Home health care service is not only the fastest growing healthcare industry, but it is also expected to become the fastest-growing industry in the United States overall, which will open new jobs. For quite some time, we have companies such as Elly Kleinman’s Americare, that provide a range of skilled nursing and other health care services in this industry, and in addition to that offer personal care services to patients in their homes. As the number of chronic conditions and functional impairments that people have continues to rise, so does the utilization of home health care. In recent years, the overall use of home health care services has increased, reflecting the ever-increasing growth of the aging population and the rise of the above mentioned chronic conditions.
Home health care was initially designed almost 50 years ago, with the intention of giving patient’s the opportunity to recover from acute illness and improve their health, as a cost efficient alternative to expensive hospital stays. Namely, getting acute care treatment in a hospital will cost you around $ 3,250.0 per day, while home care cost, on the contrary, comes at a price of approximately $ 50.0 per day. Geriatric population growth is probably the key driver for this lucrative market, and as the CEO of Americare Companies estimates, by 2050, the geriatric population is expected to double from 7.0% to 16.0%. As we all know, this demographic group is most prone to chronic diseases that need long-term care, and home healthcare is the best possible alternative, offering affordable quality care.
In 2015, the global demand for home healthcare services market was valued at $228.90 billion, and by 2021 it is expected to generate revenue of $391.41 billion, which means that in the period between 2016 and 2021, there will be an increase of 9.40%. This diversified industry includes home nursing care, recovery from an illness or injury, occupational & physical therapy, skilled nursing, and help with everyday activities. Elly Kleinman Americare adds that rapid job growth in home healthcare services is expected over the next few years.