Start A Home Health Care Business

By the year 2020 seniors over the age of 85 will have grown to nearly 14 Million. More than 85% want to remain at home and with that in mind, more than half of them will need assistance with daily activities. As our elderly population grows there’s no doubt the need for home health care businesses increase. With the on-going debate on health care reform in the United States service based businesses will steadily increase to meet the needs of the burgeoning numbers of seniors aging at home.

Home health care businesses are usually limited to non-medical services designed to assist individuals who want to retain their independence in familiar surroundings. Home health aides provide a range of services that include basic and skilled nursing care, meal preparation, light housekeeping, personal hygiene and grooming, bill paying and transportation, just to name a few.

In contrast to traditional employment, owning and growing a home health care business will usher in work and lifestyle changes. For some, providing services to an aging client often with problems or needs beyond Monday through Friday 9:00am to 5:00pm will mean a significant lifestyle adjustment. Many have a romanticized view of starting their own business but the lack of predictability in so many areas of home health care can at times become daunting. The home health care entrepreneur requires tenacity and resilience and a new orientation towards work where you’ll become the practitioner, marketer and manager all-in-one.

As with any new business it’s important to begin with the basic guidelines such as conducting market research, reviewing capital needs and projected income, developing a marketing campaign and branding your business with a professional image. Next, start on your business plan.

Any business plan should be heartfelt yet based on educated assumptions and market research. Your business plan should always be your call to action; it will also be your best tool for meeting with investors when you attempt to secure funds. Your business plan should provide

• A general description of the business with goals and objectives
• How clients will be served
• What is your competitive edge that will result in profitability?
• A plan for growth and development
• Your plan should also include a marketing summary and financial overview

Generally, hourly rates are billed anywhere from $8 to $20 per hour, in half hour increments. For licensed medical professionals like certified nurses and assistants the fees increase according to skill levels. It will benefit you greatly to investigate the eligibility criteria for insurance benefits. The major sources of funding for home health care services include Medicaid, Medicare, and long-term care insurance and out of pocket pay. If you decide to accept insurance those rates may differ from the private pay rates you have established.

You will need to hire credentialed companions, aides and nurses on a part-time or full-time basis. Many companies start up with temporary help from staffing agencies to take the burden of interviewing and hiring employees. Additionally, once you secure temporary personnel it will be easier to transition them to permanent staff when the time is right. When selecting employees it’s important to lay out a clear concise plan of expectations; this way there are no misconceptions or assumptions about what each person expects from the working relationship.

One of the most important elements of any business is a contingency plan. Your clients depend on the aides and nurses you assign to care for them. There will be times when an employee will be unable to get to the client’s home due to illness, inclement weather or other reasons; what will you do?

Have a back-up plan in place so that your clients are never without care. Develop clear policies and procedures that protect the safety of your clients, as well as your employees; and remember the way you handle your company will be directly related to your reputation.

The senior population will multiply by the millions, doubling in every state. Here’s a tremendous opportunity for aspiring entrepreneurs to serve a lucrative and growing market.