When we start a new home health, home care or hospice business and are experiencing the excitement and exhilaration of the new venture, we seldom remember that we are building beyond the near future. We are also building for the time we retire and/or sell our agency or have a succession plan to pass it to our children. The best time to think about what your home health, home care or hospice agency will be worth is at the very beginning.
When starting up any business, the business fundamentals — matters that must be tended to before you do anything else – need to be hammered out first. Continue reading “Home Health, Home Care, Hospice: Get Your Agency Off to a Successful Start” »
You’re likely familiar with concierge services as they relate to the hospitality industry. But, concierge services for private duty agencies? What are those? Concierge is a French word that means caretaker or guardian, so private pay concierge service implies a comprehensive plan that takes care of everything for the client.
A good example of a concierge program would be a day surgery service. The service can be designed any way the agency chooses, but must address all the needs that the client may have before, during and immediately after the surgery. Usually the best source of information when setting up this service is the client. Additional sources of information would be a brief survey in a surgeon’s office or you or someone in your family may have experienced day surgery yourselves and know what is needed. In my research, I’ve found the biggest issue for clients having day surgery is the need to have all the details attended to so all they have to deal with is the surgery itself. This may mean the agency picks up the client at her home or the airport, transports her to the surgery suite, and arranges for after care, which would include picking up all the medications, arranging a place to stay, if necessary, and providing 24-hour care until she can manage for herself. However you gather your information, it is critical to develop a program customers perceive as valuable and are willing to pay for. Continue reading “Private Duty Concierge Services: Tips for Developing Your Own Concierge Service” »
Congratulations! You’ve worked hard to develop a sound business concept that will allow you to open up a successful Private Pay agency. You’ve researched it, you’ve stayed up late at night outlining the perfect business concept, and now you’re ready to rock ‘n roll. But, stop! Before you take another step towards realizing your dream, you have to develop a budget. (I heard that groan!)
Your budget needs to include everything: all your start-up expenditures, e.g., logo development, web page design, business cards, etc., as well as the time it takes for you to develop and start your agency. If you are doing this work, figure out a fair salary and pay yourself. If you are hiring an outside person or resource to help you, factor in that fee as well. Identify key caregiving and office staff, and identify what you will realistically have to pay them to compete. Add that figure to your budget. Continue reading “Budget Development: Private Pay and the Cost of Doing Business” »
