health service business plan

Home Health Care Business Plan Template

Written by Dave Lavinsky

Home Health Care Business Plan

You’ve come to the right place to create your Home Health Care business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their home health care businesses.

Home Care Business Plan Example

Below is a template to help you create each section of your home health agency business plan.

Executive Summary

Business overview.

St. Helen’s Home Care is a new home healthcare business that serves the aging population of Austin, Texas. As individuals age, they are more susceptible to diseases and other conditions and need extra help to receive health care. However, many individuals wish to receive care in the comfort of their homes instead of going to a nursing home or hospital. St. Helen’s will provide this population with the care they need without them needing to travel. Our nursing services include physical therapy, skilled nursing care and other healthcare services that can be conducted in the home. We also provide warmth, compassion, and companionship to create lasting relationships with our clients.

St. Helen’s Home Care is run by Helen Parker, who has been a nurse for twenty years. She has specialized in working with aging populations and has extensive knowledge of the common conditions and needs of this age group. Her experience and connections have helped her find other medical professionals who want to join our company. Furthermore, she was able to establish an initial client base from the list of patients she has been helping for years.

Services Offered

St. Helen’s Home Care offers a variety of home health care services that serve the aging population of Austin, Texas. These services include but are not limited to:

• Physical therapy
• Occupational therapy
• Speech-language therapy
• Skilled Nursing Services
• Personal care and housekeeping

Customer Focus

St. Helen’s Home Care will serve the aging population of Austin, Texas, primarily residents over the age of 65. This population is susceptible to many conditions that make daily living difficult such as Alzheimer’s, dementia, arthritis, and diabetes. This population needs more health care than other age groups, but not all services require a visit to the hospital or doctor’s office. St. Helen’s will provide any medical service that can easily be conducted in a home setting.

Management Team

St. Helen’s Home Care is owned and operated by Helen Parker, a local nurse who has worked at local hospitals for over the past twenty years. She has worked with hundreds of elderly patients and their families and has helped them find adequate and affordable home health care upon being released from the hospital. Helen Parker has realized there is a lack of quality and affordable home healthcare agencies in Austin. She aims to provide the best in-home health care services while also being affordable for the patient and their families.

Aside from the medical professionals she will have on staff, Helen has also employed an Administrative Assistant, Accountant, and Marketing Specialist to help her operate the company.

Success Factors

St. Helen’s Home Care will be able to achieve success by offering the following competitive advantages:

• Compassionate Staff: Helen’s will employ a compassionate and friendly staff of nurses, therapists, aides, and social workers who are highly knowledgeable and experienced in their field.
• Quality Care: Helen’s will provide expert nursing services so that the patients are at the highest comfort level.
• Pricing: Helen’s pricing will be more affordable than other home health care agencies. They will also work on payment arrangements with the patient and their family so that the patient won’t have to sacrifice any type of care because the cost is too high. The company is also working to partner with local and national insurance companies so that our patients can have their care partially or fully covered by their insurance plans.

Financial Highlights

St. Helen’s Home Care is seeking $340,000 in funding to launch the home healthcare business. The capital will be used for funding equipment and supplies, staffing, marketing expenses, and working capital.

The breakdown of the funding may be seen below:

• Equipment and supplies (such as computers and medical equipment): $150,000
• Marketing costs: $50,000
• Staffing costs: $60,000
• Working capital (to include three months of overhead expenditures): $80,000

The following graph outlines the pro forma financial projections for St. Helens’ Home Care over the next five years:

Company Overview

Who is St. Helen’s Home Care?

St. Helen’s Home Care is a new home healthcare business that serves the aging population of Austin, Texas. As individuals age, they are more susceptible to diseases and other conditions and need extra help to receive health care. However, many individuals wish to receive care in the comfort of their homes instead of going to a nursing home or hospital. St. Helen’s will provide this population with the care they need without them needing to travel. Our services include physical therapy, nursing, and other healthcare services that can be conducted in the home. We also provide warmth, compassion, and companionship to create lasting relationships with our clients.

St. Helen’s Home Care History

Helen Parker has worked with thousands of elderly patients during her career as a nurse. She often found that many people did not need to travel to a doctor’s office or hospital for their care. Instead, these patients often enjoyed a higher quality of life when they received care from their homes. This revelation inspired her to start a business where she and other professionals could provide care to local elderly patients in the comfort of their homes. After conducting the research needed to establish the company, Helen incorporated St. Helen’s Home Care as an S-corporation on May 15th, 2022.

