Home Health Care Industry Overview
Home health care is a dynamic industry, and it continues to shift and expand.
By 2050, the U.S. Census Bureau estimates there will be nearly 84 million Americans 65 and older. The number of those 85 and older is expected to reach 18 million – jumping from 5.9 million in 2020
In large part, these individuals want to age in place. Nine in 10 seniors want to stay in their homes as long as they can, according to the AARP.
However, there are challenges that aging Americans face in getting support. Just 15% of U.S. adults provide unpaid adult care, according to Pew Research Center. On average, these caregivers spend 1 hour and 20 minutes per day providing unpaid care, which doesn’t include hours spent on other activities, including housework and errands.
They tend to get less sleep than non-caregivers and devote significant money out of pocket to caring for another adult. Rarely do family caregivers have the expertise to fully manage their loved one’s needs.
As a result, an increasing number of families and health care institutions are seeking out home health care agencies to help people manage these diseases outside of a hospital setting and in an aging loved one’s home.
The continuum of care they can choose from includes:
- Home visits
- Assisting with communication
- Engaging in stimulating activities
- Schedule assistance
- Respite and family relief
- Assisting with movement in and out of the home
- Bathing, dressing, grooming, toileting and oral hygiene
- Meal prep and feeding
- Expertise with memory loss, confusion, forgetfulness
- Personal safety home evaluation
- Outpatient pre and post-op assistance
Skilled Nursing Care
- Assistance with medical machinery
- IV drug therapy, blood draws and injections
- Wound care
- Physical therapy, occupational therapy and speech therapy
- Medication management
- Hospice assistance
Today, there are 31,000 home health care establishments in the U.S. Combined, they generate an annual revenue of $78 billion.
But home health care agencies aren’t homogenous. Some businesses offer the full continuum of care
While others offer solely personal or companion care. As the U.S. population continues to age, live longer and deal with chronic conditions, agencies that offer all types of care are at a competitive advantage.