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Considering A Home Care Start-Up? Know These Things First

Growing your start upIf you want to consider a home care start-up, you need to know some things first.  Find out what you need and prepare for what you can.  You have two options to do so.  You can go for it alone or work with a start-up expert.  Here are some things to help you make the decision.

8 Things You Need To Know:

Let’s look at some issues to address prior to ever making the decision to move forward.

1. Market Research

Community and service area assessments are key.  Is your market already saturated with what you want to provide?  Also a big consideration is whether there are enough people in the area for you to run successfully.  With either, you can’t run with a margin to sustain the business.  You also need to address what tools to use to make the correct decision.

2. Money In The Bank

You have to have savings to start any business until you reach a profit.  Home care is even more difficult.  There are steps that must be in place prior to ever being able to bill for services being provided.  You must look at licenses, certification, and potential accreditation before you can charge a thing. Some states make take up to a year to make it happen.  Without cash reserves, you can’t sustain.

3. Regulations, Regulations, Regulations

There are federal and states regulations.  You have to look at OSHA, HIPPA, Emergency Preparedness, and accreditation requirements.  Yikes.  It is a lot on a good day and a ton on a tough one.  Ask yourself a very important question.  Do you have enough time and knowledge to set it up and implement it all?  Do you need a  home care start-up expert to help?

4. Resources

You need a lot more than knowledge.  You need employees, policy and procedure manuals, computer software, and education.  These all need to be in place to get started.  Starting without any of these can mean lost time and revenue. It will also slow down finish to the process.

5. Defining And Implementing Processes

Let’s face it, you may be a first time entrepreneur here.  Orientations, admissions and quality improvement has to be done.  Do you know how to make all that happen efficiently and adequately.  If not, poorly trained clinicians lead to poorly given care.  Ill prepared office staff leads to less or unclaimed revenue and referrals.

6. Referral Practices

Referrals are vital to success or an agency whether from a professional or word of mouth source.  In assessing your community, you need to know where to grow your agency.  What is untapped for a certain niche’ or client you can serve?  Have you looked at specific physician practices looking at services not provided by others?  These are all things that can make you a primary referral source.

7. Tools To Expand

So, let’s say you have already started.  You have basic services going, but have identified the need to expand.  This may be an additional service line or location.  Do you know where to start?  Again, education and regulations are key to additional service lines and what you must do before opening a branch.  It is a lot on top of running the day-to-day business.

8.  Marketing

This can be the most difficult task to face.  Approaching it the wrong way costs money you may not have.  Doing it right takes a well prepared plan and thinking outside the box.  You need to look at alternative sources for referrals.  Don’t look just at hospitals and facility bases.  Look at places that often don’t know what you can do to make life easier.  This requires community education in unique ways.

Succeeding With An Expert

Overwhelmed? Don’t feel bad because you are no alone.  Start up is stressful for any entrepreneur.  However, you can do this and keep your sanity by doing it with a home care start-up expert.  Turn to state and national associations for guidance to find someone.  Look for an agency that can provide services across the entire spectrum of the start-up.  Here are some things the right consultant can provide:

  • Choosing location and right service line
  • Obtaining the best resources for your type of agency
  • Licensing and accreditation assistance specific to your state
  • Effective business planning for growth, funds management, and processes
  • Hiring
  • Marketing plans specific to your agency

Work with an expert at Kenyon Homecare Consulting to avoid regretting it later.  It will save time and money in the process.  Contact us or call 206-721-5091 for your free 30 minute consultation.

Category: Agency Startups & Diversification

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