Here are 5 data-filled reasons why we expect the home care industry to skyrocket.
Reliable Home Care Market Growth
The United States is contending with a continually declining birth rate and an aging population. By 2034, there will be more adults over the age of 65 than children under the age of 18. Between 2018 and 2060, the population of seniors will have nearly doubled.
This, of course, is good news for the home care industry.
The industry is already one of the fastest expanding industries in healthcare. Last year, U.S. home care spending reached an all-time high of $113.5 billion, and in 2021, there will be approximately 9,000 more home care agencies than there were 5 years ago.
The trends are unmistakable. Home care is not going anywhere and will only increase in necessity.
Even for home care agencies hard hit by COVID in 2020, there’s hope for consistency. The U.S. Department of Health and Human Services recently launched and expanded upon the CARES Act Provider Relief Fund.
Through the fund, providers can expect reimbursement of up to 88% of revenue loss—a much-needed jump start to the high-demand to come.
COVID-19 and a Further Shift to Home Care
Currently, hospitals have to save beds for the severely ill. They also strive to keep healthier patients away from COVID by asking those with non-essential needs to seek outside treatment. Therefore, a majority of patients must seek care at home or remotely.
According to Bill Dombi, President of the National Association of Home Care & Hospice:
“Homecare has distinguished itself in many ways during the pandemic. Caregivers of all disciplines have really stepped up to the frontlines of caring for COVID-19 infected patients while continuing the [sic] serve the millions of others who benefit from home care annually. In addition, through significant media coverage, increased awareness of the value of homecare has emerged in terms of safety, clinical efficacy, convenience, and the breadth of services. That awareness has grown in both consumers and the health care community (HomeCare Magazine).”
In support of this statement, a survey conducted by Transcend Strategy found that “65% of respondents said COVID-19 completely changed their opinions about the best way to care for aging seniors.” The survey concluded that “67% plan to use in-home care as a substitute for in-facility care even after the pandemic.”
Additionally, the National Center for Biotechnology Information states: “When asked about their care preferences, older Americans overwhelmingly articulate a desire to age in place and receive care at home rather than in institutional settings.”
While the extreme streamlining of hospital patients will eventually subside, the number of people who prefer in-home care (either through affordability, safety, convenience, or quality of care) is likely to remain.
After all, as the pandemic slowly stifles, a hasty return to hospitals and skilled nursing care no longer seems advantageous or even desirable.
Thankfully, receiving care in the comfort of one’s own home is no longer an anomaly. It is likely to become the health industry’s top focus.