home health care business plan

Payment via online bank transfer (online payment portal). We want to become one of the leaders in the home health care services industry in Florida, and in The United States of America. As a matter of fact, experts projected that the healthcare share of the GDP of the United States will continue to grow, reaching 19.6 percent of GDP by 2016. Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. We hope to leverage on their expertise to build our business brand to be well accepted in Florida and the whole of the United States. The Executive Care advantage means top-tier training, ongoing support, and access to a proven business plan for home care agency success. Are you a go-getter and self-disciplined?How well do you manage your time? Social Services Block Grant/General Revenue (SSBG/GR) through the Department. Here is a sample home healthcare business that is capable of leading you all the way. Step 1. When it comes to paying home healthcare service providers, the model that is adopted by the health sector usually hold sway. Our vision is to become the number one choice when it comes to home healthcare service delivery in the whole of Florida and also to be amongst the top 20home health care service provider in the United States of America within the next 10 years. If you have interest in starting your own home healthcare business, then you would need to pay a visit to the health and medical regulatory body in your country (the department of health care services) to get all the needed information that is required before you can legally start your own home healthcare business in your city. Health Is Wealth™ Home Healthcare Services has a long term plan of offering home healthcare services in various locations all around Florida which is why we will deliberately build our brand to be well accepted in Miami Beach before venturing out. We do not intend to welcome any external business partner which is why we have decided to restrict the sourcing of the start – up capital to 3 major sources. It’s up to you to make things happen. Another threat that may likely confront us is the arrival of a new and bigger/well established home healthcare brand in same location where our outlet is located. The achieve this by communicating with their patient over the phone, video conferencing, the internet, email, text messages, and all other medium through which non-face-to-face communication can be achieved. Our staff is well – trained to effectively service our customers and give them value for their monies. It will make all the difference in the long run. Health Is Wealth™ Home Healthcare Services is a private business that is solely owned and financed by Dr. Marvin Clarkson and his wife Mercy Clarkson (Nurse). The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the home health care industry in the United States. For more insightful videos visit our Small Business and Management Skills YouTube Chanel. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time. Incorporate Your Business. In summary, Health Is Wealth™ Home Healthcare Services will adopt the following sales and marketing approach to win customers over; We in the home health care services business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote our home healthcare services business. Are you about starting a home healthcare agency? The key factor considered by both consumers and referring professionals when purchasing home health care is trust in the professional reputation, reliability and quality of services provided by the home health Agency. It's fast and easy, with LivePlan. On the average, home health care service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000, The cost for Start-up inventory (stocking with a wide range of products) – $150,000, Storage hardware (bins, rack, shelves,) – $3,720, Cost for Nurse and Drugs Supplies (Injections, Bandages, Scissors, et al)- $3,000, Cost of purchase of ambulance and other vehicles : $100,000. If YES, here is a complete sample home healthcare agency business plan template & feasibility report you can use for FREE. Here are the payment options that will be available in every of our outlets; In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches. We are well trained and equipped to service the market segments that require only home-based services. Starting a home healthcare business is one of those businesses that require you to first look at the existing laws in the country or State you reside, before going all out to start the business. Expert business tips and advice delivered weekly. Health Is Wealth™ Home Healthcare Services offer health care services such as preventive, curative, promotional, rehabilitative or palliative healthcare / medical services in a systematic way to individuals, families or communities. Body oil is a skincare product. Our product line also features comprehensive information regarding to how to start a Home Healthcare Agency business. Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600. We chose to operate in these cities because we know that our services will be in high demand due to the growing numbers of the aging population in these areas. We know that one of the ways of gaining approval and winning customers over is to sell our home health care services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while. He will be ably supported by his wife Mercy Clarkson who has grown in her career to become one of the most respected senior nurses in Miami, Florida. Includes an executive summary, company overview, market analysis, financial plan, and more. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. Even though our Chief Medical Director (owner) has a robust experience in health management services, public health and medical research, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the healthcare industry. Average number of hours provided each month per patientMultiply all of these together and you will come up with total monthly revenue. