We’ve just entered 2018 and opportunities for individual caregivers interested in the home health care industry have never been better as once again the Baby Boomers are making a huge economic impact. As the Boomer generation ages into their golden years, an unprecedented number of people will require home care. Today, there are roughly 77 million Baby Boomers in the U.S.; a significantly larger amount (22 million more) than the “Silent Generation” that proceeded them. By 2030, the number of seniors over age 65 will be double than what we had in year 2000.
What does that mean for you?
Home health care industry statistics illustrate the historic growth in demand for home care services. The supply shortages of quality caregivers, coupled with the aging population, creates a tremendous opportunity that awaits caregivers. According to the Bureau of Labor Statistics, approximately 1.3 million additional jobs within the home care field will be added through 2020. They also report that those working in home health positions will see a 69% growth through 2020.
Why are we seeing these increases?
- Increase in need due to Boomers reaching ages where they need home care
- Affordability of the services provided
- Convenience of being able to age in place and stay in their own home
Here are a few numbers:
5%: Healthcare spending on services associated with residential and personal care services accounted for 5% of US healthcare costs, totaling $163.3 billion.
7.8%: The growth rate of spending on home care services shot up to 7.8% in 2015 from the previous year, compared to a growth rate of 5% in 2014 when compared to the previous year.
20%: In 2015, Medicare spending totaled $646 billion, making up about a fifth of our total national health care spending. Medicaid, at $545 billion, made up another 17%.
Okay, so now what?
Healthcare Credentialing Solutions offers credentialing for individual providers and agencies who are looking to take advantage of this opportunity taking place throughout the United States. For over 20 years, we have been helping providers like you to get more clients by adding services like Medicare, State Medicaid, private insurance, long-term care, and workers compensation. The time is right, and you have the necessary experience and skills, that would make you a terrific fit for getting credentialed for the home healthcare boom that is taking place.