Since incorporation, St. Helen’s has achieved the following milestones:

• Found an office location and signed a Letter of Intent to lease it
• Developed the logo and website for the company
• Finalized list of services the company will be able to provide
• Determined the office equipment and inventory requirements
• Created an initial client base from Helen’s pre-existing patient list
• Started creating partnerships with local and national medical insurance companies
• Began recruiting key employees, including medical and administrative staff

St. Helen’s Home Care Services

Industry Analysis

According to Grand View Research, the global home health care industry was valued at $336 billion USD in 2021. It is also expected to grow at a compound annual growth rate of 7.93% from 2022 to 2030 and reach a value of $666.9 billion USD by 2030. This shows that these services will be in great demand, which means it is a great time to start a home healthcare business.

This growth is primarily driven by a growing geriatric population. People are living longer than ever before, and therefore, they will need comfortable healthcare services for much longer. Furthermore, baby boomers comprise a large population and are now entering their retirement years. It is expected that this enormous population will have a significant need for healthcare (whether in the home or doctor’s office) and may create a strain on the current industry. However, this also means there is an enormous opportunity for healthcare businesses to be extremely profitable in the near future.

This is especially true for home healthcare services, which are increasing in demand. Most aging people would rather receive medical care at home than go to a nursing home or hospital. Therefore, there is an incredible demand for these particular services.

The only challenge affecting the industry is a lack of properly trained staff who can take on a healthcare career. However, this will only mean that home healthcare services will be even more valued. These industry trends will only help boost the popularity and success of St. Helen’s Home Care.

Customer Analysis

Demographic profile of target market.

St. Helen’s Home Care will primarily target the aging population of Austin, Texas. This includes anyone over the age of 65, especially those who live with diabetes, Alzheimer’s, arthritis, or other conditions that affect their quality of life.

The precise demographics of Austin, Texas, are:

Customer Segmentation

St. Helen’s will primarily target the following customer profiles:

• Aging individuals over the age of 65
• Individuals living with Alzheimer’s and dementia
• Elderly individuals with other health conditions

Competitive Analysis

Direct and indirect competitors.

St. Helen’s Home Care will face competition from other home health care agencies with similar business profiles. A description of each competitor company is below.

Travis County Home Health

Travis County Memorial Hospital’s Home Health & Hospice has provided home health services for over a decade. Their staff is composed of dedicated professionals who are committed to providing quality care in the comfort and convenience of their patients’ homes. Their home health aides can assist the patient with grooming and light chores around their home. Home health care will verify if home health aide services are covered by their insurance policy. They accept Medicare, Insurance/HMO/PPO, Medicaid, and Private Pay. The home health care team works closely with the physician to plan the care and monitor the patients’ progress. The nurse will contact the physician with any laboratory results, medication changes, or alterations in their health status.

Elara Caring

Elara Caring is one of the nation’s largest providers of home-based care, with a footprint in most regions of the United States. Elara Caring brings together three award-winning organizations – Great Lakes Caring, National Home Health Care, and Jordan Health Services, into one transformational company. They provide the highest-quality comprehensive care continuum of personal care, skilled home health, hospice care, and behavioral health. Their intimate understanding of their patients’ needs allows them to apply proprietary platforms to deliver proactive, customized care that improves quality of life and keeps patients in their homes.

Encompass Health

Encompass Health is one of the nation’s leading providers of home health services. They continually set the standard of homecare through their people, their approach, and their outcomes.

The patient experience is at the core of everything they do. That’s why they work collaboratively with the patient’s team of experts to craft a plan of care that meets their specific needs. Their skilled nurses, physical therapists, occupational therapists, speech-language pathologists, medical social workers, and home health aides use a coordinated, interprofessional approach to deliver compassionate, specialized care in the comfort of home. Whether recovering from a surgery, a recent hospital stay, or managing a disease or injury, Encompass Health’s services are designed to meet patients where they are.

Competitive Advantage

• Quality Care: Helen’s will provide expert services so that the patients are at the highest comfort level.
• Pricing: Helen’s will provide affordable home health care. They will also work on payment arrangements with the patient and their family so that the patient won’t have to sacrifice any type of care because the cost is too high. The company is also working to partner with local and national insurance companies so that our patients can have their care partially or fully covered by their insurance plans.

