How to Start a Nursing Home Business
Do you know how to start your own private nursing home business? How much does it cost to start a nursing home? Health is wealth is the popular axiom that has gained prominence in discussions centering on Healthcare delivery and management. Indeed, mankind has made enormous strides in ridding the world of killer diseases and other infectious illnesses, by a combination of improved medications and more advanced treatment procedures.
As a consequence, increasing parts of the world have populations that are experiencing longevity occasioned by better access to health care and positive lifestyle changes. As more people reached advanced ages, the need arises for structures and facilities that can cater to the health needs of this age demographic.
The Nursing Home health subsector is a lucrative business idea for nurses in this regard, with the aged and elderly looking to have personalized care and attention. Elderly people are usually unable to look after themselves and with more of the population living longer, there will be a commensurate increase in the demand for the best nursing home facilities.
The statistics also favour the establishment of a skilled nursing home. Figures of nursing home business profit from some selected regions in the United States of America show that growth in the nursing home sector will reach figures such as 23.9% for the Southeast, 17.3 percent for the Great Lakes region, 12.9 percent for the West and 12.7% for the Mid-Atlantic regions.
How to start up a Nursing Home
However, it should be noted that starting a nursing home in many countries, will require that the founder navigate and pass a number of hurdles that include medical, legal as well as employment laws and stipulations. The following points can serve as guides toward successfully establishing a
skilled nursing home for the elderly:
How to Start Nursing Home Business
HAVE A BUSINESS PLAN
Possessing a detailed elderly care business plan for establishing a Nursing home will confer focus and insight from inception. A nursing home business plan should list the services that the home will be offering; will it be short term services such as catering the rehabilitation of patients recently released from medical facilities or will the home provide long term care for the aged suffering from diseases such as Alzheimer’s,
Arthritis or some irreparable injury? The business plan to start an assisted living facility is a useful tool for the founder to seek additional funding and assistance from Government grants and/or NGOs. There are many care home business plan examples you can get online. You should also prepare a nursing home marketing plan towards business promotion.
SELECT A GOOD LOCATION
The site of the nursing home should also be taken into consideration. Accessibility to the nursing home care should be guaranteed especially for clients who may elect to visit the facilities on a daily basis.
In addition, the location must be set up in such a way that satisfies all medical and legal stipulations as regards the health and safety of clients who reside there. Another important consideration is the proximity of the selected location to hospitals and medical facilities, in case of emergencies.
The founder of a nursing Home may be presented with options that include building a new facility from scratch, buying an existing facility or obtaining one on lease.
OBTAIN NECESSARY SUPPLIES AND EQUIPMENT
The nursing home agency should make adequate arrangements to obtain all the stock, supplies and equipment that clients will require on a daily basis. These will include wheelchairs, stretchers, desks, syringes, sanitary supplies and so on. In addition, the nursing care at home must have suitable arrangements in place for promptly restocking when supplies deplete.
ENGAGING QUALIFIED PERSONNEL
A full care senior nursing home will have to engage the services of both medical and non-medical staff. For medical personnel, the nursing Home will require the services of a doctor (preferably a geriatrist), a physiotherapist, and nurses.
The latter should be expected to have garnered experience working with and giving care to the elderly; who will make up a good number of the home’s clientele base. Essential non-medical staff will comprise those who will render cleaning services, meal preparation, carry laundry tasks as well as maintain the physical structures.
A Director of Services will oversee the smooth day-to-day running of the facility will also be required. Other staff required will be an Attorney, who will ensure that the nursing home services meets with all the required legal and medical stipulations, as well as an Accountant, to take care of computing income and expenses.
INSTITUTE AN INSURANCE POLICY
The founder of a nursing home company will have to seek an appropriate Insurance policy for the business from inception. While nursing home agencies provide the care and attention that the elderly need, the possibility of lawsuits being instituted against the home, especially in cases of death and disability, still exist.
To prevent such lawsuits being a drain on resources, a medicare nursing home can take up an insurance plan that will cater for such unforeseen scenarios as well as other circumstances that have the potential of disrupting the operations of the home care nursing outfit.
Associated Costs of Starting a Nursing Home Business
Liability Insurance is part of a startup nursing home costs and covers costs like legal representation fees, court costs, judgments or settlements. The types of insurance policies that can be instituted include general liability insurance, professional insurance amongst others. This is the basic nursing home startup information you need to open one.