Home Health Care: Preparing for Increased Demand | Fora Financial Blog
Home Health Care: Preparing for Increased Demand
June 15, 2017

Home Health Care: Preparing for Increased Demand

As a home health care business owner, there is no escaping the fact that America’s aging population is growing exponentially. By 2020, America’s population aged 65 and over will grow to 56 million people and by 2030 will grow to 74 million. Many of these seniors will likely require health care assistance at some point.

Industry experts have noted that 90 percent of seniors intend to continue living in their current homes, which is a good sign for home health care providers as these individuals will likely prefer to receive care in the comfort of their own home.

With the impending growth in demand for home health care services among the senior population, you should examine your current business structure to see if it can handle an influx in customers. In this post, we’ll examine 4 key home health care business ideas to consider implementing so that you can handle the demand for your services over the next few years.

Hire more caregivers

The most obvious solution to help you keep up with the growing demand on your health care services is to hire additional employees. Each of your employees can only serve so many clients in a day, so if you want to capture a larger customer base, you must hire more staff.  Keep in mind that you’ll need to invest time to adequately train your new employees so that they well-versed in industry protocols.

Invest in transportation

 If you provide company vehicles for your care workers, an influx in hiring will result in the need to purchase more vehicles. Vehicles are key to ensure each employee can make it to appointments on-time and can conveniently transport the necessary tools and equipment needed to treat clients. You may also consider using your vehicles to transport seniors to and from appointments or social engagements, as it has been noted that 50 percent of seniors feel their communities do not provide quality public transportation. Of course, you may be concerned with the upfront capital required to purchase vehicles, but these concerns can be alleviated through medical equipment financing.

Stay organized with technology

 As a busy home health care business, you are likely using some type of software to stay organized. The best home health care software will allow you to maintain patient electronic medical records, medication history, billing records and appointment scheduling. If you currently do not use software for your health care business, or feel your existing software is inadequate, you should strongly consider investing in high quality software. Staying organized electronically through software can ensure you are on top of your patient’s medical needs and that your staff doesn’t miss any appointments. Although new software can be costly, medical equipment financing can help you pay for these technological expenses.

Expand your current service offerings

A final home health care business idea to think about is expanding your existing service offerings. Currently, do you focus on transporting seniors to and from appointments? You could also consider delivering meals to these clients. Or, do you focus solely on providing in-home nursing services? If this is the case, consider adding transportation services to help your clients get out to pay bills, buy groceries and visit friends. Seniors require a broad range of support, and offering a variety of services will help to differentiate your home health care business from other providers.

There is no question that as a home health care provider, your services are guaranteed to continue to be in demand for many years to come. By implementing even one of the suggestions mentioned here, you are sure to improve and expand your services to grow your customer base through meeting the needs of the growing senior population.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].