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Want to Set Up a Home Health Care Business? Take Specifics from Nelia Ladlad

Want to Set Up a Home Health Care Business? Take Specifics from Nelia Ladlad

Home care and home health can be a lucrative business. The Bureau of Labor Statistics shows that there will be 17% job growth for nursing assistants through 2024, which seems much fast than the average. As the baby boomer generation grows, the home healthcare industry will sure to grow significantly.

With the increasing growth, people are seeing great opportunities to start a new business in the healthcare industry. Especially if your idea is to serve the vulnerable members of society and help your loved ones with daily living requirements, you can stand united with Nelia Ladlad to combine a purpose and profitability to bring a positive difference.

Are you wondering what steps are actually involved in setting up a home health care business? This comprehensive guide will cover key aspects of starting a home health care agency for better outcomes. So let’s dive in.

1. Create a Business Plan

Having a crystal clear plan is necessary for business success. It will help you navigate the right information and figure out potential challenges along the way. Ensure to do proper research on the following topics:

· How much does it cost for establishing a home health care business?

Entrepreneurs should have a good budget to start a non-medical home care business. If your budget is slightly low, you can simply begin with non-medical assistance at first. You need to pay for licensing, certification, caregivers’ recruitment, infrastructure, marketing, and management. The costs may vary depending on several parameters like location, the size of operations, patient requirements, and other variables.

· Who’s Your Target Market?

An ideal client of a home care agency is someone who wants to live independently and needs help with daily activities. These may be older adults who wish to stay in their home, a patient who recently had surgery and want to recover in the home and someone who has a special health condition and need assistance with basic tasks.

· How Can You Make Your Business Rewarding?

Gradually, you can increase your services as per the client’s demands and add medical and Medicare services to reach a wider audience. ‘One-size-fits-all’ approach isn’t going to work for home health care business. Despite doing all the hard work by yourself, you can take business consultation to secure profitable investments and promote marketing efforts successfully.

2. Obtain Necessary Licenses and Permits

Failure to meet licensing and permit requirements may lead to huge financial losses or even shut down your business. Here are some permits and licenses you may be required to operate a business:

· Certified Nursing Assistants (CNA)

A CNA license is a must for an individual owning a personal healthcare business and assisting clients with basic tasks, medication reminders, and specific medical conditions.

· Home Health Aid Licensing (HHA)

HHA license is important for a person working for a home health agency or hospice that serves non-medical care to the people in need, ordered by a licensed physician.

In addition to these requirements, certain local and state regulations may apply.

3. Define Your Business

Like any other business, a home health care agency can be promoted through word of mouth. To set your business apart from others, you should focus on establishing reliability and how your company is perceived by the public. A strong company name, marketing efforts, and referrals will often be more effective and can go a long way.

4. Create a Marketing Strategy

Once you’ve developed a business plan and figured out the state regulations and Medicare certification, it’s time to identify the proven steps to reach as many clients as possible. You can use several strategies like set a website, connect to potential clients over social media, join business groups, and attend workshops or events to grow your network. The success of your business will depend on marketing strategies, hard work, and determination.

5. Do Proper Market Research

It is no surprise this is a growing industry on both national and global level but you will face numerous ups and downs to make it work. The biggest weapon you can use against your competitors is in-depth market research. Narrow down your geographic location, business structure and expansion, and marketing efforts. Use strong competitive analysis to recognize the strengths and weaknesses of others and contribute to your business growth wisely.

6. Tell Your Story Effectively

No matter whether you provide premium service, nobody is going to bother if they don’t know about its existence. If you want to earn better profits and help more and more people, you have to tell your story with effective and ideal marketing.

Conclusion:

There is no denying that marketing is the key to monetization for any business. You shouldn’t market your business towards elders; instead, you should send a relevant message to young adults who are very likely to be decision-makers in such situations. You also need to ensure that your caregivers are well-trained and equipped for all scenarios. 

Starting a non-medical home care business isn’t difficult when you have the right guidance and strategy in place. From healthcare to public relations, nursing homes, marketing, management, merger and acquisitions, Nelia Laurel Ladlad has gained diverse experience in every field and she is the best choice when it comes to choosing a business consultant.

