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| Everything You Should Know About Opening a Home Healthcare Business |
| Saturday, 27 March 2021 | |
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Due to increases in life expectancy, the number of people living past 65 is increasing every year. Because of that increase, more home health care businesses are needed. If you’re helping to fill that need, here is everything you should know about opening a home healthcare business.
You Need a Business PlanAnytime you open a business, you need a business plan. It’s the blueprint that helps you obtain funding, find staff, and potential investors. Your business plan should include:
β An executive summary. This is a short section that tells the big picture of your business.
β A company description. This is where you explain the goals and mission statement that lead to your big picture.
β A list of services you will provide.
β A marketing plan that outlines your approach to advertising and pricing.
β An explanation of your management and organizational system. Who is in charge of what?
β An operational plan that breaks down what you need to operate effectively.
β Finally, you’ll need a financial plan. This is where you estimate how much you expect to make vs. spend.
Perfect your business plan before you show it to other people. It is essentially your business’s first impression.
It Takes Great EmployeesAs a home healthcare business, your employees go into people’s homes and interact with them when they’re most vulnerable. That takes a special kind of person, here’s how to hire them.
β Work with a talent acquisition company that uses storytelling, technology, and strategy to build you a brand that attracts the right employees.
β Interview applicants with a history in the field or an impressive healthcare education record.
β Look for excellent communication skills. Most of the job is interacting with patients, after all.
β Use your branding to make it known that you accept only the best and patient care is your top priority.
β Ask other people to sit in on interviews. Having multiple opinions gives you more insight into what a patient might see when they interact with the employee.
β Do a trial run. Have new employees shadow more experienced employees to ensure they fully understand what they’re doing.
The right team is crucial to this business. You never want a patient to have a bad experience with one of your caregivers.
State Registration Is A MustIn many states, state registration is a legal requirement to open this kind of business. However, if it isn’t in your state, you should still consider it.
β Having a state license allows you to be paid by federally and locally-run healthcare programs.
β Many private insurance companies also require a company to be licensed to pay on behalf of their customers.
β State licensing assures people that you have passed all of the necessary tests and checks. That makes them feel more comfortable putting their loved ones’ health in your care.
State licensure is a requirement for good business, even it’s not a requirement for legal business.
There Are Start-Up CostsThe cost to open a licensed home healthcare business that is supported by federal and state programs is between $150,000 and $350,000, depending on size and location. Assuming that’s more money than you have lying around, you need some funding. Here’s how you can get it.
β Search for grants that help healthcare businesses or small businesses.
β Reach out to potential investors to share your business plan and seek their assistance.
β Look into how to get a business loan to cover your start-up costs.
The cost is high but so is the potential reward. Depending on the number of clients you can take on, you can recoup your start-up investment in the first year.
Medicare and Medicaid Will Pay YouAs mentioned in the state registration section, government-funded programs like Medicare and Medicaid can work with you if you have state licensure. Here’s what you need to know.
β Many individuals receive their healthcare funding through these services.
β This means that they can only choose your company if you can work with Medicare/Medicaid.
β If you work with these agencies, you guarantee that you’ll be paid.
β After receiving your state license, you’ll have to apply to become certified with these agencies. That can take up to a year.
It takes time to obtain licensing and accreditation but it greatly increases the amount of money you can make each year.
Legal Advice Is AdvisableThere are all kinds of legal requirements and liabilities to opening a home health care business. To make sure you’re doing everything by the book, you should:
β Hire a lawyer who is experienced in dealing with this kind of small business. They can help you ensure that everything is legal and you’re taking no unnecessary risks.
β Consult local and state laws and requirements and go over them with your lawyer to guarantee you understand your obligations.
β Train all employees to understand how the laws affect their role in your company.
β Have your lawyer write appropriate contracts for all employees and patients that minimize your liability in the event of an accident.
β Obtain proper insurance for your company.
Don’t hesitate to go above and beyond when protecting yourself from potential legal action. It’s better to be prepared.
You Have To Appeal To More Than The PatientIn some situations, it may not just be the patient who decides to hire you. Often, family members play a role in the process. Here’s how to maximize appeal to gain clients.
β Advertise your licensing and safety training in your marketing.
β Maintain a strong internet presence, including your website and social media.
β Ask for reviews from satisfied patients and their families.
β Offer a wide range of services.
β Accommodate all schedule requests. Some people may only need care at odd hours, so make sure you have employees to cover all shifts.
β Regularly request feedback from patients on what they feel you could do better. They’ll appreciate you checking in, and you’ll improve your service.
Healthcare decisions are often a family matter. Make sure you’re appealing to everyone who may play a role in the choice.
Everything in this article is an important step toward opening your new home healthcare business. Start from here and continue your journey and you’ll be providing outstanding care in no time.
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"Life is like a game of cards. The hand that is dealt you represents determinism; the way you play it is free will." Jawaharal Nehru |
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