According to an article last Thursday in Healthcare Finance News, home care franchises are “hot, hot, hot.”
The aging of America and the rising cost of traditional care – as well as an increased desire by seniors to receiving care at home – has led to a booming demand for home care services. Hardly a blip on the franchise sector radar 15 years ago, home care franchises is now the single largest category in Entrepreneur.com’s Franchise 500 list.
Franchise Business Review ranked home care franchises for senior care one of the top 5 most profitable franchise sectors. According to FBR, the median initial investment for a senior care franchise in 2012 is $66,148 and gross revenues can be more than one million dollars, with gross margins of 30-40%.
Home care franchises range from companion and personal care to full skilled care services. The HFN article noted that franchises that have the option to expand into more clinical service offerings will likely thrive as baby boomers age, and the largest challenges for home care franchisees will likely be keeping pace with increased regulation and more competition in the marketplace.
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