Are you looking to start a business?
Do you care about people? Are you willing to put in a serious amount of time and effort to make a serious living? Consider a home health care business.
As baby boomers age, there is an increasing need for home health care nurses and aides. An opportunity like this can translate into an economic boom for entrepreneurs like you.
Do you want to start a home health care business? Here’s everything that you need to know.
Your Guide to Starting a Home Health Care Business
Home health care companies assist with activities of daily living for those who are homebound.
People may be homebound for medical reasons. Someone might need assistance after surgery, for example.
Mostly, home health serves the daily living needs of senior citizens, many of whom require help with medical issues as well as simple things like cooking or washing the dishes.
As you might imagine, there can be a big difference in skill level among those who provide home health services.
Skilled home health aides are often nurses who can administer drugs, operate medical equipment, and monitor the patient’s condition.
Non-skilled home health is everything else from doing laundry to bathing to helping someone move around.
As a result, many home health professionals are nurses or nurses aides. Most of the unskilled aides do not need formal medical training.
Because home health includes skilled, professional medical assistance, many home health arrangements include nursing, occupational therapy, physical therapy, speech therapy, and even social work.
The Prospects of a Home Health Business
Why consider home health care as a business venture?
Here are some numbers for you to think about.
The population of Americans aged 65 and older is set to double by the year 2030, from 37 million to over 71 million.
That’s a lot of people that are going to need home health care services.
Now consider that home health is currently an 84 billion dollar industry.
In the United States, there are around 12,000 home health businesses, employing tens of thousands of skilled and unskilled workers alike.
With this level of growth, it’s no wonder why many are considering a home healthcare business as a viable investment.
How to Start a Home Health Care Business
Here are the most important things to consider before leaping into home health.
Rule number 1: Your heart must be in it.
You have to care about the people you will be helping, first and foremost.
As lucrative as a home health care business can be, you can’t go into it just for the money.
As a home health operator, the well-being of some of our most vulnerable populations is in your hands, and the hands of the caregivers you hire.
That said, here are the significant aspects you need to consider before starting a home health business.
1) Medicare Accreditation
Medicare accreditation might not be the first thing you tackle. But, it’s one of the biggest bureaucratic challenges you will face, so it’s one of the first things you should consider.
As a home health care medical provider, you will need to qualify to accept Medicare.
Home health companies that provide strictly non-skilled services exist. While rare, these agencies usually do not need to qualify for Medicare.
But if you are going to provide any type of medical service, Medicare approval is in your future, so you better be prepared.
The auditing process includes an examination of a home health company’s business practices as well as patient clinical records. In total, the medicare accreditation process may take up to one year.
Not only is it required, but it also makes good business sense. As a Medicare provider, your field of potential clients widens exponentially.
2) Home Health Care Business Plan and Marketing Strategy
As with any other business, you will need to develop a business plan. You will also need to work on a sound marketing strategy.
With a home health care business, you’ll need to plan for every detail. Some of the significant expenses you should consider are:
- Rental expenses
- Office equipment
- Nursing supplies
- Office expenses
- Salary expenses
Will you need to invest in branded transportation and uniforms, so your providers are easily identified when they arrive at a client’s house?
You may need to consider medical equipment. From stethoscopes to pulse oximeters to an AED (automated external defibrillator) in case of an emergency, there is critical medical equipment you may need to purchase.
For an industry as unique as home health, you’ll need to think about all of the above, in addition to typical expenses like office rent, supplies, taxes, etc.
Consider every expense imaginable when you’re creating your business plan.
Home Health Care Marketing
Yes, marketing. Your home health agency is a business, and you’ll need to find viable clients.
Whether your clients are paying out-of-pocket, or through Medicare, you’ll need to search out and woo them just like you would any other type of customer.
Venues where you can find potential clients include health fairs, advertisements in publications that target seniors, and of course, by attracting them to your website.
Many health care providers decide to branch off and start their own home health agencies. If this sounds like you, the business side of things can get overwhelming.
From the licensing process to effective marketing, when it comes to your home health care business, we have the skills and track record to make sure you’re successful.
Home Health Care Benefits Everyone
Finally, it’s essential to remember that, when you start a home health care business, everyone wins.
Home health medical services free up much-needed hospital beds. Employment increases for entry-level workers as home health aides.
Most importantly, those who need affordable, Medicare-covered home health get the assistance they need.
So go out and get started. The boomers need you!
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