Everyone wants the American Dream, and there is almost no better representation than owning your business. What better type of business to own than one that provides care for the community?! Here’s some things to think about if you are considering starting a home health care business.
WHY HOME HEALTH?
So you wan’t to start your own business. Why home health? Obviously the point of your business is to earn money. But, if that’s your primary objective, it probably won’t work out for you. With the advent of things like Home Health Compare that allows possible clients to pick a provider based on quality scores, your focus should be on caring for patients. If that is your primary motivation and that is what you love to do, then by all means, starting a home health agency is a GREAT IDEA! Your love for what you are doing will translate into a properly running home health agency that delivers great care, and you are much more likely to accomplish your goal of running a successful business.
Starting your own home health agency, like any other business venture, COSTS money. So hopefully you have been managing your money well and have saved up enough money to get you started. An important thing to remember here is that you have different options to go about this, each with its various costs.
Buy a Franchise
For a lot of would be home health owners, franchising is definitely an opportunity that can be looked into. It can be a good start for a lot of reasons. You can benefit from the name of the franchise, not to mention, you’ll get some training to help you get started and keep you up to date on their standards. Franchise costs vary from franchise to franchise so definitely make sure you are aware of what the ALL-IN costs are.
Buy an Existing Agency
Buying an existing agency has its pros and cons too. You will be buying the agency’s current cash flow, and depending on how negative or positive it is, the price you are paying will adjust. You’ll have to evaluate the agency’s books to get to a good fair price. Also you’ll need to look into whether or not the agency is meeting all the regulations and requirements it needs to. You should probably get a professionals help with making this kind of transaction.
Starting Your Agency From Scratch
If you are disciplined enough, this can be a good option. Just remember, you’re going to have to navigate budgeting, planning, regulations, marketing, and whole litany of business operations yourself. It can be done, but it defiantly isn’t for the faint of heart.
THE FUN STUFF
Then comes the fun stuff. Well at least we think it is the fun stuff. You get to pick a software to help manage your agency! Even though we think it is the fun part, you shouldn’t. The software your agency chooses can have a serious impact on your day-to-day as well as long-term operations. Make sure you check out all your choices and see which ones make the most sense. You should take this aspect of your business just as seriously and always be on the lookout for tips on choosing a software vendor for your home health agency.
No matter which route you choose, we welcome you to the healthcare community and wish you the best of luck! You should probably follow our social media channels so you can get industry information and stay up to date on whats going on. It’ll be a good tool for you as you being this new adventure.