There are plenty of statistics that suggest investing in a hospice care franchise is a worthwhile and self-fulfilling business experience. Interim HealthCare franchisees are able to experience a business that’s cemented in a thriving industry, in addition to developing a comfortable hospice care environment. We have provided some encouraging statistics for potential new business owners to discover how a hospice care franchise can be beneficial for them and the consumer.
Home Care Provider Industry Statistics
Hospice care falls under the category of in-home care which has shown promising signs of growth in revenue through the past five years. This service provides consumers with the financial comfort of being treated in their own homes instead of paying for growing hospital fees. Therefore, Interim HealthCare’s hospice service is not just about making our aging seniors feel comfortable in their homes but also saving the strain on their wallet. The home care provider industry, which in-home hospice care falls under, is projected to be a $99 billion industry in 2019. This is including an increase of 5.8% in 2019 and since 2014, the industry has growth of around 3.7%. These are exciting numbers for an industry whose primary goal is to provide at-home comfort and alleviation of any potential physical, mental or emotional anguish for our clients. At the end of the day, our client’s comfort and happiness is our top priority and greatest fulfillment.
The Aging Population is Rising
Before you invest in a franchise, it’s important to evaluate the demand for service and if the consumer base is still growing. With baby boomers climbing in age, statistics are showing that soon there will be a historical influx in seniors compared to the younger population. Population trends and data have revealed that our target customer demographic, seniors 65 or older, is about to increase drastically. By 2030, all baby boomers will be in that age bracket, which will outnumber children for the first time in U.S history. It has been well-documented that this demographic will spike drastically in the next couple of decades providing an increasing demand for the services a hospice care franchise provides.
Future Population Trends
There are plenty of Americans who may be facing medical struggles in their life that could benefit from an in-home care hospice service. The numbers are increasing each year, as 90 million Americans are living with serious illnesses which are projected to double due to the aging baby boomer population. As of right now, there are approximately 6 million Americans that could benefit from the service of palliative care. The drive of the Interim HealthCare hospice care franchise is to provide that service at a rate that gives caring families comfort. Research shows that 8 out of 10 Americans prefer to be around their family and home when living with a terminal illness. Therefore, it’s clear to us that a hospice care franchise will have no difficulty locating consumers who could benefit from our assistance.
Hospice Lengthening Age Expectancy
Our is to make sure seniors are cared for in a familiar environment where they feel comfortable. We’ve separated our service from a bleak hospital-like environment by surrounding our clients with the people and things they love. According to a study done in the Journal of Pain and Symptom Management, an in-home hospice environment extended the life expectancy by an average of 29 days. Although there is no way to guarantee this outcome, our franchisees can provide a service that quite literally makes clients feel more at home. This is an encouraging statistic for our investors that their service has a real purpose, and for passionate families who cherish every single moment with their loved ones.
Do you want to learn more about the make-up of a hospice care franchise investment? Contact us today and take the next step with Interim HealthCare.