Marketing Plan

Brand & value proposition.

The St. Helen’s brand will focus on the company’s unique value proposition:

• Knowledgeable, friendly, compassionate staff of healthcare professionals.
• Quality level of service and care.
• Offering the best nursing, therapy, social worker, and home aide services at competitive prices.

Promotions Strategy

St Helen’s Home Care will target elderly residents living in the Austin, Texas area. The company’s promotions strategy to reach the most clientele include:

Local Hospitals

Helen Parker already has great relationships with the local hospitals. She will work to make sure the hospitals send referrals and highly recommend the company to its patients and their families upon releasing them from the hospital.

Website/SEO Marketing

St. Helen’s has a website that is well-organized and informative and lists all our available services. The website also lists the company’s contact information and information about the medical professionals who provide our services.  We will utilize SEO marketing tactics so that anytime someone types in the Google or Bing search engine “Austin home health care” or “Austin health care,” St. Helen’s will be listed at the top of the search results.

St. Helen’s Home Care will have a billboard at a busy intersection where thousands of cars and pedestrians pass daily. The location of the billboard will be in an area of town where there are a lot of doctors’ offices, rehab facilities, and a hospital nearby.

Insurance Partnerships

St. Helens will partner with local and national insurance companies so that our patients can be partially or fully covered for the services we provide. We will ask the insurance companies to recommend our services to their customers and have our business listed on their websites.

St Helen’s pricing will be moderate so customers feel they receive great value when purchasing its services. Services will either be charged directly to the patient or to their insurance plan.

Operations Plan

The following will be the operations plan for St. Helen’s Home Care.

Operation Functions:

• Helen Parker will be the Chief Executive Officer of the company. She will be in charge of the business operations side of the business and provide home healthcare services until we have a full staff of medical professionals.
• Helen is assisted by her longtime colleague Mary Green. Mary will be the Administrative Assistant and help with all general administration tasks, including taking phone calls and scheduling appointments.
• Keith O’Reilly will serve as the Staff Accountant. He will provide all accounting, tax payments, and monthly financial reporting.
• Betty Lopez will work as the Marketing Specialist. She will run the website, social media, and other marketing efforts.
• Helen will hire a large team of medical professionals to serve our growing client base. So far, some of her former colleagues have agreed to work for her business.

Milestones:

St. Helen’s Home Care will have the following milestones completed in the next six months.

8/1/202X – Finalize lease for the office space.

8/15/202X – Finalize personnel and staff employment contracts.

9/1/202X – Begin refurbishment and furnishing of the office space.

9/15/202X – Begin networking at medical industry events.

9/22/202X – Begin marketing campaign to attract the first clients.

11/1/202X – St. Helen’s Home Care opens for business.

Financial Plan

Key revenue & costs.

The revenues for St. Helen’s Home Care will come from the fees it will charge the patients and their insurance for the provided health care services.

The major cost drivers for the company will be the staff payroll, marketing expenses, lease, and office equipment.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials as well as pay off the startup business loan.

• Number of clients per month: 100
• Annual lease: $50,000
• Overhead costs per year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Home Health Care Business Plan FAQs

What is a home health care business plan.

A home health care business plan is a plan to start and/or grow your home health care business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Home Health Care business plan using our Home Health Care Business Plan Template here .

What are the Main Types of Home Health Care businesses?

There are a number of different kinds of Home Health Care businesses , some examples include: Nursing care business, Physical home health care business, and Home health care aides.

How Do You Get Funding for Your Home Health Care Company?

Home Health Care businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Home Health Care Business?

Starting a home health care business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Home Health Care Business Plan - The first step in starting a business is to create a detailed home health care business plan that outlines all aspects of the venture. This should include market research on the home health care industry and potential target market size, information on the home health care services you will offer, marketing strategies, pricing detailed and your financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your home health care business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your home health care business is in compliance with local laws.

3. Register Your Home Health Care Business - Once you have chosen a legal structure, the next step is to register your home health care business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your home health care business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Home Health Care Equipment & Supplies - In order to start your home health care business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your home health care business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful home health care business:

• How to Start a Home Health Care Business

Home Health Care Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their home health care businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a home health care business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Home Health Care Business Plan?

