The U.S. Bureau of Labor Statistics says ?the aging-services industry, elderly and disabled services, also known as home healthcare and community care facilities for the elderly, make up three of the top ten fast employment growth industries. Gerontology one of the hottest academic fields for the future, says the Chronicle of Higher Education.
Gerontology is now a major at schools like the University of Southern California (USC), where students are tracking the trends and creating businesses that fulfill needs after they graduate to serve the more than 37 million seniors today. What’s more, in around 20 years, seniors will comprise nearly 20 percent of the U.S. population. Analysts say they also have cash and a calculated spending that exceeds $1 trillion.
It’s these entrepreneurs catering to seniors that will have to keep their businesses running during a tough economy, so accounts receivable factoring might help them through the early stages of their new companies. Some of the businesses cater to baby boomers and older Gen Xers who must find care for their parents at senior adult day-care centers where these seniors can socialize and participate in activities in a supervised environment. Informal social centers are more prevalent, catering to those with higher levels of functioning, whereas a medical day-care facility provides a more complex level of care incouding one or more registered nurses on staff.
Given the ups and downs in patient occupancies, and supply costs, starting one of these businesses requries cash flow, so when cash is low at the end of the month, many owners use invoice factoring to meet their monthly supply needs, pay employees, and pay bills. The bigger their business grows, the more workers they will have, and the more time they’ll have to spend managing them instead of doing the actual work.
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