Are you about starting a home healthcare agency? If YES, here is a complete sample home healthcare agency business plan template & feasibility report you can use for FREE. Starting a home healthcare business is one of those businesses that require you to first look at the existing laws in the country or State you reside, before going all out to start the business. This is so because there is hardly any country that does not pay serious attention on their health sector.
The health industry is usually highly regulated so as to guide against the infiltration of quacks. If you have interest in starting your own home healthcare business, then you would need to pay a visit to the health and medical regulatory body in your country (the department of health care services) to get all the needed information that is required before you can legally start your own home healthcare business in your city. Here is a sample home healthcare business that is capable of leading you all the way.
A Sample Home Healthcare Agency Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 8. Our Target Market
- Our competitive advantage
- 9. SALES AND MARKETING STRATEGY
- 10. Sales Forecast
- 11. Publicity and Advertising Strategy
- 12. Our Pricing Strategy
- 13. Startup Expenditure (Budget)
- Detailed Cost Analysis for Starting a Home Health Care Service Business
- 14. Sustainability and Expansion Strategy
1. Industry Overview
No doubt, the healthcare cum medical industry is perhaps one of the fastest growing and largest industries in the world; this is so because the wealth of any nation depends on the health of the nation. Obviously there is hardly any country where the health care industry is not handled with all seriousness. As a matter of fact, the healthcare industry is known to gulp well over 10 percent of gross domestic product (GDP) of most developed countries.
Basically, a healthcare provider is a health professional such as nurse or doctor et al or an establishment such as a hospital or a medical clinic or a healthcare center / facility that provides preventive, curative, promotional, rehabilitative or palliative healthcare / medical services in a systematic way to individuals, families or communities.
While home healthcare services typically refers to a nursing visit or physician visit to a sick person at home for the purpose of assisting them with daily living cum therapy as regards their health or to provide treatment as required. These services are provided by certified home health care agencies.
There is indeed a very large market for home healthcare service providers in the united states and of course in most parts of the world.
For instance, the World Health Organization (W.H.O) estimated that there are about 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers worldwide. This goes to show that the health care industry is indeed one of the largest segments of the workforce.
Statistics has it that in 2011, healthcare costs paid to hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies, medical device manufacturers and other players in the health care system business value chain, consumed an estimated value of 17.9 percent of the Gross Domestic Product (GDP) of the United States.
This indeed is the largest of any country in the world. As a matter of fact, experts projected that the healthcare share of the GDP of the United States will continue to grow, reaching 19.6 percent of GDP by 2016.
Those who need the services of home healthcare services providers (nurse’s aides, personal assistance services, mental health counselors, chiropractors, home care agencies, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers or home caregivers) are not restricted to the old and the elderly but also young adults and all those who can afford the services.
Generally, patients usually prefer that their physician or nurse or healthcare giver take care of them in the comfort of their homes when they can afford it especially in cases such a psychiatric cases, spine case and permanent or temporary disability et al.
Over and above, the delivery of healthcare services at all level of the business value chain of the healthcare sector is the most visible part of any country’s healthcare system. When it comes to paying home healthcare service providers, the model that is adopted by the health sector usually hold sway.
For instance, in the United States of America, healthcare service providers are either paid directly by the patient or the insurance company that covers the patient takes responsibility of the payment.
2. Executive Summary
Health Is Wealth™ Home Healthcare Services is a standard and certified healthcare service provider that will be located in will be based in Miami Beach, Florida –United States of America and we will cover other cities such as Green – acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al.
We chose to operate in these cities because we know that our services will be in high demand due to the growing numbers of the aging population in these areas. Health Is Wealth™ Home Healthcare Services offer health care services such as preventive, curative, promotional, rehabilitative or palliative healthcare / medical services in a systematic way to individuals, families or communities.
We are well trained and equipped to service the market segments that require only home-based services. We are in the home healthcare services business to deliver excellent healthcare services to all those who will patronize our services.
