Senior Living Referral Industry

Part
01
of three
Part
01

Senior Living Referral Industry: Top Players

As per info available in the public domain, the largest senior living referral companies in the United States include Always Best Senior Care, A Place For Mom, CarePatrol, Oasis Senior Advisors, and Caring.com. Unfortunately, there are no senior living referral industry-wide studies in the public domain, revealing the market shares of the most significant companies; neither are there reports with data of the industry's overall market size. In this research, we used the estimated annual revenues of these companies, as a proxy for the top players of the industry.

MOST SIGNIFICANT SENIOR LIVING REFERRAL INDUSTRY PLAYERS

  • A May 2019 report by Home Health Care News observed that Always Best Senior Care was one of the largest US senior living home care companies.
  • As per a report published on LinkedIn by Arthur Bretschneider, the CEO & Founder of Seniorly, some of the largest senior living referral companies in the United States included A Place For Mom, CarePatrol, Oasis Senior Advisors, Assisted Living Locators, and Always Best Senior Care.
  • According to Arthur Bretschneider's LinkedIn report, a significant piece of the US Senior Living Referral sector "comprises small agencies, often with only one agent." This report also observed that the industry was largely not regulated, which is an indication of the difficulty in determining the overall market size or top players, based on the percentage of shares they controlled in the industry.

TOP PLAYERS (AS PER AVAILABLE ESTIMATED ANNUAL REVENUES)

  • According to a May 2019 report by Home Health Care News, Always Best Senior Care's annual revenues hit US$149 million.
  • A Place For Mom has estimated annual revenues of US$55 million, according to CrunchBase.
  • CarePatrol has $26M in estimated annual revenue, as per data by CrunchBase.
  • A 2018 report by Franchise Rankings observed that Oasis Senior Advisors has estimated annual revenues above US$10 million.
  • Caring.com's estimated yearly revenue is US$7.6 million, according to data by CrunchBase.
  • Thus, based on publicly available revenue estimates, the top five players in the US senior living referral industry are Always Best Senior Care, A Place For Mom, CarePatrol, Oasis Senior Advisors, and Caring.com. Unfortunately, there are yet industry-wide market size studies in the public domain to calculate the market shares of these companies.

RESEARCH STRATEGY:

We began by researching industry-wide reports or studies with insights into the market size of the US senior living referral industry. Through this investigation, we hoped to identify reports revealing the most significant companies in the sector based on market shares. Unfortunately, such info was not available in the public domain. Instead, we located studies relevant to the general senior living landscape in the US by CLA Connect and others, but there was no data specific to the senior living referral sector.

Therefore, we switched strategies to find reports by trusted media portals with insights into the senior living referral industry. We hoped to discover reports, which provided data relevant to the overall size of the industry, followed by the revenues of the most significant players of the sector so that we could calculate the required market share data. For this, we researched directories like Forbes, CNBC, Business Insider, PR Newswire, and others. Still, there was data in the public domain pertinent to the most significant companies in the US senior living referral market based on market shares. However, this investigation yielded reports by LinkedIn, PR Newswire, Home Health Care News, RedPoint VC (published on Medium), and others that highlighted the largest companies in the US senior living referral industry. Also, the report by LinkedIn observed that a large section of the industry comprised of small players and that it was not properly regulated, which was an indication for the lack of detailed market reports of the industry in the public domain.

Hence, due to the lack of data in the public domain specific to the most significant players of the US senior living referral industry based on market shares, we investigated the estimated annual revenues of the companies identified to be among the largest of the industry. Then, we used the same as a proxy for ranking the top five companies in the industry. Please, note that, as per our research, these companies are privately-held companies, meaning that they are not obligated to disclose their financial information. Thus, why we used data by 3rd-party company intelligence platforms like CrunchBase, PrivCo, and others for finding their estimated yearly income.


Part
02
of three
Part
02

Senior Living Referral Industry: Market Size

  • The senior care service industry consists of skilled nursing facilities, home healthcare agencies, social services agencies, continuing care facilities, and assisted living facilities.
  • The revenue for the elder care service providers is expected to grow by 6.3 percent per year to nearly $400 billion in 2018.
  • The growth is attributed to demographic changes, including higher numbers of the “baby boom” generation entering retirement. Growth will be further fueled by modified federal regulations regarding Medicare and Medicaid payments, which allow flexibility in the payment options and service choices for patients.
  • In 2018, about 35% of the revenue in the industry was attributed to home healthcare agencies which are projected to see the fastest growth.
  • The life expectancy of elderly people worldwide has increased from 72.3 years in 2014 to 73.3 years in 2019.
  • This brings the number of people aged 65 and over globally to over 604 million or 10.8 percent of the total global population.
  • People 65 years or older numbered 46.2 million in 2014. They represented 14.5% of the U.S. population or about one in every seven Americans.
  • Its estimated that by 2060, there will be about 98 million older people, which will represent more than twice that number in 2014.

