Senior Care: Surfing the Silver Tsunami

As demand for senior care increases, international expansion will be on the agenda for established care concepts, says Todd Leonard

There has never been more demand for home healthcare than there is right now. By 2020, 56 million Americans will reach the age of 65 or over and by 2050 that number will reach 84 million. America is just two years from the start of the “silver tsunami.” Once that happens there will be a significant strain on the economy as families struggle to cover medical costs for family members.

Nearly 70 per cent of Americans aged 65 or over are unable to care for themselves and only 13 per cent of in-home care services are covered by government funding, leaving the bulk of the cost for the families to pay. In comparison, the government covers 60 per cent of nursing home costs and 73 per cent of medically necessary home health services.

Statistics show that traditional government health care programs cannot meet the needs of millions of elderly Americans who require assistance. As families struggle to find the time or finances to care for their loved ones, private duty in-home care has emerged as a valuable and vital solution.

Home care is more affordable than most families think and can be a beneficial to the United States economy and global economy. In-home care can run roughly $21,000 per year while semi-private nursing home rooming costs $86,000 annually. Additionally, elderly Americans receiving in-home care generally need fewer trips to the doctor or hospital, resulting in reduced costs.

In fact, in 2008, the United States saved as much as $25 billion in hospital costs because of the rising private duty industry. As one of the largest global economies, the impact of home healthcare on the American economy creates a lasting influence on the global economy, as well.

Economic growth

Additionally, the already growing industry has driven job creation and economic growth over the past few years and is projected to increase jobs by 26 per cent to roughly 2.3 million jobs by 2024. On that note, studies have revealed that private duty home care reduces workplace absences and lowers employer health costs related to stress. Thus, private duty care contributes to workplace productivity.

While home healthcare is growing and important for economic growth, there is still a lack of caregivers. Currently, in the US, millennial family members make up 24 per cent of unpaid caregivers, with 6.2 million millennials provide care for an elderly loved ones.

In exchange, millennials are delaying careers and families of their own and spending 27 percent more of their incomes on caregiving than previous generations. With the elderly population expected to continue growing both in the United States and internationally, the demand for home healthcare is ever present.

According to Todd Leonard, vice president of operations and franchise development for Executive Care, the brand believes there are five key actions to overcoming cultural differences when expanding internationally. With the sensitivity of home healthcare services, these are especially vital for home healthcare companies to consider.

“First and foremost, there must be a willingness to learn and understand. When expanding or working overseas, you must take time to learn about the cultures; research and ask questions,” said Leonard. “When you show a genuine interest in expanding your knowledge and understanding, you have already broken down one of the hardest barriers.”
When working internationally, Leonard also recommends avoiding buzzwords or jargon that may be misinterpreted or new to someone of another language.

Leonard adds, “Be patient. Look at your own cultural experiences and beliefs. We tend to have more in common than we think we do. The foundations of culture are very similar, while actions and terminology may be different. Point out similarities and create a dialog on those items.”

While a brand may practice the above, it is often just as crucial to let go of the expectation that everyone will adapt to a specific style.

Build relationships

“Ask questions and listen. Respect cultural similarities and differences. At the end of the day we are all human beings with a desire to be accepted and respected. Treat people fairly and as you would like to be treated. It is easy to build relationships and understandings on similarities, but I find the strongest-lasting relationships are built on working together to overcome differences. The effort to work together to quell differences builds a bond between both parties based on respect, open mindedness and collaboration,” said Leonard.

Lastly, Leonard said to be patient and understand that while you make strides in overcoming differences, there may still be a few points of tension. It takes time to adjust to a new culture, both on a brand’s end and on franchise partner’s end. With time and patience, overcoming cultural differences will feel second nature.

5 Ways to Overcome Cultural Differences