Many people will require assistance with basic everyday duties at some point in their lives. Simple tasks such as cooking, shopping, cleaning, and attending appointments can be difficult for the elderly, persons with chronic medical issues, and patients recovering from surgery. A home care firm assists persons who require daily life assistance. In many circumstances, a company’s services are critical to maintaining customers in their homes.
While home nursing care agencies serve people of different ages, many of their customers are seniors. The sector is predicted to grow dramatically as the Baby Boomer generation ages. The Bureau of Labor Statistics estimates that job growth for nursing assistants will be 17% and for home health aides will be 38% through 2024, both of which are “much faster than average.” (While not all home care business owners have these certificates, many people do operate in the profession.)
The number of senior persons over the age of 65 is increasing every year as a result of the aging of baby boomers and greater life expectancy. With it comes an increased need for medical and personal care. This provides an excellent business potential for healthcare entrepreneurs.
If you’re thinking about starting a home nursing care business, you might be wondering, “Where do I start?” Before we get into the specifics of establishing a home health care agency, what exactly is a home health care business?
How to Start a Home Nursing Care Business?
The word “home health care” is quite simple. It basically means that medical experts or professional caregivers go into people’s homes and help or care for them. Nursing services, wound care, and monitoring of one’s health, such as blood pressure and mental state, are examples of medical home health care. This form of care is required when someone is discharged from the hospital or for senior persons.
Read Also: What is a Self Care Business?
Caregivers provide home care based on the requirement for basic day-to-day help. Home care assistants, for example, will make meals, clean the house, assist with changing or dressing a client, and drive them to and from doctor’s appointments.
Starting a home nursing care company? Take the following steps:
Step 1: Create a business plan.
This is the first step in starting any type of business. You need to make a business plan for your home health care agency because it is the base of your company and will be needed for each step to follow. A business plan includes the following:
- Executive summary – Explain the basics of your company.
- Company description – Write the mission and goals of your home health care agency.
- Services – Describe what services you will be providing.
- Marketing plan – How will people learn about your business? Decide the pricing of your business as well.
- Management and organization – Describe the ownership structure of you healthcare business.
- Operational plan – Explain the facility and staff, as well as supplies you will need to operate.
- Financial plan – This is where you will write a cash flow projection, balance sheet snapshot and break-even analysis.
Step 2: Register with the state.
In order to receive payments from Medicare and Medicaid, your organization must meet certain conditions. Complete your state’s home care application for a license to certify your agency.
You’ll also need to incorporate your company, obtain a tax ID, and apply for your NPI (National Provider Identification) number. These regulations for establishing a home health care agency vary by state.
Step 3: Obtain Medicare and Medicaid certifications.
By receiving these certificates, your organization will be able to deliver health care services including nursing care, physical therapy, and other services while being reimbursed by Medicare and Medicaid plans.
Be aware that the accreditation procedure can take longer than you think, sometimes up to a year. Visit cms.gov to apply and complete the survey. In addition to these certificates, some states require home health care agency operators to pass a jurisprudence exam.
Step 4: Hire a great staff.
Because your home health care firm provides personalized attention to patients, you want a workforce that represents and reflects your company’s values. There are numerous approaches to finding the ideal employees for your company. Many firms, for example, use social media.
When interviewing potential employees, make careful to complete extensive background checks to avoid legal action if there is an issue with an employee’s care.
Step 5: Get your clients.
Once you have a business plan in place and your ideal staff lined up, it’s time to get clients and start operating your business. This step is one of the most difficult parts of owning any type of business, especially a service-based business like a home health care agency.
Effective marketing strategies are crucial for obtaining clients. Here are some basic marketing ideas you can implement to get your business going:
- You need to have an online presence. Build yourself a basic website to get your information and name out there. There are many free hosts that help you create a functioning website. You can always come back to your website and improve it and edit it as needed, but in order to get clients for your home healthcare business, you’ll need a website to represent your company.
- Let Google know you exist. Register your healthcare agency with Google so your address, hours and phone number can be accessible for potential clients. This is easy, but make sure you have your website first.
- Know your differentiating factors. If you have a prospective client, let them know what makes you different and better than the competition. Outline this for your employees and on your website to send a clear brand message.
- Join local groups and organizations. Show your professionalism and get your name out there by joining local groups and associations, such as the National Association for Home Care & Hospice.
Step 6: Have a solid financing plan for growth.
Slow payment periods can be stressful for you as a business owner after you begin paying Medicare, Medicaid, or third-party insurers. Home healthcare agencies and enterprises employ accounts receivable factoring to bridge the gap between payment periods.
Invoice factoring allows you to receive a cash advance in order to pay personnel and build your healthcare business. Your company will have more money for expenses, relieving you of the financial worry so you can focus on your business operations.
