Essay on Market Forces Affecting The Long-Term Care Industry

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Recent changes in the health care marketplace are causing many Minnesota long-term care providers to become more aware of the markets in which they operate and to re-evaluate their marketing strategies. Demographic shifts, sociological phenomena, medical advances, new government influences and competition are impacting the manner in which care is provided to the elderly and subsequently creating changes in consumer expectations and demands for long-term care services. As with any industry in a period of transition, changes will create new business opportunities for those who understand and capitalize on changing market conditions. Market Forces Affecting The Long-Term Care Industry As stated above, the market forces affecting the…show more content…
Sociological Phenomena - Women in Minnesota, particularly in the out-state areas, are starting their own businesses and entering the work force in response to the family farm crisis and personal need to express themselves. As women continue to enter the work force, this expands the need for alternatives to be developed to assist in providing care for aging family members. In addition, the decentralization and breakdown of the family structure is expected to have a far-reaching impact on the size and nature of the demand for long-term care options for the elderly. Medical Advances - Advances in medical and computer technology are expected to provide the elderly with a lifestyle of greater independence. Advancements in the medical profession, which have been encouraged by the advent of diagnostic-related groups, have promoted a variety of home health programs and devices. As the variety of home health options increases, this may delay the need for nursing home care for a longer period of time or allow the elderly to avoid this setting altogether. Governmental Influences - A variety of governmental factors influence long-term care providers at the federal and state levels. The potential for the demise or restructuring of the Social Security System raises questions on how future elderly will support themselves and supplement their retirement incomes if they do not have a

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