By Shirley Daniel
According to PAHO (Pan American Health Organization), the aged population (over 65 years of age) is estimated to be 703 million across the world. Sources believe that the number of older adults may double to 1.5 billion by the end of 2020.
Particularly, post-pandemic crisis, the demand for home healthcare consultants has increased than in previous years. Service aide and home healthcare are not just for older adults. Even children, people with disabilities, and people suffering from long-term illness require home healthcare services.
The statistics also state that the global home healthcare market will soar at 7.9% CAGR from 2020 to 2027. Currently, the home healthcare industry's market value is $281.8 billion and will see exponential growth in the coming years. The Bureau of Labor Statistics claims that with an increase in demand for home healthcare services, there'll be a tremendous increase in demand for consultants and related jobs.
If you have entrepreneurial skills and are driven by social service and providing care to the people, you must start your own business in this sector. But before you establish your business, you must ask the following questions to the consultants.
Which One to Go for Skilled (Medical) or Non-medical?
Home healthcare mainly comprises two streams, one with medical proficiency and other with non-medical. Both services are equally valuable in the market. The skilled home healthcare service involves nursing or treatment. Some of the most proficient services are occupational, physical & speech therapy, nursing aide, skilled nursing, and social work.
On the other hand, non-medical services include assisting the senior citizens in their daily activities at home, helping the children with minor disorders, providing assistance to bed-ridden patients, etc. Some of these services can also include meal preparation, housekeeping, and transportation.
So, if you draw the parameters based on your skill-sets and desire, you can consult a certified home healthcare consultant and grab a certification to establish your own home healthcare business.
What Are the Challenges in Home Healthcare Business?
Home healthcare service is all about providing comfort to the elderly or patients. It is about making things convenient for others, whereas you have to strive actively as a caregiver. There are specific challenges that you may face once you establish your business. Some of them are as follows:
Need to work in isolation: When you work in a hospital or with a medical team in a clinic, you can ask for help from your colleagues. There is guidance available when you work with other people or in a team. But when you work as a home healthcare provider, you work alone. You will have to make the decisions on your own.
Have to travel long distances: As a healthcare provider, you may have to see 7-8 patients in a day. Some could be at shorter distances, and some may not. This field is for you if you are willing to travel and visit patients without any hesitation.
Know how to work with technological equipment: Most of the older adults require regular monitoring of their vital signs. Sugar check, blood-pressure check, and pulse-rate check, all these require the use of technological kits. You must be aware of these monitoring machines before you start off.
How Do I Get Medicaid/Medicare Certification?
The home health care consultants can help you in getting the Medicare/Medicaid certification. The consultants will provide you with guidance on how to apply for the certification. But before the certification, you must plan out your business structure. You'll need to conduct thorough market research to understand how to operate in a fierce competition.
The standards for providing home care licenses and operations vary from state to state. Hence, you must contact the State Department of Health for assistance and submit your business details. It should also include your Tax ID and NPI number.
How to Finance the Business?
Build a proper business draft and list all the expenses that you may incur. The home healthcare consultants can guide you in the best way in finance management. Most banks in the U.S offer loans to start a home healthcare business.
Experts say that in the initial days, the profit margins are lower. Or, you may even have to work on a break-even point for a couple of months. But once your business gains momentum and gets on a regular billing cycle with Medicare and Medicaid, you will be able to manage the funds and deal with expenses.
Shirley Daniel is a copywriter and content strategist. She helps businesses stop playing around with content marketing and start seeing the tangible ROI. She loves writing as much as she loves the cake.