News Roundup March 12th, 2020
The home health care industry seeks to increase their support system for a growing elderly population. With an increased preference of elderly to receive treatment at home, there is a growing need for staff to deliver and provide that care. In certain cases, an increased budget to help support this growing force of home health care workers is arriving through emergency bills to raise reimbursement rates for home health care services. With a better supported workforce the market looks highly charged to accommodate a large market growth through services and offerings obtained from home health agencies and care givers.
“The major factor attributing to the growth of the market is a steep rise in the elderly population across all the geographical locations and increased preference for treatment within the home care settings. For instance, according to the United Nations data of World Population Prospects for the year 2019, number of people over the age 65 increases from 9% in 2019 to more than 16% of the total world’s population by 2050. Thus, the rise in the volume of target patient pool results in the higher demand for the market fueling the global home healthcare market growth over the forecast period.”
From Oil City News:
House Bill 62 help will allow communities to develop infrastructure to take care of their residents as they age,” Gordon said on Facebook on Tuesday. “This includes development of everything from nursing homes and assisted living complexes to the delivery of home health services, allowing Wyoming residents to age in the home.
“There’s a debate at the State House over how to fix a crisis in Maine, over home health care for some of the state’s most vulnerable. Right now, lawmakers are debating an emergency bill to raise reimbursement rates for home health care services. This comes after one of the state’s largest such agencies, “Home Care for Maine” in Farmingdale, announced it is closing because it’s losing money. Home care reimbursement rates in Maine haven’t increased in more than a decade.”
From Yahoo Finance:
“The global home healthcare market size is anticipated to reach USD 515.6 billion by 2027, registering a CAGR of 7.9%. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, rising geriatric population and growing prevalence of chronic diseases such as Alzheimer’s, dementia, and orthopedic conditions, is expected to drive market growth. As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.”