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Home health care business plan for starting your own agency
Home healthcare is an $84 billion industry in the US alone and it is not going to slow down anytime soon. It covers both non-medical healthcare and skilled home health care, teams. Currently, the US has over 386,000 home health care businesses and employed more than 1.7 million people approx. But this home care agency business plan is not for everyone. It involves high stress and peer pressure in its environment.
If you have a strong desire and passion for helping others, this industry is very rewarding and you can earn a lot with compassion. If you are eager in starting a home health care business and you are raising funds, it is highly recommended to come up with a well-detailed home health care agency business plan.
Executive Summary
In this section, you need to explain all the basics of your homecare business model. Explain how much amount you want to raise for the growth of your home care agency business plan while presenting the expected operations and financials over the upcoming 3 years. For Example,
Wheatland Home Healthcare Agency (Your Company Name) is a Kansas-based home healthcare agency aimed to provide home health care agency business plan services to the targeted market.
The business
If you are wondering how to start a home care agency business plan, you first need to start with arranging for sophisticated medical equipment. Make a detailed list of all the business equipment you will have to arrange.
In addition, your company should also be licensed by your respective state and who will be your partners.
Management
When making a homecare business model, you should also include who will be the owner and main operator of the home care agency business plan. For example, Wheatland Home Health Care Agency will be based in Wilson County (the area) and owned by its operators and investors. The office will be managed in a lavish office space in Kansas.
Customers
Your customers are basically the families and individuals looking for social services and/or home health care. If you are asking how to get clients for non-medical home care business, you can generally ask attorneys, physicians, healthcare facilities and insurance companies who can refer those patients to you.
Business Target
Consider this example when writing a business plan for home health care.
“The company is expecting a home care agency business plan loan for five years from its investors. Later on, we will manage the cash flow to finance the growth without requiring additional debt. We are planning to have full sales on credit. Hence, we need proper cash in hand in the beginning to avoid any problems related to the cash flow.“
Company Summary
When setting up a care company, you need to explain how you are going to make a presence in the market. For example, “Our agency will be based on a central location of Kansas and provide different services to clients and patients coming from Wilson, Neodesha, and Labette Counties, within the radius of 90 miles of our corporate offices.”
Here, you need to define your company and goals when you start a home health agency. You may want to promote and market your business and make an online presence by starting a website.
Company Owner
As a limited liability company, Wheatland Home Healthcare Agency is going to be operated and owned by Ethan J. Peter (name of company owner).
Along with years of experience in healthcare industry, explain the specialization and qualification of the owner.
Why the home health care business is being started?
When making a non-medical home care business plan, explain what the inspiration behind starting a home health care business is. Do you have a strong desire to help people in need which drives you to make it your profession? Do you have years of experience working with a healthcare organization and want to start your own home care agency business?
How the home health care business will be started?
Since your company is being started, you will definitely need to address your funding matters and startup costs. In this sample business plan for home health care agency, we have listed the assets required for start-up, a breakdown of start-up expenses, total cash required, total funding, investment, capital, and other liabilities along with the startup cost diagram to illustrate the expected expenses, investment, assets, bank loans for the business plan, etc.
