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How to Write a Hospice & Palliative Care Business Plan [Sample Template]
Do you want to start a hospice business and need to write a plan? If YES, here is a sample hospice & palliative business plan template & feasibility report. If you are naturally drawn towards taking care of people, then you should consider starting a hospice and palliative care center. However, this is a very sensitive business to start up as a single mistake can result in dire consequences for your patient and their families. This is also a business that shouldn’t be based primarily on profit.
The hospice and palliative care business is a delicate business, you would need to network with hospitals, and other businesses in the health sector so that they can refer patients to your center; this does not however mean that you cannot source for your clients directly, your marketing however needs to be very sensitive especially as your potential customers and their families are at a crossroad.
If you intend starting this kind of business, you should know what licensing and certification requirements would be needed from you by the state you would be operating from. Asides licensing, you need to know the minimum personnel that would be needed for your center depending on the scale of business you intend to run.
At the minimum, you would require a licensed therapist, psychiatrist, nurses, and certified staff that would meet the staff-to-client ration of the state you would be operating in. Another factor to consider when starting your hospice and palliative care center is the location. Your location should pass the health and fire code before you start taking in patients so as not to run afoul of the law.
Below is a sample hospice and palliative care center business plan template that can help you to write your own with little or no hassles.
A Sample Hospice and Palliative Care Business Plan Template
Table of Content
1. Industry Overview
3. our products and services, 4. our mission and vision statement, 5. job roles and responsibilities, 6. swot analysis, 8. our target market, 9. sales and marketing strategy, 10. sales forecast, 11. publicity and advertising strategy, 12. our pricing strategy, 14. sustainability and expansion strategy.
Operators in the Hospices & Palliative Care Centers Industry runs programs that offer symptom relief and pain management for patients with life-terminating illnesses and diseases. Hospice care applies to establishments that administer care (in terms of comfort rather than cure) to patients with life-limiting illnesses or diseases.
Non – hospice palliative care is provided to individuals with serious, complex illnesses who may or may not be expected to recover fully; this sector is not part of the hospices and palliative care centers industry.
If you a close observer of happenings in the industry, you will notice that prior to 2013, the industry grew rapidly for more than a decade due to the support and funding from government, an aging US population, rising healthcare costs and a general shift toward at-home end-of-life care.
The hospices and palliative care center industry continued growing straight through the economic downturn as relevant funding and the number of facilities offering hospice and palliative services increased. Sources of industry demand will likely continue to escalate as the population ages and the popularity of home healthcare grows.
Statistics has it that in the united states of America alone, there are about 3,575 licensed and registered hospices & palliative care centers responsible for employing about 358,119 employees and the industry rakes in a whooping sum of $29 billion annually with an annual growth rate projected at -0.2 percent between 2014 and 2019. No player in the industry can boast of having a lion market share of the available industry.
A recent report published by IBISWORLD shows that Hospices are located throughout the United States, with denser concentration in more populated states. For example, 11.3 percent of hospice facilities are located in the nation’s most populated state, California. The report shows that the five states with the most hospice facilities (California, Texas, Ohio, New York and Florida) combine for 36.2 percent of establishments.
Hospices also are located in states with higher Medicare acceptance rates and reimbursement levels. The report further stated that in 2014, 79.3 percent of hospice patients paid for care using Medicare, according to the National Hospice and Palliative Care Organization.
Some of the factors that encourage entrepreneurs to start their own hospice and palliative care facility could be that the business can easily get support from the government at all level and the business is indeed a profitable venture despite the legislature governing the industry.
It is important to state that the hospice and palliative care business is indeed a growing business. Even though the business is not considered a Green business in the United States of America, one can comfortably say that the business is booming and open to potential entrepreneurs who are interested in the business.
Over and above, the hospice and palliative care business in developed countries are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market; those with life-terminating illnesses and diseases.
2. Executive Summary
Clara Davies® Hospice & Palliative Care Center, LLC is a standard and licensed hospice and palliative care facility that will be located in the heart of West Palm Beach – Florida in a neatly renovated and secured housing facility.
Our hospice and palliative care facility is specifically designed and equipped with the needed accommodation facilities/gadgets to give comfort and security to all our residents irrespective of the religious affiliations, their race, and health conditions.
Despite the fact that we are a hospice and palliative care facility, we are going to be health conscious and customer-centric with a service culture that will be deeply rooted in the fabric of our organizational structure. With that, we know that we will be able to consistently achieve our set business goals, increase our profitability and reinforce our positive long-term relationships with our clientele.
Our accommodation facility will be decorated in an exquisite and elegant facade, so much so that it will be a conspicuous edifice in the city. Clara Davies® Hospice & Palliative Care Center, LLC will provide a conducive home for our residents; we will engage in programs that offer symptom relief and pain management for patients with life-terminating illnesses and diseases.
Clara Davies® Hospice & Palliative Care Center, LLC will be equipped with everything that will make life comfortable for our patients. We will build a fitness room and library. We will also install a free Wi-Fi that will enable our residents and guests surf the internet in their room free of charge, and there will be wireless access in all the public area within the lodging facility.
Clara Davies® Hospice & Palliative Care Center, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our services. Clara Davies® Hospice & Palliative Care Center, LLC is a family business that is owned and managed by Clara Davies and her immediate family members.
Mrs. Clara Davies who is a native of Fort Myers-Cape Coral is a licensed non – medical home care administrator and social health worker with over 20 years’ hands on experience working for leading brands in the industry. She has a Master’s Degree in Public Health and she is truly passionate when it comes to taking care of people with terminal illnesses.
