NAICS 623312 - Homes for the Elderly
This U.S. industry comprises establishments primarily engaged in providing residential and personal care services (i.e., without on-site nursing care facilities) for (1) the elderly or other persons who are unable to fully care for themselves and/or (2) the elderly or other persons who do not desire to live independently. The care typically includes room, board, supervision, and assistance in daily living, such as housekeeping services.
Industry trends:
The Homes for the Elderly sector (NAICS 623312) is experiencing several notable qualitative trends that are reshaping the industry. One significant trend is the increasing integration of technology to enhance the quality of care and streamline operations. This includes the use of telehealth services, electronic health records, and advanced monitoring systems to track residents' health metrics in real-time. The emphasis on technology is expected to grow, improving efficiency and outcomes while catering to the tech-savvy senior population.
Additionally, there is a rising demand for personalized and holistic care approaches that go beyond mere medical treatment. Facilities are increasingly focusing on comprehensive wellness programs that incorporate physical, mental, and social activities tailored to individual preferences, thereby improving the overall quality of life for residents. This trend is likely to continue as the aging population seeks more customized and person-centered care solutions.
Sustainability is also becoming a key priority within the industry. More homes are adopting eco-friendly practices such as energy-efficient building designs, renewable energy sources, and sustainable food sourcing. This not only aligns with broader environmental goals but also appeals to environmentally conscious residents and their families.
In terms of forecasts, the industry is expected to see continued growth driven by the aging baby boomer generation. However, challenges such as workforce shortages and regulatory changes may impact operations. Investment in staff training and development, along with proactive compliance strategies, will be critical in navigating these challenges and ensuring sustained growth and quality care delivery in the near future.
This industry is comprised of:
Assisted-living facilities without on-site nursing care facilities
Homes for the aged without nursing care
Homes for the elderly without nursing care
Old age homes without nursing care
Old soldiers' homes without nursing care
Rest homes without nursing care
Retirement homes without nursing care
Senior citizens' homes without nursing care
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
With iCFO You Get
What Is iCFO?
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Sound Business Analysis
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
Your Business’ Health In Minutes
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.