The Future of Elder Care Franchise Opportunities
Right now, few industries have a brighter future than the elder care sector. There are currently a record 50 million seniors in the U.S., and that number is projected to reach 70 million in little more than a decade. That’s welcome news for any entrepreneur looking at elder care franchise opportunities like Visiting Angels®.
Rapid growth, however, rarely comes without change. So if you’re thinking about buying a franchise today, it’s worth asking how the industry will evolve over the next 10-15 years. For those of us on the franchising side, it’s also worth considering how elder care franchise opportunities will evolve over the same time span.
While no one can predict the future with total certainty, a number of trends promise to shape the elder care industry in the coming years. Below, we’ll examine how these changes will impact elder care franchise opportunities, as well as what these changes mean for elder care franchises today.
What the Future Holds for Elder Care Franchise Opportunities
As the market for home care services grows, new opportunities will emerge. This includes openings for specialized elder care. Larger markets are already making these services more viable, and many brands are turning to specialized care as a way to distinguish themselves from the competition.
To get a sense of how the market is trending in this area, simply look at today’s elder care franchise opportunities. Increasingly, brands are adding specialized care programs. This is done in part to meet existing demand, but also in anticipation of future growth. For example, at Visiting Angels, we offer specialized care that includes Alzheimer’s, dementia, social, and end of life care.
Another emerging trend among elder care franchise opportunities if the focus on multidisciplinary care. This type of care involves multiple services, which are combined and coordinated according to clients’ individual needs.
Multidisciplinary elder care is particularly useful to clients with multiple conditions, such as individuals with Alzheimer’s and diabetes, or Parkinson’s and limited mobility, or any other combination. A multidisciplinary approach allows these individuals to receive holistic care that meets all of their needs at once, as opposed to separate services designed for isolated conditions. At Visiting Angels, we meet this demand by personalizing each client’s care plan to their specific needs.
When it comes to home care, you will generally hear competing voices on new technologies. On one side, some people insist that many traditional home care services will be replaced or displaced by new technologies. On the other, you have people who say that elder care will always remain a person-to-person, face-to-face business.
The truth of the matter lies somewhere in between. New technologies are already helping agencies in a number of ways, replacing some of the human aspects of home care. However, most of this change has occurred on the administrative side — and that’s likely to continue.
Without a major leap forward in technology, many aspects of elder care can only be performed by human beings. Just as important, person-to-person interactions are one of the biggest benefits of elder care, providing seniors with valuable conversation and companionship. At Visiting Angels, we place special emphasis on the personal connection between caregiver and client.
Searching for elder care franchise opportunities? Contact Visiting Angels today by calling 800-365-4189 or by submitting an online request to learn about our franchise offering and available territories.