| Start-up Expenses | ||
| BUSINESS DEVELOPMENT | $0 | |
| Attorney Fees – Setting Up Limited Liability Company | $820 | |
| State of Kansas Home Health Agency License | $90 | |
| Medisoft Billing Program plus Support | $4 760 | |
| Professional Liability Insurance | $2 800 | |
| *Assuming 25% down of $12,000.00 | $0 | |
| Workman’s Comp Insurance Deposit | $410 | |
| Premises and Content Insurance Deposit | $210 | |
| *Assuming 25% down of $1200.00 | $0 | |
| Contract Retainer with PT/OT/ST | $504 | |
| Deposit plus First | $400 | |
| *Assuming $200.00/Month | $0 | |
| Phone Set Up (Excluding Phones) | $250 | |
| Utilities Deposit | $150 | |
| Post Office Box | $26 | |
| Inserted Row | $0 | |
| OFFICE EQUIPMENT | $0 | |
| 2 Computers (Fully Loaded) | $3 000 | |
| 4-in-1 Printer/Fax/Copier/Scanner | $750 | |
| QuickBooks Pro | $150 | |
| Phones | $290 | |
| Pager | $50 | |
| Inserted Row | $0 | |
| OFFICE SUPPLIES | $0 | |
| Stationary | $200 | |
| Business Cards | $150 | |
| Brochures | $150 | |
| Other Misc. Office Supplies | $450 | |
| Computer | $0 | |
| NURSING SUPPLIES | $1 950 | |
| TOTAL START-UP EXPENSES | $17 560 | |
| Start-up Assets | ||
| Cash Required | $41 900 | |
| Other Current Assets | $1 900 | |
| Long-term Assets | $0 | |
| TOTAL ASSETS | $43 800 | |
| Total Requirements | $61 360 | |
| START-UP FUNDING | ||
| Start-up Expenses to Fund | $17 560 | |
| Start-up Assets to Fund | $43 800 | |
| TOTAL FUNDING REQUIRED | $61 360 | |
| Assets | ||
| Non-cash Assets from Start-up | $2 900 | |
| Cash Requirements from Start-up | $41 002 | |
| Additional Cash Raised | $0 | |
| Cash Balance on Starting Date | $43 902 | |
| TOTAL ASSETS | $87 804 | |
| Liabilities and Capital | ||
| Liabilities | ||
| Current Borrowing | $0 | |
| Long-term Liabilities | $43 900 | |
| Accounts Payable (Outstanding Bills) | $0 | |
| Other Current Liabilities (interest-free) | $0 | |
| TOTAL LIABILITIES | $43 900 | |
| Capital | ||
| Planned Investment | ||
| Elizabeth Patzer | $20 000 | |
| Investor | $0 | |
| Additional Investment Requirement | $0 | |
| TOTAL PLANNED INVESTMENT | $20 000 | |
| Loss at Start-up (Start-up Expenses) | ($23 904) | |
| TOTAL CAPITAL | ($43 904) | |
| TOTAL CAPITAL AND LIABILITIES | $87 804 | |
| Total Funding | $70 000 | |
Services for Customers
The home health care agency’s business plan should be aimed to help people with special needs as well as elderly in their daily activities and providing all the living help at the home. The company should also retain a skilled team of healthcare professionals, in case any specific treatment is required or in an emergency.
Along with at-home facilities, your company should also provide facilities to take them out if they are not able to drive their car. In this section of a home care business plan, you need to describe the services you have planned to offer.
As a home care agency business plan, you should ensure that all your clients/patients have been treated well. The following services should be provided by specialized health care nurses, physicians, mental health counselors, physical therapists, chiropractors, rehab counselors, and other professionals who are well versed in providing valuable services. Your non-medical home care agency business plan should include the following services –
- Nursing Aide
- Skilled Nursing
- Social Work
- Personal Injury Case Management
- Physical, Occupational, and Speech Therapy
- Personal Assistance Services
- Home Medication Management
Note
When creating a business plan for home health care agency, you may also want to provide resource linkage, assessment, planning, and reporting services for injury case management.
Marketing Analysis of Home Health Care Business
When raising funds, the best thing you can have is a foolproof business plan for home care agency to stand out in the competition and market your home care agency business. It goes without saying that home health care is a growing industry on both the national and international levels. If your community has become an over-saturated market with a lot of home health care services out there, you must have a lot of competition to face.
However, a strong marketing analysis on home care services business plan can save you and drive you to penetrate the market in the short term. You need to figure out the weak point of your competitors and make proper marketing strategies.
For better insight, consider the following home health care business plan example in this segment.
The Wheatland Home Health Care Agency’s customer base would generally consist of patients who are referred by health care facilities, physicians, and other professionals in the industry. Only a small percentage of patients will be covered by any private insurance company because most of them will be insured by Medicare.
For the Personal Injury Case Management part of our business plan for domiciliary care agency, the customer base generally includes the patients who have been injured in any kind of accident or in the job. These patients will usually get referred from lawyers looking for case management services for them or insurance providers seeking help to mitigate the loss of their clients and injuries.
