The global home health care market is one of the hottest segments in the health care industry. In 2018, home health care was valued at $305.78 billion and is expected to rise by 7.8 percent by 2026.[i] Over the next seven years, the growing sector will see significant change.
From the transition to younger care staff and technical advancements to being recognized as a necessary, critical service within many communities across the U.S., here are three ways home health care is changing.
A New Generation of Medical Professionals
Baby Boomers are retiring in droves. Reports say 10,000 men and women are retiring from America’s workforce every day.[ii] As baby boomers age, the demand for home health care is increasing. With the approaching wave of retirements on the horizon, the public will turn to home health care agencies for their geriatric care needs.
However, the collective retirement of a generation also means the transition to a younger workforce in the health care industry. Nursing is currently the second most popular college major across the nation,[iii] and Generation Z is expected to bring their tech-savvy to the industry in ways never before seen, such as a complete transition to digital communication.[iv] The retirement of baby boomer nurses will leave a short-lived hole in the health care staffing segment, opening the door for millions of young, fresh nurses and medical professionals.
Everyone knows we’re living in a technology-driven age, but what does that mean for the health care industry?
Both in and out of hospitals and medical centers, technology is making health care more efficient. From groundbreaking new surgical equipment to simply making record keeping easier, medical technology is advancing at a quick rate.
At BrightStar Care, we use technology to increase our efficiency and accuracy of care. Our caregivers clock in and clock out with a mobile software system, which allows our franchisees to know when a caregiver may be late or at an incorrect location. All paperwork is managed through digital technology, more easily enabling franchisees and caregivers to share information between themselves and other medical care organizations.
We’ve also followed our plan to introduce more clinical intelligence into our home health care services with our electronic plans of care and incident reporting system. Gathering and analyzing this data has helped improve our delivery of care.
Technology will continue to make caregiving better, and BrightStar Care is leading the way.
A Recognized Need
Home health care was originally perceived as an exclusive luxury but is now becoming commonplace and necessary. The majority of baby boomers wish to age in the comfort of their own homes, which means home health care agencies are set to benefit.
As hospitals and retirement homes fill up to meet the demand of the baby boomer generation, they will eventually reach capacity. More and more senior patients are being referred to home health care agencies.
At BrightStar Care, we provide medical, personal and companionship care for a variety of patients. We lead the way with the latest operations and communication technology and stay up to date with the industry’s latest innovations. By remaining positioned on the cutting edge and putting compassion first, BrightStar Care franchisees are perfectly positioned to benefit from the home health care market boom.
Do you want to own a home health care agency that’s ready to capitalize on a changing market? Learn about franchise opportunities with BrightStar Care by downloading our free franchise review today!