It's Good To Be Cared For. It's Great To Be Cared About!
It's Good To Be Cared For. It's Great To Be Cared About!
Helpful content to guide you on your journey to becoming a home care franchise owner.
The home care industry is constantly changing. In order to stay ahead of the competition, it’s important to stay informed about what’s going on. This article breaks down the most important home care industry trends and how these trends could impact home care franchises in 2023.
The home care industry is growing at a rapid pace. According to the National Association for Home Care and Hospice, the industry is expected to grow by 4.5% every year until 2030. This growth is driven by several factors, including an aging population, advances in technology, and a changing workforce landscape.
As the home care industry continues to grow, so too will the demand for home care services. This means that franchises in the home care space need to be prepared for continued growth and expansion.
Here are some of the key home care industry trends we expect to have the biggest impact in 2023 and beyond:
The baby boomer generation is reaching retirement age, and as people live longer, the population of seniors is growing. This demographic shift is one of the main drivers of growth in the home care industry.
This will continue to push the demand for home care services, which is positive news for home care franchises. At the same time, it will increase the demand for skilled caregivers and put pressure on franchisees to find and retain talented employees.
Technology is changing the way we live and work, and it’s also changing the way we receive home care services. From online scheduling and telehealth appointments to remote patient monitoring, technology is making it easier for patients to access home care services.
New technology in the home care industry will help streamline operations so businesses can keep up with growing demand. It’s important that home care service providers make adopting better technology a priority in 2023 and beyond.
The traditional workforce landscape is evolving, with more talent diversity entering the workforce and more people working remotely. This shift is directly impacting the home care industry, as more families are looking for flexible, affordable home care options.
Now more than ever, home care franchises will need to stay on top of ways to hire the right caregivers. It will help owners stay ahead of demand instead of trying to figure out how to hire new employees when demand is at all-time highs.
As home care industry trends continue to evolve, we expect to see increased regulation at the federal and state level. This could include changes to licensing requirements, worker classification rules, and background check requirements.
For home care franchises, this is something franchisors need to pay close attention to. It’s important to establish who’s responsible for keeping up with regulations from state to state so your franchisees can continue to operate without interruptions.
As the home care industry matures, we expect to see more consolidation among franchises. This could take the form of mergers and acquisitions and smaller franchisees selling their units to larger owners and investors.
It will be interesting to see how different organizations approach consolidation in 2023 and beyond. At least for us, we’ll be keeping an eye out for opportunities to expand into new markets and help existing franchisees expand their territory.
We’re also seeing a shift in how home care businesses operate. Franchises are starting to experiment with new business models, such as subscription-based services and pay-per-visit pricing.
One of the biggest ways this will impact home care franchises is in the way they market themselves. As more businesses enter the home care space, it will be important for franchises to differentiate themselves, and some might adopt growth by finding a niche in the market.
While overall demand is growing, so are the requested services. Home care franchises are expanding their services to meet the needs of a growing clientele. We expect to see providers rethink how they package services and pricing in 2023.
It will be super important for home care providers to listen to customers, patients, and employees. Hear what they have to say, and align their services to meet growing needs.
The home care industry is no longer just a domestic phenomenon. Successful foreign competition is seeing the same growth in other countries. We expect to see more home care franchises expanding into new markets, such as Canada, Europe, and Asia.
Even the largest brands will see increased revenue but have to deal with significant growing pains as they push into markets outside of the U.S.
These trends could have a big impact on home care franchises in 2023. Franchisees need to be prepared for continued growth and expansion, and franchisors will have to stay on top of increased regulation and consolidation. They should also be prepared to experiment with new business models and expanded services. And finally, everyone needs to make hiring a priority or face potentially catastrophic consequences.
Briggs has an experienced team working around the clock to provide the best possible support for our families and franchise partners. If you’re interested in learning more about home care industry trends and franchise opportunities, contact us today to learn more.
Briggs Home Care ® offers a one-of-a-kind franchise opportunity to build a successful and rewarding home care business.
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