Could hormone replacement therapy be given to elderly women to improve the healing time of wounds?

No: Not known to help in that respect. And the risks to that age woman would be significant depending on medical history. But hormones are not known to increase wound healing in that respect.

Avoid this: Poor wound healing could be from many factors, including compromised immune system, poor nutrition, active / chronic infection, immobility, circulatory problems (e.g. Peripheral vascular disease), deficiencies in certain vitamins and minerals (e.g. Vitamin c, zinc), uncontrolled diabetes, and tobacco use. Hormone replacement therapy should not be started without consulting with a physician first.