Technology will be leveraged to accelerate franchising growth as U.S. population ages and service delivery options change.
While demand for in-home senior care services has been on a steady rise over the past few years, industry professionals predict that 2018 is going to kick the market into overdrive, reaching an estimated $15 billion by 2021, according to IBISWorld.
This will be achieved by a confluence of two factors: the continued growth in the senior citizen demographic and the increasing use of technology in delivering efficient and positive outcomes in home care. Of special interest to entrepreneurs looking at senior care business is the fact that the franchising model is increasingly being recognized as the fastest and most efficient way to launch and operate a home care business. This means significant opportunities for senior care franchisors and franchise owners in 2018 and beyond.
The U.S. Census Bureau predicts that people over the age of 65 will comprise about 20% of the U.S. population by 2030. As demand for long term care solutions grows, technology is expected to play a key role in accelerating the pace of change. With this in mind, Homewatch CareGivers will increasingly focus on its proprietary software, Care+, in 2018. Care+ allows Homewatch CareGivers franchisees to measure points of contact along both emotional and physical needs, thus more effectively incorporating the franchisor’s mission into its operating principles. Such efficiencies will gain increasing importance in 2018 as technology automates and systematizes processes, and provides added value thus yielding more revenue.
In 2018 and beyond, Homewatch CareGivers franchisees will also benefit from the increasing move away from skilled nursing facility care to home care. And since 70% of such home healthcare services are paid through private out-of-pocket payment, franchisees won’t have to wrestle with laborious reimbursement procedures to realize revenues.
Technology strengths, demographic trendlines and shifts in the way healthcare is delivered all point to a vital 2018 for Homewatch CareGivers franchisees.
Learn more about Homewatch CareGivers and the size of the senior care industry.