5 Home Healthcare Trends To Keep An Eye On
There were over 12,000 home health agencies in the USA alone 5 years ago, a number that’s sure to have shot upwards in the intervening years. It’s a sector that’s going from strength to strength with every passing month, creating endless new innovations and techniques thanks to its ample and enthusiastic talent.
So what are the latest healthcare trends burning up the home care healthcare industry right now, in 2021? What do those of us who are thinking of starting a business in home care need to know about the direction of the industry?
Keep reading to find out how the healthcare industry is changing in 2021!
1. Government Funding of Home Care Providers Climbs Ever Higher
Generally, home care businesses are funded by private payments. That’s still the case, and by far the biggest source of revenue for most home care experts continues to come from private payers, but government funding has been creeping up for a while.
While private payments have slipped downwards in the past couple of years, overall revenue levels have been buoyed by the likes of Veteran Assistance, Medicaid, and Managed Care orgs.
2. Personal Care Services Growing in Popularity
The population is, unsurprisingly, aging. And as people age, they retire. The spate of baby boomers currently entering their twilight years has made personal and companionship care options shoot up in popularity. As more people retire and live at home, the need for companionship care grows in tandem.
3. Labor Shortages Continue to Bite
Like so many other industries, a labor shortage is one of the defining healthcare trends of the home care market right now. This can be a boon or a burden, depending on whether you can make up the shortfall when starting your own business (find more information about that over here).
4. Caregivers are Splitting Their Time
More and more, caregivers working in the home care industry are dividing their time between working for multiple separate organizations. What does that mean for home care businesses? You need to redouble your efforts to make your workplace attractive to potential hires, because chances are they’re already contemplating a lot of competing offers!
5. Training Makes the Healthcare Provider
Home care businesses are increasingly putting lots of money towards training up their staff. The reason? Better trained staff generate much higher revenue (and it keeps your hired caregivers happy and feeling like they’re developing in their role, which is great!). So make sure you take the time to invest in your people.
Tomorrow’s Healthcare Trends, Today
And that concludes our brief but vital list of some of the biggest healthcare trends shaking up the home care industry in 2021. Whether you’re just starting out or you have a hundred carers on staff, you can’t afford to ignore these important trends in your industry.
So make sure you take them into account!
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