industry is Growing Steadily

Home care is the fastest-growing sector in the healthcare industry today. Because of this, experts in the field are always on a quest for qualified and compassionate care providers to support aging loved ones. ?

Research shows around 70% of home healthcare services are aged 65 and older. And a majority (approximately 80%) of those aged 60 and above choose to live independently, in the comforts of their home, to experience an enhanced quality of life.?-Statistica

More than 10,000 people in the United States are turning 65 each day. The population is rising staggeringly, and historical figures are evidence of this.?

In 2018, the U.S. reported more than 56 million people aged 65 and older, pointing toward a rapid increase in the baby boomer population.??-United States Census Bureau

In the next couple of decades, there will be a steep increase in the requirement for home care services with the rising population of older adults. But that's only partly why the home care industry is thriving.?

Governments are intensely seeking the support of home care providers to alleviate the strapped hospital resources and shortage of long-term facilities. In addition, the government is paying attention to those who need care, including those with chronic conditions where at-home care is possible.?

The home care industry is positioned to provide a broad set of services to address the changing needs of baby boomers. This means the home care industry faces growth potential and greater demands for scaling its business and tapping into the surging sector.?Some other reasons that show that the industry is paving a path toward steady and consistent growth are:

Job Growth:

With the growth of the home care industry, the number of jobs is rising. Because people are living longer, they need specialized people to offer care in the comforts of their homes. Caregivers assist older adults with activities of daily living and help them escape boredom and isolation. Unfortunately, the rising demand is leading to shortages in employees.?

A report states that there will be a whopping shortage of around 151,000 caregivers by 2030. And this number is estimated to reach approximately 355,000 by 2040.??-Home Health Care News

While the home care industry experts fear the future, the next decade will undoubtedly create millions of new home care jobs due to constant caregiver demand.?

Affordability of Home Care:

Seniors in the U.S. considered home care a luxury for many years, which only a few people could afford. However, home care is becoming much more affordable, especially when getting assistance with caring for an older adult.?

It is mainly because the cost of home care is roughly $21,000 annually vis-a-vis $41,000 annually- the cost of assisted living facilities. Medicaid and medicare make home care an even more affordable option for seniors and families.?

Better Convenience of Home Care:

Convenience in the comforts of home is another huge factor for rapid growth in the industry, especially true in today's health climate. Clients would rather have a skilled caregiver see their loved one at home instead of risking their life by venturing outside and contracting an illness.?

Advancement in Home Care Technology:

Technology plays a crucial role in the growth of the home care industry—automated intelligence benefits aging individuals and caregivers. Investment in technology allows caregivers to offer quality care and observe & monitor as per the report conditions.?

Some ways in which technology helps home care agencies are:

Electronic Visit Verification: A mobile app integrated with Electronic Visit Verification software helps caregivers clock in & clock out, establishing the total billable hours spent on the shift. The EVV feature of in-home care software helps sort confusion in invoicing, settling disputes, and legal compliance.?

Safety and security devices: Agencies today use cloud-based technology for monitoring and notifying caregivers of abnormal behaviors using cloud-based technology and sensors.?

There is always a "risk versus reward" mindset, especially regarding technology. However, with the changing technology and home care needs, it is evident that quality and industry growth outweigh the prospective technology risks.?

In Conclusion

Growing your home care agency can be easy, provided you have some growth strategies to get going. Building an online presence, setting clear goals, using technology to your advantage, and emphasizing the recruitment process can assist you in keeping pace with the changing home care scenario.?

Reaching out to experts like Caresmartz and investing in home care software can help you navigate the challenges and take your business to the next level.?