Thinking about opening a hospice services business? We tell you what you need to know to get started.
Hospice and palliative care providers ease the end of life process for patients and families. Once an underserved segment of the healthcare industry, more and more hospice service businesses are arising to keep pace with the aging U.S. population.
Motivation is an important factor in the success of a hospice services business startup. Hospice providers are true professionals whose dedication to patient care far outweighs their motivation for profit. Hospice services can be profitable, but your primary concern must always be the quality of care that is being provided to your patients.
Hospice service can be provided in either a residential or visiting hospice setting. For most startups, in-house hospice care is preferable to a residential care environment because it eliminates the capital and licensing requirements associated with a first-rate facility.
Hospice workers are tasked with providing a broad range of services to their clients. Counseling and advisory services are typical job functions, but hospice providers may also be tasked with coordinating the services of medical professionals and religious leaders for pain management, medical care, and spiritual guidance.
The most successful hospice care providers are brilliant networkers who have existing relationships within the medical and religious communities Although your network will expand as your hospice service grows, it's beneficial to be familiar with the major players in your community before you launch your business.
Startup owners should also realize that hospice care is strictly regulated. Staff licensing and certifications are mandatory, so you will need to research applicable state and federal regulations. For more information about the requirements for nursery and caregivers, contact the National Board for Certification of Hospice & Palliative Care Nurses.
How to Draft a Hospice Services Company Business Plan
We know - writing a business plan can be a daunting task for a new entrepreneur.
But here's the good news: With a few tips, any entrepreneur can create a successful plan for their business. In its simplest form, a business plan is a document that describes your company's goals and your strategy for achieving them.
Once your business plan is in place, you can use it for a variety of funding and planning functions.
If you still aren't sure where to begin, consider taking a look at several sample business plans to get the creative juices flowing.
Look Over the Competition
Before you open a hospice services business in your town, it's a smart move to find out how you will fit in the competitive landscape. We've provided the link below to help you generate a list of competitors in your area. Just enter your city, state and zip code to get a list of hospice services businesses in your community.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
If you want to open a hospice services business the next step is to learn as much as you can from somebody who is already in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
On the other hand, an individual who has a hospice services business outside of your community can be a great learning resource for you, provided that you won't be directly competing with them. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
What's the best way to find an entrepreneur who is running a hospice services business in another community?
It's easy. Here's a link you can use to find a mentor outside of your area.
How to Buy a Hospice Services Business
Many experts advise against starting a hospice services business if you can buy an established operation. But as a hospice services business buyer, you'll quickly discover that a business purchase isn't completely hassle-free.
Buying a business can be just as complex as starting one. For most prospective business buyers, the first step is to contact a business broker.
Business brokers specialize in helping buyers locate profitable hospice services business opportunities. They are also adept at guiding you through the purchase process so you can avoid the mistakes that are commonly made by first-time hospice services business owners.
Don't Rule Out Franchising
The probabilities on your making a success of your new business are higher if you opt for franchising rather than going it alone.
Prior to starting a hospice services business, it's worthwhile to check out whether franchise opportunities in your space might make sense for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you sell to hospice services businesses, this isn't the right place for you. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.