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If the recent global COVID-19 pandemic has taught us one thing, is that we need to adapt to a new way of living. Whilst all of us who are able-bodied did not have to worry much except being stuck bored at home, the home healthcare industry has stepped up to care for those who can’t do it themselves. Thus, while most businesses struggle to stay afloat during the pandemic, the home health care business was experiencing difficulties in meeting high demands. Although we are not yet at the end of our battle with the deadly virus, one thing is for certain, that home health care is here to stay. As demand increases, many people are beginning to see a bright opportunity in-home care franchising. But is there any profit to start home health agency in your area? Let us look at why you should start a home health agency today!
Why you should start a home health agency
The profit that you gain from starting a home health agency is wholesome and abundant. We’re not just talking about monetary profits, but also satisfaction in helping out a community of people who aren’t able to take care of themselves. However, a business is still a business, and it will be unsustainable if you neglect the monetary profits.
Profits in home care agency
Now, let’s roughly walk through your future home care agency. When you get a new patient, chances are they are private paying clients. At the same time, you can also search for opportunities to work with local VA programs or Medicaid waiver programs. To determine your new patient’s plan of care, a client assessment will be carried out and the hourly rate is determined for the type of care. The usual rate is between $16 to $19 or $18 to $22 for more personal care services that require touching. Your hourly rate can also vary depending on your location.
Imagine your new patient requires 15 hours a week of care on a $20 per hour rate while your employee costs $10 an hour. This means that by the end of your patient’s 15 hour week, your agency would already have made a profit of $150 a week, or at least $600 a month. Now, imagine you have more patients with even more hours, your profits will be much higher once your business grows. Even 10 more of the same clients will bring you $6,000 in profits a month!
Franchise your home care agency
You might find it daunting to start your home care agency from scratch. Thankfully, you can leave the nitty-gritty to experts like Nurse Next Door home care services who’ve helped more than 200 franchise partners kickstart their home care business. If you want to start your business and begin helping your community fast, a home care agency franchise is your best answer.
Other profits in home care agency
Besides monetary profits, starting a home care agency is also abundant in other wholesome rewards and satisfactions. After all, you are in a business that cares for people who are in need. You are not just providing a more comfortable life for your patients, but also peace of mind to their families who might not have the means to take care of them in the first place. Overall, home care is a great way to earn money while doing something meaningful and with great purpose.
Recession resilient industry
As you can see with the recent pandemic, the home health care industry is here to stay. In fact, the industry has significantly grown because of this new way of living, and demand has also increased as home care services have also expanded to care for COVID-19 patients. This coupled with the fact that the ageing population is significantly growing and we need more hands to care for them.
As we can already see, the future of the home health care industry is here, and it will continue to grow. According to research, the number of Americans 65 years old and above would have doubled by 2050. If you start home health agency today, you can establish your business and be ready to receive this expected peak in the industry. We’ve already seen how a shortage or unreadiness of the industry to meet current high demands have impacted the lives of many patients, and we should do our part to make the necessary preparations. Start home health agency today and start saving lives.