As the needs of seniors change, so do the services offered by
senior-care franchises. For more than a year, the Clums have been
working with their individual franchisees to obtain state licenses
for additional services such as bathing and feeding. Future
projects may include introducing electronic devices to help track
and locate Alzheimer's patients who wander away from home.
The Internet enables franchisees to better serve seniors by
helping them stay connected and access information. In the future,
Jerry Clum is considering equipping Comfort Keepers caregivers with
laptops so they can give clients the option of using the Internet
for recreation or learning. "We think [the Internet] is an
incredibly cost-effective way to deliver really sophisticated
information to people," says Firman, with The National Council
on the Aging, which has created a Web site that
explains federal and state assistance programs for older
Americans.
As seniors enter a new phase of life, the senior-care franchise
industry keeps pace. "Right now, we're serving a segment
of the population that is very independent," says Paul Hogan.
"They remember the Depression, the World Wars. They are very
self-reliant. [The younger seniors], the 60-year-olds, are so much
more used to services that when they move into this age of needing
care, they'll be more readily accepting of services." The
seniors of tomorrow will be looking for providers who are more
service-oriented, and they will be quicker to seek help.
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They will also be less financially prepared to pay for in-home
care. According to a demographic profile of baby boomers compiled
in 2003 by MetLife's Mature Market Institute, younger boomers
spend 10 percent below average on life insurance and don't seem
as concerned about the future. However, the lack of finances
doesn't worry those in the senior-care industry. "Even
though there may be some different financial challenges for the
boomers," says Jerry, "we still feel that, when it comes
to our services, it will be important enough to them that they will
[find the resources] to help pay for them."
Firman predicts that in the next five years, elder care will
replace child care as the number-one family issue of the baby boom
generation. Opportunities abound on the not-so-distant horizon.
"If you're going to do this, make the commitment both
personally and financially, and go and do it," says Jim.
"I'm here on the other end saying it's worth
it."
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