With the baby boomers aging, the need for nursing homes is growing. If you are considering starting an assisted living facility for the elderly, you want to make sure you get your business off to the right start. Establishing the business is so times more complicated that securing a customer base.
- Organize your business. First, you need to get a business plan in place. Decide whether you want to run your facility as a corporation, limited liability company or limited liability partnership. You may want to consult an attorney for advice on structuring.
- Apply for a business license. Next, you need to get a business license, so you can legally operate.
- Register your business. Make sure your business is complying with all healthcare facility regulations. You will need to register with your state department of health.
- Purchase insurance. Research nursing home insurance cost. Coverage will vary depending on the services you offer.
- Apply to Medicare. You want to become a participating provider. Receiving insurance reimbursement will help offset you own business nursing home insurance cost.
- Hire staff. You will most likely want to hire registered nurses and licensed practical nurses. Some of these individuals might be able to offer other services such as physical therapy.
There is a lot to think about when starting a new business. Nursing homes are regulated more heavily because they relate to healthcare.