Nursing Home Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Nursing Home Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Nursing Home business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Nursing homes are one of the oldest types of businesses operated within the United States. These companies provide a comfortable and caring atmosphere for elderly people as well as people have ongoing medical issues that require round-the-clock medical attention. These companies are almost always able to remain profitable and cash flow positive in economic in any economic climate given that their services are in demand whether the economy is doing well or whether it is doing poorly. Most importantly, many nursing homes receive their payments directly from publicly funded health systems, private insurance, co-pays, as well as patients that pay out-of-pocket for the services. The barriers to entry for new nursing home are considered relatively high given the substantial amount of startup costs and licensure associate with these businesses. Generally, a new nursing home requires about $1 million-$5 million of investment in order to launch their operations. It should be immediately noted that most nursing homes are able to receive funding from banks given that there is a substantial amount of real estate acquired along with furniture, fixtures, and equipment. The operating costs of a nursing home are considered extremely high given the substantial amount of healthcare staff required to be on-site at all times.
For entrepreneurs that are looking to start a new nursing home, a business plan is almost always required. This type of documentation is not only required for raising capital but also among entities that issue licenses in order for a business to operate a nursing home. Within this document, a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratio page should be included and developed in order to properly show the number of residents, monthly fees charged to residents, and underlying operating expenses. Beyond the financial model, a full analysis regarding the nursing home industry, population size, population density, mean age, median household income, median family income, and the number of people needing nursing home services in any market should also be thoroughly discussed.
As it relates to the nursing home marketing plan, a plan that focuses substantially on developing ongoing referral relationships from physicians, hospitals, assisted-living facilities, and in-home healthcare agencies should be discussed. It is of special importance that a nursing home developed referral relationships with with a physician given that many times these services need to be ordered by a doctor in order for insurance to cover the cost. Beyond these referral relationships, and expansive online presence should also be maintained. The nursing homes website should feature information about monthly cost, services offered, how to enroll in the company services, and other related information. Beyond the online marketing campaign, and expansive print marketing campaign needs to be carried out as well. Many times – given the expense – a third-party advertising agency and marketing firm will be hired to develop and place advertisements for the nursing home on behalf of the business.
Once the business plan and marketing plan have been completed, a nursing home SWOT analysis should also be developed. This document focuses heavily on the nursing homes strengths, weaknesses, opportunities, and threats. As it relates to strengths, nursing homes are very economically viable businesses given that they are able to generate highly predictable streams of revenue on a monthly basis while concurrently billing private insurance and publicly funded health systems for their services. All nursing homes are able to request reimbursement from Medicare and Medicaid. For weaknesses, these businesses have extremely high operating costs that must be monitored at all times. There are a number of medical professionals that need to be on staff in order to properly render services to patients and clients. For opportunities, many operators of nursing homes will to develop additional facilities once their initial facility has reached 100% occupancy. Additionally, specialized services can be offered in order to boost boost to the revenues of the initial nursing home. As it relates the threats, these businesses are highly subject to changes in government policy regarding reimbursement. Approximately 85% of all revenues generated by nursing homes are paid for by the federal government through the Medicare and Medicaid programs. As such, changes to regulation need to be monitored closely in order to adjust in the event of a reimbursement reduction.