Clara Davies® Hospice & Palliative Care Center, LLC is set to operate a standard hospice and palliative care facility in West Palm Beach – Florida. The fact that we want to become a force to reckon with in the industry means that we will provide our resident a conducive and highly secured accommodation.
Clara Davies® Hospice & Palliative Care Center, LLC will provide the following services to her clients;
- General inpatient care
- Inpatient respite care
- Providing symptom relief and pain management for patients with life-terminating illnesses
- Clara Davies® Hospice & Palliative Care Center, LLC is a business that want to become the pacesetter in the hospice and palliative care facility industry not just in Florida, but through the United States of America.
- Our mission is to build a hospice and palliative care facility that will meet and surpass the needs of all the residents of our facility; we want build a profitable brand that in the nearest future will sell franchise all across the United States and Canada.
Our Business Structure
Clara Davies® Hospice & Palliative Care Center, LLC will be built on a solid foundation. From the kickoff, we have decided to recruit only qualified professionals to man various job positions in our organization. We are quite aware of the rules and regulations governing the hospice and palliative care industry which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization.
We hope to leverage on their expertise to build our business brand. When hiring, we will look out for applicants that are not just qualified and experienced, but homely, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more. These are the positions that will be available at Clara Davies® Hospice & Palliative Care Center, LLC;
- Chief Executive Officer
- Facility Administrator (Human Resources and Admin Manager)
- Nurse’s Aides / Home Caregivers
- Sales and Marketing Executive
- Accounting Officer
- Security Officer
Chief Executive Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision , mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board.
Facility Administrator (Admin and HR Manager)
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily home activities.
Nurse’s Aides/Home Caregivers
- Responsible for providing general inpatient care and inpatient respite care
- Responsible for providing symptom relief and pain management for patients with life-terminating illnesses
Marketing and Sales Executive
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of the business
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Documents all customer contact and information
- Represents Clara Davies® Hospice & Palliative Care Center, LLC in strategic meetings
- Helps to increase sales and growth for Clara Davies® Hospice & Palliative Care Center, LLC.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for the organization
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Clara Davies® Hospice & Palliative Care Center, LLC
- Serves as internal auditor for Clara Davies® Hospice & Palliative Care Center, LLC.
- Ensures that the facility is secured at all time
- Controls traffic and organize parking
- Patrols around the building on a 24 hours’ basis
- Submits security reports weekly
- Any other duty as assigned by the facility administrator
- Responsible for cleaning the facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Assists our residents when they need to take their bath and carry out other household tasks
- Handles any other duty as assigned by the facility manager
Clara Davies® Hospice & Palliative Care Center, LLC is equipped to become one of the leading hospice and palliative care facilities in West Palm Beach – Florida. We want our facility to be the number one choice of all residents of West Palm Beach. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation.
Though our Chief Executive Officer (owner) has robust experience in industry, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the industry.
This is the summary of the SWOT analysis that was conducted for Clara Davies® Hospice & Palliative Care Center, LLC;
Top on the list of what we will count as our strength is that we have a team of well qualified professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of West Palm Beach – Florida. Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely come to the fore and position us to stay highly competitive.
Clara Davies® Hospice & Palliative Care Center, LLC is a new business which is owned by an individual (family), and we may not have the financial muscle to expand our facility within a short term therefore, we will be limited on the number of residents we can accommodate within the first year of opening our facility.
According to the National Hospice and Palliative Care Organization, as of 2012 (latest data available), 83.4 percent of patients in hospice and palliative care centers are over the age of 65. As this demographic expands, demand for industry services will likely also grow.
The number of adults in this age group is expected to increase going forward, presenting a potential opportunity for the industry. We are going to position our business to make the best out of the opportunities that will be available to us in West Palm Beach – Florida.
Many patients that do not qualify for Medicare or Medicaid are eligible for hospice coverage under private insurance. Although the vast majority of hospice recipients do qualify for Medicare or Medicaid, an increase in the availability of private health insurance can have a positive impact on demand for industry services.
The number of people with private health insurance is expected to increase in the coming year. However, volatility surrounding health insurance policy poses a potential threat to the industry. Another threat that may likely confront us is the arrival of a new and bigger facility in same area where ours is located.
7. MARKET ANALYSIS
- Market Trends
Because of the essential nature of services provided by hospice and palliative care facilities, nursing homes, senior care homes, non – medical home care facilities and group homes et al, the industry was able to grow even in the face of economic stagnation. In addition, the continued growth of the aging population and people with one form of life-terminating illnesses or the other has stimulated demand for industry services.
Since the aging population are more prone to injury and illness, and therefore require more assistance with daily activities, the larger share of senior adults has propelled demand for hospice and palliative care, senior care homes, non-medical home care facilities and of course nursing care facilities. Despite favorable demographic trends, unsatisfactory government funding has hindered industry growth.
The trend in the industry is that, players are now flexible enough to adjust their services and facilities to attract more knowledgeable and educated residents by incorporating more technology and adapting to new markets . It is now trendier to find nursing care facilities with internet facility and Wi-Fi et al.
One more trend in the industry is that, in other to make hospice and palliative care facility, non – medical home care facilities and group home facilities more affordable for low income individuals, many states in the United States of America are making changes to the portion of Medicaid which can be applied to these institutions.
Before now, only individuals living in nursing homes were typically provided Medicaid assistance, but in recent time, there are now a growing number of states that have recognized the importance of offering Medicaid dollars to senior citizens living in nursing care facilities.
Without a doubt, the Hospice and palliative care facility industry will continue to grow and become more profitable because the aging baby-boomer generation in Unites States are expected to drive demand for this specialized services.
