As of this writing, Florida’s unemployment rate is 10.4%, a decrease from May 2020. The Florida Department of Economic Opportunity explained that the improved numbers show, “Floridians are searching for work and businesses are creating jobs.” However, there is still a great degree of uncertainty as speculation grows about a second shutdown. One thing is certain: our nation has been rocked by the economic changes, massive layoffs and slowdowns, and what we thought were solid businesses are announcing partial and complete closures.
Perhaps you’ve thought or dreamt about opening a business as an alternative to leaving your fate in an employer’s hands. Or maybe you’re in an industry greatly impacted by the pandemic and you’re weighing a change in direction in light of the question mark over our economy. This is definitely a good time to consider a healthcare-related business. A Deloitte study estimates that global healthcare spending will rise by five percent between 2019 and 2023. The growing aging population, prevalence of chronic conditions and other factors make home healthcare a good bet for the entrepreneurially minded. Home Healthcare News recently reported that, because of COVID-19 concerns, more than half of family members are more likely to choose home care over institutional settings, and the trend is for greater hospital/SNF-to-home diversion models for long-term care.
Several types of home care business exist in Florida; your choice will depend on the services you want to provide, location/payor sources and available capital. This blog briefly explains the nuances of different long-term care related businesses.
This economic climate may also provide right time to expand your agency or registry. Are you receiving requests for services you cannot provide because of license restrictions? Or do under-served areas offer opportunities to grow your business? Consider opening an additional location or upgrading your license to include more services.
Call us today to explore your business options.