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount. Wheatland Health Services offers a unique combination of premier home health care and community-based social services to Southeastern Kansas. Furthermore, you’ll get the marketing power of our local and national assets, and enjoy total confidence in our legal compliance. There is a significant need for quality home health care and social services within this region and we believe that by employing competent and well-educated staff and providing them with organized and responsive management, we can become the home health care/social service agency of choice in Southeastern Kansas. You’ll need to organize and prioritize your time to create projects, schedule appointments, follow up and delegate tasks. Your phrase each day must become “If it is going to be, it’s up to me!”B. As a matter of fact, the healthcare industry is known to gulp well over 10 percent of gross domestic product (GDP) of most developed countries. Use this business plan template as a basis/foundation to create your own business plan upon. Home health care is a very broad industry which can mean different things to different people. Please note that the above projection might be lower and at the same time it might be higher. Before now is the practice for home healthcare service providers to restrict their services only to face-to-face delivery; a practice where a home health care provider and patient see each other physically most especially in the home of the patient. The health industry is indeed a thriving and dynamic industry; with the aid of technology, it is becoming easier to treat, manage and cure some ailments that before now are not easy to handle. The company should also retain a skilled team of healthcare professionals, in case any specific treatment is required or in an emergency. We want our home healthcare services company to be the number one choice of all residence of Miami and other cities in Florida. We will ensure that we target but self – pay customers (who do not have health insurance cover), and those who have health insurance cover. It is useful in the treatment or prevention of extremely dry … Our perceived weakness lies in the point that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business and also the finance needed for the acquiring helicopter to facilitate rapid response in cases of medical emergencies. Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400. Over and above, the delivery of healthcare services at all level of the business value chain of the healthcare sector is the most visible part of any country’s healthcare system. Health Is Wealth™ Home Healthcare Services is in business is to establish a first class home health care service company that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. Those who need the services of home healthcare services providers (nurse’s aides, personal assistance services, mental health counselors, chiropractors, home care agencies, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers or home caregivers) are not restricted to the old and the elderly but also young adults and all those who can afford the services. may be available in some counties. 85 Startup Resources You Should Know About, Free SBA Course on Writing a Business Plan, Using Your Elevator Pitch To Build Your Business Strategy, From The Trenches - Real Stories, Real Pitches. Besides it is expensive to acquire a standard well – equipped ambulance. Dr. Marvin Clarkson is going to be the Chief Executive Officer of the business; He is a qualified and well trained Medical Doctor with well over 15 years of experience working as a medical doctor and medical researcher with the United States’ government. Our employees are well trained and qualified to handle the wide range of home health care services. The consumer base for Wheatland Health Services (Home Health Care Services) will be patients referred by physicians, health care facilities and other health care professionals. Generate part of the start – up capital from personal savings, Source for soft loans from family members and friends. This is the summary of the SWOT analysis that was conducted for Health Is Wealth™ Home Healthcare Services; Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our organization. No doubt, the healthcare cum medical industry is perhaps one of the fastest growing and largest industries in the world; this is so because the wealth of any nation depends on the health of the nation. No doubt the home healthcare industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States is expected to drive increasing demand for this specialized service. Place adverts on both print (community based newspapers and magazines) and electronic media platforms, Sponsor relevant community health programs, Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand. A home health care agency is, essentially, any business that takes care of the elderly, disabled, or folks with special needs – in a non-medical capacity. How to Write a Mission Statement With 10 Inspiring Examples, How to Write a Business Plan in Under an Hour, This is How to Build Remote Work into Your Startup Business Plan, See more articles in Writing a Business Plan », How to Make Your Business Plan Standout for Investors, How to Successfully Pitch Your Business Idea to Investors, The 11 Slides You Need to Have in Your Pitch Deck for 2020, See more articles in Pitching a Business », How Your Digital Marketing Strategy Can Help Your Business Get Funding, How to Build Credit 101 for Small Business Owners. Health Is Wealth™ Home Healthcare Services is in business is to establish a first class home health care service company that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. Healthcare