All business ventures encounter challenges, and owning a senior care franchise is no different. However, the challenges faced by home care facilities can differ from those faced by other businesses. Keep reading to learn about the unique challenges faced by senior home care franchises.
Home care providers can range from highly skilled nursing staff to lower skilled companions. There is a shortage of home health care providers across all categories. The longstanding shortage of nurses affects all healthcare organizations, but the effect is more pronounced in the home care industry.
This shortage comes as a result of the rising age of Baby Boomers. Not only are they in need of home care as they persist through their elderly years, they also made up the largest population in the United States until recently. Unfortunately, this shortage affects all equal parts of the healthcare system. Nevertheless, the shortage especially affects home care since Baby Boomers are growing old.
In addition to the nursing shortage, generalized staff turnover is the biggest challenge faced by 59% of home care organizations. While this issue has remained a consistent concern for home care providers, the COVID-19 pandemic exacerbated it, causing significant reductions in home care staffing.
Develop relationships with staffing organizations to ensure you have access to the most qualified home care providers. If you struggle with staff turnover, they may be able to step in with a temporary placement until you are able to permanently fill any vacancies.
Even though the elderly population is growing larger than it’s ever been, it can be tough to find clients due to the financial constraints they may face. Home care can be significantly more expensive than nursing home care, averaging at $4,800 per week and $4,000 per month, respectively.
With these high prices out of reach for many, home care is often paid for by liquefying assets. Medicare also bares some of the cost, making it more accessible. Franchise owners need to make sure their care management team has the skills to help clients understand how to cover the costs of in-home care.
Whether you purchase it or rent it, medical equipment is expensive. The lack of medical equipment can be a limitation for home care providers, especially in the event of a medical emergency. Basic equipment to measure heart rates, glucose levels, and blood pressure may be easy to come by. However, patients with more complex home care needs may benefit from more advanced equipment.
Franchise owners could see a positive outcome from developing relationships with medical equipment providers. This would allow them the opportunity to help clients procure whichever medical equipment is necessary to provide excellent home care.
Dementia care is more often a necessity for seniors in-home care than in other populations. Symptoms of dementia like forgetfulness and changes in behavior can pose a challenge for senior care franchises. The risk of a patient wandering off can cause concerns for liability.
In this business, there are many technologies to reduce this liability. Using tracking devices like insoles and watches can help franchise owners develop policies and procedures to protect themselves, and the patients they serve.
While there are several challenges for senior home care businesses, there are also many ways to address them. Franchise owners for A Better Solution in Home Care can provide you with countless resources to help you overcome these challenges and more. If you’re interested in becoming a franchise owner, request more information on our website today!
For additional resources, visit Retire Guide’s guide on “Taking Care Of Yourself While Raising Your Grandchildren.” https://www.retireguide.com/guides/self-care-raising-grandchildren/