Starting A Home Health Care Business Follow These Steps:
NOTE: PRN Funding is NOT an authority on starting a home health care business. PRN Fundings expertise is with invoice factoring. Home health care companies have the ability to factor once they have invoices lined up. Until your home health care company has invoices, please do not contact PRN Funding concerning funding.
Step 1: Create a business plan.
This is the first step in starting any type of business. You need to make a business plan for your home health care agency because it is the base of your company and will be needed for each step to follow. A business plan includes the following:
- Executive summary Explain the basics of your company.
- Company description Write the mission and goals of your home health care agency.
- Services Describe what services you will be providing.
- Management and organization Describe the ownership structure of you healthcare business.
- Operational plan Explain the facility and staff, as well as supplies you will need to operate.
- Financial plan This is where you will write a cash flow projection, balance sheet snapshot and break-even analysis.
Step 2: Register with the state.
In order to receive payment from Medicare and Medicaid, your agency needs to meet the requirements put in place. Certify your agency by completing your states home care application for a license.
Step 3: Obtain Medicare and Medicaid certifications.
Step 4: Hire a great staff.
Step 5: Get your clients.
Step 6: Have a solid financing plan for growth.
Selling A Senior Care Company
If you want to sell a senior care business, please fill out our Confidential Information Form for a no-obligation consultation. We have many potential buyers for Senior Care companies, and we invest a lot of time and marketing dollars to match up the right buyer and seller of a Senior Care business.
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Disclaimer: No salesperson, field representative or other person has the authority to make a statement, promise or assurance concerning any matter related to the franchise that is contrary to, or different from, the information/terms contained in the Franchise Disclosure Document/Franchise Agreement. Any such statement, promise or assurance is unauthorized, unwarranted and unreliable. If you believe someone has made an unauthorized statement, promise or assurance to you, please contact Jessica Czekalinski, Esq. at 216-674-0645 ext. 619.
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The North American Senior Care Industry Is Huge
As medical professionals and our existing franchise owners already know, the North American population is graying at an accelerated rate, making it recession-proof: older adults made up 12.9% of Americans in 2009, making older adults approximately 1 in every 8 people. By 2030, all baby boomers will be older than age 65, making it so 1 in every 5 people will be classified as a senior citizen.
This is compounded by the fact that nursing homes, rehab outpatient centers for senior citizens, and assisted living facilities are becoming increasingly more expensive, with the average cost of a nursing home in the United States being roughly $50,000 per year. Most private insurance policies do not cover long-term care, and neither does Medicare.
Even in Canada, which has taxpayer-funded universal health care, home care businesses are growing in demand due to the similarly high costs of nursing homes and assisted living facilities.
The opportunity for home health care agencies to succeed has never been larger due to this increased demand, and statistics show that this demand is only going to further skyrocket in the years to come. We recommend that business owners take the leap now in 2022 in order to get their business set up before demand becomes even more booming.
Get Your Home Care License In Texas
Choose a name for your home care business that makes sense. A common issue with starting a home care business and getting it licensed is the choice in name. If you use words that relate to medical terminology it can hurt your ability to market and give consumers the wrong opinion about what services, your home care business in Texas is offering and can offer. Transparency is the best marketing strategy for your home care business. Be clear and concise on what you are trying to convey to the consumer . This can also cause issues with licensing your home care business further down the line and depicts that your business is not what it seems
Make it unique! The constantly growing home care market is saturated with common names that use words such as: always, best, caring, first, and hands . There are other barriers that can also prevent you from registering your name. As with many great ideas, there is a chance someone thought of it first. Names that are matching other business names cannot be registered and names that are too alike can also be rejected. Researching to see if the name is available is always required and this is done with a search on the Texas Secretary of State Direct website which requires a fee of $1.00 per search.
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You Do Not Need A Background In Health Care To Offer Successful Home Health Care Services
While a background in health care can certainly be a benefit when running a home health care agency, senior care is the perfect option for anyone who thrives on providing people with quality care: as we here at Nurse Next Door like to say, Skills can be taught. Passion cant!
In fact, three out of four of Nurse Next Door franchise owners come from a non-medical background. This is because our team of experts provide ongoing coaching for franchise owners to help them balance their start up costs, capitalize on new client admissions, establish their online presence, and become confident as a business entity.
Even if you do not have Medicare and Medicaid certifications, Nurse Next Door ensures that you have the best resources, tips, and hands-on guidance required to thrive in the personal care industry.
