Although the U.S. economy continues to struggle in the historically slow economic recovery, several sectors, including healthcare, continue to remain strong and growing. In particular, a sub-set of the health care industry — home health care — continues to be a primary driver of job growth. According to the U.S. Bureau of Labor Statistics (BLS), the home health care market will continue to be a steady source of job growth and employment in the health care field. Unless Federal funding cuts take place, home health care jobs are expected to grow 5.5 times faster than all other non-farm industries for the remainder of the decade.
More positive growth is evident in a recent report conducted by RnRMarketResearch.com, which found the home healthcare market is expected to experience a 7.7% compound annual growth rate by 2016. Why the steady growth in the home health sector? The report examines several factors, including the rise in the 65 and older population nationwide. In addition, several factors will contribute to the industry’s steady growth:
- The home health market is witnessing tremendous growth due to the rise in the aging population.
- Awareness about the convenience and cost effectiveness offered by home health care is increasing the demand for this market.
- Stable growth is also mainly due to the reimbursements offered for specific equipment and the health policies of Medicaid and Medicare.
- The most significant health care trend witnessed recently is the shift of treatment from hospitals to home in order to gain a cost advantage and reduce hospital expenditure.
- The move from treatment to proactive monitoring is also opening up new opportunities for the home health care market.
- Patients prefer home health care over hospitals mainly for the convenience and cost-effectiveness it offers.
- Third party home health care is witnessing huge demand due to better treatment quality ensured by trained medical professionals.
Home health advocates include physicians, as well. Dr. David Fisher, author of “How to Keep Mom (And Yourself) Out of a Nursing Home – Seven Keys to Keeping Your Independence,” relies on home health care workers to alert him when someone in their care needs to be seen, acting as his first line of defense. “Often they can alert me to a problem that could be happening with a patient,” he says. “And they really help me carry out the plan of care for the patients to help them stay at home.”
Solid evidence points to home health care continuing to experience substantial growth, especially as the baby boomer generation ages. Saving billions of dollars every year, home health care offers a lower-cost alternative, allowing patients and their families to avoid high-cost healthcare settings, including hospitals and nursing homes.
