It’s been no secret that the home health care industry has become one of the leading job creators in the country. While many agencies continue to struggle to retain quality home care aides, there has been no sign of the industry slowing down.
In fact, according to some analysts, the home health care industry is ranking toward the top of more than 250 industries that are being tracked.
As noted by Zacks in the blog, Bright Outlook for Outpatient and Home Healthcare Industry:
“The Zacks Medical – Outpatient and Home Healthcare industry falls within the broader Zacks Medical sector. It carries a Zacks Industry Rank #89, which places it in the top 35% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.”
There are numerous reasons for the integrity and health of the home care sector, and technology is playing an integral role. With the advancement of technology and greater innovations in recent years, it has improved communication, telecommuting opportunities, and the chance for seniors and disabled adults alike to have access to quality care at home in ways they may not have had in the past.
The report also noted:
“The rapid adoption of outpatient services can be attributed to technological advancement, which has made procedures shorter and less complicated. Outpatient rehabs have also played a major role.
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Within the industry itself, with the constant media attention focused on relatively low wages, Medicaid reimbursements being cut, and new rules and regulations being added to overly burdened agencies already by CMS (Center for Medicare and Medicaid Services), it may have seemed as though the industry might have been losing ground.
While some small, independent home care agencies have fallen victim to the pressures of these economic factors, they have usually been bought out by larger companies that operate across multiple states.
As an industry, the home health care sector continues to grow and it will remain one of the top job producers for the next 10 or 20 years. As more companies focus on technological innovations to improve communication and quality of care for its clients, this will pave the way for better support and care during later years of life.