Clara Davies® Hospice & Palliative Care Center, LLC is in business to offer symptom relief and pain management for patients with life-terminating illnesses in Florida. We will ensure that we target both self – paying customers (who do not have Medicaid), and those who have Medicaid cover.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the hospice and palliative care industry in the United States. Our staff are trained to effectively service our customers.
Our customers can be categorized into the following;
- The aged who might suffer from severe joint pains, and every other age category who fall under the conditions listed by the physician as people who do not necessarily need the services health workers to survive or carry out their daily task.
- People with life-terminating illnesses
Our Competitive Advantage
Apart from the competitions that exist amongst players in the hospice and palliative care business, they also compete against other home healthcare services providers such as non – medical home care facilities, assisted living facilities, senior care facilities amongst others
To be highly competitive in the industry means that you should be able to secure a conducive and secured facility, deliver consistent quality service and should be able to meet the expectations of the children/family members paying for their loved ones.
Clara Davies® Hospice & Palliative Care Center, LLC is coming into the market well prepared to favorably compete in the industry. Our facility is well positioned (centrally positioned) and visible, we have good security and the right ambience for our patients.
Our staff are well groomed in all aspects of the hospice and palliative care service and all our employees are trained to provide customized customer service to all our residents. Our services will be carried out by highly trained professional nurse’s aides, county workers and home caregivers.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives.
- Sources of Income
Clara Davies® Hospice & Palliative Care Center, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. These are the services we will offer to generate income for the business;
- Providing general inpatient care
- Providing inpatient respite care
One thing is certain, there would always be people citizens with one form of life terminating illness or the other who would need the services of a hospice facility.
We are well positioned to take on the available market in West Palm Beach – Florida and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow our business and our resident base.
We have been able to examine the senior scare facility services market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projection for Clara Davies® Hospice & Palliative Care Center, LLC, it is based on the location of our business and of course the wide range of related services that we will be offering;
- First Fiscal Year: $100,000 (From Self – Pay Clients): $250,000 (From Medicaid Covers)
- Second Fiscal Year: $250,000 (From Self – Pay Clients): $500,000 (From Medicaid Covers)
- Third Fiscal Year: $500,000 (From Self – Pay Clients): $1,500,000 (From Medicaid Cover)
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy adopted by Clara Davies® Hospice & Palliative Care Center, LLC will be based on generating long-term personalized relationships with our residents. In order to achieve that, we will ensure that we offer all – round hospice and palliative care at affordable prices compare to what is obtainable in West Palm Beach – Florida and other state in the US.
All our employees will be well trained and equipped to provide excellent and knowledgeable services as it relates to our business offerings. We know that if we are consistent with offering high quality nursing care and excellent customer service, we will increase the number of our residents by more than 25 percent for the first year and then more than 40 percent in subsequent years.
Prior to choosing a location for Clara Davies® Hospice & Palliative Care Center, LLC, we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for residents of West Palm Beach and other cities in Florida. We have detailed information and data that we were able to utilize to structure our business to attract the number of patients we want to attract per time.
We hired experts who have good understanding of the hospice and palliative care facility industry to help us develop marketing strategies for our business. In summary, Clara Davies® Hospice & Palliative Care Center, LLC will adopt the following sales and marketing approach to win customers over;
- Introduce our business by sending introductory letters to residents, clubs for elderly and senior citizens and other stake holders in West Palm Beach – Florida
- Advertise our business in community – based newspapers, local TV and local radio stations
- List our business on yellow pages’ ads (local directories)
- Leverage on the internet to promote our business
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with hospitals, government agencies and health insurance companies to canvas for clients via referrals.
- Attend health care related exhibitions/expos to market our services.
We are in the hospice and palliative care business to become one of the market leaders and also to maximize profits therefore we are going to explore all available means to promote our business.
Clara Davies® Hospice & Palliative Care Center, LLC has a long-term plan of building hospice and palliative facilities in key cities all across the United States of America which is why we will deliberately build our brand to be well accepted in West Palm Beach – Florida before venturing out.
Here are the platforms we intend leveraging on to promote and advertise Clara Davies® Hospice & Palliative Care Center, LLC;
- Place adverts on both print (community – based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs that appeals to the aging population and senior citizens with life-terminating illnesses
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our Billboards in strategic locations all around West Palm Beach – Florida
- Distribute our fliers and handbills in target areas with high concentration of aging population and senior citizens with life-terminating illnesses
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
Clara Davies® Hospice & Palliative Care Center, LLC will work towards ensuring that all our services are offered at highly competitive prices compared to what is obtainable in the United States of America.
On the average, hospice and palliative care facility, nursing homes, senior care facilities and group home facility service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for these providers to bill their clients based in their discretion.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal residents especially when they refer clients to us.
- Payment Options
The payment policy adopted by Clara Davies® Hospice & Palliative Care Center, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Clara Davies® Hospice & Palliative Care Center, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part.
13. Startup Expenditure (Budget)
When it comes to starting a hospice and palliative care facility business, you should ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard residential facility big enough to accommodate the number of people you plan accommodating per time, you will also need money to acquire supplies and to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay take of the daily running cost and overhead.
The items listed below are the basics that we would need when starting our hospice and palliative care facility business in the United States;
- The total fee for registering the business in the United States of America- $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of Clara Davies® Hospice & Palliative Care Center, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Consultant – $2,500.