We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in Florida and The United States of America. Our employees are well trained and qualified to handle the wide range of home health care services.
Health Is Wealth™ Home Healthcare Services will operate a 24 hours 7 days a week healthcare service; our office facility will be opened round the clock to attend to clients. We have a standard medical call center that is manned by trained health workers.
Our work force is going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers. Health Is Wealth™ Home Healthcare Services will ensure that all our patients cum customers are given first class treatment whenever they visit our store.
We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grows. Health Is Wealth™ Home Healthcare Services is a family business that is owned and managed by Dr. Marvin Clarkson and his wife Mercy Clarkson (Nurse).
Dr. Marvin Clarkson is going to be the Chief Executive Officer of the business; He is a qualified and well trained Medical Doctor with well over 15 years of experience working as a medical doctor and medical researcher with the United States’ government. He will be ably supported by his wife Mercy Clarkson who has grown in her career to become one of the most respected senior nurses in Miami, Florida.
3. Our Products and Services
Health Is Wealth™ Home Healthcare Services is in the business of ensuring that our patient / clients are well treated and taken care of and our services will be carried out by highly trained professional physicians, nurses, nurse’s aides, mental health counselors, chiropractors, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers who know what it takes to give our highly esteemed customers value for their money.
These are the home health care services that Health Is Wealth™ Home Healthcare Services will be offering;
- Skilled Nursing
- Nursing Aide
- Social Work
- Occupational, Physical, and Speech Therapy
- Personal Injury Case Management
- Home Medication Management
- Personal Assistance Services
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to home healthcare service delivery in the whole of Florida and also to be amongst the top 20home health care service provider in the United States of America within the next 10 years.
- Health Is Wealth™ Home Healthcare Services is in business is to establish a first class home health care service company that will take care of both highly placed clients and lowly placed clients as long as they can afford our services.
- We want to become one of the leaders in the home health care services industry in Florida, and in The United States of America.
Our Business Structure
Health Is Wealth™ Home Healthcare Services is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (physicians, nurses, nurse’s aides, mental health counselors, chiropractors, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers) to man various job positions in our organization.
We are quite aware of the rules and regulations governing the health care industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our business brand to be well accepted in Florida and the whole of the United States.
When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more. These are the positions that will be available at Health Is Wealth™ Home Healthcare Services;
- Chief Medical Director/Chief Executive Officer
- Physicians/Chiropractors/Medication Management Counselors/Physical Therapists
- Pharmacist
- Nurses/Nurse’s Aides/Mental Health counselors
- Information Technologist (Contract)
- Home Health Caregivers/Home Caregivers/County Aging Workers/Rehabilitation Counselors
- Sales Agent
- Cashier (Counter Agent).
- Cleaners
5. Job Roles and Responsibilities
Chief Medical Director/Chief Executive Officer:
- Responsible for providing direction for the business
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Attend to high profile clients and severe medical cases
- Responsible for fixing prices and signing business deals
- Responsible for recruitment
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Physicians/Chiropractors/Medication Management Counselors/Physical Therapists
- Responsible for providing professional medical services to our patients
- Responsible for offering occupational, physical, and speech therapy
- Responsible for handling medical emergencies
Pharmacist:
- Responsible for managing the daily activities in the company (dispensary store)
- providing advice about health issues, symptoms and medications in response to customer enquiries
- Responsible for recruiting, training and managing staff
- Responsible for processing prescriptions and dispensing medication
- Responsible for ordering, selling and controlling medicines and other stock
- Responsible for meeting medical representatives
- Responsible for managing the organizations’ budgets
- Responsible for keeping statistical and financial records
- Responsible for preparing publicity materials and displays
- Handle marketing services
- Interfaces with third – party providers (vendors)
- Handle any other duty as assigned by the CEO
Nurses/Nurse’s Aides/Mental Health Counselors
- Responsible for managing our patients in their various houses
- Handles personal injury case management
- Responsible for offering home medication management services
Sales Agents
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information as it relates to those who need our services
- Source for clients for the company
- Responsible for promoting the company’s image
- Responsible for creating marketing and sales strategies, etc.
