The homecare industry is facing complex challenges that are creating opportunities for growth and improvement
Overview Of The Homecare Agency Market
2022 survey of homecare agencies found the following challenges:
Retention 36%
Recruiting 33%
Training 24%
45% of agencies are prioritizing initiatives to address staffing shortages
64% caregiver turnover rate has remained steady during The Great Resignation
In 2022, home health agencies offered the following employee benefits:
Medical insurance 46%
Short-term disability insurance 40%
Life insurance 38%
Continuing education programs 37%
Long-term disability insurance 32%
401(k)/403(b)/defined contribution plan 27%
Company provides vehicle 21%
Tuition reimbursement 20%
Wellness programs 19%
Professional association dues 18%
Mileage/maintenance 10%
76% client/patient turnover rate at a five-year high
18% readmission rate in 2022 — down from 22% im 2021
Many patients prefer urgent care centers over emergency departments and visits to their primary care physician when experiencing particular medical challenges
The Rise Of Urgent Care Centers
Growth drivers in urgent care center market:
Rise in chronic disease worldwide
1.71 billion people have musculoskeletal conditions
Fractures: 436 million
Injuries: 305 million
550 million people have heart and circulatory disease
290 million women
260 million men
Growing burden of emergency conditions, such as accidents and sports injuries
In 2020:
426,000 bicycling injuries
378,0000 exercise injuries
112,300 off-highway vehicle injuries
Growing geriatric population
Quadruple growth in Americans ages 65 and older
1900: 4.1%, or 3.1 million
2019: 16%, or 54.1 million
Hospitals entering the urgent care market
16.4% growth in US urgent care centers between 2021 and 2022
Benefits of urgent care centers:
Affordability
Transparency
Efficiency in health delivery
Accessibility
Busy professionals, younger generations, and tech-savvy patients are choosing telehealth over standard doctors’ visits
The Telemedicine Market
American telehealth users planning to use telehealth services in the next 12 months:
Gen Z (18-24): 73%
Millennials (25-40): 83%
Gen X (41-56): 68%
Baby Boomers (57-75): 51%
90% of the top healthcare companies are developing or implementing telemedicine technology
64% of telemedicine programs offer remote monitoring
91% of health outcomes are as good or better via telehealth
64% of Americans are willing to have a video visit with a doctor
Factors Driving The Telemedicine Market
Growth in healthcare consumerism
Consumer expectations of convenience
Shift to revenue models that reward value
Increased access to mobile Internet access
Barriers To Telemedicine
Access/cost for technology/broadband
Licensure
Limited privacy and security concerns
Resistance to change
Legal/regulatory questions
Digital literacy/training
Benefits Of Telemedicine
Increased access to healthcare
Improved healthcare outcomes
Reduced costs
Fewer in-person consultations
Concierge health care, which refers to a private form of practice where the patients are charged an out-of-pocket retainer fee for ongoing doctor’s services, is growing in popularity
The Concierge Medicine Market
US Concierge medicine market worth $6.1 billion in 2022
Revenue is projected to reach $13.3 billion in 2030
Medical services may include:
Office visits
Round-the-clock access to physicians
Lab tests
House calls
Care while traveling
Referrals to specialists
Preventative care
Regular health assessment
Factors driving growth:
Demand for convenience care
Higher career satisfaction among concierge physicians
Advantages of concierge medicine for patients:
No time spent in the waiting room
Customized care
Financial transparency
Higher quality care
Same day appointments
Longer exam times
Home delivery of medication
Healthcare is changing and patients have more options than ever to receive the medical care they not only need but want
Are you keeping up with the pace?
Sources:
https://www.homecaremag.com/2022-salary-staffing-survey
https://smartcaresoftware.com/news/10-emerging-trends-in-home-care-in-2022/
https://www.mordorintelligence.com/industry-reports/urgent-care-center-market
https://www.grandviewresearch.com/industry-analysis/us-urgent-care-market
https://ahihealth.org/wp-content/uploads/2021/09/Telehealth-in-2022-A-Solomon-1.pdf
https://www.acuitykp.com/blog/telemedicine-trends-in-2022/
https://www.insiderintelligence.com/charts/telehealth-user-statistics-forecast/
https://www.grandviewresearch.com/industry-analysis/us-concierge-medicine-market-report
The medical and healthcare market has been booming, especially along the east coast. Check out more detail as to what sectors of the healthcare industry are growing in the infographic below:
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