A recent report by MarketResearch.com reflects expectancies for the U.S. Elder Care market to grow by 5.2% per year through 2016, bringing the value of the industry to an estimated $319.5 billion dollars. In large part, the continued growth will be due to changing American demographics. In this blog, we often talk about the burgeoning number of Baby Boomers reaching the benchmark of 65 years old. As these individuals reach retirement age and begin to feel the effects of ailments associated with aging, the need for care will likely continue to grow in parallel with the number of American seniors.
While many social services, such as Medicare and Medicaid are pushing for reduced costs in long-term elder care, support has been shifting to home and community-based services, such as private duty care, which are typically more cost effective than moving seniors to a residential facility. This is great news for individuals managing home care agencies – especially those employing the technology of a robust home care software or home care system, such as ClearCare, to help keep their agencies a step ahead of the competition.
As with any industry, as the demand for services and value increases, new elder care businesses will continue to crop up in an attempt to profit from a share of the market. However, savvy seniors and their families will likely continue to look for care that is a great value – combining high quality care with affordable service rates.
One way to offer customers a phenomenal value is by using a home care software or home care system to manage your agency. An industry-leading home care system, like ClearCare, allows agency administrators to offer a vast array of value-added services, such as secure log-ins to home care software logs for family members. Additionally, housing schedules within a home care software or home care system, such as ClearCare, allows for efficient management of employee schedules and increased accuracy in payroll and billing records.
With billions of dollars of growth projected in the elder care industry over the next three years, now is the time to get your agency on track to be prepared to benefit from the increased need for care. A partnership with the industry’s best home care software and home care system is a great place to start – and with ClearCare, your transition to a new system will be an invaluable business decision for years to come.