How Big is the Industry?
America’s rapidly aging senior population is creating an enormous opportunity for CarePatrol franchise owners
Aging is a universal phenomenon, and if we’re lucky, we all get to experience living to a ripe old age. The advancements in science and medicine are helping more people live longer than ever before, and as a result, millions of Americans are becoming senior citizens at a rate of 10,000 people a day.
This trend is expected to continue to 2029, according to Pew Research, and by 2060, the population of seniors is expected to rise to 100 million.
This influx of new seniors on a daily basis is creating an enormous demand for assisted-living facilities, nursing homes and home health care. This makes sense, as with the average life-span approaching 80, the number of people suffering from chronic diseases is on the rise. According to the New York Post, “the number of people suffering from four or more chronic diseases is expected to double by 2030,” with cancer and diabetes leading the list – and a third of all seniors will be diagnosed with a cognitive disability such as dementia or depression. In total, the senior care industry generates $300 billion a year, and that amount of spending is creating a healthy, competitive environment in various industries related to taking care of seniors.
One of the industries that emerged as a result of the growing senior population is the senior placement industry. CarePatrol created the industry when the company was founded in 1993, because our Founder and Executive Vice President of National Strategic Partnerships Chuck Bongiovanni saw that seniors were not getting placed in facilities that could care for them — and that families were woefully unprepared to make tough decisions about placement under duress, especially when those decisions needed to be made fast.
“Life can dramatically change — whether you’ve planned for it or not,” Bongiovanni says. “Family is in an emotional roller coaster, and when aging loved ones become ill, the family is entering uncharted territory. We come in as the expert. Our job is to help people get the care they need at the place that can provide it, and help the families understand what they’re looking for so that they can make informed decisions. There are so many places out there, and not all of them provide the same type of care.”
The variety of care options creates confusion
There are more 30,000 assisted-living facilities in the United States, and all of them are different. Beyond the care these facilities offer, they differ in terms of costs, availability, specialization and performance history. When the news that an aging parent or a loved one needs the treatment of an assisted-living facility for a problem such as Alzheimer’s, dementia, cancer or another kind of illness, families are often rushed to make a decision in a deeply emotional state.
When a CarePatrol franchisee comes into contact with a family, they know that time is of the essence. As trusted advisors, CarePatrol franchisees will outline the safest options for care, as well as what is most appropriate for their budget. Our proprietary software allows our franchise owners to present important background information, such as performance and compliance reviews of the facilities. Our franchisees then physically take the families on a personalized tour of the facilities, allowing them to see the places and meet with the health care professionals who will be taking care of their loved ones.
This hands-on approach is unique to CarePatrol, and our process allows the families we serve to make informed decisions
“We exist to help seniors,” says Jamie McDonald, Director of Training with CarePatrol. “Health care today is so complicated that baby boomers often have no idea what to do when their spouse becomes ill. If the children are designated as caretakers, they can become especially emotional during the process. Our job is to help them make their lives easier. Our franchisees make lasting, lifelong impacts on the families they help because of the lengths they go to help them.”
The demand for CarePatrol is going to continue to increase
The demand for senior care is skyrocketing; the need for our services will only increase.
Consider these points:
- “In 2010, one-sixth of the adult U.S. population was older than 65; by 2030, about one-fourth will be.” – The Atlantic Monthly, “Who Will Care for America’s Seniors?”
- “By 2050, the number of individuals using paid long-term care services in any setting (e.g., at home, residential care such as assisted-living, or skilled nursing facilities) will likely double from the 13 million using services in 2000, to 27 million people. This estimate is influenced by growth in the population of older people in need of care.” – Cargiver.org
- “Among the population aged 65+, 69% will develop disabilities before they die, and 35% will eventually enter a nursing home.” – Caregiver.org.
“There’s never been a better time to invest in a CarePatrol senior placement franchise,” says Tom Parks, VP of Franchise Development with CarePatrol. “The demand for our services is only going to increase as more and more people will need to rely on an expert in their community to guide them through this difficult process. CarePatrol has more than 25 years of experience doing exactly that, and a new franchise owner will be in a position to benefit from the strength of our trusted name and our proven business model.”