Considering Starting A Homecare? Know Your Market And Your Potential Landmines
Kenyon HomeCare Consulting • February 28, 2021
The beginning of a successful homecare, home health, or hospice agency begins with a drive towards its mission. It is often here an owner decides to jump in with both feet. If this is where you are right now, then you need to take a step back and do your homework. Whether an existing agency looking to diversify with new service lines or someone starting from scratch, knowing about the business climate around you is crucial in making sure you can succeed.
Homework Isn’t Just The Steps To Get A License:
As a long time consulting agency that has helped hundreds of agencies get their start, we have seen every level of owner engagement, preparation, and drive to making the business succeed. If you have done your research on the steps to licensure, then that is great. However, many potential owners have not even considered the competition, the market, or where to really maximize on potential referrals. This is really where you can run into a big snag. Here are some items to consider before you take the plunge:
- Patient Population: In the geographic area you serve, what is the estimated number of people that are potentially in the patient demographic? You may be very rural and think that because there aren’t a lot of agencies around, you would be the main provider. If the costs to get the care to the patient means you can’t sustain the business, then there is no point to opening doors in that area.
- Competition: How many agencies are providing the services you want to provide? Knowing this helps you determine what type of community-based services to provide. Maybe you start a niche market in your particular area such as Peds, Hi-tech services such as blood products and immunoglobulin infusions, or a mental health focus. What can you do to set yourself above the rest? Consider the reputation of the agencies currently serving the area. Do they have a foothold on market share?
- Marketing: This has become quite the challenge in recent years. Considering many hospitals and medical facilities do not allow direct outside marketing anymore, agencies have to be creative to gain market share. New and existing business owners must consider non-traditional marketing efforts and educating local businesses and first responders on exactly what we do in this industry. There is still a large knowledge deficit out there as to what the actual potential of home and community based services can do.
Need Help Starting Or Diversifying Your Agency?
At Kenyon Homecare Consulting, we focus on high-quality, patient-focused, outcome based care. If you have questions and need help to start or diversify, we have start up packages or strictly consulting based services to get you to your goal. Call us today at 206-721-5091 or contact us online for your free 30-minute consultation. We can help you succeed
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