Insurance Companies See Benefits Working with an In Home Care Franchise
Recently, we’ve discussed changing demographics and how they’ve spurred a growing demand for home care services across North America — making this an ideal time to open an in home care franchise.
The elderly population in the United States accounts for a higher percentage than ever before. In fact, according to a 2018 U.S. Census Bureau report revised in October 2019, seniors aged 65 and older will outnumber children for the first time by 2034.
This shift has already had serious implications with millions of people acting as family caregivers for at least one elderly relative. It has also put considerable strain on the healthcare system, even before the onset of COVID-19.
This has led many families to turn to in home care franchises for help. It has also led insurance companies to back home care businesses. Today, we’ll discuss why this field appeals to insurance providers and what this could mean for an in home care franchise owner.
What Drives Insurance Provider Support for the In Home Care Franchise?
Seniors are widely regarded as one of the most vulnerable demographic groups. Not only are older adults more susceptible to illness and accidents, but they also don’t recover as fast or as easily.
According to the U.S. Centers for Disease Control and Prevention, falls send an estimated 3 million seniors to the Emergency Room each year. Falls, in particular, are a leading cause of hip fractures and other major injuries among seniors. Seniors also face a significant risk of readmission within the first month after being discharged from a hospital stay.
Families across the country are certainly aware of these risks. Insurance companies have also taken note — and are backing in home care franchises as a result.
What role can in-home care play in reducing hospital readmission? A report from the American Nurses’ Association states that approximately 75% of hospital readmissions are preventable. In many cases, a driving cause of readmission is a patient’s failure or inability to follow post-discharge care instructions at home.
How can healthcare professionals and family members address this issue? Studies have shown that transitional care can reduce hospital readmission rates among older adults.
Home care providers can coordinate with a client’s family and medical team to create a clear hospital-to-home transition plan. Caregivers can then help their clients adhere more closely to their discharge instructions, while maintaining contact with medical staff.
Not only does this help seniors and their families avoid another stressful hospital stay, but it also reduces overall costs for families, healthcare facilities, and — yes — insurance companies. Thus, transitional care has become more sought after and more widely encouraged in a medical context.
Who knows? As the population ages, it may even become a requirement in the years to come!
Why Buy an In Home Care Franchise from Visiting Angels
The market for home care is already robust with ample room for growth over the next 20 years or more. If you’re interested in this industry, there’s no better route than buying into a trusted in home care franchise.
Visiting Angels® is a highly regarded home care franchise with hundreds of locations in North America. We’re also ranked as one of the best franchisors in the field based on an independent survey of current franchise owners.
We have locations available across the United States. Whether you are seeking a new location to open or are interested in purchasing an existing franchise, we can help you find the right fit for your goals and future.
To learn more about opening an in home care franchise with Visiting Angels, request further details online or call 800-365-4189.