As the baby boomer generation ages in the coming years, demand for private-pay senior living is expected to soar—but so too is demand for at-home care.
Recognizing this, many independent living and assisted living companies are taking a closer look than ever before at the opportunity and risks in expanding their services to include private-pay personal care in people’s homes. Some see tremendous upside, as this part of the care continuum could become a $25 billion market within three years.
These bullish providers have recently launched home care divisions, or are considering doing so in the near future. They are targeting profit margins as high as 15% or greater for their home care divisions, and believe that by offering home care, they can create new referral streams for their senior living communities and achieve staffing synergies to alleviate acute and growing workforce challenges.
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