business plan Create a business plan for a medical office or any healthcare startup using this detailed template. Unlike a home care nurse, for example, you are not responsible for administering drugs and medicine, or other such tasks. The Total Fee for Registering the Business in Maryland – $750. The consumer base for Wheatland Health Services (Home Health Care Services) will be patients referred by physicians, health care facilities and other health care professionals. Care plans can be simple or very complicated. All our employees will be well trained and equipped to provide excellent and knowledgeable home health care services and customer service. The majority of these patients will be covered by Medicare with a smaller portion being insured by Kansas Medicaid or other private insurance carriers. Get this complete sample business plan as a free text document. Medicaid (Title XIX of the Social Security Act) through MHD; and 2. Revenue projections for an in home health care company should be relatively straightforward. Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500). In this eBook the author not only outlines how a plan should be wrote specifically for a home healthcare business but also includes dozens of extras. At Health Is Wealth™ Home Healthcare Services, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. We have enough trained health workers that are ready to run a shift system. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in Florida and The United States of America. Handles any other technological and IT related duties. To be highly competitive in the home healthcare industry means that you should be able to deliver consistent quality patient service and should be able to meet the expectations of the physicians that referred patients to you. Should You Start a Business? Sustainability and Expansion Strategy, How to Be a Successful Trucking Dispatcher, 20 Tips for Buying Medical Transportation Vehicles for Sale, Occupational, Physical, and Speech Therapy. Both healthcare providers and individuals alike are increasingly turning to … Represents the organization in some strategic business meetings, Handle any other duty as assigned by the floor manager (Pharmacist), Responsible for installing and maintenance of computer software and hardware for the organization, Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems, Manage the organization’s CRM software application. No doubt there are many ways of providing healthcare services in this changing era since the place of delivery may be in the patient home, the community, the workplace, or in health facilities. Distribute our fliers and handbills in target areas. Copyright © 2021 Profitable Venture Magazine LLC | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. In view of that, it is easier for home health care service providers to bill their clients based on their discretion. Below are the sources we intend exploring to generate income for Health Is Wealth™ Home Healthcare Services; It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. A. We are in the home healthcare services business to deliver excellent healthcare services to all those who will patronize our services. Ajaero Tony Martins is an Entrepreneur, Real Estate Developer and Investor; with a passion for sharing his knowledge with budding entrepreneurs. Health Is Wealth™ Home Healthcare Services is coming into the market well prepared to favorably compete in the industry. Our cost of sales is relatively low, as this is a service agency and the primary costs involved in providing the services are those related to payroll. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more. The opportunities that are available to home healthcare services providers are unlimited considering the fact that we have growing aging population in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in Florida. For instance, the World Health Organization (W.H.O) estimated that there are about 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers worldwide. Here are the platforms we intend leveraging on to promote and advertise Health Is Wealth™ Home Healthcare Services; Health Is Wealth™ Home Healthcare Services will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America. Entrepreneur Quiz: Do You Have What It Takes to Succeed? Other funding streams (such as Older Americans Act, local contributions, etc.) A business plan is very important for any business, and a home health care business is no exception. But in recent time, the trend has changed especially with the advent of improvised/modern telecommunications technology. Statistics has it that in 2011, healthcare costs paid to hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies, medical device manufacturers and other players in the health care system business value chain, consumed an estimated value of 17.9 percent of the Gross Domestic Product (GDP) of the United States. We are going to be one of the few home healthcare service providers in the whole of Florida that will run a standard medical call center for 24 hours a day and 7 days a week. Cost for office remodeling (construction of racks and shelves) – $20,000. Wheatland Health Services offers a unique combination of premier home health care and community-based social services to Southeastern Kansas. Home Health Care Services Business Plan - Executive Summary. The items listed below are the basics that we would need when starting our home health care services business in the United States, although costs might vary slightly; We would need an estimate of $750,000 to successfully set up our home health care services company in Miami Beach – Florida. For example, it is easier and preferable for home healthcare services providers to bill personal injury case management services by the hour as against a fixed price. 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