Do you want to start a hospice business? If so, find here a detailed business plan guide for beginners on starting hospice business covering aspects like costs, target market, licenses, and permits, etc.
Hospice is a specialized type of healthcare service provided to terminally ill patients and their family members. One must understand the difference between palliative care and hospice care before starting a hospice business. Palliative care involves providing the patient with diagnosis, treatment, and caring service. Whereas hospice care begins when all treatment options are exhausted and the patient is not going to survive much longer.
Hospice care is more of managing a patient’s pain, both physical and mental. The care emphasizes providing terminally ill patients comfort as long as they survive.
Anyone having a passion for the healthcare profession can start hospice business. Find below a detailed guide on starting a hospice business.
Here is a 10 Stepwise Guide on Starting a Hospice Business
1. Learn the Trade of Hospice Business
Generally, hospice service is referred to patients party by the doctor treating the patient. The staffs of the hospice agency contact the family members of the terminally ill patient and brief them about the program offered by them. It is always preferred to work for a period of time with a reputed agency and then start the business. It will help you to understand the entire process of the hospice program.
2. Do Some Market Research
Conducting thorough market research is a must for hospice agency business. Talk to doctors, healthcare professionals and understand the demand for hospice services in the nearby locality. If already there are hospice agencies operating locally, meet them and gather information regarding the opportunities and threats in operating the business. It will help you to figure out the gaps and plan it accordingly.
3. Choose a Name for your Hospice Care Agency
Choosing a proper and relatable name is critical to the success of the hospice agency business. Decide on a name that family members of the patient can easily relate to the services of your business. Check this guide on the steps involved in properly naming a business.
4. Create a Business Plan
If you are starting the business with your own finance, try to write the business plan of your hospice agency of your own. Check this guide on how to write a business plan or can take help from these business plan generators. However, if you are looking for funding, it is advised to take help from professional business plan writers.
5. Get Your Hospice Business Registered
Registering your business is a must if you want to run the hospice agency free of stress and hassles. Contact with the appropriate local business registering authority and decide upon the best possible business structure to have based on your resources. If you are from the United States, you can opt for LLC, as it provides certain extra benefits to business owners.
6. Licenses and Permits
You need to talk to the appropriate healthcare monitoring authority of the state to know the licenses required to operate a hospice service agency in your locality. The regulations differ from state to state. For example, if you are from the United States, you need to opt for NPI( National Provider Identification) number with Medicare/ Medicaid. You can check the official site of the California Department to know more about licensing requirements.
7. Build a Team
Building an effective and committed team of staffs is the key to success in the hospice business. You need an administrator and a patient care director to start with. Nurses, volunteer coordinator, aids, bereavement coordinator, accounting professionals, etc are to be recruited. You must set up a standing order procedure for hiring new staffs.
After they are inducted, you must arrange proper training programs for the new staffs so that they get adjusted to the job profile as soon as possible. Documentation plays a very important role in the day to day operations in this business. You need to train them adequately in maintaining records.
8. Arrange Finance if Needed
The cost of starting a Hospice business will vary as per the scale and location. However, approximately you must be prepared to invest in the tune $200,000 to $400,000 for a Medicare-certified Hospice agency.
Check with government agencies for grants and funding facilities. In the United States, both profit and nonprofit can receive donations from individuals and institutions. You can also pitch for private finance with your business plan
9. Choose the Right Software
Running a Hospice agency business requires a lot of documentation and record maintenance of patients. Talk to software vendors and select the right software. For accounting purposes, you can check our guide on Best Online Accounting Software for Small Business Owners.
10. Promote Your Hospice Business
Networking is extremely useful in promoting hospice business. Especially, create a relationship with the local medical community. Build relationships with doctors, hospitals, nursing homes and let them know about your services. Attend and conduct seminars and workshops in making people aware of hospice services.
Advertise in local newspaper, and magazines. Create a website and make your presence felt online. Also, make a profile on popular social media platforms and keep on posting activities of your hospice agency.
The demand for Hospice services is expected to grow in the coming years. Anyone who is committed to serving people with honesty can build a successful and profitable hospice business.