6 Things We Know About Senior Care Since COVID-19
Since March of this year we've been slowly entering a new world. The markets are shifting and the future seems more unknown than it did all but four months ago.
So what are the best investments for 2020 now? Even though we aren't financial advisors, we are experts in senior care. The data we're seeing (so far) seems to be pointing to a sense of security in senior care and a surge of interest in home care.
Here are some key findings that might help you on you learn more about starting a home care franchise during the COVID-19 outbreak.
Per Capita Home Health Expenditure in the United States is Still Expected to Be Higher than Other Developed Countries
According to IBISWorld health care costs largely depend on the number of employers providing health insurance.
Assisted Living Homes, the Retirement Community and Nursing Homes Will Still Be Vital to Elderly Care
COVID-19 raised valid concerns about the safety of senior care homes but for companion care is still surging. Federal funding of $200 Million to the Centers for Medicare & Medicaid Services to assist senior care companies to prevent the spread of the virus brings solidity to the industry and creates opportunity for positive disruption.
Health Care Companies May Be One of the Best Investment Opportunities During the Pandemic and Well After
Pandemic-caused high unemployment rates and a surge in demand for medical supplies will contribute to revenue losses for hospitals, medical centers and other health care establishments in 2020. However, according to PwC, $100 billion in federal grants should offset the total loss over a one to three-year period. This provides unparalleled security to the health care sector.
The American Health Care Industry Will Be Pushed to Rapidly Evolve
IBISWorld estimates that there are three hospital beds for every 1,000 people in the United States, which ranks it below other countries part of the Organization for Economic Co-operation and Development. COVID-19 will add more pressure to the industry to improve the quality and accessibility of medical care.
There Are Many Elderly Care Companies In Areas With High Densities Of Seniors
In America, it appears that, based on demographics research, the number of healthcare facilities available to the aging population is adequate. Healthcare capacity is abundant in areas of the country with high densities of individuals aged. According to experts the distribution of senior services business' means that a fluctuation in seniors contracting COVID-19 shouldn't negatively impact the health care system's ability to treat infected patients. But, health and home care assistance is not as equally spread out for immunocompromised individuals.
Seniors Aged Over 60 Years-Old Make Up 17 Percent of the U.S. Population
According to IBIS World, American has a lower population of seniors when compared to other countries. This makes the United States at a lower risk of an implosion of the health care system due to more seniors contracting COVID-19.