This recent article talked about why home health care is the next great business in Canada. Given statistics regarding the current aging population, how people will be living longer – the World Economic Forum predicts that the average lifespan will be 85 to 103 years and the increase in chronic illness such assertions are no surprise.
The need for faster and more reliable access to health care providers is already significant, and it is only going to increase in the coming years.
As a health care provider, it is important for you to position your practice to meet demand and grow your business. In this article, we will show you the three things you must do to get there.
Quantifying The Opportunity
Estimations by the Public Health Agency of Canada indicate that three out of every five people 20 years of age and older currently suffer from some form of chronic illness. The number will likely increase as reports estimate that four out of five Canadians are at risk of developing a chronic condition requiring treatment.
The Canadian health care system cannot handle the demand. Hospital emergency rooms are becoming increasingly congested and overtaxed with wait times steadily rising every year. Particularly for elderly patients who require admittance.
One major reason for the congestion is ER visits which are not emergencies. For example, in 2016 in the Province of Nova Scotia, nearly 50 percent of all ER visits “could be addressed by a family doctor or another primary care provider.”
Of course, getting in to see a doctor is in and of itself a challenge.
Deciding To Expand Your Practice
Physicians and other health care providers are reevaluating their current business model. Looking for ways to improve patient care and drive greater revenue by expanding the reach of their practice, treating patient’s at home is at the top of the list.
Everything from rehabilitation and respiratory therapy, telehealth and telemedicine are just a few of the home care areas that are gaining traction. Not surprising physician house calls are also a big part of the shift in how health care services are being delivered to meet public demand.
In Ontario between 2011 and 2016, the number of house calls by physicians annually grew from 270,000 to 365,000. This upward trend will continue with physicians as it will with other caregivers such as massage therapists, nurses, and physiotherapists.
Once you decide that you want to provide care in the home, the next question then becomes one of maximizing service delivery.
Having A Service Delivery Capability
Understanding what the market needs and assessing the opportunity associated with said needs is step 1.
Deciding to provide home-based care is step 2.
However, the ability to provide the needed services to your patients is not only the third but the most important step in building a successful home health care business.
A key part of your ability to do that and deliver the best possible care to your patients is effectively managing your business model. Everything from marketing your services to booking appointments and facilitating a seamless, hassle-free payment process are just some of the important areas of management.
The good news is that you do not have to do this alone.
A New Era In Health Care
Traditionally, home health care services have largely focused on the elderly or those with special conditions. That is not the case today.
With emergency room congestion and long wait times, and challenges with getting in to see a health care provider at a clinic or office, we are entering a new era of personalized health care.
IBISWorld reports that over the next few years home care services will become a $4 Billion industry serving not only the elderly but all ages.
Are you prepared to meet the demand for this new and growing market?
About The Author
Jon Hansen has written nearly 3,000 articles and papers, as well as five books on subjects as diverse as supply chain practice, public sector policy, emerging business trends, and social media.