Retirement Living Fuels The Need For More Home Healthcare Providers
The demand for home healthcare is poised to surge in the coming years which is driven primarily by the rapidly ageing population. Although the advances in modern medicine have allowed people to live longer, people of advanced age do face chronic health conditions that require significant attention.
According to the World Health Organization (WHO), the number of individuals aged 60 or older is projected to reach 2 billion by 2050, a substantial increase from 900 million in 2015. As the population continues to age, the services tailored to care for the elderly are also expected to witness proportional growth.
By 2030, the baby boomer generation will constitute 18% of the entire US population.
The Need For Independence
The needs and aspirations of the elderly population have undergone a transformation, with many placing independence as a top priority. Accordingly, a survey conducted by the American Association of Retired Persons (AARP) in 2018 revealed that 3 out of 4 individuals aged 50 and above expressed a desire to retire and age in their own homes.
This shift in preferences is reflected in the closure of approximately 1000 nursing homes in the US since the year 2000. The trend demonstrates the growing inclination of older adults to maintain their independence and stay in their familiar home environments as they age.
Cost-Effectivity
Retirees also benefit from other advantages of home care. Living under home care is seen to be a more affordable alternative compared to nursing homes. Likewise, applicable medical attention received at home is much cheaper than those received when confined in a hospital.
Aside from financial advantages, many elderly also prefer to live at home with their loved ones. According to data from the US Census Bureau’s American Community Survey (ACS), in 2019, around 12% of the population aged 65 and older live with their children. This trend is likely to rise especially since retirement home costs continue to rise. A private retirement residence can cost at least $3,000 a month for basic care, and this is expected to rise at a rate of 3.7% annually.
The Future Of Home Healthcare
As people grow older, their healthcare requirements become more pronounced. And with a preference for home care rising, the need for solutions that enable older generations to remain at home will see a considerable upswing in response to the ageing demographic.
By the year 2026, the US projects the creation of approximately 1.2 million new home caregiver positions, underlining the increasing significance and demand for this essential service.
The ongoing trend challenges the home health industry to not only keep up with the demands for more care providers but also to continue to deliver affordable and quality services to the elderly.
This is why many home healthcare providers have employed the services of business process outsourcing (BPO) companies. BPOs such as Luckwell Solutions specialize in providing administrative support which enables home health practitioners to focus on patient care.
Access to BPOs makes it easier for new home healthcare providers to be established, allowing the home care industry to aptly serve the growing population of the elderly and their changing needs.
Learn more about Luckwell Solutions and how business process outsourcing can lead to better patient satisfaction by sending an email to info@luckwellsolutions.com.
- February 28, 2023
Let's Talk
Provide us with your information so we can contact you and discuss how we can help you grow your business.
