I’m considering purchasing a home health care business. This is an existing business. This would be a new industry to me. I’d love to have a conversation with someone who is in this industry, or has knowledge of this industry. Specific questions include how any recent legislation or licensing requirements might impact the future of this industry. Also questions regarding financial stability within the industry- will insurance companies make life too difficult for “the little guys” in this industry? Admittedly, I am just beginning to explore this business/industry as a possibility and can see assessing it will be much more involved than others. Thanks for any thoughts/input!
Answers
I've added a section with links to SDVOSB/VOSB financing & counseling to my EE webpage:
http://eehot.com/ee.html#vosb
Other funding listed under
http://eehot.com/ee.html#resumes :
https://campaigns.aarp.org/be-your-own-boss
https://www.fundera.com/business-loans/guides/veteran-business-loans
Under http://eehot.com/ee.html#gjobs :
Thanks for your question, Terry. Great comments Sophia and Joe. Since you are new to the Health Insurance industry, I would definitely add 1-month of training as a contingency in your purchase agreement. During that time, I would get to know the trainer, really delve into what some of the challenges have been. He/she may feel more comfortable opening up now that the pressure to sell is off his/her mind. Good Luck!
Hello Terry. You were hitting on many of the business startup issues, like location, so I think you are good on the entrepreneurial front. Put together a business plan. It will force you to address issues you might not think of at first.
I do not have experience in that industry. I would recommend driving to some similar business, that would NOT be a competitor. Maybe there is one in the next town for example. I would drop by, and try to speak to to the owner. Politely introduce yourself, say you are thinking of getting into the same business, emphasize NOT as a competitor, and ask if they could answer a quick question or two. Most people, will give you 5 minutes of their time if you are respectful. They may need to keep it short, to only a few minutes, but now you have met them and they probably would suggest a time for a followup call/meeting that would be better for them. If not, ask if there is a good time to talk for a few minutes. Keep the first meeting to one or two questions. If things go well, you may have a mentor!
I know most people would suggest call first, as just showing up is risking the person you want to talk to will not be there. True. But phone calls are easy to avoid, and face to face, you will get better info. Also, by being at the business, you might get ideas, see something unexpected, or talk with others. Look at being there as a great learning experience and opportunity.
Good Luck
Joe
Hi Terry,
Thank you for your question! My advice would be to search on Google and LinkedIn for others working in the home health care business in your area. I would also try and connect with those individuals to see if you can set up some networking calls or informational interviews.
We also have a Community feature that would allow you to connect with Advisors on ACP AdvisorNet. You can refine by expertise, in this case, potentially small business and healthcare, and zip code as well.
Here are a couple of links to organizations or resources in Oregon that might be able to provide some more information about licensing and certifications:
https://www.oahc.org/
https://www.certifiedhomecareconsulting.com/start-a-home-care-business-in-oregon/
https://www.homecarelicense.com/home-care-license-in-oregon/
https://www.oregon.gov/oha/PH/PROVIDERPARTNERRESOURCES/HEALTHCAREPROVIDERSFACILITIES/HEALTHCAREHEALTHCAREREGULATIONQUALITYIMPROVEMENT/Documents/IHCInitialAgencyPacket.pdf
Hope this is helpful!
Best,
Sophia
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