When discussing the industries in the United States with the most potential for growth, home healthcare is rarely mentioned. However, experts say it would be difficult to overestimate the limits of home care’s value.
AMN Healthcare affirms that home healthcare is the fastest-growing industry in America, and according to Global News Wire, the U.S. home infusion therapy market alone will be worth more than $13.5 billion by 2024.
So, what is causing this increase in home care popularity? And what are the implications of such rapid growth?
In recent years, older Americans have preferred to age in place. Not so long ago, healthcare providers would hesitate at such a request, as hospital services were relatively unreliable outside of a controlled medical setting.
As technology progresses, though, it’s becoming much more feasible to bring advanced medical equipment into a patient’s home.
Additionally, care providers now have extremely reliable electronic means to transmit medical data from the home to various providers. With these tasks becoming safer and more effective, transitioning the home into a viable treatment center is easier than ever before.
There are also financial advantages to home care. Patients, especially those with chronic conditions, are usually faced with tremendous costs in a hospital setting, forcing them to seek lower-cost treatment options. Home healthcare has developed into one of those options.
According to a University of Pittsburgh study, “home care decreases costs” relative to a traditional hospital stay. By providing the patient with alternative, cost effective payment methods, home care has excelled in attracting new business.
This is not to say that home healthcare will experience an obstacle-free ride to the top of the medical care market. Numerous challenges could hinder home care’s progress if not taken seriously by industry professionals.
Since the industry is still relatively young, new regulations are almost constantly being implemented. While regulation is an expected part of any business, the healthcare industry is specifically subject to strict regulations.
In 2017, Kaiser Health News noted that healthcare was among the “most regulated industries” in the United States. It will naturally take time for the home care market to adapt to any additional restrictions.
Furthermore, issues remain regarding staffing and preparedness. According to a Brookings Institution study, home care workers from independent agencies or nursing homes are “often insufficiently trained, underpaid, and underutilized.” This could lead to volatility in the industry. As a result, patients may choose the services of a hospital with an established and dependable home care department, rather than independent care providers.
Overall, though, the home healthcare market is likely to have a sound future if the industry can meet these challenges with comprehensive, well-rounded solutions. By providing patients with hospital-quality treatment in the comfort of their own homes without exorbitant costs, home care providers will continue to attract new patients, growing the market steadily over the coming years.
The home healthcare industry is poised to remain a valuable healthcare option well into the future.
This article is taken from delwaretoday.com. For more information click here.
