Home Care Business: Ongoing Growth For Decades To Come

The home care business has been flourishing for many years now. Medicare has become the principal player in the home care services department. Entrepreneurs flock to this new business venture because their money was sure since it was coming from the federal government and with the aging population; this business seemed to have a long life expectancy.

On top of this, there is even a bigger opportunity for those who want to get started in this business, but want to focus on the non-medical service opportunities. These types of services are mostly paid for by the recipient of the services and or private insurance.

This is important because of two reasons: One is that there is much less paperwork involved when requesting payment for those that are non-Medicare and two, there is little to no licensing required to be able to provide non-medical services. These are big benefits because it lowers the barrier to entry in this industry.

Care You Can Depend On

Home care services offer a wide range of both short and long term services in areas such as respiratory therapy and many others. This includes ongoing support for patients with:

•  Asthma
• Bronchitis
• Cystic Fibrosis
• Lung Disease

Other services related to in-home care includes companionship, transportation, and basic meal preparation, and light house keeping services, just to name a few. Basically anything that can help the person remain safe, independent and comfortable, while remaining in their own homes. Home care has continued to be observed as one of the essential elements of inclusive health care. With the high cost of hospital and nursing home stays, the home care sector in the United States has seen much more growth. Many seniors also prefer to live in their homes despite their declining health and advancing age.

Growing Exponentially

In 2005, $38 billion was spent by Medicaid for nursing home services provided to the elderly. In contrast, Medicaid spent only $8 billion for home care services for the elderly. The cost for home care is approximately 34 percent less than institutionalized care. In 2006, the earned revenue in the home care industry was more than $37 billion. With an estimated 5.9 million individuals to reach 85 years old by 2014, this revenue will increase. The demand for home care is exploding and exceeding the skilled providers. By 2050, it is expected that 27 million Americans will need home care services. This shows conclusively that it is recession resistant and will generate ongoing business for decades to come.

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