The home healthcare industry is expanding as increasingly more individuals look to remain at home as they age. In an earlier article we cited figures by investment research firm Zacks, which projected the value of the home healthcare market in 2020 to be $303.6 billion. This is further supported by a recent study by Grand View Research, which projected the global market for home healthcare to reach $355.3 billion by 2020, growing at an estimated CAGR of 7.8% from 2014 to 2020.
Why the growth in home healthcare? Home healthcare is rapidly getting adopted as a cost- effective alternative to healthcare establishment-based therapy (hospitals, assisted living), a growing geriatric population base that wants to age in place, and the prevalence of chronic conditions that require long-term care.
The growth in home healthcare is not only spurring an expansion of franchisees in this sector but also creating job opportunities across the country. According to the Bureau of Labor Statistics (BLS), employment in the healthcare and social assistance industry is projected to increase 29%, with nearly 22 millions jobs through 2022, compared to an average of 11% for all industries. Moreover, home healthcare services is projected to be the fastest growing detailed industry in the economy, with employment projected to increase by almost 60% between 2012 and 2022. Recent figures underscore this projection, with home health employers saying they’d added nearly 13,000 jobs in the month of July.
Within the home healthcare industry, some occupational sectors will grow faster than others. For example, the BLS estimates that home health aides will add nearly one-third of the new jobs in the home healthcare industry, which comes to about 214,300 jobs over the decade. Personal care aides will also see a significant increase in gob growth. Again, the growth in these occupations is a result of a growing elderly population and less costly home care compared to hospital care and assisted living care.
Caitlin Morgan is poised to provide the home healthcare industry and those it employs with the insurance solutions required to protect against risk as the sector expands. Our comprehensive home healthcare insurance portfolio of products include: General Liability, HIPAA Violations Coverage, Defense of License limit, Subpoena Assistance Limit, Sexual Abuse/Misconduct Sublimit, Crime & Privacy/Data Breach add-ons, Professional Liability, Hired & Non-Owned Auto and Business Personal Property. We can assist you in delivering a comprehensive and competitive program to home healthcare insureds while also helping them to minimize their risk. Give us a call at 877.226.1027.