You want to be an entrepreneur, but you do not wish to be a stereotypical entrepreneur who simply cares about revenue generation and nothing else. You also want to contribute to society, care for what your clients want and need, and be a humanitarian during your career. To your surprise, there are lots of such businesses which let you follow your head and heart both.
The home health care industry is one of such industries that not only help you generate a sufficient number of profits but also let you take care of people. You can transform people’s lives positively, let them know that you care about them, make yourself proud and bring a difference to the society and the world.
Home health care is one of the biggest industries across the world, including North America. So, you will never experience dire business opportunities in this field, and you can look forward to serving the people of your own country.
You can focus on a small number of clients and keep your business minimal. Or you can dive into it with a well-defined structure and facility, depending on the funds’ capacity and your ability to invest.
Let us learn about the several business opportunities in the home health care industry in the United States.
Understand what home health care is
You must have frequently come across the health care domain, and home health care is one of its branches. It could be different for you and your relative; hence we suggest understanding these concepts properly.
Medical home health care services – It refers to the core nursing, medical and therapeutic services provided to a patient at his home and as per his convenience. Note that these services are medical, but the provisions are made at the patient’s home.
Non-medical home health care services – Home health care is not restricted to medical services only. The non-medical services are provided to the senior citizens to assist them in daily activities which they are unable to perform. It could be in the form of cleaning the house, cooking, transportation, helping with daily errands and chores, etc.
You can provide a combination of these services and stick to one of these. Please note that the medical home health care services are specific and require you to be diligent while getting into business. You should know the right equipment, medical advice, and other guidelines to provide the services effectively.
Understand the existing state of home health care services in the country
The population of senior citizens will continually be rising in the United States. In 2000, the population of elderly people above the age of 65 years was 12.4 percent of the total population, and it is expected to increase to 19.6 percent in 2030.
We do not know the proper reasons, but senior health care is not treated as a glamorous business idea, and so, we can find fewer number of entrepreneurs picking up this option. The home health care services surged and became demanding between the years 2010 and 2015, wherein the country also witnessed an increase in the aging population.
Following aspects also play an important role of the increasing demand for home health care services:
- Physicians have accepted the need for home services by the senior citizens, and the former recognize them well.
- The pressure on the hospitals can be decreased.
- Senior citizens do not have to get into the cumbersome procedures of hospitals and experience a stress-free medical service.
- Senior citizens prefer to stay at their homes compared to nursing homes but expect the same kind of medical services.
Important things you need to know before starting a home health care business
Choose the niche once you determine your why –
We assume that your ‘why’ must be pretty clear as you choose a combination of humanitarian and entrepreneurial approaches. Now, determine whether you want to provide medical or non-medical nursing services.
A full-fledged business plan –
You don’t need an estimate of the future costs and activities; you should have a concrete business plan to get your business in order. No matter how much humanitarian you are in this business idea, you have to think about numbers too.
- What is a business plan?
- What are the major components of a business plan?
- How to write an effective business plan
Conduct market research –
Even if competition is not on the scene and not recommended at all, you should know how other businesses are thriving. Your intention is not to compete with them but to thrive in the industry and stand on your feet. You should not have a hard time maintaining the business, and only good market research can help you in that.
Seek licenses and approvals –
When it comes to setting up a home health care business, you will need state and federal licenses too. Remember, it is a responsibility to cater to the medical services of senior citizens, and hence, you should be sure about it. Your business should acquire all the Medicare and Medicaid certifications; it is mandatory.
Your staff is your most significant asset –
Medical services are all about the excellent, warm, friendly, and experienced staff. If there is any concern with any of your staff members, your entire business reputation will be at stake. Your staff represents your business, work ethics, and values. So, while hiring, remember that you have to be as careful as while picking diamonds.
A subtle marketing strategy –
Promoting your home health care business is a challenge, as you won’t have to entice or allure your clients anyway. Your clients are mostly patients and in their ripe ages. Though online presence will help, we suggest spreading the word through the right sources. Your first clients will always be someone from your acquaintances. You can participate in events, local groups, and organizations to spread the word about your business. You won’t need to be practical while promoting this business. People will surely approach when they have a need, so you don’t have to create the necessity of home health care service.
Challenges in setting up a home health care business:
- Finding a talented workforce – It is daunting to find experienced and dedicated staff. As your staff represents an organizational image, you have to be super-conscious while hiring them. Moreover, if your staff leaves the job, you will be wasting your time and money spent in training them.
- Finding the right advice – When you work in an established health service setting, you can find mentors or persons from whom you can seek proper advice. But when you open your own setting, you are isolated, and searching for the right mentor could be a challenge. Also, you have to feel comfortable while working alone till you find staff for your organization.
- Finding the right technology – Medical services require advanced technology and maintenance. The problem you might face is identifying the proper technology or searching for adequate funds to buy the same. You are supposed to get all that equipment in your health care organization which is otherwise available in a hospital or clinic.
This is a basic understanding of the home health care industry. You can find the exact steps to set up a home health care organization on the internet easily. Finding a mentor will surely help, no doubt. You are about to enter a unique, humanitarian business setting, and we wish you all the best!