With the addition of more than 34 new brands over the past decade, home care franchises are riding the aging population’s increasing demand for affordable home health care, says a Healthcare Finance News article published this week. The market, it says, is “hot, hot, hot.”
The home care franchise industry came in as Entrepreneur Magazine’s largest category in its ranking of top franchise opportunities as the largest category. Despite large opportunity in the industry though, owners of home care franchises do show concern regarding potential passing minimum wage and overtime protection laws for home care workers.
Healthcare Finance News reports:
The Franchise Business Review, a national market research firm researching franchisee satisfaction, ranked home care franchises for senior care as one of the top five most profitable franchise sectors.
“Home care in general is just exploding,” said Shelly Sun, the CEO and co-founder of BrightStar Care, a leading home care franchise. She expects continued rapid growth through 2050, due mostly to the aging population.
Home care franchises have historically not required a background in healthcare to make a go of it. But Sun believes offering families a full-service experience, from the traditional personal care services to skilled medical services, is what will give companies like hers an edge.
If anything will slow down the meteoric rise of home care franchises, it could be regulations said Jay Perron, vice president of government relations and public policy for the International Franchise Association.
Another looming challenge, noted the Franchise Business Review – likely brought on by the sector’s success – is increasing competition in the market. A decade ago, noted the FBR, there were six home care franchise brands but now there are more than 40.
Read the original Healthcare Finance News article.
Written by Erin Hegarty