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2024 Key Market Trends Shaping the Home Care Franchise Industry

Griswold Home Care Franchise
February 7, 2024
A young woman from a home care franchise assists an elderly man in a wheelchair who is using a laptop.

Ensuring that a loved one ages peacefully is a cherished gift, and starting a home care franchise can provide you with the opportunity to extend this gift to other families. The in-home care industry in 2024 is set to experience significant transformations.

If you’re thinking of starting a home care business, it’s important to understand the following trends shaping the industry. 

Increased Popularity for Franchise Business Models in the Home Care Industry

Entrepreneurs looking to start a business in senior care are increasingly opting for the franchise model because it provides a tried-and-tested roadmap for success, helping them avoid common hurdles of independent business ownership.

This choice becomes even more crucial in an industry where the success of your business relies heavily on families trusting your services. With over 40 years of experience, reputable franchises like Griswold have already established trust in the senior care sector, making our franchise a particularly appealing option for entrepreneurs seeking a solid foundation and credibility.

<<<Read Griswold’s Home Care Franchise Reviews>>>

A Focus on Caregiver Compensation and Benefits

One of the long-standing challenges in the home care industry has been the shortage of caregivers. In response, forward-thinking home care businesses, such as Griswold, are actively addressing this issue by supporting caregivers for their invaluable contributions.

We’ve implemented innovative points systems on platforms like Ava, introduced continuous opportunities for skills development and training, and established processes to enhance the efficiency of caregiving duties. 

Integration of Technology for Better Care

While technology is not expected to replace human caregivers, its use is aimed to play a crucial role in easing their workload. Applications, digital tools, and artificial intelligence will be leveraged for remote monitoring, capturing vitals, medication reminders, and abnormality alerts.

The adoption of technology is anticipated to empower caregivers and allow agencies to take on additional clients. At Griswold, we’ve implemented a number of systems and applications, such as Hireology, WellSky, and Sensi.AI, to streamline our processes, giving clients the highest standard of attentive care and improving the quality of our caregivers’ work. 

Venture Capitalists Driving Change

Venture capitalists are increasingly investing in the in-home care market, recognizing its substantial growth potential. Financial backing from venture capitalists can support the scaling of home care agencies, ensuring they can scale effectively to meet the increasing demand for in-home care services.

This investment not only addresses the growing needs of the aging population but also promotes the advancement of technologies and solutions within the senior care sector, improving the overall quality and accessibility of services for seniors.

<<<Explore Available Home Care Franchise Territories>>>

A caregiver from a home care franchise stands behind a smiling man in a wheelchair.

Increased Focus on Person-Centered Care 

While there is a growing demand for senior care services, business owners in the home care sector continue to face a competitive market. However, with the Centers for Medicare & Medicaid Services (CMS) noting that person-centered care is fundamental to addressing seniors’ needs, agencies like Griswold that prioritize person-centered care within the comfort of one's home are gaining favor among families and seniors alike. 

These trends can help entrepreneurs prepare for challenges and navigate the complexities of the home care sector, ensuring that their businesses remain adaptive, client-focused, and well-positioned for success in the industry.

Ready to learn more about Griswold’s franchise opportunity? Contact us today and speak to our friendly franchise support team!

Featured Podcast  |
How to get a Home Care License (feat. Steve Turner)
Franchising With Purpose:
The Griswold Home Care Podcast
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