Providing care for the elderly at home can be a lucrative business for an entrepreneur with experience in the health care of the elderly. The Department of Labor and Statistics of the United States registered an average salary of US$ 83,000 per year for a health care provider for the elderly or disabled in the home, as reported by News & World Report. The health care business for the elderly in the home can be established in a few months with some preparatory steps.
- Find Target Audience. Identify the places where elderly care is most needed. Using the website of the United States Census Bureau, identify the places that have the largest population of seniors. Also, look for retirement communities with properties for sale in newspapers and real estate magazines. These sources of information will help you identify which places may need nursing home care.
- Make connections. Obtain a business license. Contact your state health administrator and the division of corporations or the professional regulation department and ask what licenses are necessary to open a nursing home for the elderly and how to get those licenses. If you want to offer only the company service for the elderly instead of a health care home, your business may not even need a license.Get a guarantee Most states require one to operate on any type of health agency or care of it. A security bond guarantees that your business is developed in accordance with the laws of the state. For example, the state of Florida requires a minimum bond of US$ 500,000. However, if you only provide company services for the elderly, your business may not need that amount of money for the guarantee.
- Strong Finance. Get financing for businesses. Your nursing home for the elderly will need initial operating capital and startup capital. Find funding sources on the Small Business Administration website, which shows approved loan providers. Use SBA resources to learn how to obtain and apply for a business loan.
- Start Secure. Secure your home business. Call an accredited insurance broker in your state and ask what kind of coverage your facility will need to protect against any risk. Your agency must have insurance for malpractice and civil liability. Find out about insurance for company services for the elderly in case of not providing health care.Become an approved Medicaid. Medicare, a private health insurance provider. Contact the Medicare agency in your state and ask about the application to become a Medicare provider. Also connect with the largest number of private insurance companies in your state and ask about becoming a network provider.
- Choose the right location.Find space for administrative leasing offices. Your nursing home business for the elderly will need space to accommodate a small group of workers, a conference site for initial consultations and an office for you.
- Hire the right people. Hire service providers. Your nursing home for the elderly will need certified health workers, such as certified nursing assistants, licensed functional nurses, and registered nurses. Call health workers’ work agencies and seek workers with experience in home health care. Alternatively, if you will only offer companion service for the elderly, you can search for volunteers in local publications.