- Represents the organization in some strategic business meetings
- Handle any other duty as assigned by the floor manager (Pharmacist)
Information Technologist
- Manage the organization website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manage the organization’s CRM software application
- Handles any other technological and IT related duties.
Cashier (Counter Agent):
- Receives payments on behalf of the organization
- Issues receipt to customers
- Prepare financial report at the end of every working week
- Handles financial transaction on behalf of the company
- Interfaces with our bankers
- Responsible for payment of tax, levies and utility bills
- Handles any other duty as assigned by the office
Cleaners:
- Responsible for cleaning the store facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the office facility
- Handle any other duty as assigned by the office manager
6. SWOT Analysis
Health Is Wealth™ Home Healthcare Services is set to become one of the leading home healthcare service providers in Florida which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business.
We want our home healthcare services company to be the number one choice of all residence of Miami and other cities in Florida. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.
Even though our Chief Medical Director (owner) has a robust experience in health management services, public health and medical research, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the healthcare industry.
This is the summary of the SWOT analysis that was conducted for Health Is Wealth™ Home Healthcare Services;
- Strength:
Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of Miami Florida. Our location, the Business model we will be operating on, opening 24 hours daily and 7 days in a week, multiple payment options, well equipped medical call center and our excellent customer service culture will definitely count as a strong strength for us.
- Weakness:
Our perceived weakness lies in the point that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business and also the finance needed for the acquiring helicopter to facilitate rapid response in cases of medical emergencies.
- Opportunities:
The opportunities that are available to home healthcare services providers are unlimited considering the fact that we have growing aging population in the United States and we are going to position our business to make the best out of the opportunities that will be available to us in Florida.
- Threat:
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new and bigger/well established home healthcare brand in same location where our outlet is located.
7. MARKET ANALYSIS
- Market Trends
The health industry is indeed a thriving and dynamic industry; with the aid of technology, it is becoming easier to treat, manage and cure some ailments that before now are not easy to handle. No doubt there are many ways of providing healthcare services in this changing era since the place of delivery may be in the patient home, the community, the workplace, or in health facilities.
Before now is the practice for home healthcare service providers to restrict their services only to face-to-face delivery; a practice where a home health care provider and patient see each other physically most especially in the home of the patient. But in recent time, the trend has changed especially with the advent of improvised/modern telecommunications technology.
It is now easier for home healthcare service providers to leverage on technology to take care of their patients/clients. The achieve this by communicating with their patient over the phone, video conferencing, the internet, email, text messages, and all other medium through which non-face-to-face communication can be achieved.
No doubt the home healthcare industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States is expected to drive increasing demand for this specialized service.
8. Our Target Market
Health Is Wealth™ Home Healthcare Services is in business to service a wide range of customers in Miami Beach, Florida – United States of America and other cities such as Green – Acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al.
We will ensure that we target but self – pay customers (who do not have health insurance cover), and those who have health insurance cover.
Generally, those who need home healthcare services ranges from those with the elderly people, to those who are bedridden to those who have mental/psychiatric challenges and any other ailment that the physician deems that the use of therapy, regular medical counseling and health management .
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the home health care industry in the United States. Our staff is well – trained to effectively service our customers and give them value for their monies. Our customers can be categorized into the following;
- Elderly people
- Expectant Mothers
- Injured Sports Men and Women
- Disable/Physically Challenged People
- People why mental/psychiatric challenges
- The aged who might suffer from severe joint pains and every other age categories who falls under the conditions listed by the physician.