Franchise Business Planning
Market Trends
The target customers of personal injury case management, as well as home health care agency business plans, usually don’t do comparison shopping directly. They usually prefer the health care providers who are referred by their physicians.
When it comes to assessing competition in the field of home health care, the most vital aspect here is consulting with other professionals and asking them to refer their clients to your agency. For doing this, your agency should provide the best patient care and showcase professional business management and organization, and pertinent and current qualifications. It will help you to capture most of the personal injury case management and home healthcare market in your respective area.
Marketing Segmentation
The target market for home health care business should be an aging population who prefer to stay in their homes most of the time and go out mostly for seeing doctors instead of being admitted to a nursing home. Your target market should cover especially the patients who are aging and need proper health care services from a well-trained nursing team. They may also call for other home care services like social work, to gather important resources from the community.
| Market Analysis | |||||||
| Potential Customers | Growth | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 | CAGR |
| HHC – Medicare Patients | 10% | 100 | 110 | 121 | 133 | 146 | 9,92% |
| HHC – Medicaid and Private Insurance Patients | 10% | 25 | 28 | 31 | 34 | 37 | 10,30% |
| PICM Patients | 30% | 12 | 16 | 21 | 27 | 35 | 30,68% |
| Total | 12,31% | 137 | 154 | 173 | 194 | 218 | 12,31% |
Next up, you may want to target the people who need personal injury case management solutions. You can help them in dealing with financial, medical, and work-related issues.
Business Target
Since you are specialized in community-oriented services and home health care services, your target should be the segments where your services are needed the most. By working for those market segments, which need home care services only, you can save overhead expenses significantly, as you will not have to set up another office space.
Product Pricing
When acquiring home health care services, trust is the major aspect for both referring professionals and customers. They should have faith in your home care service for reliability, professionalism, and quality.
The customer’s choices do not get affected with the pricing of your services. A lot of those services are covered under Medicaid, Medicare, and private insurance providers and the rates are set by them.
Pricing is a very determining factor for personal injury case management. It varies from case to case and is paid on an hourly basis, which is subject to negotiation. When it comes to providing personal injury case management, the pricing would be estimated on the total time required for the client.
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Home Health Care Marketing Strategy
So you have developed a full-fledged domiciliary care agency business plan and go through all the complex processes of Medicare and state certificate. You have also recruited experienced professionals.
The next thing to consider in a free business plan for home health care agency is the way to attract clients. This is where you need proper marketing strategies to ensure success.
Competitive Analysis
In this free home health care agency business plan, we will start with your competitive edge. If you have learned a lot of daily administrative duties and have experience in home care agency business plan, you can make it successful. Your reputation can help you build a solid client base even before starting your home care agency business plan.
Sales Strategy
Here, you need to provide the best patient service and ensure complete satisfaction from referring to healthcare facilities and physicians.
Sales Monthly
This part should contain your projected monthly sales in home care agency business.
Sales Yearly
Define annual projected sales from your home care agency business for three years in this section.
Sales Forecast
It reflects the conservative average of your patients during the first year along with modest year-by-year rise. It should be based on the total patients you are seeing currently in your home health care business.
| Sales Forecast | |||
| Sales | Year 1 | Year 2 | Year 3 |
| Home Health Care Sales | $424 000 | $466 400 | $513 040 |
| Personal Injury Case Management Sales | $18 900 | $19 656 | $20 442 |
| TOTAL SALES | $442 900 | $486 056 | $533 482 |
| Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
| Home Health Care Sales | $21 721 | $21 000 | $22 000 |
| Personal Injury Case Management Sales | $2 410 | $2 500 | $2 600 |
| Subtotal Direct Cost of Sales | $24 131 | $23 500 | $24 600 |
Personnel plan
In this sample business plan for home care agency, the following points should explain your staff requirements, benefits, and costs needed to hire them. You should also consider the cost of living of employees without affecting your administration. Project the growth of the client base without any impact on payroll because of increased working hours.
Company Staff
In this part of home health care agency business plan free, explain the number of employees as well as who will be hired for what services and for how many hours.
