Uncertain economic times and dwindling retirement accounts sometimes lure individuals to pursue entrepreneurial ventures. The motivations range from wanting to exert more control over one’s future and finances as well as serving people in need to the challenge of delivering high quality health care while lowering overall system costs. Whatever the allure, various business structures exist to meet the urge to be self-employed in Florida:
- Home health agencies providing skilled care – These agencies provide nursing care and rehabilitative therapy, are required to be accredited and are the only agency type that can bill for Medicare beneficiaries. A new agency can take from nine months to a year to become fully operational.
- Home health agencies providing non-skilled care – These organizations (which are sometimes called private duty agencies) provide assistance with personal care and activities of daily living, such as bathing, dressing, eating, toileting and ambulating. No accreditation is required in Florida for non-skilled home health agencies, and these agencies have an estimated six-month start-up period.
- Nurse registries – These companies musts provide all care via independent contractors and can provide nursing care as well as personal care services, but cannot provide therapies or bill Medicare for services. Generally speaking, these organizations have lower capital requirements than home health agencies and can be operational in approximately four to five months.
- Homemaker/Companion services – These organizations are subject to the least number of regulations and provide homemaking services, such as cleaning and laundry, as well as companion care. This type of business can be operational in about six weeks.
Home health care has gone from an afterthought of the health care industry to its rightful place as a solid vehicle to lower healthcare costs, reduce re-admissions, improve patient care and preserve the independence of our country’s elderly. Given the demographic and economic factors in our society, these types of business can also provide a stable income stream.
Click here to read some facts that support a long-term care related business venture in today’s environment.
Call our office today to learn more about starting a long-term care business.