How To Start A Home Health Care Agency
*This is a guide to get your home health care agency started.
We CAN NOT HELP YOU DIRECTLY START a Home Health Care Agency.
Please DO NOT contact PRN Funding until your healthcare agency has factorable invoices.*
Due to the aging of baby boomers and increased life expectancy, the number of senior citizens over the age of 65 is increasing every year. With that comes the increasing need for medical and personal care as well. This offers great business opportunities for entrepreneurs in the healthcare industry.
If youre considering owning a business in the home health care industry, you might be wondering Where do I start? Before we get into the necessary steps for starting a home health care agency, what actually is a home health care business?
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Starting Your Own Non
Non-medical home care is a great business opportunity for anyone who is caring, trustworthy, and empathetic. In the next few years and decades, the need for at-home care will rise dramatically, due to the aging population of Baby Boomers, and an overwhelming preference among elderly individuals to age in place, rather than live in an assisted-living facility or nursing home.
If youre interested in working in this field, weve put together a guide on how to get a license for a home health care business, outlined the business plan for a home care agency, and put together some of our top tips for how to start a non-medical senior care business. Read on and get the details now.
You Determine Your Services Success And Level Of Involvement
On top of being a part of the fastest growing healthcare industries, another one of the primary benefits of investing in a home care business in 2022 is the fact that, as a franchise owner, you determine your services and success.
As the owner of a home healthcare business, you set your own goals and, in turn, measure your own success based on your unique business plan. Our company description explains that we believe seniors can stay at home, and, to achieve that, franchisors can pitch to potential clients a blend of:
- Meal preparation
- Helping to facilitate doctors appointments or communicate with adult children
- Around-the-clock care like blood pressure checking or keeping seniors cognitively engaged
- Transporting clients
- Giving end-of-life care
After completing your complimentary phone consultation with a client, you can be the one to decide if all your employees are suited to certain services and arrange your team of home care aides accordingly.
Speaking of your team of professional caregivers
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The Best Clinical Support For Your Home Care Franchise In Texas
Home Care for the 21st Century understands the importance of clinical excellence and accreditation to help set you apart from other competitors. We have nurses that are dedicated to and your clinical regulations Our clinical team provides QAPI throughout the lifetime of the franchise at NO additional cost.
Training And Coaching Advantages
Your personal business coach along with our team of industry experts will be there for your home care franchise business in Texas, providing you with the business support and guidance to run a successful home care franchise business. We offer a 10 days of extensive on-site training at our corporate office as well as ongoing training and support at your agency location. We ensure that you are prepared to operate a successful your home care franchise in Texas, and we are here for you to make sure you feel supported. Knowledge is your key to success.
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Texas Lawyer For Buying And Selling Home Health Agencies
The Law Offices of Alejandro Mora, PLLC, is known for providing high-quality legal services to buyers and sellers of home health agencies in Texas and throughout the United States. We help businesses navigate the complex set of requirements that govern transactions involving HHAs, and strive to make the acquisition or sale process move as efficiently as possible. Clients across Austin, San Antonio, Dallas-Fort Worth, Houston, South Texas and the entire U.S. are welcome.
How Much Does It Cost To Start A Home Health Care Business
Starting a non-medical home health agency is actually quite inexpensive, compared to other businesses. You do not need much initial equipment and if youre working on your own, you wont have expenses for any other employees.
Typically, the highest costs will be related to getting licensed and certified in your state. In some cases, you could start your business for less than $1,000. However, your costs will be higher if you need a vehicle with a chairlift, or any other specialized equipment.
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Medicare And Private Duty Accreditation
We provide Private Duty and Medicare Accreditation opportunities for our Texas home care franchise partners. Accreditation is regarded as one of the key benchmarks for measuring the quality of an organization. We employ experts in the area of Private Duty and Medicare certification / accreditation. Our clinicians are certified Accreditation Commission for Health Care and Community Health Accreditation Partners consultants.
Home Care Franchise Licensing Requirements For Texas
We complete all home care licensing requirements in Texas for all business models as needed throughout your Texas home care franchise agreement. Starting with securing your Tax ID and NPI number, corporate documents, Alabama home care state licensing applications, etc. Our licensing team will prepare you for your state licensing inspections and ensure that your approval process is successful.
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Quality Assessment Performance Improvement Program
Our Franchisee will take part in our ongoing performance and improvement program. You will be assigned a clinical coach who will perform onsite operational audits at your agency. Your clinical coach will develop specific performance improvement plans for your Texas home care franchise, share their knowledge of changes in regulations and legislation, policy and procedure updates and provide support throughout all phases of the QAPI program.
