Who is Your Market in an Aging Life or geriatric care management business?
That market is the rich and famous people who are your concierge clients and three other wealthy groups. The lower 90%, only call when there is a crisis and that crisis usually leads to homecare. Homecare costs between 4000-6000 a month. This is why you need to serve that top 10%. The upper 10% can afford that according to Pew research, in this nation of broad income disparity, and 90% below cannot.
Demand and not need determines the success of an eldercare business like aging life or geriatric care manager business. This fundamental fact of life must be taken into consideration when developing a business plan for a for-profit, fee-based, Geriatric care management business.
Who Can Really Afford Geriatric Care Management
The target market for a private geriatric care management business is not the 65 million families who need those concierge care management services, but the much smaller subset of those families who can afford to hire a GCM or aging life care manager and a private duty home care agency, and are willing and able to pay for the services that GCMs and can actually find their way to you.
This subset really represents the top 10% of the economic spectrum and more precisely among the rich and famous, the top 1% who actually held onto its share of national wealth in the 2008 economic crisis, and gained quite a bit with Trump’s tax cut in 2019
Even Fewer People Can Afford Care Management Since 2008 Collapse
Meanwhile, the share of national wealth held by the bottom 90% fell to 25% after the Wall St and housing collapse and these elders are tragically not the market for geriatric care managers because they cannot afford the service.
Whether you are a nurse care manager, geriatric social worker, nurse advocate, geriatric care manager, aging life care manager, any of the alphabet soup of care management names, if you have a private geriatric care management business, you can only make money and thrive as a business by marketing selling and be signing up the top 10% elder client.
Why Need vs Demand is the only Way to fiscally Survive in GCM As Hard As That May Be to GCM’s
Bob O’Toole MA, long time geriatric care manager, wrote a highly researched chapter in the latest edition of Handbook of Geriatric Care Management 4th edition Private Revenue Sources for the Fee-Based Care Manager- Need Vs Demand in the Elder Care Market which shows aging life and geriatric care manager why you need these 10% elders and their families as customers.
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Cathy Cress MSW
paid others to meet their needs (as opposed to families who must themselves find and orchestrate ways to meet basic and complex needs themselves or with the help of the extra-familial system). Often these families have household staff, i.e., nannies, butlers, drivers, private pilots, cooks, and maids. They may have available to the business and family lawyers and accountants, as well as, teams of medical professionals and concierge physicians. Consequently, in almost all situations they are uninvolved in processes, especially those that are difficult, stressful and time-consuming. ( Fine and Newcombe- Entitlement in the Aging Family, Care Managers Working With the Aging Family)
normal families and have been well parented although you will find a mixture of dysfunctional aging families. Their adult children tend to be supportive of their parents, although again you will find a mixture of dysfunctional families in this category.