- The cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- The cost for leasing a standard and secured facility in West Palm Beach – Florida for 2 years – $250,000
- The cost for facility remodeling – $50,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits – ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for start-up inventory (stocking with a wide range of products such as toiletries, food stuffs and drugs et al) – $50,000
- Cost for the purchase of storage hardware (bins, rack, shelves,) – $3,720
- The cost for the purchase of furniture and gadgets (Beds, Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
- The cost of Launching our official website: $700
- Miscellaneous: $10,000
We would need an estimate of seven hundred and fifty thousand dollars ($750,000) to successfully set up our hospice and palliative care facility in West Palm Beach – Florida.
Generating Fund/Startup Capital for Clara Davies® Hospice & Palliative Care Center, LLC
Clara Davies® Hospice & Palliative Care Center, LLC is a family business that is solely owned and financed by Mrs. Clara Davies and her immediate family members. They do not intend to welcome any external business partners which is why she has decided to restrict the sourcing of the startup capital to 3 major sources.
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Clara Davies® Hospice & Palliative Care Center, LLC is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our services a little bit cheaper than what is obtainable in the industry and we are prepared to survive on lower profit margin for a while. Clara Davies® Hospice & Palliative Care Center, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of.
Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check : Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of Medical Equipment and vans et al: In Progress
- Purchase of the needed supplies, furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Establishing business relationship with clubs for the elderly, hospitals, government agencies and health insurance companies in the United States of America: In Progress
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A Sample Hospice Agency Business Plan Template
A hospice agency is a public agency or private organization or a subdivision of either that is engaged in providing care to terminally ill individuals, and has a valid Medicare provider agreement. Statistics have it that in the United States of America alone, there are about 3,575 licensed and registered hospices & palliative care centers responsible for employing about 358,119 employees.
The industry rakes in a whooping sum of $24 billion annually with an annual growth rate projected at -0.2 percent between 2016 and 2022.
Steps on How to Write a Hospice Agency Business Plan
Table of Content
Company profile, swot analysis, marketing plan, sales and distribution plan, operational plan, financial plan, financial projection, growth plan.
Life Line® Hospice Agency, Inc. is a licensed and registered hospices & palliative care center that will be based in Palm Beach Gardens, Florida. The organization will be committed to serving those who are down with life-terminating illnesses and diseases.
We will house between 10 to 20 terminally ill patients per time in a family setting. We are going to be health-conscious and customer-centric with a service culture that will be deeply rooted in the fabric of our organizational structure. Paul Winston is the founder and CEO of Life Line® Hospice Agency, Inc.
a. Our Products and Services
Life Line® Hospice Agency, Inc. will provide a wide range of services that revolve around offering symptom relief and pain management for patients with life-terminating illnesses and diseases. Hospice palliative care is provided to individuals with serious, complex illnesses who may or may not be expected to recover fully.
b. Nature of the Business
Our hospice agency will operate as a nonprofit organization, we will source finance from donor organizations, private individuals, and relevant government agencies. But in some cases, we will charge residents or their family members for the services rendered, howbeit, we are designed not to make a profit.
c. The Industry
Life Line® Hospice Agency, Inc. will operate under the Hospices & Palliative Care Centers industry.
d. Mission Statement
Our mission is to provide safe and secured hospice services geared towards taking care of terminally ill people and making them live with the expectation and hope of recovering.
e. Vision Statement
Our vision of establishing our hospice agency is to become the pacesetter in every city where we are located .
f. Our Tagline (Slogan)
Life Line® Hospice Agency, Inc. – Living Life One Day at a Time!
g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)
Life Line® Hospice Agency, Inc. will be formed as a nonprofit corporation at the state level and we will apply for 501(c)(3) tax exemption at the federal level.
h. Our Organizational Structure
- Founder (President)
- House Manager (Administrator)
- Nurse’s Aides
- Caregivers/Social Worker
- Account Officer
- Front Desk Officer
- Security Guards
i. Ownership/Shareholder Structure and Board Members
A nonprofit corporation has no owners (shareholders) whatsoever. Nonprofit corporations do not declare shares of stock when established. In fact, some states refer to nonprofit corporations as non-stock corporations.
- Ideal Location for a hospice agency
- Highly Experienced and Qualified Employees and Management
- Access to Pool of Donor Organizations
- Highly Secured and Clean Facility
- Highly structured programs that are aimed at helping terminally ill people live comfortably as though they are with their families.
- Inability to initially manage the organization without the support of donations and grants
- Financial Limitations
- Operating from a leased facility (restriction to fully modify the facility to suit our style and taste)
- Inability to retain our highly experienced and qualified employees longer than we want
- The aging population in the United States is growing hence providing opportunities for the hospice industry.
- Government funding for Medicare and Medicaid and private donations are anticipated to increase support for hospice agencies.
- The hospices & palliative care centers industry is projected to reverse its decline trend and increase in the coming years.
- Pool of finance from donor organizations, individuals, and relevant government agencies et al.
i. How Big is the Industry?
The hospices & palliative care centers industry is worth over $24 billion in the United States hence it is safe to say that the industry is big.
ii. Is the Industry Growing or Declining?
It is important to state that available statistics point to the fact that the industry is presently not growing and revenue for the industry has been adjusted from an increase to a decline. This is so because the COVID-19 (coronavirus) pandemic has limited the Hospices and Palliative Care Centers industry’s ability to perform hospice care services due to the risk of spreading the virus.
Since many operators are nonprofit, hospice agencies rely on federal funding and private donations. Since unemployment and consumer spending is anticipated to decline in 2020, leading to fewer donations, profit is set to decline.
