Baby boomers are growing older, and the senior population is growing along with them. As the population ages at a pace that demands attention, the discussion surrounding health care for the elderly is taking on a more urgent tone. The interests of the general public are pushing the industry to adapt to new trends. By taking note of them, you can secure your future as a provider for elderly health care.
When people consider health care for the elderly, assisted living facilities, independent living centers, home health care, and nursing homes jump to mind. These providers of elderly health care are experiencing a state of flux as the aging baby-boomer generation and its unique demands force them to reevaluate their positions in the senior health care paradigm. According to the Bizjournal article, “Baby Boomers Shaping the Future for Senior Care,” assisted-living facilities within the state of California entered a period of stagnancy, while home health care for the elderly experienced a higher demand for their services. Similarly, growth in nursing homes also stalled. These new trends are reflective of a shaky economy and funding cuts for social care at both the state and federal level. They impact an individual’s ability to afford long-term care and influences where health care providers invest for growth.
Financial factors, in part, explain the rise of home health care businesses, which often provide part-time services at a more affordable hourly rate. These providers of health care for the elderly are benefitting from a public sentiment for growing old at home, which researchers from Stanford believe is the biggest trend in senior health care. Increasingly, children are unwilling to send parents to long-term housing, and the deliberations can be emotionally straining as Linda Lee Ruzika details in “Nursing Home Dilemma.” When the public changes its tune so firmly, it presents opportunities for senior-care providers to react to new trends and expand their reach in the market.
New trends in health care for the elderly also indicate a changing perception of the care-oriented responsibilities that providers assume. For example, nursing homes are adapting alongside their baby-boomer clients’ needs. Debra Pacyna, director of public affairs for the California Association of Health Facilities, told Bizjournal, “Increasingly, nursing homes are taking care of younger boomers with medically complex conditions.” For elderly boomers, the quality of care matters greatly, a trend that gives providers ample opportunity to differentiate themselves from competitors.
Another prominent trend making headlines on Healthcare Finance News is the growing market share of local and regional operators in housing, home health, and pharmacies. Industry experts are also noticing an interest in renovations and expansions among nursing homes.
Senior care is a pressing issue now and will remain one in 2050, when the elderly population is expected to reach 88.5 million. Baby boomers are setting the climate for future standards of care. As a provider of health care for the elderly, responding in kind will ensure your job security for the years ahead.
Photo courtesy of morgueFile.com
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