Research Strategy:

First, we began our research by looking at the US Census Bureau in order to locate information about the senior living referral industry market size. However, our search proved inconsequential as there existed no pre-compiled data related to the request. We then decided to visit industry and market reports such as Franchise help, Fredonia and articles written by industry experts such as The senior list. We located one industry report that addressed the query but it was behind a pay wall. The reports we located only gave us information about some of the players in the industry. Next, we attempted a triangulation by finding the market share for each of the key players in the industry. After looking at various news sites such as Home Healthcare News, we were only able to find general information about each key player, with no mention of their market share. We then decided to expand our scope to cover the global industry and try to find how much the US industry contributed globally. However, after going through market reports such as Market Watch, we were only able to gather information about the entire senior living industry, with no mention of the referral industry in any of the reports.

Part
03
of three
Part
03

Senior Living Referral Industry: Competitive Landscape

The four companies identified from the completed request titled "Senior Living Referral Industry: Top Players" are A Place for Mom, Care Patrol, Oasis Senior Advisors, and Caring.com.

COMPETITIVE LANDSCAPE




  • Company name: Care Patrol
  • Link to their website: The company's website is hyperlinked to its name.
  • Market share: NA (pulled from "Senior Living Referral Industry: Top Players")
  • Overview of public perception: Customers have rated Care Patrol as trusted senior advisors. Customers appreciate their ability to outline the safest options for care according to the budget of their customers. This is clear from a quote by Jamie McDonald, the director of training at Care Patrol, "We exist to help seniors". The Entrepreneur magazine has ranked Care Patrol #247 in its Annual Franchise 500 ranking. According to this ranking, Care Patrol falls into the top 5% for franchisee satisfaction since there are about 5000 franchise systems in the US.

RESEARCH STRATEGY

We started our research by going through the completed request titled Senior Living Referral Industry: Top Players. Our research team identified the company name, website, and the market share data directly from the request. The request has also confirmed that there are no senior living referral industry-wide studies in the public domain, revealing the market shares of the most significant companies. Neither are there reports with data of the industry's overall market size. Therefore, we entered NA for market share data for each of the senior advisors. For information on an overview of public perception, we have referred to customer reviews platforms such as Feefo, LinkedIn articles by experts on this industry, testimonials on the website, PR Newswire, and social media platforms such as Facebook.

Sources
Sources

From Part 01
Quotes
  • "The largest one is called A Place For Mom, which has over 400 agents throughout the US. There are also other large companies like CarePatrol, Assisted Living Locators, Oasis Senior Advisors, and Always Best Senior Care."
  • "A large piece of the industry, however, is comprised of small agencies often with only one agent. These local agents typically focus on one area and get to know the senior living communities pretty well."
Quotes
  • "A company that has been effective at each of the above is A Place for Mom. "
Quotes
  • "A Place for Mom has $55M in estimated revenue annually."
Quotes
  • "CarePatrol Franchise Systems, LLC has $26M in estimated revenue annually."
Quotes
  • "At the beginning of May, Always Best Care Senior Services LLP — one of the largest home care franchise companies in the country — announced it had opened a new location in Pasadena, California."
Quotes
  • "Caring.com has $7.6M in estimated revenue annually"
From Part 03
Quotes
  • "The largest one is called A Place For Mom, which has over 400 agents throughout the US."
Quotes
  • "Entrepreneur magazine has also recognized CarePatrol in their annual Franchise500 ranking."
  • "CarePatrol ranked at #247 this year, up from every past year and over 100 companies above their nearest Franchise competitor. Being that there are an estimated 5,000 franchise systems in the nation, this puts CarePatrol in the Top 5% of all franchises for franchisee satisfaction and overall quality and strength of the franchise brand system. "
Quotes
  • "Oasis Senior Advisors services went the extra step for me and my advisor was compassionate and knowledgeable."