elderly care business

[PEERless]

Yeah, add a digit, there, Hak. My grandpa cost a fortune in his last few years.

 

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[Russ H]

add a digit, there, Hak. My grandpa cost a fortune in his last few years.

OMG, Your grandpa's independent living facility cost $10,000-20,000 A MONTH?!

Holy Schneikes!

Sheesh, was your grandpa last wish to live like a rock star or something?

-Russ H.

 

[BeingChewsie]

Thank you for everyone’s posts. but I think im not being clear enough. I am referring to business idea where people actually stay home b/c they either old, sick or both and cant or want to be at the hospital, so they stay home but they need someone to cook, clean, and take care of them. so that’s a service I want to provide for people who’s insurance will pay my company for providing a service. no physical location.

I would offer that your best bet would be to contact some of the elderly organizations in your area and ask them..or better yet contact insurance companies and ask them how to become a preffered provider, most of these people are on medicare so if you search the web I'm sure the info is out there by the government. You need to start an agency, get insured, become a legit company...and then market yourself. Look up home care agencies on the web..contact some of the franchised ones and inquire about how to get in on a franchise...even if you don't want to own a franchise they can tell you the process of getting clients and getting paid.

Here are a couple search terms I would try on the web: Medicare reimbursement elderly home care and insurance reimbursement home care.

You will still need some start-up money, primary costs will be floating the salaries of your nurses/caregivers until you get paid either by the insurance company, medicare or the family.

There is a ton of info and books out there about starting a homecare or nursing agency..search the web for great info.

Sue

 

[Bobo]

We've been through this twice. We had one parent with cancer and another with a bad heart and bad lungs so this is not hypothetical for us.

Insurance does not cover the care you refer to. You can hire someone to stay in the house, cook, do light housekeeping and monitor the meds for around $200/day in the market I'm familiar with.

Now this was in the case of someone on hospice care - nurse came twice/wk, home health assistant was there 24/7.

Insurance does not pay for this to my knowledge.

Actually, for everyone on the board figure on 50K/yr for the last few years of your life if you want to stay on your own beyond the time when you can care for yourself. Option 2: Marry someone much younger and don't piss them off.


Ok, I just realized that I peed on your parade without offering anything supportive... I hate people who do that.

There is a business like what you are talking about but it is funded by the patient or their caregivers and it is a wonderful thing to have as it takes pressure off the family - they can focus on the time they have rather than the exhausting task of caring for a love one who can't do it.

THe way you would advertise this is to talk to the hospice in your area, find out from them what THEY would want to see in such a service. Thier policy is not to recommend one service or another but guess what - they do.

Sadly, we had about 2 good ones to 9 bad ones. Your chalenge here is finding a cost effective labor force at a pricepoint that seniors can afford. In the next 10-20 years this is a growth area as the boomers get grayer. If I were you, I'd look for a gap in the market. I don't think it is by competing on price but on quality. Toward the end I was giving my father in law his shower, trimming his ear hair and taking care of him while crying when I simply had to get back to work because I hated leaving him with someone who i knew would not care for him like I did.

Old and sick kinda sucks - if you can get a business going that makes money and makes it easier then go for it because you'll be doing a helluva lot of good for people.

 

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[hakrjak]

Remember that Colorado Springs has a lower cost of living than where most of you guys live

I attended a charity auction at an independent living facility where folks live for about $2000 per month on friday night. "Independent" living is for people just about as healthy as you or I, and they get to live in a hotel room that would cost you about $350 a month to rent here if it didn't come with all the ammenities and fun activities....

Assisted living is much more expensive of course....

And when you end up in the full on "old folks home" it gets even worse, yes indeed.

- Hakrjak

 

[Russ H]

Hakrjak-

I must admit that I'm surprised one can find an assisted living facility for this cheap-- do they also bill out to medicare/social sec for additional personal funds? Any idea if they get federal or state assistance?

PEERless's $$$ are more in line w/someone who is in the hospital for at least part of each year (from our experience, at least).

Rep speed to Bobo for providing specifics-- that's kinda what my sm*rt*ss ("OMG!") remarks were angling towards:

If we're trying to assist newtothis in developing his/her plan, the more specifics we can offer, the better.

Our only experience has been w/hospice (they were amazing), but it's not the same thing, so I haven't volunteered any numbers.

-Russ H.

