Starting A Home Care Business
2019 ended on a note of despair and devastation as the deadly pandemic took millions of lives and played havoc on the health systems worldwide. The world’s biggest superpower was also helpless in the face of such a deadly virus as it killed the highest number of people in the United States of America. The reason that such a technologically advanced country was hard hit by the pandemic was that it has the highest number of the aging population. With baby boomers aging above 65 and retiring home, their immunity being weak led to them being affected the most because of the pandemic. Amidst the health crisis, home care agencies started to fill the void left in the fragmented healthcare system because of the virus by providing Medicare as well as non-Medicaid help to the seniors.
Like every dark cloud, the pandemic also had a silver lining. Despite wreaking havoc on healthcare, it opened new avenues of healthcare ingrained with innovation and technological advancement. The home care business started to bloom and grow at a faster pace. Thus, the post-pandemic world offers great opportunities for business in terms of home care services which not only helps fulfill one’s passion for serving the elders of the community but also helps in earning good money through good work.
Home care, as the name suggests is help offered to people, either Medicare or non-Medicaid, at their homes. Non-Medicaid help only deals with services such as meal preparation, cleaning, cooking, and driving to the doctor or any other day-to-day assistance. However, Medicaid services are more complex and involve getting licenses, etc. from the state as they deal with offering therapeutic and medical services based on a physician’s advice.
Here’s a step to step guide on how you can start your home care business.
Step1- Set a Business Plan:
Setting a business plan is the foremost step in starting a home care business. Like every other business, this one also requires you to formulate a business plan that involves stating the goals, vision and mission, company description, and services that you are offering. Everything should be written down so that the base of our company is formulated by setting a business plan.
Step 2- Get License from State and Obtain Certifications
After setting a business plan, the next step is to obtain a license from the health department of the state. In addition to the license, you will also need to get Medicare and non-Medicaid certifications as they will help your agency get paid through Medicare and non-Medicaid plans by providing medical services to the customers. This step involves a lot of documentation and paperwork as the foundations of your business are being laid out.
Step 3- Define Marketing and Operational & Financial Procedures
After the groundwork, you need to define marketing and operational procedures. The marketing strategy will help your clients to locate you and know about your presence which will eventually help in hunting more clients. Operational procedures are equally important as they will define how your company is going to operate. Another important aspect is to define the financial cash flow as in the beginning; you will need cash to support your company till you get paid through customers. Therefore, having a cash flow projection will help you in running your business smoothly.
Step 4- Hire a Staff
Hiring staff is of great importance in the home care business because the staff is your company’s representation. They are the ones that go to homes to offer services and therefore, are the face of your company. Hence, great time and energy go into hiring the perfect workers for your agency.
Step 5- Get your Clients
The final step is to get clients once you have a business plan in place. Clients are the ultimate beneficiaries of your services and thus are the ones that your business revolves around. Targeting clients requires effective marketing strategies that will help you get more clients and will ultimately help your agency grow.
Home care business is not only a way of making money but it is a way of lending a helping hand to those in need at the comfort of their homes. As lives get busier and challenges like the pandemic mess with our way of living, it becomes difficult for children to look after their aging parents. In a nutshell, a vacuum is created in the system which is being filled by caregivers through the platform of the home care business. But at the end of the day, home care is a business thus it should be treated like one, and effective steps of the business should be planned and carried out so that it’s a win for all stakeholders involved in the business.