By 2025, seniors are projected to outnumber teenagers two to one, and by 2050, the number of seniors in the United States will be close to 88.5 million. By extension, revenue for home care providers may grow 4.5 percent and the number of home healthcare services may increase by 11.4 percent by 2014, according to IBISWorld.
Baby boomers will likely seek less-expensive, out-of-hospital healthcare as an alternative to hospital procedures. This could create opportunities for the proliferation of independent medical care businesses, such as outpatient surgery centers and walk-in clinics, which are run by medical professionals who are able to prescribe medication. Further, getting to and from outpatient services will increase demand for medical transportation services.
An overwhelming number of baby boomers, 9 out of 10, have expressed a desire to age at home. If these boomers stay in their homes, home care businesses, such as companionship care and home health aide
services are likely to increase in the future.
While many healthcare-related jobs require interaction with patients, there are financial and administrative roles in which workers do not require contact with patients. These types of positions include healthcare billing, coding, payroll and other back-office jobs. If you’re considering starting a healthcare-related business, here are some tips to keep in mind:
- If you open a medical franchise, try not to put all your eggs in one basket: You can have separate divisions related to travel nursing, in-home companionship and medical transportation, for example.
- Typical fees for non-medical care are $16-20 per hour, and even higher for in-home medical care.
- Opening an emergency medical transportation service may require some specialized permits, including state-mandated transportation licenses and registration with the state Health and Human Services Department.
- For any health-related business, if you are going to accept Medicaid, you have to register with the state’s Medicaid office.
- Marketing may be more effective via networking, word-of-mouth and referrals from retirement homes and assisted living facilities. Most people want detailed information that you can’t get from traditional advertising when it comes to something as personal as healthcare assistance in the home.
Have you considered opening up a healthcare services company? Or, are you already involved with one? Share your experiences with the SBOC community below.
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