Average Salary of Employees
This part should contain the breakdown of an average salary of each employee in your organization for the next three years.
| Personnel Plan | |||
| Year 1 | Year 2 | Year 3 | |
| Administrative Director – MSW/MPA | $0 | $0 | $0 |
| Clinical Director – Kellene Walker, RN | $51 000 | $53 550 | $56 228 |
| Administrative Assistant | $17 600 | $18 480 | $19 404 |
| Skilled Nurse | $19 400 | $20 370 | $21 389 |
| Nurses Aide | $9 900 | $10 395 | $10 915 |
| Social Worker | $7 450 | $7 823 | $8 214 |
| Total Salaries | $105 350 | $110 618 | $116 148 |
Financial Plan
As discussed, you may want to use your cash flow to finance your growth. It will ensure slow but steady growth. The collection of dues plays a very vital role in non-medical home care business profits. The services will be mainly reimbursed by insurance providers.
Important Assumptions
The assumptions table showcases major annual assumptions based on tax rates, interest rates as well as staff requirements. For example, we assume no major recession and strong economy, as well as no major and unexpected change in federal policy.
| General Assumptions | |||
| Year 1 | Year 2 | Year 3 | |
| Plan Month | 1 | 2 | 3 |
| Current Interest Rate | 9,00% | 9,00% | 9,00% |
| Long-term Interest Rate | 7,00% | 7,00% | 7,00% |
| Tax Rate | 29,00% | 29,00% | 29,00% |
| Other | 0 | 0 | 0 |
Brake-even Analysis
In a home health care agency business plan, the brake-even analysis is based on Average Variable cost (per unit) and fixed monthly costs.
| Brake-Even Analysis | ||
| Monthly Units Break-even Assumptions | $ 17 500 | |
| Average Percent Variable Cost | 7% | |
| Estimated Monthly Fixed Cost | $17 100 | |
Projected Profit and Loss
You need to project the overall profit and loss, with sales, rise over the next three years and profits should be notable in the beginning. Also, project your expenses and primary costs in providing services on a monthly and annual basis.
| Pro Forma Profit And Loss | |||
| Year 1 | Year 2 | Year 3 | |
| Sales | $442 900 | $486 056 | $533 482 |
| Direct Cost of Sales | $24 131 | $23 500 | $24 600 |
| Other Costs of Sales | $0 | $0 | $0 |
| TOTAL COST OF SALES | $24 131 | $23 500 | $24 600 |
| Gross Profit | $418 769 | $462 556 | $508 882 |
| Gross Margin % | 94,55% | 95,17% | 95,39% |
| Expenses | |||
| Payroll | $105 350 | $110 618 | $116 148 |
| Payroll Taxes | $ 26 928 | $ 27 381 | $ 27 860 |
| Depreciation | $ 0 | $ 0 | $ 0 |
| Rent | $ 2 160 | $ 3 240 | $ 3 240 |
| Heat and Lights | $ 1 620 | $ 1 620 | $ 1 620 |
| Phone | $ 2 700 | $ 2 700 | $ 2 700 |
| Cell Phones | $ 1 620 | $ 1 620 | $ 1 620 |
| Water and Garbage | $ 540 | $ 540 | $ 540 |
| Internet Access | $ 270 | $ 270 | $ 270 |
| Professional Liability Insurance | $ 8 100 | $ 10 800 | $ 10 800 |
| Workman’s Comp Insurance | $ 540 | $ 540 | $ 540 |
| Premises and Content Insurance | $ 540 | $ 540 | $ 540 |
| Advertising and Marketing | $ 1 080 | $ 1 080 | $ 1 080 |
| Meals and Entertainment | $ 540 | $ 540 | $ 540 |
| Professional Development | $ 1 080 | $ 1 080 | $ 1 080 |
| Office Equipment and Supplies | $ 4 320 | $ 4 320 | $ 4 320 |
| Contracted Therapists: OT/PT/ST | $ 17 550 | $ 17 550 | $ 17 550 |
| Nursing Supplies | $ 10 800 | $ 10 800 | $ 10 800 |
| Total Operating Expenses | $ 185 738 | $ 195 238 | $ 201 249 |
| Profit Before Interest and Taxes | $ 233 031 | $ 267 318 | $ 307 633 |
| EBITDA | $ 233 031 | $ 267 318 | $ 307 633 |
| Interest Expense | $ 3 900 | $ 3 900 | $ 3 900 |
| Taxes Incurred | $ 45 826 | $ 52 684 | $ 60 747 |
| Net Profit | $ 183 305 | $ 210 734 | $ 242 987 |
| Net Profit/Sales | 41,39% | 43,36% | 45,55% |
Profit Monthly
In this section, you need to show the detailed overview of your monthly profits for the 12 months in the next 3 years.
