When you’re really sick, where would you rather be? For many, the choice is extremely easy. They’d rather be at home. If someone’s care needs are intensive, however, there still remains a need for a medical professional to visit someone with health needs. That has led to the development of the home health industry.
Home Health Care Industry Statistics
Over 428 million patient visits were completed by industry professionals in the last year alone.
In the United States alone, more than 33,000 organizations are providing a wide array of home-based health services to people who want to stay out of the hospital or the nursing home. Many hospitals, both public and private, are also beginning to offer these services, which can range from hospice care to setting up a CPAP machine.
Three Facts You Need to Know Right Now
1. By the year 2020, it is estimated that 15 million people will require some sort of assistance at home with their health.
2. By the year 2040, the population that is aged 80 or greater is expected to triple. Those aged 65 or more is expected to double in size in the same time period.
3. There are currently 12 million people in the U.S. receiving some form of home health care assistance.
Takeaway: Even with the addition of the Affordable Care Act, insurance companies are forcing the health industry to discharge patients sooner from advanced care facilities, such as the hospital. Even though a discharge takes place, there is still a need for assistance in care which may include assistance with daily living activities. Treatments are become more complex, more success is seen with a long-term approach, yet compensation rates are expected to drop. Needless to say, this industry has a lot of growth potential, but a lot of challenges to overcome as well.
Other Facts to Consider About This Industry
1. Total revenues generated by the home health industry were more than $70 billion in the last year alone.
2. 80% of people who are older than the age of 60 choose to live independently as much as possible.
3. Annual growth of 3.6% has been experienced in this field over the past 5 years and is expected to continue as nearly 10,000 Baby Boomers reach the age of 65 every day.
4. Nearly 1.5 million people are employed by this industry in some way in the US.
5. The average firm spends just $0.03 on capital expenditures for every $1 of labor provided.
6. The average salary for a home health provider is just $9.70 per hour.
7. For many care agencies, the average cost per year for assistance is $18,000 per year, compared to a nursing home which averages $70,000 per year for care.
Takeaway: The desire to be at home is completely understandable. The fact that skilled care is sometimes required, yet a below average salary is paid for this work, is concerning. Based on these figures, it is possible to make more slinging burgers at the local fast food place than it is to help someone make sure they take the right medications, don’t injure themselves in the shower, or receive needed treatments for an illness or injury.