How to Start a Home Care Business in BC?
According to a recent Government of Canada report, Canadian seniors account for more than 15% of the total population. Furthermore, by 2030, seniors are expected to account for 23% of the total population (approximately 9.5 million people). Senior care centers and home health care facilities for the elderly are growing more widespread as seniors live longer lives than they did decades ago.
Once you’ve decided to start providing home care services for elders, you must undertake the following:
1. Come up with a business plan
A successful business does not emerge overnight. After you’ve developed the concept, you’ll need to develop a basic business strategy that tackles what you’ll need to make a profit and how you’ll get there. In order to flourish as an entrepreneur, your business strategy should assist you in better responding to opportunities.
2. Pick your services
The scope of your home care services will be determined by a number of criteria, including your budget. As a less expensive alternative to hospital treatment, this may influence the scope of services or products you choose to provide. Providing wound care and injections, for example, will be significantly less expensive than purchasing the medical equipment required for chemotherapy or hiring staff to provide 24-hour emergency care.
You can provide a variety of services to your clientele, both medical and non-medical. Some examples are:
- Skilled nursing
- Therapy (including physical therapy and massage therapy)
- Dietary planning/education
- Support monitoring
- Wound/surgical care
3. Give your business a name
After you’ve determined your clientele and the services you’d like to offer, you’ll need to choose a name for your company. It’s also a good idea to develop a website for your company that clearly and legibly shows all available contact information.
4. Pick your business structure
In Canada, business owners can form one of five types of corporations: sole proprietorship, partnership, corporation, cooperative, or non-profit. As a single proprietor, you are the company’s sole owner and are consequently in command of all business decisions.
A partnership relies on one or more individuals to function well; select wisely!
If you choose to incorporate your home care business, you will be in charge of how and when you generate money, and you will be able to seek cash from investors to help you grow your firm.
If you opt to manage your business as a cooperative, you will be running an incorporated business owned by people who share similar needs and ideals.
Non-profit organizations can be established exactly like any other business in Canada, however the employees do not benefit from any profits generated by the organization. Keep this in mind if this is your first business, especially if you intend to pay many employee wages.
5. Obtain all licenses/certifications
In order to function, home health care services must be licensed and certified. If you want to open a retirement home, you must first seek a license from the Retirement Homes Regulatory Authority (RHRA) for your seniors’ personal care business and ensure that you follow all of their laws and regulations.
Long-term care facilities must also undergo mandatory health inspections to verify that elders are receiving adequate care. More information on any and all permits required to start a senior care business can be obtained from the Government of Canada.
6. Get business insurance
Before you can receive a company license in Canada, both small and large firms must have business insurance. There are numerous insurance companies to select from, each offering differing levels of coverage. After you’ve decided on a provider, gather all of the required documentation and apply over the phone or online.
7. Hire employees
Even if you’re a people pleaser, running a home health care business for seniors is too much work for one person! When it comes to healthcare, the people you hire are equally as vital as the patients you serve. These people will be looking after your customers, and the best method to acquire more business recommendations is from customers who believe their demands are being fulfilled or exceeded.
While you do not need a healthcare background, your team does, since they will be in charge of providing prescriptions, reviewing treatment plans, and conducting medical and non-medical applications such as wound care and physiotherapy.
Read Also: What is Needed to Start a Home Care Business?
At all times, you should have at least one registered nurse on staff, as well as numerous personal support workers who have the necessary training and certifications, such as CPR and standard first aid. Always perform a comprehensive criminal reference check on anyone you hire, as they will be working with a vulnerable demographic, and as the business owner, you are ultimately accountable for your clients’ well-being at all times.
8. Buy supplies
The supplies you will require for your elderly home care business will be determined by the services you will give. Many Canadian wholesalers specialize in medical goods, which is a considerably more cost-effective choice than purchasing items individually.
It’s a good idea to keep frequently used supplies on hand, such as disposable gloves and disinfectant. You can also go straight to a medical items supplier or manufacturer rather than going through a wholesaler.
9. Spread the word
The funding of your firm is critical to its success! Once you’ve secured enough funds and established a consistent client base, you’ll need to spread the word that you’re open for business. Some of your best business may come from existing clients—satisfied customers are likely to inform their friends, who may be in need of similar services, and those referrals are critical! Being engaged on social media is also a smart idea. Create social media accounts and start churning out material that will resonate with the clientele you’re hoping to attract after you’ve put up your website.
Starting a homecare business for the elderly provides a long-term answer for people seeking care but unwilling to leave the comfort of their own homes. Working with Canada’s aging population, while not requiring a degree in medicine or nursing, has the potential to be a rewarding career path with the correct business plan and attitude.