Please note that in the coming year (2022), the revenue of the industry is anticipated to decline slightly, but as the economy recovers and COVID-19 (coronavirus) cases drop in line with the nationwide vaccination rollout, industry revenue will likely increase.
iii. What are the Future Trends in the Industry
The Hospices & Palliative Care Centers industry is changing, and players in the industry are improvising. No doubt, technology, and customized software will change the landscape of the Hospices & Palliative Care Centers industry going forward.
iv. Are There Existing Niches in the Industry?
No, there are no niche ideas when it comes to the hospice agency line of business . This is because elderly care group home is a niche idea in the Hospices & Palliative Care Centers industry.
v. Can You Sell a Franchise of your Business in the Future?
Life Line® Hospice Agency, Inc. has plans to sell franchises in the nearest future and we will target major cities with a growing elderly population.
- The spread of coronavirus and similar pandemic
- Lack of support from stakeholders and the government
- Unfavorable government policy and regulations.
- Community resistance (May does not want such facility to be located in their community)
- Liability problems
- The arrival of competitors within our market space.
i. Who are the Major Competitors?
- Vitas Healthcare Corporation
- Humana Inc.
- Top Care Hospice Inc
- Intrepid USA Healthcare Services
- Ocls Intrepid USA
- MSA | Medical Services of America Home Health & Hospice
- Center To Advance Palliative Care
- Center for Hospice Care
- Caring Connections.
- The National Hospice and Palliative Care Organization
- Compassion and Choices
- Hospice Foundation of America
- Zen Hospices Care Center
ii. Is There a Franchise for Group Home?
No, there is no known hospice agency franchise currently.
iii. Are There Policies, Regulations, or Zoning Laws Affecting Hospice Agencies?
Yes, there are county and state regulations or zoning laws for hospice agencies. The law in the United States and some countries states that before a non–medical home care facility such as a hospice agency can commence operations, there should be at least six residents and at least one trained caregiver there 24 hours a day and 7 days a week.
So also, a standard hospice agency is expected to have a house manager, night manager, weekend activity coordinator, and 2 or more caregivers depending on the size of the facility.
a. Who is Your Target Audience?
i. Age Range
Our target market is for people of any age because those who need the services of a hospice are those who are down with life-terminating illnesses and diseases and they can fall under any age group.
ii. Level of Educational
We don’t have any restriction on the level of education of those we are ready to accommodate in our hospice agency.
iii. Income Level
We don’t have any cap on the income level of those we are looking to accommodate in our hospice agency.
There is no restriction when it comes to the ethnicity of the people we will welcome to our hospice.
There is no restriction when it comes to the language spoken by the people we will welcome in our hospice, but we will prefer people that speak English and Spanish.
vi. Geographical Location
Anybody from any geographical location will be welcomed in our hospice agency.
Life Line® Hospice Agency, Inc. will not restrict any terminally ill person from accessing our facility and services based on their lifestyle, culture, or race.
b. Advertising and Promotion Strategies
- Host Themed Events That Catch the Attention of Elderly People.
- Tap Into Text Marketing.
- Share Your Events in Local Groups and Pages.
- Turn Your Social Media Channels into a Resource
- Develop Your Business Directory Profiles
- Build Relationships with Other Nonprofits and related organizations in our Area
i. Traditional Marketing Strategies
- Marketing through Direct Mail.
- Print Media Marketing – Newspapers & Magazines.
- Broadcast Marketing -Television & Radio Channels.
- OOH, Marketing – Public Transits like Buses and Trains, Billboards, Street shows, and Cabs.
- Leverage direct sales, direct mail (postcards, brochures, letters, fliers), print advertising (magazines, newspapers, coupon books, billboards), referral, radio, and television.
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Start using chatbots.
- Create a personalized experience for our housemates.
- Create an efficient content marketing strategy.
- Create a community for our donors and volunteers.
- Gear up our profiles with a diverse content strategy.
- Use brand advocates.
- Create profiles on the relevant social media channels.
- Run cross-channel campaigns.
c. Pricing Strategy
When working out our pricing strategy, Life Line® Hospice Agency, Inc. will make sure it covers upkeep, medications, premium, economy or value, and full hospice and palliative care package. In all our pricing strategy will reflect;
- Cost-Based Pricing
- Value-Based Pricing
- Competition-Based Pricing.
a. Sales Channels
Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, hospitals, religious organizations, nonprofit organizations, and charity to help refer terminally ill people to us.
Life Line® Hospice Agency, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, we can have a visible, in-demand service that is competitively priced.
b. Inventory Strategy
The fact that we will need toiletries, medications, change of beddings, and foodstuffs per time means that Life Line® Hospice Agency, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse.
We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business. Life Line® Hospice Agency, Inc. will make sure we work with “Just-in-time (JIT) inventory” – (JIT involves holding as little stock as possible.)
c. Payment Options for Customers
Here are the payment options that Life Line® Hospice Agency, Inc. will make available to her donors and contributors;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
d. Return Policy, Incentives, and Guarantees
At Life Line® Hospice Agency, Inc., the nature of services we offer does not accommodate return policy, and incentives, but we will guarantee our housemates that their lives will be comfortable if they follow our program.
e. Customer Support Strategy
Our customer support strategy will involve seeking customer feedback. This will help us provide excellent customer service to all our housemates and donors, it will help us to understand their needs, experiences, and pain points. Regularly, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.
We plan to expand our revenue by 25 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include attracting grants that will enable us to boost our service offerings and support revenue growth.
a. What Happens During a Typical Day at a Hospice Agency?
- The facility is open for the day
- The facility is cleaned and prepared for the day’s activities
- Housemates are prepped for the day
- Housemates are provided with programs that will help them live beyond their pains.
