The home care industry is evolving every day. Everything surrounding the senior care and home care world is advancing as a new influx of baby boomers ages, and as new legislation shifts to the tune of necessity, budget, and technology capability. One thing that will never change with regards to home care is the necessity for committed, caring, and experienced providers. Staffing has become a challenge across all working industries as economic impacts can be felt by all. Today on the blog we wanted to break down a few key findings from a recent report from PHI, a NY based advocacy group.
When considering the amount of individuals working in home care, it’s hard to fathom there being a shortage of sufficient staff. Nearly 2.3 million home care workers serve patients in the United States in the home care field, and the report states that by 2028 home care will add nearly 1.1 million jobs, which represents the largest growth of any job sector in the country. So what’s the issue? A wave of an aging population who will need care in a challenging industry.
The aging population (over 65) will almost doubly by 2060, while the “working age” population will also double. This means if you are in the home care industry the time is now to prepare for the wave. Having a good staff, and properly managing a good staff is key to any successful home care agency.
Working in home care requires a special set of skills, and a special type of individual. The report states that turnover rate in home care is difficult to quantify at a large scale, but also notes that those with experience working in the industry can understand the challenge of finding and keeping adequate staff. According to PHI’s report,
“PHI’s literature reviews on this topic show turnover rates between 40 and 60 percent, and Home Care Pulse recently surveyed private-duty home care agencies and found a national turnover rate of 82 percent in this segment of home care.”
Recent proposed cuts to Medicare could significantly impact a home care owner’s ability to recruit and retain workers through adequate wages and health care benefits. This can cause pressure to reduce costs, which could mean wages and benefits. Rural areas could also suffer, because home care in these regions are more expensive due to travel time and distance.
Now more than ever, it is extremely vital for home care agency owners to maintain a consistent recruiting and retention strategy. With the increasing NEED for home care, there will be more home care agencies entering the marketplace, and there will always be another company who can recruit your employee to pay them more, or take care of them better. Ensuring your staff feels valued will be more and more important as the workplace has changed since the pandemic, along with younger people’s attitude about work. Technology and telehealth will only continue to evolve, so caregivers will need to be proficient with new tools and systems to keep up with competition.
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New strategies will be needed in order to evolve and keep up with the evolution of home care. The industry is changing and that is a real challenge for many home care owners. Finding, taking care of, and keeping a strong team of caregivers and employees is a challenge in itself let alone growing your business. If you or someone you know is struggling with staffing, billing, IT, or any other challenge that comes with the evolution of home care, get in touch with our team by heading over to this form, where you can set up a time to meet with our M/A team about how Prestige may be able to help! Thanks! Stay tuned to the blog and remember to follow us on Linkedin for more news and updates around the country on the home care industry!