Adult Day Services at the WBRP Nursing Home in Flushing, Queens, New York - Essay Example

Download file to see previous pages The paper presents the results of the analyses and the formation of a preliminary set of strategies to take advantage of the identified opportunities (National Adult Day Services Association, 2012; National Adult Day Services Association, 2010; The Economist Newspaper Limited, 2010; Gleckman, 2009; International Health Economics, 2011; Hicks et al., 2004; National Bureau of Economic Research, 2012; Center on Age and Community, 2010). II. Market Analysis A. Market Demographics, Size, Characteristics While the nursing home is in Flushing, Queens, New York, we take the whole potential market for nursing home services and related services, existing or the be introduced, to consist of target market customers living in the greater Queens, New York area. This is a conservative estimate, as with proper marketing and targeting the target market geographically speaking can be as broad as the whole of New York City. Focusing on Queens, the statistics are that the total population has been static at around 2.3 million in 2010, roughly the same level as in 2000. People over 65 years of age made up 12.8 percent of the population, or more than 230,000 residents above that age. Some estimates put the number of people over 65 at about 283,000, with roughly equal numbers of men and women, and about 44 percent of the overall population being of Caucasian descent, 20 percent African American, and 17.6 percent Asian. This is the rough estimate of the potential market size for nursing home and related services in the Queens area of New York (US Census Bureau, 2012; Onboard Informatics, 2011; Wolfram Alpha LLC, 2012; ePodunk, 2007; Roleke, 2012). Prospectively, however, hypothesizing that adult day services provision is viable, the target market is expanded to include all adults who may avail of such services, short-term and long term. This expands the market size to all but those who are under 18 years old and living in Queens, or all Queens residents except for about 21 percent of the population, who are minors (US Census Bureau, 2012; Onboard Informatics, 2011; Wolfram Alpha LLC, 2012; ePodunk, 2007; Roleke, 2012) The median income of a household is pegged at roughly the same amount as the city median income, at about 55,300 dollars, while the cost of living is much higher as judged by the cost of living index of about 159, much higher than the national average of 100. This is a relatively wealthy neighborhood, and therefore is ripe for services tied to nursing home services (US Census Bureau, 2012; Onboard Informatics, 2011; Wolfram Alpha LLC, 2012; ePodunk, 2007; Roleke, 2012; Hevesi and Bleiwas, 2006). B. Market Trends, Events of Impact The recent recession has brought about changes in the buying power and long-term financial viability of a large swath of the American population, including people in Queens, New York. This has had an impact on the ability of people over 65 years to finance long-term care on their own and with the help of family. This in turn has had an impact on the viability of providers of long-term care to the elderly, including nursing homes and providers of corollary services to homes (The Economist Newspaper Limited, 2010; Gleckman, 2009; International Health Economics, 2011; Hicks et al., 2004; National Bureau of Economic Research, ...Download file to see next pagesRead More