Our competitive advantage
Aside from the competitions that exist amongst various home health care service providers, they also compete against other healthcare services providers such as hospitals, health centers and community clinics et al. To be highly competitive in the home healthcare industry means that you should be able to deliver consistent quality patient service and should be able to meet the expectations of the physicians that referred patients to you.
Health Is Wealth™ Home Healthcare Services is coming into the market well prepared to favorably compete in the industry. Our office facility is well positioned (centrally positioned) and visible, we have enough parking space with good security.
Our staff is well groomed in all aspect of home healthcare service delivery and all our employees are trained to provide customized customer service to all our clients. our services will be carried out by highly trained professional physicians, nurses, nurse’s aides, mental health counselors, chiropractors, medication management counselors, physical therapists, county aging workers, and rehabilitation counselors, home health caregivers and home caregivers who know what it takes to give our highly esteemed customers value for their money.
We are going to be one of the few home healthcare service providers in the whole of Florida that will run a standard medical call center for 24 hours a day and 7 days a week. We have enough trained health workers that are ready to run a shift system.
Health Is Wealth™ Home Healthcare Services we will ensure that we offer a wide range of home health care services such as Skilled Nursing, Nursing Aide, Social Work, Occupational, Physical, and Speech Therapy, Personal Injury Case Management, Home Medication Management, and Personal Assistance Services. We will also ensuring that all our patient/clients are well treated and taken care of.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Health Is Wealth™ Home Healthcare Services will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Health Is Wealth™ Home Healthcare Services;
- Skilled Nursing Home Services
- Nursing Aide Home Services
- Social Work
- Occupational, Physical, and Speech Therapy Home Services
- Personal Injury Case Management Home Services
- Home Medication Management
- Personal Assistance Services
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. Below are the sales projections that we were able to come up with for the first three years of operations;
- First Year-: $100,000 (From Self – Pay Clients / Patients): $250,000 (From Health Insurance Companies)
- Second Year-: $250,000 (From Self – Pay Clients / Patients): $500,000 (From Health Insurance Companies)
- Third Year-: $500,000 (From Self – Pay Clients / Patients): $1,500,000 (From Health Insurance Companies)
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy of Health Is Wealth™ Home Healthcare Services Store will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top notch all – round home health care services at affordable prices compare to what is obtainable in Florida.
All our employees will be well trained and equipped to provide excellent and knowledgeable home health care services and customer service. We know that if we are consistent with offering high quality home health care service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.
Before choosing a location for our home health care services, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Miami Beach, Florida – United States of America and other cities such as Green – acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al where our services will be available.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the home health care industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Florida.
In summary, Health Is Wealth™ Home Healthcare Services will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residence, business owners and corporate organizations
- Advertise our business in community based newspapers, local TV and local radio stations
- List our business on yellow pages ads (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with hospitals, government agencies and health insurance companies.
- Attend health care related exhibitions/expos.
11. Publicity and Advertising Strategy
We in the home health care services business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote our home healthcare services business.
Health Is Wealth™ Home Healthcare Services has a long term plan of offering home healthcare services in various locations all around Florida which is why we will deliberately build our brand to be well accepted in Miami Beach before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Health Is Wealth™ Home Healthcare Services;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community health programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Miami Beach Florida.
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles and ambulances are well branded with our company’s logo et al.
12. Our Pricing Strategy
Health Is Wealth™ Home Healthcare Services will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.
On the average, home health care service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for home health care service providers to bill their clients based on their discretion.
However, in some cases home health care service providers also adopt the hourly billing cum per visit billing method. For example, it is easier and preferable for home healthcare services providers to bill personal injury case management services by the hour as against a fixed price.
- Payment Options
At Health Is Wealth™ Home Healthcare Services, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (online payment portal)
- Payment via Mobile money
- Check (only from loyal customers)
In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.
13. Startup Expenditure (Budget)
If you are looking towards starting a home health care services company, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard office facility, you could need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them. Besides it is expensive to acquire a standard well – equipped ambulance.