Profit Yearly
Your investors may also want to know the annual profits your business can make. It will also help you determine the estimate annual profits for the next 3 years
Gross Margin Monthly
You need to show up your gross margin on monthly basis in your home health care agency business plan.
Gross Margin Yearly
For this section, you can mentkon the annual gross margin you are expecting for the next 3 years.
Projected Cash Flow
It should show annual amounts, which are important to your home care agency business plan success. The following table represents cash flow on monthly basis.
| Pro Forma Cash Flow | |||
| YEAR 1 | YEAR 2 | YEAR 3 | |
| Cash Received | |||
| Cash from Operations | |||
| Cash Sales | $0 | $0 | $0 |
| Cash from Receivables | $341 293 | $470 096 | $521 854 |
| SUBTOTAL CASH FROM OPERATIONS | $ 341 293 | $ 470 096 | $ 521 854 |
| Additional Cash Received | |||
| Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
| New Current Borrowing | $0 | $0 | $0 |
| New Other Liabilities (interest-free) | $0 | $0 | $0 |
| New Long-term Liabilities | $0 | $0 | $0 |
| Sales of Other Current Assets | $0 | $0 | $0 |
| Sales of Long-term Assets | $0 | $0 | $0 |
| New Investment Received | $0 | $0 | $0 |
| SUBTOTAL CASH RECEIVED | $ 341 293 | $ 470 096 | $ 521 854 |
| Expenditures | Year 1 | Year 2 | Year 3 |
| Expenditures from Operations | |||
| Cash Spending | $109 343 | $118 322 | $121 870 |
| Bill Payments | $161 040 | $196 683 | $208 739 |
| SUBTOTAL SPENT ON OPERATIONS | $ 270 383 | $ 315 006 | $ 330 608 |
| Additional Cash Spent | |||
| Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
| Principal Repayment of Current Borrowing | $0 | $0 | $0 |
| Other Liabilities Principal Repayment | $0 | $0 | $0 |
| Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
| Purchase Other Current Assets | $0 | $0 | $0 |
| Purchase Long-term Assets | $0 | $0 | $0 |
| Dividends | $0 | $0 | $0 |
| SUBTOTAL CASH SPENT | $270 383 | $315 006 | $330 608 |
| Net Cash Flow | $70 910 | $155 091 | $191 246 |
| Cash Balance | $ 115 509 | $ 270 600 | $ 461 846 |
Projected Balance Sheet
The projected balance sheet of your home care business should show sufficient net worth growth and healthy financial state.
| Pro Forma Balance Sheet | |||
| Year 1 | Year 2 | Year 3 | |
| Assets | |||
| Current Assets | |||
| Cash | $115 509 | $270 600 | $461 846 |
| Accounts Receivable | $91 647 | $101 624 | $112 843 |
| Other Current Assets | $3 500 | $3 500 | $3 500 |
| TOTAL CURRENT ASSETS | $210 656 | $375 724 | $578 189 |
| Long-term Assets | |||
| Long-term Assets | $0 | $0 | $0 |
| Accumulated Depreciation | $0 | $0 | $0 |
| TOTAL LONG-TERM ASSETS | $0 | $0 | $0 |
| TOTAL ASSETS | $210 656 | $375 724 | $578 189 |
| Liabilities and Capital | Year 1 | Year 2 | Year 3 |
| Current Liabilities | |||
| Accounts Payable | $18 248 | $15 979 | $17 262 |
| Current Borrowing | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 |
| SUBTOTAL CURRENT LIABILITIES | $18 248 | $15 979 | $17 262 |
| Long-term Liabilities | $50 000 | $50 000 | $50 000 |
| TOTAL LIABILITIES | $68 248 | $65 979 | $67 262 |
| Paid-in Capital | $20 000 | $20 000 | $20 000 |
| Retained Earnings | ($21 901) | $122 408 | $289 745 |
| Earnings | $144 309 | $167 337 | $201 182 |
| TOTAL CAPITAL | $142 408 | $309 745 | $510 927 |
| TOTAL LIABILITIES AND CAPITAL | $210 656 | $375 724 | $578 189 |
| Net Worth | $142 408 | $309 745 | $510 927 |
Business Ratios
The projected business ratios should be based in comparison with home health care standards. Expect to have healthy ratios for risk, profitability, and returns.