- House chores are carried out at different intervals during the day
- Administrative works are done
- The facility is closed for the day and housemates go to bed.
b. Production Process
There is no production process when it comes to a hospice agency.
c. Service Procedure
There is no service procedure when it comes to a hospice agency.
d. The Supply Chain
Life Line® Hospice Agency, Inc. will rely on social workers, counselors, religious organizations, and government agencies in our city to refer terminally ill people to us. We have also been able to establish business relationships with wholesale suppliers of beddings, toiletries, medications foodstuffs et al.
e. Sources of Income
Life Line® Hospice Agency, Inc. make money from;
- Contributions from partners and donors
- Grants from government agencies and charity organizations
- Community support.
The cost to live in our hospice agency facility varies and it will range from about $100 to over $2,000 per month.
a. Amount Needed to Start Our Hospice Agency?
Life Line® Hospice Agency, Inc. would need an estimate of $450,000 to successfully set up our hospice agency in the United States of America. Please note that this amount includes the salaries of all our staff for the first month of operation.
b. What are the Costs Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $7,300.
- Marketing, Branding and Promotions – $5,000.
- Business Consultant Fee – $2,500.
- Insurance – $5,400.
- Rent/Lease – $200,000.
- Other start-up expenses like commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
- Operational Cost (salaries of employees, payments of bills et al) – $40,000
- start-up inventory – $15,000
- Store Equipment (cash register, security, ventilation, signage) – $4,750
- Furnishing and Equipping – $120,000
- Website: $600
- Miscellaneous: $2,000
c. Do You Need to Build a Facility?
Life Line® Hospice Agency, Inc. will not build a new facility for our hospice agency; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.
d. What are the Ongoing Expenses for Running a Group Home?
- Cost of stocking up supplies such as beddings, medications, toiletries, and beddings et al
- Cost of food supplies and ingredients
- Utility bills (gas, internet, phone bills, signage and sewage et al)
- Salaries of employees
e. What is the Average Salary of your Staff?
- Head of Group Home (President) – $45,000 Per Annum
- House Manager (Administrator) – $36,034 Per Annum
- Nurse’s Aides – $29,660 Per Annum
- Caregivers/Rehab Counselors – $32,878 Per Annum
- Fundraiser – $36,500 Per Annum and based on target
- Account Officer – $35,000 Per Annum
- Front Desk Officer – $28,000 Per Annum
- Cleaners – $22,000 Per Annum
- Security Guard – $22,000 Per Annum
f. How Do You Get Funding to Start a Hospice Agency?
- Raising money from personal savings and sale of personal stocks and properties
- Applying for a loan from your bank/banks
- Pitching our business idea and applying for business grants and seed funding from, the government, and donor organizations
- Source for soft loans from our family members and our friends.
a. How Much Should You Charge for your Service?
At Life Line® Hospice Agency, Inc. it is important to note that we will make our facility free of charge since we hope to attract enough grants and funds from donors.
b. Sales Forecast?
- First Fiscal Year (FY1): $250,000
- Second Fiscal Year (FY2): $350,000
- Third Fiscal Year (FY3): $450,000
c. Estimated Profit You Will Make a Year?
Life Line® Hospice Agency, Inc. will operate as a nonprofit organization.
d. Profit Margin of a Hospice Agency Product/Service
Life Line® Hospice Agency, Inc. is designed not to make profits hence we don’t have a profit margin for our services.
a. How do you intend to grow and expand?
Life Line® Hospice Agency, Inc. will grow our hospice agency by first opening other facilities in key cities in the United States of America within the first five years of establishing the organization and then will start selling franchises from the sixth year.
b. Where do you intend to expand to and why? (Geographical Locations)
Life Line® Hospice Agency, Inc. plan to expand to first to Sumter – Florida, and then to Liliano – Texas, Lancaster – Virginia, Alcona – Michigan, and Catron New Mexico. The reason we intend to expand to these locations is that available statistics show that the cities listed above have the highest number of elderly people in the United States.
The founder of Life Line® Hospice Agency, Inc. plans to exit the business via merger and acquisition. We intend to merge with an international charity organization that has a world spread so that the management of the organization can be placed under a trusted hand when the founder retires.
More on Hospice Agency
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- Pitch Decks
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Hospice Business Plan Template
Scroll down to download your hospice business plan template
Are you interested in starting your own hospice Business?
Why write a business plan.
- Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
- Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
- Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
- Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
- Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
- Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
- Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
- Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
- Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
- Business plans allow you to position your brand by understanding your company’s role in the marketplace.
- Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
- Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
Business Plan Content
- Executive Summary
- Company Overview
- Industry Analysis
- Consumer Analysis
- Competitor Analysis & Advantages
- Marketing Strategies & Plan
- Plan of Action
- Management Team
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.
The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at [email protected] . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.
Instructions for the Business Plan Template
To complete your perfect hospice business plan, fill out the form below and download our hospice business plan template. The template is a word document that can be edited to include information about your hospice business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.
Ongoing Business Planning
Want a bespoke business plan for your hospice business, our expertise.
Home Health Care Business Plan Template
Home health care business plan.
You’ve come to the right place to create your Home Health Care business plan.
We have helped over 5,000 entrepreneurs and business owners create business plans and many have used them to start or grow their home health care businesses.
Below is a template to help you create each section of your Home Health Care business plan.
St. Helen’s Home Care is a new home healthcare business that serves the aging population of Austin, Texas. As individuals age, they are more susceptible to diseases and other conditions and need extra help to receive health care. However, many individuals wish to receive care in the comfort of their homes instead of going to a nursing home or hospital. St. Helen’s will provide this population with the care they need without them needing to travel. Our services include physical therapy, nursing, and other healthcare services that can be conducted in the home. We also provide warmth, compassion, and companionship to create lasting relationships with our clients.
