The home health care sector is among the fastest-growing business sectors in the USA right now and is set to expand further in the coming years. With an increase in the aging population along with average lifespans, thanks to improved medical advancements and technologies, the85-plus age group is the fastest-growing demographic.
This has resulted in the home health care sector growing at an exponential rate. The industry is predicted to reach about $150 billion by 2028, up from $85 billion in 2020.
The home health care sector provides various medical services for both illnesses and injuries, and with the increased demand, this sector necessitates the proper utilization of technological advancements and workforce in order to materialize opportunities.
This demographic requires greater medical assistance and services, as they are particularly susceptible to chronic illnesses like heart diseases, diabetes, blood pressure, incontinence, psychological disorders, and more. The rising demand for breathing and intravenous treatment services is driving up demand even more.
There are some seniors who live far away from their families and relatives and require help near their homes. Furthermore, they need assistance to complete simple house tasks or might only need some company.
No matter the reason they require home health care services, the one thing in common between all the reasons is the need for accessible and affordable health care, which are both significant obstacles and possibilities. Anyone considering branching into the health care industry should know about the different challenges and obstacles for capitalization.
Shortage Of Skilled Labor
With the increased demand for home health care services, the shortage of skilled labor has drastically decreased, especially since the pandemic. Several employees in the industry resigned and migrating to better-paying, less stressful employment further exacerbated the situation.
The other challenge is luring skilled labor towards the job, considering it is a low-income job and has irregular working hours. Employers will have to look for a person who isn’t just in it for the money but is passionate about the job. Moreover, employers must ensure that the individual receives the appropriate degree of support and training for their professional growth after they are hired.
Telemedicine And Telehealth Possibilities
Since the home health care industry is a multibillion-dollar industry, it has attracted significant private equity funding and several new practitioners are coming into the business to fulfill the ever-increasing demand. As $400 billion in government financing is committed to home healthcare for seniors and people with disabilities, this sector is only expected to grow more.
Telehealth and telemedicine are two of the most lucrative fields. They allow patients to be examined and observed virtually via advanced technology, eliminating the need to dispatch employees where they’re not needed. The pandemic only expedited the use of technology as everyone was instructed to stay home and avoid hospitals in an attempt to curb the spread of the virus.
A huge opportunity lies within the telemedicine and telehealth center, which can provide extra care and assistance to the patients.
In Conclusion
Inflation and rising health costs haven’t made things any easier for both individuals and industries. If resources are allocated and used properly, the health industry will definitely rise to the challenges.