Nursing Care Facilities in Ohio
The Nursing Care Facilities industry in Ohio has exhibited steady growth over the past five years. This growth has particularly been driven by the growing elderly population in the state because the vast majority of industry residents are over the age of 65. Additionally, demand has been supported by rising funding for Medicare, which has enabled more people to pay for nursing care services, as patients with Medicare are the largest market for industry services. However, despite rising demand for industry services, the Nursing Care Facilities industry in Ohio has consolidated over the past five years. With Medicare enrollment rising, industry profit margins have declined because government insurance carries low reimbursement rates and, therefore, yields low profit margins. To combat this trend, industry companies have pursued mergers and acquisitions as a means to reduce costs and pool resources. Moving forward, industry growth is expected to accelerate over the next five years. Ohio's elderly population is projected to continue growing, while federal funding for Medicare and Medicaid is anticipated to increase at a faster rate. Additionally, disposable income is projected to rise in Ohio, enabling residents to opt for higher-priced nursing care facilities, causing profit margins to increase.
This industry provides living quarters, inpatient nursing and rehabilitation services for people with a chronic illness or disability. The care is usually provided for an extended period to individuals who require help with day-to-day activities but do not need to be in a hospital.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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