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.
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.