Detailed Cost Analysis for Starting a Home Health Care Service Business
The items listed below are the basics that we would need when starting our home health care services business in the United States, although costs might vary slightly;
- The Total Fee for Registering the Business in Maryland – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of People’s Choice Retail Store in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Consultant – $2,500.
- Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- Cost for office remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for Start-up inventory (stocking with a wide range of products) – $150,000
- Storage hardware (bins, rack, shelves,) – $3,720
- Cost for Nurse and Drugs Supplies (Injections, Bandages, Scissors, et al)- $3,000
- Cost for medical equipment – $50,750
- Cost of purchase of ambulance and other vehicles : $100,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
- The cost of Launching a Website: $700
- The cost for our opening party: $7,000
- Miscellaneous: $10,000
We would need an estimate of $750,000 to successfully set up our home health care services company in Miami Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funding/Startup Capital for Health Is Wealth™ Home Healthcare Services
Health Is Wealth™ Home Healthcare Services is a private business that is solely owned and financed by Dr. Marvin Clarkson and his wife Mercy Clarkson (Nurse). We do not intend to welcome any external business partner which is why we have decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas Health Is Wealth™ Home Healthcare Services intends to generate our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Health Is Wealth™ Home Healthcare Services is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to sell our home health care services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Health Is Wealth™ Home Healthcare Services will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Medical Equipment and Ambulances et al: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Compilation of our list of products that will be available in our pharmacy store: Completed
- Establishing business relationship with vendors (wholesale pharmaceutical companies): In Progress
FAQs
Is there a template for a business plan? ›
A business plan template is a document that allows you to quickly write a detailed business plan. Among other things, it includes an introduction, executive summary, company description, and marketing plan.
How much money do you need to start a home health care business? ›Depending on the location of your home healthcare agency, the estimated start-up costs run as follows: Private Pay Home Care agency: $40,000 to $80,000. Licensed Home Health non-Medicare agency: $60,000 to $100,000. Medicare Certified agency: $150,000 to $350,000.
How do you write a catchy business plan? ›- Draft an executive summary.
- Describe your company.
- Perform a market analysis.
- Outline the management and organization.
- List your products and services.
- Perform customer segmentation.
- Define a marketing plan.
- Provide a logistics and operations plan.
- Ask for referrals from current clients. ...
- Optimize your Google My Business profile. ...
- Develop an organic SEO strategy. ...
- Launch a Google Ads campaign. ...
- Collect reviews on key third-party websites. ...
- Use your blog to educate and attract website visitors.
Your executive summary should include: The name, location, and mission of your company. A description of your company, including management, advisors, and brief history. Your product or service, where your product fits in the market, and how your product differs from competitors in the industry.
What are the 4 types of business plans? ›Business plans can be divided roughly into four distinct types. There are very short plans, or miniplans, presentation plans or decks, working plans, and what-if plans. They each require very different amounts of labor and not always with proportionately different results.
Are home health agencies profitable? ›A new report lists home health care as one of the top five most profitable franchises in the U.S., even as the industry fights new Department of Labor rules calling for mandatory overtime and minimum wage requirements for home health employees.
How much does it cost to start a home health care business in Texas? ›| Type of Expediture | LOW | HIGH |
|---|---|---|
| Initial Franchise Fee-*Based on State Restrictions | $49,500 *Based on State Restrictions | $69,500 *Based on State Restrictions |
| Rent and Lease Security Deposit | $1,000 | $3,500 |
| Utilities | $300 | $500 |
| Office Furniture | $1,500 | $3,000 |
State licensing is not required for home health agencies. Individual health professionals should check on licensure requirements with the Bureau of Professional Licensing.
Can I write a business plan myself? ›If you're a good writer you can probably write a business plan yourself, at least with some assistance. Software and samples are available to help prepare business plans. Additionally, the SBA is a terrific resource for guiding you through the process.