St. Helen’s Home Care is run by Helen Parker, who has been a nurse for twenty years. She has specialized in working with aging populations and has extensive knowledge of the common conditions and needs of this age group. Her experience and connections have helped her find other medical professionals who want to join our company. Furthermore, she was able to establish an initial client base from the list of patients she has been helping for years.
St. Helen’s Home Care offers a variety of home health care services that serve the aging population of Austin, Texas. These services include but are not limited to:
- Physical therapy
- Occupational therapy
- Speech-language therapy
- Personal care and housekeeping
St. Helen’s Home Care will serve the aging population of Austin, Texas, primarily residents over the age of 65. This population is susceptible to many conditions that make daily living difficult such as Alzheimer’s, dementia, arthritis, and diabetes. This population needs more health care than other age groups, but not all services require a visit to the hospital or doctor’s office. St. Helen’s will provide any medical service that can easily be conducted in a home setting.
St. Helen’s Home Care is owned and operated by Helen Parker, a local nurse who has worked at local hospitals for over the past twenty years. She has worked with hundreds of elderly patients and their families and has helped them find adequate and affordable home health care upon being released from the hospital. Helen Parker has realized there is a lack of quality and affordable home healthcare agencies in Austin. She aims to provide the best in-home health care services while also being affordable for the patient and their families.
Aside from the medical professionals she will have on staff, Helen has also employed an Administrative Assistant, Accountant, and Marketing Specialist to help her operate the company.
St. Helen’s Home Care will be able to achieve success by offering the following competitive advantages:
- Compassionate Staff: Helen’s will employ a compassionate and friendly staff of nurses, therapists, aides, and social workers who are highly knowledgeable and experienced in their field.
- Quality Care: Helen’s will provide expert services so that the patients are at the highest comfort level.
- Pricing: Helen’s pricing will be more affordable than its competition. They will also work on payment arrangements with the patient and their family so that the patient won’t have to sacrifice any type of care because the cost is too high. The company is also working to partner with local and national insurance companies so that our patients can have their care partially or fully covered by their insurance plans.
St. Helen’s Home Care is seeking $340,000 in funding to launch the home healthcare business. The capital will be used for funding equipment and supplies, staffing, marketing expenses, and working capital.
The breakdown of the funding may be seen below:
- Equipment and supplies (such as computers and medical equipment): $150,000
- Marketing costs: $50,000
- Staffing costs: $60,000
- Working capital (to include three months of overhead expenditures): $80,000
The following graph outlines the pro forma financial projections for St. Helens’ Home Care over the next five years:
Who is St. Helen’s Home Care?
St. Helen’s Home Care History
Helen Parker has worked with thousands of elderly patients during her career as a nurse. She often found that many people did not need to travel to a doctor’s office or hospital for their care. Instead, these patients often enjoyed a higher quality of life when they received care from their homes. This revelation inspired her to start a business where she and other professionals could provide care to local elderly patients in the comfort of their homes. After conducting the research needed to establish the company, Helen incorporated St. Helen’s Home Care as an S-corporation on May 15th, 2022.
Since incorporation, St. Helen’s has achieved the following milestones:
- Found an office location and signed a Letter of Intent to lease it
- Developed the logo and website for the company
- Finalized list of services the company will be able to provide
- Determined the office equipment and inventory requirements
- Created an initial client base from Helen’s pre-existing patient list
- Started creating partnerships with local and national medical insurance companies
- Began recruiting key employees, including medical and administrative staff
St. Helen’s Home Care Services
According to Grand View Research, the global home healthcare industry was valued at $336 billion USD in 2021. It is also expected to grow at a compound annual growth rate of 7.93% from 2022 to 2030 and reach a value of $666.9 billion USD by 2030. This shows that these services will be in great demand, which means it is a great time to start a home healthcare business.
This growth is primarily driven by a growing geriatric population. People are living longer than ever before, and therefore, they will need comfortable healthcare services for much longer. Furthermore, baby boomers comprise a large population and are now entering their retirement years. It is expected that this enormous population will have a significant need for healthcare (whether in the home or doctor’s office) and may create a strain on the current industry. However, this also means there is an enormous opportunity for healthcare businesses to be extremely profitable in the near future.
This is especially true for home healthcare services, which are increasing in demand. Most aging people would rather receive medical care at home than go to a nursing home or hospital. Therefore, there is an incredible demand for these particular services.
The only challenge affecting the industry is a lack of properly trained staff who can take on a healthcare career. However, this will only mean that home healthcare services will be even more valued. These industry trends will only help boost the popularity and success of St. Helen’s Home Care.
Demographic profile of target market.
St. Helen’s Home Care will primarily target the aging population of Austin, Texas. This includes anyone over the age of 65, especially those who live with diabetes, Alzheimer’s, arthritis, or other conditions that affect their quality of life.
St. Helen’s will primarily target the following customer profiles:
- Aging individuals over the age of 65
- Individuals living with Alzheimer’s and dementia
- Elderly individuals with other health conditions
Direct and indirect competitors.
St. Helen’s Home Care will face competition from other companies with similar business profiles. A description of each competitor company is below.
Travis County Home Health
Travis County Memorial Hospital’s Home Health & Hospice has provided home health services for over a decade. Their staff is composed of dedicated professionals who are committed to providing quality care in the comfort and convenience of their patients’ homes. Their home health aides can assist the patient with grooming and light chores around their home. Home health care will verify if home health aide services are covered by their insurance policy. They accept Medicare, Insurance/HMO/PPO, Medicaid, and Private Pay. The home health care team works closely with the physician to plan the care and monitor the patients’ progress. The nurse will contact the physician with any laboratory results, medication changes, or alterations in their health status.