NSBA Webinar: How New Round of PPP is helping Small Businesses in Times of Uncertainty?

NSBA Webinar: How New Round of PPP is helping Small Businesses in Times of Uncertainty?

While we are all giving our best to make it through the turmoil caused by the COVID-19 pandemic, NSBA has initiated to give a preliminary overview of the new round of the Paycheck Protection Program (PPP). The webinar conducted by National School Boards Association (NSBA) on January 6, 2020, Wednesday talked thoroughly about the PPP and how America’s small businesses can overcome the deteriorating effect of the coronavirus.

NSBA President Todd McCracken and Marilyn Landis, the owner of Basic Business Concepts Inc. provided valuable advice to small enterprises on where the current Paycheck Protection Program (PPP) stands and what changes were made to the program in compliance with recently passed legislation. Both experts have covered the regulations and clarified perplexing aspects during the webinar.

What is the Paycheck Protection Program (PPP)?

As a part of the $2 trillion support package announced in the Coronavirus Aid Relief and Economic Security (CARES) Act, $349 billion of the grant was contributed to the Paycheck Protection Program (PPP). This aims to provide guaranteed loans to businesses with less than 500 employees to meet payroll and other necessary expenses.

The federal government has unveiled to release funds as fast and smooth as possible, giving small firms a fair fighting chance to overcome their challenges and boost their growth in the best possible manner.

Paycheck Protection Program (PPP) Loan – Key Highlights

The Paycheck Protection Program Flexibility Act has made vital changes to the program, empowering adequate time to be invested to spend on funds and making it easier to receive a loan fully forgiven. The recent program has brought a golden opportunity for small businesses that have used up their first PPP loan and have seen at least a 25% drop in revenue. Here’s the overview of PPP loan:

  • All small businesses are entitled to apply
  • The loan has an interest rate of 1% and a maturity rate of two years
  • Loans taken after June 5, 2020, have a length of 5 years
  • There is no requirement to make loan payments until either your forgiveness application is processed or 10 months following your 24-week period ends
  • The loan covers costs of 24 weeks beginning from the loan disbursement date
  • No collateral and personal guarantees needed
  • The loan can be forgiven and turn into a non-taxable agent

How Small Businesses were served Under Paycheck Protection Program?

According to Internal Revenue Service (IRS) data, $30.7 million were given to small businesses, wherein $5.9 million was reserved for employer firms and $24.8 million was kept aside for non-employer firms. In total, about $16.5 million PPP/EIDL was announced for eligible small firms.

More than half of small businesses have received funding to stand a chance to overcome the devastating effect caused by the COVID-19 crisis. These loans will cover multiple additional expenses such as property damage, operations expenditure, worker protection expenditures, and supplier costs.

Changes Made to PPP in Round 2 

  • PPP loan size dropped from $10 million to $2 million
  • Businesses fewer than 300 employees and have faced a 25% decline in revenues are eligible
  • The maximum loan size is 2.5 times for monthly payroll and 3.5 times for food service business and accommodation
  • A full forgiveness is permitted if at least 60% is used for payroll
  • Streamlines forgiveness procedure for loans under $150,000
  • $90 billion funds are kept aside for new and second-time borrowers
  • Increases the allowance expenses for supplier contracts, equipment, and expenses associated with the COVID-19
  • Eradicates the need for EIDL loan advanced from PPP forgiveness
  • Offers $20 billion in EIDL grants
  • Increases assurance to 90% and waives all fees

How to Start with PPP Application Process?

We advise small businesses to gather their relevant documents to enjoy a timely and simplified PPP application process. While the needs are subjected to be changed, it is best to review the resource made available to you, bring together your application, and clarify your concerns as soon as possible. It is important to identify how well you can demonstrate a 25% decline in revenue from 2019-2020 and create your interim financial statement.

After negatively affected by the COVID-19 outbreak, small businesses are finally getting an equal chance from the federal government to obtain the benefit of a new relief package and ensure business survival. In these times of uncertainty, it seems like a viable option for small businesses to obtain a competitive edge over others and contribute to the economic condition.