 

[Jill]

As a general rule, I think you will find that while there are good, decent, hardworking people out there who will take $10/hr they are incredibly hard to find because anyone that responsible is worth more than you can charge for a home health aid.

Not trying to be a killjoy, just think hard about 'workforce challenges'

Some workforce challenges we encountered:
Employees who got arrested while taking my packages to fedex (had to bail them out and get car from impound to mail shipments)
Employees who disappeared and could not be found for 6 months because they joined the army and it slipped their minds
Employees who were meth addicts (yes, we are naive, that is not the world we live in and just thought it odd that someone would work like mad for 12 hrs one day and sleep on the keyboard the next)

Not to hijack the thread... but Bobo speaks the truth. There few things more expensive than cheap labor!

It's just very hard to find someone working for $10/hr who is willing to execute many of the unpleasant tasks associate with this kind of work. It's really a calling, I think. The best ones we found were those who had previously been nurses or had themselves had a loved one in a similar situation. In fairness, though, the folks who stayed with my parents had free room and board in a beautiful custom home in one of the best neighborhoods in town. So that does change the math a bit. But that's not always going to be the case, of course.

 

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[RaisingWealth]

I think I may have seen a way to turn this idea around on it's head a little. Instead of providing services to the old folks by finding them home care providers you can provide service to people who want to become home care providers. Thinks like book-keeping or taking care of their advertising. You won't have to deal with employees because you don't have any, you won't have to worry about slow insurance payments because your clients (the home care providers) pay you for your services.

Advantages for Business Owner:
- Avoid dealing with end customer
- Strong niche market
- Indirectly providing services to elderly

Advantages to Home care provider:
- Less paperwork
- More time helping
- Less headaches



NOTE: I have absolutely no knowledge of this field but just wanted to provide a potential alternate perspective which may hold more opportunities then direct care.

 

[Jill]

...and the advantage to the client: reduced costs, due to cutting out the middle man!

 

[Bobo]

Y'know what - Jill is onto something (OK, I am biased and all but....)
The service usually 30-50% of the bill. If you could figure out a way to provide the backoffice for the caregivers then go looking to recruit caregivers it might just be a niche.

There are probably a good number of not quite as old and slightly more spry seniors, especially those who are alone, who would be interested in this type of work and good at it. Local churches, the bingo hall, word of mouth....

If you could do the legwork to figure out a 'kit' for such folks to be self-employed I don't think that niche is filled and you would not be limited to your town - an 800 number and a website and a meaningful service offering and you would be there.

Your website could offer a wealth of information - insurance info (and advertising dollars), a forum for caregivers to discuss problems (Old Randy keeps getting frisky when I bathe him - what to do?), health care articles...

Meanwhile the services you can provide: Payroll/accounting, billing, background checks, insurance, advertising/referrels (We get you a gig and you pay us $100 one time fee...)

The advantages here are interesting: with the help of a good atty you can avoid the liability insurance (which must be huge), you can be nationwide virtually with a $5/month Vonage 800 number.... If I were you I might start thinking in that direction and there is no reason you could not do both the service you originally mentioned as well as this.

Sometimes you find yourself asking "should I move the business this way or that way?" ...often the answer is "You bet!"

 

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[kurtyordy]

Why not put together a who's who catalog for a region? Pics and short bios of 500 or so providers including $/hour and experience, broken down by specialties. Then Frisky Randy or Grumpy Gertrude could shop for the caregiver they want weighing cost vs experience etc. Then you charge the caregiver x $'s to be listed. If you can get the old folks using it, I bet the caregivers would be willing to pay now that you your website has them all set to go as self employed folk.

 

[hakrjak]

Hakrjak-

I must admit that I'm surprised one can find an assisted living facility for this cheap-- do they also bill out to medicare/social sec for additional personal funds? Any idea if they get federal or state assistance?

Remember my quote is for Independent living, not assisted... That is higher. Independent living is for old people who are wealthy and can afford to be pampered with the activities and ammenities -- They drive, walk, play golf, etc... There is nothing to bill medicare for at this point in their lives. When they get to the level where they are placed in an assisted living, then sure -- maybe. Assisted livings are still highly underregulated by the government, so what goes on in them can really vary from place to place.

- Hakrjak

 

[Russ H]

Thanks for the clarification! This is an important distinction.

This is (obviously) an industry with which I have little to no familiarity. :smx4:

-Russ H.

 

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