| Ratio Analysis | ||||
| Year 1 | Year 2 | Year 3 | INDUSTRY PROFILE | |
| Sales Growth | 0,00% | 10,89% | 11,04% | 3,71% |
| Percent of Total Assets | ||||
| Accounts Receivable | 43,51% | 27,05% | 19,52% | 21,90% |
| Other Current Assets | 1,66% | 0,93% | 0,61% | 45,48% |
| Total Current Assets | 100,00% | 100,00% | 100,00% | 69,58% |
| Long-term Assets | 0,00% | 0,00% | 0,00% | 30,42% |
| TOTAL ASSETS | 100,00% | 100,00% | 100,00% | 100,00% |
| Current Liabilities | 8,66% | 4,25% | 2,99% | 35,62% |
| Long-term Liabilities | 23,74% | 13,31% | 8,65% | 21,27% |
| Total Liabilities | 32,40% | 17,56% | 11,63% | 56,89% |
| NET WORTH | 67,60% | 82,44% | 88,37% | 43,11% |
| Percent of Sales | ||||
| Sales | 100,00% | 100,00% | 100,00% | 100,00% |
| Gross Margin | 94,43% | 94,86% | 95,26% | 100,00% |
| Selling, General & Administrative Expenses | 63,87% | 67,34% | 66,75% | 85,34% |
| Advertising Expenses | 0,00% | 0,00% | 0,00% | 0,70% |
| Profit Before Interest and Taxes | 48,54% | 50,63% | 54,66% | 0,35% |
| Main Ratios | ||||
| Current | 11,54 | 23,51 | 33,49 | 1,52 |
| Quick | 11,54 | 23,51 | 33,49 | 1,2 |
| Total Debt to Total Assets | 32,40% | 17,56% | 11,63% | 62,84% |
| Pre-tax Return on Net Worth | 144,76% | 77,18% | 56,25% | 1,09% |
| Pre-tax Return on Assets | 97,86% | 63,62% | 49,71% | 2,93% |
| Additional Ratios | Year 1 | Year 2 | Year 3 | |
| Net Profit Margin | 33,33% | 34,86% | 37,74% | NA |
| Return on Equity | 101,33% | 54,02% | 39,38% | NA |
| Activity Ratios | ||||
| Accounts Receivable Turnover | 4,72 | 4,72 | 4,72 | NA |
| Collection Days | 57 | 73 | 73 | NA |
| Accounts Payable Turnover | 9,83 | 12,17 | 12,17 | NA |
| Payment Days | 27 | 32 | 29 | NA |
| Total Asset Turnover | 2,06 | 1,28 | 0,92 | NA |
| Debt Ratios | ||||
| Debt to Net Worth | 0,48 | 0,21 | 0,13 | NA |
| Current Liab. to Liab. | 0,27 | 0,24 | 0,26 | NA |
| Liquidity Ratios | ||||
| Net Working Capital | $ 192 408 | $ 359 745 | $ 560 927 | NA |
| Interest Coverage | 52,54 | 60,76 | 72,85 | NA |
| Additional Ratios | ||||
| Assets to Sales | 0,49 | 0,78 | 1,08 | NA |
| Current Debt/Total Assets | 9% | 4% | 3% | NA |
| Acid Test | 6,52 | 17,15 | 26,96 | NA |
| Sales/Net Worth | 304% | 155% | 104% | NA |
| Dividend Payout | 0 | 0 | 0 | NA |
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