Health Care Market Paper
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Running Head: Health Care Market Paper
Health Care Market Paper
Sal Cusumano
University of Phoenix
Abstract
The nursing care facilities market is affected by many variables that influence the market. Knowing the market and how these variables will affect it are key to the success of a nursing home. Whether people like to admit it, or not, nursing care facilities play a large role in the life of elderly patients. Aging is a fact of life; there is no way around it. As baby boomers start to retire the potential for success for a nursing home owner is there for the taking. A nursing home owner needs to use their market knowledge to help their business succeed.
Health Care Market Paper
The baby boom generation, named after the 79 million Americans born post World War II between 1946 and 1964, is getting close to retirement (Martinek, 2008). In 2011 the first born of this group turn 65 years of age, which will drastically increase the amount of elderly needing to be placed in nursing homes. The success, or failure, of many nursing homes depends on their ability to get these elderly patients into their nursing homes.
The economic flow of the country will play a role in whether or not these baby boomers move to nursing homes or stay in their current environment. In 2008 the average cost for a private room in a nursing facility was $212 a day (McKnights Long-Term Care News and Assisted Living, 2008). It is a given that a patients insurance plays a large role in covering the cost of a patient’s stay but the economy also plays a role. Currently, unemployment is as high as it has been in years. Many employees close to retiring have to face the reality of not being able to retire. Employees forced to retire, because of their age, now realize they might not have enough money to retire in a matter they are accustomed to. When economy is in a downturn many seniors will stay with their children, or perhaps move into a smaller house, or a retirement...
Health Care Market Paper
Sal Cusumano
University of Phoenix
Abstract
The nursing care facilities market is affected by many variables that influence the market. Knowing the market and how these variables will affect it are key to the success of a nursing home. Whether people like to admit it, or not, nursing care facilities play a large role in the life of elderly patients. Aging is a fact of life; there is no way around it. As baby boomers start to retire the potential for success for a nursing home owner is there for the taking. A nursing home owner needs to use their market knowledge to help their business succeed.
Health Care Market Paper
The baby boom generation, named after the 79 million Americans born post World War II between 1946 and 1964, is getting close to retirement (Martinek, 2008). In 2011 the first born of this group turn 65 years of age, which will drastically increase the amount of elderly needing to be placed in nursing homes. The success, or failure, of many nursing homes depends on their ability to get these elderly patients into their nursing homes.
The economic flow of the country will play a role in whether or not these baby boomers move to nursing homes or stay in their current environment. In 2008 the average cost for a private room in a nursing facility was $212 a day (McKnights Long-Term Care News and Assisted Living, 2008). It is a given that a patients insurance plays a large role in covering the cost of a patient’s stay but the economy also plays a role. Currently, unemployment is as high as it has been in years. Many employees close to retiring have to face the reality of not being able to retire. Employees forced to retire, because of their age, now realize they might not have enough money to retire in a matter they are accustomed to. When economy is in a downturn many seniors will stay with their children, or perhaps move into a smaller house, or a retirement...