Early last week I learned about a strategic partnership that a national in-home care provider had made with a service called Lyft. Lyft is a transportation network that provides rides across the country on short term notice, and hires drivers nationally. Why is this important to in-home? It is one example of the ever evolving world of senior care, and the direction that homecare services are headed.
It won’t surprise anyone when I say that the world around us in changing. The business model that Lyft encompasses is one of convenience, and prompt service for the clients they serve. In-home care providers are beginning to realize that there are many opportunities for partnerships with companies such as Lyft. These types of services allow the senior care company to increase their portfolio of services to potential clients, and their families. Strategic partnerships that offer value also allow in-home care franchisors to become even more competitive in the market.
What does the Future Hold for In-Home Care Services?
Home care providers are going to continue to evolve, and find new ways to include additional services in their value proposition. They are going to do so because the market demands innovation. Senior care is a fast growing industry that will not slow down anytime soon. The home healthcare market is valued to be inching up to around 130 billion dollars respectively. The market is becoming saturated with providers who are looking to stay competitive, and relevant while providing valuable services to their clients, and their clients families.
I believe it is safe to say that in-home care providers are going to continue to take advantage of the way that service based businesses are evolving. I would not be surprised if senior care franchisors begin to partner with additional service provides such as food delivery services, home maintenance providers, and on demand laundry services. These types of services coupled with in-home care would provide a client with a robust offering that would make it even easier, and more enticing to receive care services in the home.
We are also seeing more technology advancements in the senior care space. Software and hardware providers are beginning to see value in building partnerships with in-home care service providers. Seniors want to be able to adapt to technological changes in the way we communicate and engage with our families and friends. Many tech companies are working to fill this void. Grandpad is a great example of a company who is focused in the senior space, and has a partnership with an in-home care provider.
Senior care, like every industry is going to continue to evolve as long as there is a need for the services. To compete senior care companies will need to look at their current value proposition, and continue to add services, and strategic partnerships that keep them competitive in the space. I am looking forward to seeing how in-home care companies adjust as expectations, and care options grow.