Home health agencies can provide skilled or non-skilled care. Skilled care requires the skills of a licensed professional, such as a nurse or therapist. Non-skilled care is custodial or personal in nature, encompassing assistance with Activities of Daily Living (ADLs) such as bathing, grooming, eating and toileting, and/or Instrumental Activities of Daily Living (IADLs) like using the telephone, cooking, housekeeping and marketing. This last category represents activities that individuals need to perform in order to maintain independent living. As expected, third party payors such as Medicare and health insurance generally cover skilled care when the individual meets eligibility criteria established by the insurer; these services are usually needed on a short-term or sporadic basis. However, aging and societal trends point to a great need in Personal Care.
Thanks to modern medicine, individuals are living longer and families are less able to provide the required care for elderly or incapacitated family members. Paid caregivers are becoming the norm and we believe our society has relaxed the social stigma formerly associated with hiring someone to care for Mom or Grandma.
As you consider a potential long-term care business, start by considering your interests. Do you feel called to provide medical or therapeutic care? Or does the aspect of lending personal care appeal to you? What is your background? Skilled agencies require clinical leadership; is this something you can provide yourself or at a reasonable cost?
During this five-part series, we will explore some key aspects of your venture so that you can make a more informed decision. Please note that the information in this blog series cannot replace competent legal, financial and business advice.
Tomorrow, we’ll explore the various business models in the State of Florida.