Home Health Care Agency can be a wonderful opportunity to earn some extra income or even become your own boss! The reason why many people start a Home Health Care Agency is because they need someone to care for their loved ones in their own home. Often times the elderly, disabled or ill family member will live alone and require all the help they can receive. The feeling of loneliness can put a tremendous amount of stress on any family member. That is why starting a home health care agency is a great way to make sure that the needs of those who are lonely, sick or injured are taken care of. The best part about starting a home health care agency is that you are the boss and can set your own hours!
Defining a Home Health Care Agency When starting a home health care agency, the first thing that you need to do is to define what it is that you are going to do. It’s best to start with a solid business plan. A business plan is basically an outline of everything you want to do and how you plan to get there. You need to show projected income, expenses and how you will collect pay from your clients. Many agencies start out by putting together a simple business plan, but if you need more guidance, there are many sources online that can help you create a complete business plan.
Funding Your Home Business Once you have a solid business plan in place, you need to find the funding to start your home health care agency. Since you are still starting out, you may want to consider applying for a small business loan. The Small Business Administration (SBA) has loans available for those who are just getting started in their personal home-based business venture. If you are interested in this particular loan program, you will need to send out a successful application to the SBA so that your chances of getting approved are very high.
Get Registered With Your State Insurance Department Another vital step towards starting a home health care agency is to get registered with your state’s insurance department. These departments usually require an application and sometimes a background check. Once you are registered, you can operate the business as usual. It is important to remember that not all states allow home healthcare agencies, so make sure to check your state regulations before starting a home healthcare business.
Start Selling Medical Invoice Factoring Once you have a business plan and registered with your state’s department of insurance, it’s time to move on to the most important part of starting a home health care agency: selling medical invoice factoring. Medical invoice factoring is simply the process of gathering a steady stream of income from people who visit your office or go to physical therapy appointments that you set up. A quick internet search will turn up thousands of companies that will help you sell your medical invoice factoring services, so it’s important to choose wisely. A reputable online broker will be able to provide you information about the different options for selling your invoice factoring contract. Make sure that the broker you choose has experience in this field, as selling factoring contracts is a specialized field.
Once you have established yourself as a reputable home healthcare business, you are ready to promote your services. Advertising on websites and in local newspapers is an important part of the start up process. Although these methods won’t immediately bring in customers, by creating awareness of your services, you will increase your chances of making a sale at some point. A good way to advertise is through word of mouth, which means you need to make yourself known within your community.