What are the 5 elements of a business plan? ›
At their core, business plans have 5 basic pieces of information. They include a description of your business, an analysis of your competitive environment, a marketing plan, a section on HR (people requirements) and key financial information.
How do I get homecare clients fast? ›- Create a strategy. It's imperative that you have a strategy for marketing. ...
- Provide great care. ...
- Professional referrals. ...
- Volunteer. ...
- Sponsor events. ...
- Speaking engagements. ...
- Partner with other businesses. ...
- Delegate and outsource.
The largest segments of the target market for home health care include the elderly, people with chronic conditions, people recovering from an illness or injury, and people with disabilities.
How does the health care leader ensure appropriate marketing practices? ›- Create a seamless digital patient experience. ...
- Build a consistent brand. ...
- Build engaging relationships using personalization. ...
- Create a strong website. ...
- Evaluate the best marketing channels. ...
- Manage patient reviews. ...
- Use analytics to secure your budget.
- Business name. List the official name of your business as it's registered with your state. ...
- Business goals. ...
- Target customers. ...
- Competitive advantages. ...
- Business location and opening date. ...
- Mission statement. ...
- Products or services. ...
- Business structure.
An executive summary should summarize the key points of the report. It should restate the purpose of the report, highlight the major points of the report, and describe any results, conclusions, or recommendations from the report.
What is usually the first section of a business plan? ›1. Executive Summary. Your executive summary should appear first in your business plan. It should summarize what you expect your business to accomplish.
What makes an excellent business plan? ›Good business plans should include an executive summary and sections on products and services, marketing strategy and analysis, financial planning, and a budget.
How detailed does a business plan need to be? ›Your plan's length should mirror its audience
The more standard start-up and expansion plans developed for showing outsiders normally run 20-40 pages of text – easy to read, well-spaced text, formatted in bullets, illustrated by business charts and short financial tables – plus financial details in appendices.
- Consider Your Vision And Mission Statement. ...
- Conduct A SWOT Analysis. ...
- Outline Your Objectives. ...
- Determine Staffing Needs. ...
- Determine Your Resources. ...
- Brainstorm Strategies. ...
- Write Your Action Plans. ...
- Measure Success.
What are the three C's that should be addressed in business plan? ›
These three C's include: (1) having a concept of what your business is all about; (2) identifying who your customer or client will be; and (3) figuring out how the cash flow in your business will actually work.
Does Google Docs have a business plan template? ›Simple Business Plan
Just open this template in Google Docs and fill it in with all the info you have related to your future business. The blue design of our layout will make it more enjoyable for you to get ready for opening your company.
Depending on the amount of information you have at your disposal, writing an excellent traditional business plan to completion could take several hours or even days. For a basic business plan, since you're still pretty much likely to adjust it over time, it shouldn't take more than 3 hours to write.
What are the components of a complete business plan? ›- Executive summary. This is your five-minute elevator pitch. ...
- Business description and structure. This is where you explain why you're in business and what you're selling. ...
- Market research and strategies. ...
- Management and personnel. ...
- Financial documents.
Even though hospitals in the U.S. are paid an average of less than 30% of what they bill, their profits margins have averaged around 8% in recent years. 5. Over 80% of hospitals in the U.S. are non-profit.
How many home health agencies are there in the US? ›There are 451,269 Home Care Providers businesses in the US as of 2022, an increase of 4.8% from 2021. Has the number of Home Care Providers businesses in the US grown or declined over the past 5 years?
What is the difference between gross margin and operating margin? ›Gross profit margin and operating profit margin are two metrics used to measure a company's profitability. The difference between them is that gross profit margin only figures in the direct costs involved in production, while operating profit margin includes operating expenses like overhead.
Who regulates home health agencies in Texas? ›The Texas Health and Human Services (HHS) licenses, certifies and surveys home and community support services agencies (HCSSAs) for compliance with state and federal laws and regulations. Through these regulatory activities, HHS protects Texas citizens receiving home health, hospice and personal assistance services.
