Due to increased life expectancy and old age, the number of senior citizens is always on the rise. With this comes an equally increasing need for personal well-being and the right medical attention.
And if you possess both humanitarian and entrepreneurial interests, providing the best home health care services may just be the answer that you are looking for.
After all, there is nothing more rewarding than making a positive difference in other people’s lives.
First, it is important to note that there has never been a better time to be part of the healthcare movement. This is one of the biggest industries around the globe.
But before putting your foot on the pedal, it is important to know what it takes to be a successful entrepreneur. This will make your business even more fruitful. Here is how to start a home health agency:
- Understand the industry
Home health care is a phrase that encompasses an array of medical care services. Before embarking on this business, you should narrow down your options and understand exactly what you are getting into. Home health care includes the following four areas:
- Traditional home healthcare and nursing care
In this area, licensed nurses work by drawing blood, taking the patient’s vitals, monitoring medication intake, and conducting other medical interventions when necessary.
- Homemaker and personal services
In this case, home health care professionals assist clients with activities like cooking meals, housekeeping, or even just being much-needed companions.
- Home therapy and other services
This type of care is for individuals who suffer injuries from fatal accidents or have sudden strokes, heart attacks, and other similar conditions. As such, home health care professionals provide different forms of therapy, dietary guidance, and many other skilled activities.
- Home hospice care
This is another significant portion of a home health agency as it solely focuses on end of life care. This type of care requires nurses who not only provide medical assistance but help in easing the challenges that come with transitioning into the afterlife.
All of these areas come with their own particular needs and services. For instance, if you want to only provide home therapy services, you will require the services of licensed therapists.
On the other hand, if you want to dabble in all of these four areas, you will need to employ an array of medical professionals. With an understanding of these services, you will be able to decide how to start a home health agency.
- Formulate a business plan
A home health agency is a business like any other; it needs proper planning and forecasting. Thus, it is important to plan out all of the important details and logistics that will make the agency a success.
There is nothing more important than having a business-savvy mindset.
What to include in the ideal business plan:
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- Staring expenses
- Necessary medical equipment
- Starting expenses which include rental expenses, business development, office equipment, and supplies as well as nursing supplies.
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Thereafter, you should be able to raise the capital by bootstrapping or through loans and investments.
- Register, register, register!
You should register your home health agency so as to receive Medicaid and Medicare payment. This will also enable your agency to meet all the requirements that your respective state has put in place.
Remember, your Tax Identification Number (TIN) and your National Provider Identification Number (NPI) are necessary for registration.
- Obtain the right certifications
The right certifications will allow your agency to provide medical services that are recognized by Medicaid and Medicare plans. Depending on your respective state, a jurisprudence exam may be necessary.
- Hire the right staff
As a first-time home health agency owner, it is important to provide your patients with the best services.
As such, your staff should be reflective of your business. By investing in the interview process and conducting the appropriate background checks, you will end up with the best team of staffers.
You Are Good To Go!
Once you have everything in place, it is time to go forth and find your clients. Do your research, market in the best way possible and you will reap the rewards.
While the process may seem daunting for an entrepreneur who is new to the industry, your passion for home health care and your business acumen will see you through.
Think of starting your business as a journey that will take you to a deserving destination. This is how to start a home health agency.
