Have you thought about investing in an aged care franchise model?
The business of providing at-home care and support for the community is on the rise as Australians follow the global trend of a population living longer, and wanting a better quality of life at home.
The Australian Government is funding a $73.7m initiative which allows consumers to directly access home care packages. The first stage launched on 1 July 2015 gives consumers who receive a government funded home care package the ability to choose their provider – and the services.
And on 1 February 2017, the initiative will put the power fully in the hands of the family or individual seeking home care by providing the funds directly to the seniors themselves.
The message is increased competition and improved flexibility for customers. The measure is also intended to reduce admin processes for the providers.
The various regulatory changes follow recommendations from the Productivity Commission that Australians should be able to choose their home care provider.
Martin Warner, founder and owner of Home Instead Senior Care says “We truly feel that this is a win for seniors and their families and we’re thrilled to see how the landscape is going to change. We’re moving away from a provider-led system to a consumer driven system which is driven by value and the quality of care provided to Australian seniors.”
And with aged care predicted to be a big industry as our raft of baby boomers matures and lives longer, this has a great deal of potential for the astute investor.
In 2020, 36 percent of the Australian population will be past retirement age. And according to the Australian Bureau of Statistics, the rate of growth of the senior population will not fall below 30 percent for another decade.
Home Instead Senior Care highlights the growth in our ageing population: the population of 3.1m seniors aged 65 and older will become 8.1m ageing baby boomers within the next four decades. With this comes extended life expectancy so those aged over 85 will number 1.8m.
As Senior Helpers points out, the age group 85 and older is now the fastest growing segment of the Australian population.
Investing in a franchise in the aged care sector makes sense for anyone wanting to make a difference to others, and build a viable business.