How do I become a home hosting provider in Texas? ›- Complete the pre-survey, computer-based training.
- Properly complete the license application.
- Upload all required documents.
- Pay the required license fee(s).
- Be registered with and be in good standing from the State Comptroller of Public Accounts.
A waiver is a Medicaid program that provides care services to individuals who do not live in nursing homes. The STAR+PLUS waiver will pay for caregivers to come to one's home and provide a variety of supportive services, such as assistance with the activities of daily living (bathing, eating, grooming, etc.).
How much does the state of Michigan pay a caregiver? ›
Per Public Act 67 of 2019, the Michigan Department of Health and Human Services (MDHHS) received funding to provide Home Help individual caregivers a wage increase to $9.90 per hour effective April 1, 2020. Individual caregivers who receive more than $9.90 per hour will not receive the wage increase.
What are home health aides not allowed to do? ›Along with doing routine chores the care recipient can no longer manage, such as laundry, cooking and shopping, the aides must be able to: Assist with activities of daily living, including bathing, dressing, eating, grooming, moving from one place to another, toileting and cleaning up afterward.
How do I start a home health agency in Florida? ›To open a home care business in Florida, you need to apply for a Tax ID Number, Employer Number (EIN), NPI Numbers, and licenses. Certified Homecare Consulting will contact the IRS to request the EIN. The business also needs a state tax pass, which we will get from the Secretary of State's office upon registration.
How do I write a business plan for a beginner? ›- Write an executive summary.
- Describe your company.
- State your business goals.
- Describe your products and services.
- Do your market research.
- Outline your marketing and sales plan.
- Perform a business financial analysis.
- Make financial projections.
- Draft an executive summary.
- Describe your company.
- Perform a market analysis.
- Outline the management and organization.
- List your products and services.
- Perform customer segmentation.
- Define a marketing plan.
- Provide a logistics and operations plan.
Business plans can be divided roughly into four distinct types. There are very short plans, or miniplans, presentation plans or decks, working plans, and what-if plans. They each require very different amounts of labor and not always with proportionately different results.
What are the 7 steps of a business plan? ›- Step 1: Executive summary. ...
- Step 2: Business description. ...
- Step 3: Market analysis. ...
- Step 4: Company organization. ...
- Step 5: Products or services provided. ...
- Step 6: Financial outlook. ...
- Step 7: Summary.
- Strategic Focus (Leadership, Management, Planning)
- People (Personnel, Staff, Learning, Development)
- Operations (Processes, Work)
- Marketing (Customer Relations, Sales, Responsiveness)
- Finances (Assets, Facilities, Equipment)
A business plan template is a document that allows you to quickly write a detailed business plan. Among other things, it includes an introduction, executive summary, company description, and marketing plan.
What is the most important part of a business plan? ›The executive summary is arguably the most important section of the business plan. It must be concise, specific, and well-written. Many of the people who review your business plan will decide, based solely on the executive summary, whether to continue reading.
How do I get a California home care license? ›
In order to get a home care license in California and start your home care business, you will need to submit the California home care license application along with the application fee. From there, you will need to staff your home care agency with the required staff (call us for details).
Do you need a certificate to be a caregiver in California? ›The simple answer to this question is no. According to the legislature, in California, a person is not required to have a specific or special license in order to be a private paid caregiver.
Do you need a license to be a private caregiver in California? ›In California, there is no license required to operate an in-home care (homecare) agency. This has created a situation of risk for the elderly and disabled persons, receiving services at home. Caregivers (also called home care aides, personal attendants, companions) may or may not be trustworthy or reliable.
How do I become an independent caregiver in California? ›- Take an online training course meeting the state of California 10-hour and 5-hour training guidelines.
- Show confirmation you took the course and passed the exam.
- Register your name and training information with the state of California.