How to Start a Medical Home Healthcare Business – 7 Step Guide
The increase in life expectancy is high. Recently study (PDF) shows there is a shift in the number of American senior citizens from 35.5 million in 2002 to 43.1 million in 2012. This population trend is shaping the objectives, scopes, and size of home medical healthcare as a business. And just in case you don’t know what medical home healthcare is, it is simply a medical service that goes from door to door. It is a mobile hospital or in a more plain way, in-home medical care for nursing care, therapy, counseling, nutritional support, home delivery meals, and pharmaceuticals.
As of 2016, 2.8 million jobs were recorded to have emanated from home medical healthcare in the USA alone. Now that the jobs are increasing at breakneck speed, you may consider opening up a business of your own around this model. Right? But what are the things you need to get started? Here’s how to start a healthcare business in-home easy and fast.
Starting a Home Healthcare Business in Just 7 steps
- Make business research and garner healthcare knowledge
Before stepping out to establishing a brand of your own in any industry, the first step is making market research on the business under consideration. Questions like; what is the competition like? What is the market like? And other related questions should be answered. This way you have an insight into your experience in the business before delving in. You also have a better chance to plan ahead of whatever hurdles and blockages await you. And importantly you are able to decide if the business is for you or not. Nevertheless, I believe you wouldn’t have much problem making the right decision in starting a healthcare business or not. The market is good, demand is high, and competition is really low. But finding out yourself will cost you nothing really. After that, you may then step out to know about healthcare not as a business only but as a field of study. You may get yourself enrolled either for an online health-related course or probably a serious offline course. Whichever you go for, sound education with certification in the field must be your goals.
- Draw a business plan and name your healthcare agency
From your marketing research result, you must have decided on a set of services your agency will be providing. Now is the time to put that result to use and draw a business plan for the future, say for the next 5 years. Your business plan should include the definition of your agency basics. The aims and goals of your business must be defined as well as the services to be rendered listed. Thereafter, you create a healthcare marketing strategy that works like charm before finally coming down to describing your healthcare business ownership structure. The ownership structure includes the management strategy, operational and financial plan. With all of that off the way, go ahead and give your brand a name.
- Make resource research and file applicable documents
Now you will want to get in touch with your state board of health and medical care. From there you get around with the listed compliance and application as demanded by the health sector. Most people don’t pay attention to this step and they end up falling on the wrong side of the rules. Healthcare agencies like that are kicked out of business for violating HIPPA’s enforcement. In fact, you won’t be able to receive payment from Medicare and Medicaid for your services without certification from the two sides nor will you be able to certify your agency. So go ahead and file the applicable certificates, get your business certified before final putting your brand out there.
- Apply for a business license and a state board of health permit
When applying for your business license from the Clark of court, the requirements usually include; your business location, business structure, business name, business insurance, and a business account. However, getting a license for your business to operate legally depends solely on the size of your proposed business. For a small healthcare in-home agency business, you should confirm the usability of the proposed name for your business by searching the records available in the state you want to run your business in. Then you may follow the secretary of state registration processes with the aforementioned requirements. You also need to sit for the state board of health compliance exams. Failure in the exam results in retaking it.
- Secure liability insurance and employ your staff
Remember I listed business insurance in step 4 when talking about applying for a business license. Your business needs liability insurance that covers your employees and that guarantees your acquisition of the business license. More so, just so you may be looking out for a loan opportunity to get things started, liability insurance becomes useful. Moreover, you may never be able to employ certified staff without your liability insurance covering them or a worker’s compensation insurance.
- Get resourceful
It is time to invest in medical care equipment. Often than not, a home medical healthcare agency need vehicles to be efficient and responsive to demands. Equipment such as medic kits, employees’ uniforms, and a dispatch base should be catered for among other things needed to run a successful home healthcare business.
- Apply for Medicare and reach-out to private health insurance companies around you
This may not have been initially part of your marketing plan but outreaches like these shouldn’t be ignored. And remember networking is key to conversion in any business. Hence, becoming a part of some of the health insurance companies’ network around you is a wise step. Lastly, Medicaid and Medicare are two federal and state programs to assist healthcare business holders financially and resourcefully. If you could do some tweaks to your business plan to meet up with the requirements, you will also be opened to receiving potential customers from the two ends. Why? Because Medicaid and Medicare provide health coverage for both senior citizens and the under 65 years of age citizens. And thing is, you’ll be directed to these patients and getting paid by the initiatives.
You have a question to raise? Or probably there’s something I am missing out you’d like to call me back to? Use the comment box. But as far as knowledge guides me, the seven steps above will get your home healthcare business up and running in no time.