Elara Caring is one of the nation’s largest providers of home-based care, with a footprint in most regions of the United States. Elara Caring brings together three award-winning organizations – Great Lakes Caring, National Home Health Care, and Jordan Health Services, into one transformational company. They provide the highest-quality comprehensive care continuum of personal care, skilled home health, hospice care, and behavioral health. Their intimate understanding of their patients’ needs allows them to apply proprietary platforms to deliver proactive, customized care that improves quality of life and keeps patients in their homes.
Encompass Health is one of the nation’s leading providers of home health services. They continually set the standard of homecare through their people, their approach, and their outcomes.
The patient experience is at the core of everything they do. That’s why they work collaboratively with the patient’s team of experts to craft a plan of care that meets their specific needs. Their skilled nurses, physical therapists, occupational therapists, speech-language pathologists, medical social workers, and home health aides use a coordinated, interprofessional approach to deliver compassionate, specialized care in the comfort of home. Whether recovering from a surgery, a recent hospital stay, or managing a disease or injury, Encompass Health’s services are designed to meet patients where they are.
Marketing plan, brand & value proposition.
The St. Helen’s brand will focus on the company’s unique value proposition:
- Knowledgeable, friendly, compassionate staff of healthcare professionals.
- Quality level of service and care.
- Offering the best nursing, therapy, social worker, and home aide services at competitive prices.
St Helen’s Home Care will target elderly residents living in the Austin, Texas area. The company’s promotions strategy to reach the most clientele include:
Helen Parker already has great relationships with the local hospitals. She will work to make sure the hospitals send referrals and highly recommend the company to its patients and their families upon releasing them from the hospital.
St. Helen’s has a website that is well-organized and informative and lists all our available services. The website also lists the company’s contact information and information about the medical professionals who provide our services. We will utilize SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Austin home health care” or “Austin health care,” St. Helen’s will be listed at the top of the search results.
St. Helen’s Home Care will have a billboard at a busy intersection where thousands of cars and pedestrians pass daily. The location of the billboard will be in an area of town where there are a lot of doctors’ offices, rehab facilities, and a hospital nearby.
St. Helens will partner with local and national insurance companies so that our patients can be partially or fully covered for the services we provide. We will ask the insurance companies to recommend our services to their customers and have our business listed on their websites.
St Helen’s pricing will be moderate so customers feel they receive great value when purchasing its services. Services will either be charged directly to the patient or to their insurance plan.
The following will be the operations plan for St. Helen’s Home Care.
- Helen Parker will be the Chief Executive Officer of the company. She will be in charge of the operations side of the business and provide home healthcare services until we have a full staff of medical professionals.
- Helen is assisted by her longtime colleague Mary Green. Mary will be the Administrative Assistant and help with all general administration tasks, including taking phone calls and scheduling appointments.
- Keith O’Reilly will serve as the Staff Accountant. He will provide all accounting, tax payments, and monthly financial reporting.
- Betty Lopez will work as the Marketing Specialist. She will run the website, social media, and other marketing efforts.
- Helen will hire a large team of medical professionals to serve our growing client base. So far, some of her former colleagues have agreed to work for her business.
St. Helen’s Home Care will have the following milestones completed in the next six months.
8/1/202X – Finalize lease for the office space.
8/15/202X – Finalize personnel and staff employment contracts.
9/1/202X – Begin refurbishment and furnishing of the office space.
9/15/202X – Begin networking at medical industry events.
9/22/202X – Begin marketing campaign to attract the first clients.
11/1/202X – St. Helen’s Home Care opens for business.
Key revenue & costs.
The revenues for St. Helen’s Home Care will come from the fees it will charge the patients and their insurance for the provided health care services.
The major cost drivers for the company will be the staff payroll, marketing expenses, lease, and office equipment.
Funding Requirements and Use of Funds
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials as well as pay off the startup business loan.
- Number of clients per month: 100
- Annual lease: $50,000
- Overhead costs per year: $100,000
Income statement, balance sheet, cash flow statement, home health care business plan faqs, what is a home health care business plan.
A home health care business plan is a plan to start and/or grow your home health care business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Home Health Care business plan using our Home Health Care Business Plan Template here .
What are the Main Types of Home Health Care businesses?
There are a number of different kinds of Home Health Care businesses , some examples include: Nursing care business, Physical home health care business, and Home health care aides.
How Do You Get Funding for Your Home Health Care Business Plan?
Home Health Care businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Home Health Care Business?
Starting a home health care business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Home Health Care Business Plan - The first step in starting a business is to create a detailed home health care business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your home health care business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your home health care business is in compliance with local laws.
3. Register Your Home Health Care Business - Once you have chosen a legal structure, the next step is to register your home health care business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your home health care business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Home Health Care Equipment & Supplies - In order to start your home health care business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your home health care business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful home health care business:
- How to Start a Home Health Care Business
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Do you want to start a hospice business and need to write a plan? If YES, here is a sample hospice & palliative business plan template & feasibility report.
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Do you need to write a business plan for a hospice care agency? If YES, here is a detailed sample hospice agency business plan template.
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Various Models of Palliative Care. Janet Bull, MD, MBA ... Business/ Financial Plan. • Data. • Quality ... o Develop templates that meet coding criteria.
https://bizfundingresource.com/hospice-business-plan-and-swot-analysisA completely editable business plan for a Hospice.
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