Home Health Care Business Income
Wondering what your home health care business income will look like, once your company has gotten off the ground? The national average rate for at-home non-medical care is about $27, so you could make up to $50,000 per year or more depending on how much you charge for your services.
And, if you expand and hire more employees, you can pay them hourly wages averaging $11-$15 per hour and keep the rest of your profits for yourself. As your business grows, your expenses will go up, but so will your profits!
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Senior Assisted Living Facilities For Sale
Some people prefer the broader range of services that an assisted living facility can offer. Assisted Living Facilities are popular, particularly with older adults that require 24/7 care for normal non-medical living activities. Some assisted living facilities also provide different levels of care, including medical supervision, nurses, and doctors on staff. Many assisted living businesses also own their real estate and sometimes will include it as part of the sale, and in other cases, they will lease facilities to the buyer of the business.
Telehealth Support For Your Home Care Franchise In Texas
Home Care for the 21st Century has been a pioneer in the home care industry and continues to evolve with new technology and programming such as Telehealth initiatives. Using the latest technologies in the home care industry, We have a dedicated team to monitor your health remotely through bluetooth devices and video conferencing.
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Home Health Care Businesses For Sale In Texas
Showing 1 – 20 of 42 results
The great state of Texas is a beneficiary of the population migration to business friendly, low tax states. With compounded annual earnings growth of 137% between 2019 and 2021, this nationally branded franchise provider of in-home clinical services and personal care is riding the growth wave. The…
Texas Hospice for SaleSan Antonio TX Hospice for SaleFull State Coverage Medicare Certified0 Census Ready to Bill Medicare ImmediatelyNo ADRs/Audits CHAP AccreditationCovers: All Regions, 256 Counties, Based in San Antonio Asking Price: $300KReference Number: 8996188493
Texas Hospice for SaleNo Location and Can be Moved Anywhere 100% Medicare Clean Agency that is Ready to Bill Immediately No Revenue or Census Accredited on 9/16/2021 PTAN issued on 10/15/2021 Asking Price: $300KReference Number: 8675154082**Cash equivalent to purchase…
This Home Health Care is a national franchise that are experts at providing outstanding, compassionate senior care services. They provide in home, non-medical home health care such as companionship, errands, laundry, meal preparation, medication reminders, respite care, and many more services required…
LISTING ID # 34350Fully operational, CHAP accredited Hospice, with no patients or liabilities for sale in Texas. Fully turn key business. Excellent opportunity to add a revenue source to your current Home Health Care, Senior Living, Long Term Care or other Healthcare Business or operate as a stand…
Home Health Care Insurance What Coverage Do I Need This Depends On The Services Youre Offering At A Minimum Youll Need:
- Professional liability insurance, which protects you from claims of malpractice, incompetence, or negligence. This is also known as errors and omissions insurance.
Depending on what you do, you may also need:
- General liability insurance, to protect you from claims involving third party bodily injuries and property damage resulting from your product or operation.
- Cyber security insurance, which can protect you from some HIPAA penalties resulting from a hack or breach that reveals a customers PII .
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Lifetime Support For Your Home Care Franchise In Texas
Home Care for the 21st Century prides itself on having unlimited educational resources, training and unlimited support offered throughout to our home care franchises at NO additional cost . Our teams are dedicated to being experts in providing hands on support, clinical compliance, development of customized policies and procedures, provider enrollment opportunities, marketing, and successful business development strategies.
Defining A Home Health Care Agency
The term home health care is fairly straightforward. It basically means that medical professionals or professional caregivers go into individuals homes and provide some sort of help or care.
Medical home health care would be nursing services, wound care, monitoring of ones health such as blood pressure and mental state. This type of care is needed when someone gets out of the hospital or for senior citizens.
Home care that is provided by caregivers is based around the need for basic day-to-day assistance. For example, home care aides will prepare meals, clean the house, help change or dress an individual or drive them to or from doctors appointments.
This article will discuss the specifics in starting a medical home health care business that is covered by Medicare, Medicaid and private paid.
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Policies Procedures And Operational Materials
Our home care franchise partners will receive customized policy and procedure manuals for all home care business models. Our registered nursing clinicians write these policies to meet all state licensing standards, federal and accreditation organization regulations. Updates to these policies are provided on an on-going basis.