Homecare Market Set for Exponential Growth: Care and Love Home Care Agency Joins In - Essay Sample

Introduction

World Health Organization estimated the number of people requiring assisted living and home care (people aged 65 years and above) to stand at 703million people globally in 2019 (Grand View Research, 2020). This population will further rise to over 1.5billion by 2050. As such, the demand for home healthcare providers continues to increase exponentially, which consequently leads to anticipated growth in market share. Care and Love Home Care Agency thereby intends to get into the Homecare market with a view of providing value to the clients and empathetic care.

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Type of Organization and Business

As the organization intends to service the senior members of the community, Care and Love Home Care Agency shall be a partnership with community public healthcare participants and healthcare clinics and professional nurses groups. Such partnerships will allow the organization to add value to the community by combining expert services with community-accepted care practices. Nurses and licensed healthcare providers will provide expert perspectives on home care. The community players, including public health players and community social leaders, will further, input the context-specific care perspectives. Integration between the two views of care shall allow the organization to provide genuine empathy and attention to the intended customers.

The business shall be of a for-profit type. While the company shall remain highly utilitarian, the organization shall be structured as a for-profit venture. As the market share in-home care services continues to grow exponentially (Grand View Research, 2020), we can safely hypothesize that the commercial value and of the industry is increasing. Therefore, we believe that a majority of the customers in in-home care trust on the services they receive based on the commercial value associated with the service. This is especially true for the North American Homecare market that the Care and Love Home Care Agency intends to operate.

Business Mission

The mission of our organization shall be to continuously provide empathetic care to the elders and disabled individuals in society with a close focus on value and utilitarian outcomes. Our key focus, thereby, shall be to provide customers with the best culturally sensitive, expert care services and, as such, allow for the centrality of value proposition in the business activities.

Target Market

Our target market shall be the North American health care service market. The service market in the home care sector contributes 80% of the overall home care market. The increasing trend in in-home care awareness in North America, coupled with supportive initiatives by regulatory organizations, makes the market highly attractive for entrants.

The Finance Department´s Role

The finance department of the organization shall ensure the financial health of the business. Our department shall, thereby, plan for the short-term and long-term financial goals of the organization and develop strategies for growth as well as direct investment activities. The department shall assist top management in making profit-maximizing financial and expansion decisions. The financial manager shall, thereby, lead a business advisory team that informs the senior management of the data-informed health of the company.

Challenges to Business Financial Viability

As a startup in the homecare industry, the Care and Love Home Care Agency faces challenges relating to financial stability and profit maximization. These challenges include finding startup capital, new customers, and new employees and the leveraging of technology. Capital limitations are the most significant restrictions for startups. However, aligning with the right employees and finding the most appropriate technology is equally as significant challenges to address for business success. It is essential to convince the seniors in the company to accept modern technology.

References

Grand View Research. (2020, May). Home Healthcare Market Size, Growth Report, 2020-2027. https://www.grandviewresearch.com/industry-analysis/home-healthcare-industry.