Current Topic #2

Current Topic #2 Nursing home and Home Health Care The Home Health Care business is predicted to increase by about seventy percent from 2010 to 2020 according to the Bureau of Labor Statistics. There are various reason for the explosion in business being foremost the aging Baby Boomers. Peter Tourian is the CEO of Synergy HomeCare, a private provider of non medical in-home care. He states that over 10,000 Baby Boomers turn 65 every single day.(Farnham, A. 2013) This creates a great, solid, and lucrative opportunity for investors looking for a stable investment as well as others looking for employment and even entrepreneurs. In-home health care services vary based on their licensing and standard of care as well as state regulations. Some are as simple as providing homecare, such as light housekeeping, laundry, cooking and running errands, some provide personal care such as bathing, grooming, and companionship while still others may assist with clinical issues such as administering medication, therapy, counseling, checking for vitals. The latter must done by healthcare practitioner under the direction of a nurse.(Farnham, A., 2013) Another reason for the surge in growth for home health care could be the rising cost of nursing homes and long term care. One in four bankruptcies in America are due to medical costs.It is predicted these cost will continue to rise at rates greater than overall inflation.(Mukherjee, S. 2013). While nursing home care and long term care have increased almost five percent a year, home healthe care services have remained almost flat according to Genworth Financial's 10th annual Cost of Care Survey. The Genworth annual survey tracks care, cost and trends in nursing homes, assisted living facilities, adult day care and home health care. According to CNNMoney, the median cost of living in a nursing home is more than twice the cost of a private college tuition.(Moeller.,P. 2013) An affordable alternative is home health care. A home health care aide is the fastest growing job in America and requires no special schooling or training. The Bureau of Labor Statistics Occupational Handbook predicts that by 2020 there will be more than 1.3 million home health care and personal care aides. Currently the pay average is about $10.00 an hour. Boom Predicted For At Home-Care Industry. (2013, April 23). [Television series episode] In A. Farnham (Producer), Good Morning America. New York, New York: ABC. Moeller, P. (2013, April 9). The Best Life - Money (usnews.com). Retrieved from http://money.usnews.com/money/blogs/the-best-life Mukherjee, S. (2013, April 10). The Median Cost Of Living In A Nursing Home Is Almost 2.5 Times The Average Private College Tuition | ThinkProgress. Retrieved from http://thinkprogress.org/health/2013/04/10/1844341/nursing-home-costs/