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franchising feature article senior care franchising – caring about our future
senior Care franCHising CARING ABOUT OUR FUTURE
– Peyton conway march
Caring for others, especially our elders, is an honourable calling. Caregivers are our everyday heroes, answering the call to help our senior citizens navigate the challenges of old age with dignity.
And with our aging population, it’s a calling that is seeing an increasing need. Life expectancy now surpasses 78.93 years, an increase of more than three-and-a-half-years since 1990, and according to the U.S. Census Bureau, the over 60 demographic is expected to double by 2050 to 1.2 billion. That’s a lot of demand for aged care services. In addition, as the challenges of our current senior care system continue to be revealed, particularly after the trials of the pandemic, people are taking a closer look at the quality and diversity of care being offered to our elders, and future generations of elders.
Covid-19 exposed the vulnerabilities of healthcare and senior care systems. Many senior care franchise systems reacted by leaning in and developing ways to improve their processes and systems to make their service more resilient and responsive to changing senior care needs. Technology, for example, played a big role. Franchises looked to digital solutions for care needs like client assessments, caregiver recruitment, administration and so on, allowing for more flexible arrangements for both clients and staff.
BeFore yoU get StArteD
Prior to investing in a senior health care franchisee, it would be wise to ask yourself:
• how well has this prospective franchisor held up to the challenges of the pandemic?
• are they future-proofed to deal with the increasing demands of our aging population?
Do your research and carefully review the franchisor’s Franchise Disclosure Document (FDD) for more detailed information on all systems, procedures and associated costs. Remember to enquire about any additional costs that may not be covered in the FDD, including employee wages and utility costs. Having a clear picture of every single cost involved will ensure you don’t have any bill shocks that could cause a disruption to the essential service you provide.
Don’t forget to visit trade shows, talk to other franchise operators and reach out to a franchise consultant to talk through your personal situation and franchise ambitions – they can help you understand your best path forward to success.
In-Home or SenIor CAre?
The most important decision to make before starting a senior care franchise is to decide whether an in-home or residential care franchise is the right fit for you.
In-home care provides general healthcare, home help services, physical therapy and medical services, as well as general companionship. Some service providers specialize in one or two areas only (like home help and companionship with no medical services), others cover a wider range of services. While most inhome care is provided to seniors, it can be provided to people of all ages, such as younger people with a disability or physical injury.
According to IBISWorld, the in-home senior care franchise industry grew 8 percent between 2014 and 2019, driven by the gaining baby boomer population and the demand for more convenient and comfortable care options. IBISWorld reports predict that the in-home care franchise industry will continue to grow over the next five years as the rise in technology and medical advancements continue to make it possible for people to stay independent and ‘age in place’ in their own home for longer.
resIdentIal senIor care franchises are facilities that primarily provide residential and personal-care services for elderly people who are unable to fully care for themselves at home. Strong franchise contenders providing this type of care have increasingly moved away from the nursing-home/hospital style conditions of the past to more home-like environments.
The residential industry grew strongly over the last five years at 10.3% to $4.3 billion.
A WORD FROM THE CARE GIVERS
over the years, we’ve heard from many senior care franchisors about the personal fulfillment of running a senior care business.
Recently, Belina calderon-nernberg, CEO of 1Heart Caregiver Services, shared her story with Franchising USA. In her article on the emotional benefits of becoming a senior care franchisee, Belina shared her personal experience of trying to find a suitable carer for her parents in the Philippines when leaving to start her life with her family in the United States. Learning to put her trust in that carer inspired her to start her own senior care business with a focus on providing peace of mind to both the seniors needing support and their loved ones.
“No one can escape aging. Whenever I see the seniors we take care of, I see myself at their age in their shoes and there’s nothing more that I could hope and wish for than to have someone like our caregivers take care of me,” wrote Belina. Read her story here. Learn more about 1Heart Caregiver Services. And back in 2019, angela olea, CEO of Assisted Living Locators, shared her personal story. Angela started out as a registered nurse taking care of seniors in hospital and noticed that discharged seniors would soon end up returning to hospital as they were not receiving the proper care. She learned to her dismay that vulnerable seniors had no way of vetting the facilities they were being referred to. Seeing a need for this service, she decided to do it herself. Today, her franchise connects families of loved ones who require assisted living to the facilities that provide the best service for their individual needs.
“It was a little spark that became an inferno when frustration turned to inspiration,” said Angela. Read her story here.
Learn more about Assisted Living Locators.
Seeing a need, a gap in the market, a problem crying out for a solution, is what made these senior care franchisors the nation-wide success stories they are today. And they are not alone. There are many senior and disability care service providers across the country who are making a positive, caring difference to the lives of those in need while also running a flourishing senior care franchising empire.
more SenIor CAre FrAnCHISeS to eXPlore:
always Best care combines nonmedical in-home care, assisted living referral services and home health care to create three potential revenue streams for franchisees.
https://home-care-franchise. alwaysbestcare.com/
BrIghtstar care is a home health care franchise providing both medical and non-medical assistance. Franchisees have access to multiple revenue streams, including companion care, personal care, skilled care, medical staffing, and national accounts.
https://www.brightstarfranchising. com/home-care/
carIng transItIons guides seniors with the overwhelming tasks concerning their changing lifestyle needs, like downsizing, decluttering, moving and/or transitioning into smaller living facilities.
https://www.caringtransitions.com/ FIrst lIght home care
provides quality, affordable, nonmedical, in-home services for families to take advantage of when they need it most – from several hours a week to full-time, live-in situations.
https://www.firstlightfranchise.com/
rIght at home provides ongoing assistance for clients in the comfort of their homes. Right at Home was the first nationwide brand to create a package of services to assist hospitals and other providers in the reduction of preventable hospital readmissions and associated costs.
https://rightathomefranchise.com/
synergy home care has established itself as a premier, nonmedical home care provider for all ages including the disabled, the elderly and those recovering from illness and surgery.
https://synergyhomecarefranchise. com/
our next Feature: Home Services
Next month our Special Feature on Home Services and Serviced Based Franchises in 2021 provides the perfect opportunity to showcase your Franchise.
