It may sound trite, but every cloud has the proverbial silver lining, it seems.
With continued inflation and the possibility of a deepening recession, home care agencies might see an easing up of the caregiver shortage.
This would be good news for home care companies around the country, nearly all of which suffer from a shortage of workers.
A recession usually means more people are put out of work, and thus the pool of caregiver candidates is greater.
Also, non-medical as well as medical care at home tends to be unaffected by recessions since they are essential services.
These are my conclusions based on an article in yesterday’s Skilled Nursing News about nursing homes, which hire similar workers as home care caregivers.
“As the average consumer feels the brunt of an unforgiving economy, with mortgage interest rates going up and commodity pricing continuing to fluctuate, skilled nursing may be one industry that can ride out a recession better than most,” the website reported.
Michael Perry, CEO of NexCare WellBridge Senior Living, described the nursing home sector as a needs-based business, meaning that regardless of increasing inflation, it still provides a vital service.
“If you have a procedure and you need rehab or some type of skilled nursing care [you can’t just put it off],” he told Skilled Nursing News. “I think any needs-based industry, which we are, is a little bit better equipped to handle a recession.”