How Big is the Home Healthcare Industry?
As the population continues to age, home care and home healthcare industry services will continue to grow
As the population continues to age, the need for home health care industry services will continue to grow. According to the U.S. Census Bureau, the home health care industry generated revenue of $65.4 billion in 2012, the most recent year for which data is available. That’s more than double the $30.4 billion figure from just 10 years earlier.
The industry’s growth is being driven by two factors: the rapid increase in the number of older Americans and the pressures on the overall health care industry to meet the needs of this growing population in a cost-effective way.
Meeting the Growing Demand for In-Home Care
According to the AARP, 9 out of 10 seniors want to stay in their homes for as long as they can. The census bureau projects that there will be 56 million Americans over the age of 65 by 2020, including 7 million over 85. By 2050, those numbers are expected to reach 84 million for people over 65 and 19 million for people over 85.
BrightStar Care and the home health care industry have been expanding to help fill the gaps left by institutional care and keep seniors in their own homes for as long as possible.
Better Care at a Lower Cost
Regulatory changes are having a positive impact on the home health care industry, as health care providers work to deliver quality care at lower costs. This means keeping patients out of the hospital and in their homes whenever possible, providing the level of care patients need in a more comfortable place, and minimizing the costs that rack up when a patient spends 24 hours a day in a hospital room even if they only need two hours of care per day.
The home health care industry has been reducing costs for years due to the shift from long-term hospital stays to home health care. Skilled home health care is an efficient way to provide the services patients need to improve their health without the need for extended or return hospital visits.
Regulations passed in the years since have brought increased pressure to reduce health care costs.
Take the next steps toward a shining future. Connect with our BrightStar Care home health franchise team at (872) 713-5900 today.