A business plan provides a snapshot of your home health care business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Home Health Care Agency

If you’re looking to start a home health care business, or grow your existing home health care business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your home health care business in order to improve your chances of success. Your home health care business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Home Health Care Businesses

With regards to funding, the main sources of funding for a home health care business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a home health care business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund a home health care business. They might consider funding a home health care business with a national presence, but never an individual location. This is because most venture capitalists are looking for millions of dollars in return when they make an investment, and an individual location could never achieve such results.

Finish Your Business Plan Today!

Home health care business plan template.

If you want to start a home health care business or expand your current one, you need a business plan. Below are links to each section of your home health care business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of home health care business you are operating and the status. For example, are you a startup, do you have a home health care business that you would like to grow, or are you operating a chain of home health care businesses.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the home health care industry. Discuss the type of home health care business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of home health care business you are operating.

For example, you might operate one of the following types of home health care businesses:

• Nursing care business : this type of home health care business is the most common, where the patient is given a doctor-approved plan of care specific to the patient’s clinical needs and delivered within the comfort of their home.  
• Physical home health care business : this type of home health care business provides physical therapy to patients who need help regaining their muscle and joint strength. 
• Home health care aides : this type of home health care business provides patients with home health care aides who assist them with basic daily tasks, such as bathing, cooking, and dressing.  

In addition to explaining the type of home health care business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of home health care patients, growth year over year, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the home health care business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the home health care industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your home health care business plan:

• How big is the home health care industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your home health care business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your home care agency business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: parents of elderly individuals, retired seniors, senior community program managers, etc.  

As you can imagine, the customer segment(s) you choose will have a great impact on the type of home health care business you operate. Clearly, parents of elderly individuals would want different service options and would respond to different marketing promotions than senior community program managers, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most home health care businesses primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other home health care businesses. 

Indirect competitors are other care options that people have that aren’t direct competitors. This includes hospitals, nursing homes, and people who help relatives with home health care needs. You need to mention such competition to show you understand that not everyone who needs healthcare assistance will utilize a home health care company.

With regards to direct competition, you want to describe the other home health care businesses with which you compete. Most likely, your direct competitors will be home health care businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of patients do they help?
• What types of services do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior services?
• Will you provide services that your competitors don’t offer?
• Will you make it easier or faster for customers to use your services?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a home health care business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of home health care business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to home health care, will you provide superior customer service, 24/7 call centers, or emergency services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your home health care business office. Document your location and mention how the location will impact your success. For example, is your home health care business office operated remotely, located near a main highway, near public transportation, etc. Discuss how your location might provide a steady stream of customers. 

Promotions : The final part of your home health care marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites 
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your home health agency business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your home health care business, including hiring quality home care professionals, training employees, and administrative tasks.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 100th patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your facility or launch in a new location.  

Management Team

To demonstrate your home health care business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing home health care businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing home health care companies or successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you assist 50 patients per month or 100? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $100,000 on building out your home health care business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a local senior living community approached you with a $50,000 partnership contract to provide home health care services for their occupants. Let’s further assume the contract would cost you $50,000 to fulfill in terms of increased staffing costs. Well, in most cases, you would have to pay that $50,000 now for employee salaries, utilities, etc. But let’s say the company didn’t pay you for 180 days. During that 180-day period, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a home health care business:

• Cost of equipment like standard nursing supplies, sanitary products, and emergency medications
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your Medicaid and Medicare certifications.  

Putting together a business plan for your home health care business is a worthwhile endeavor. If you follow the example template above, by the time you are done, you will have an expert home health care business plan; download it to PDF to show banks and investors. You will really understand the home health care industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful home health care business.

Home Health Business Plan FAQs

What is the easiest way to complete my home health care business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Home Health Care Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of home health care business you are operating and the status; for example, are you a startup, do you have a home health care business that you would like to grow, or are you operating a chain of home health care businesses?

Don’t you wish there was a faster, easier way to finish your Home Health Care business plan?

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Other Helpful Business Plan Articles & Templates

7 steps to writing a business plan for your healthcare business

Creating a strong business plan is the key to a successful private healthcare business.

When it comes to building your private healthcare business, writing a strong business plan and implementing it properly is perhaps the most effective strategy to propel your business to success. Whether you are just starting out, or are already an established healthcare practice, it is never too late to write your business plan and put it in place.

We’ve put together seven steps to help you write a healthcare business plan and then implement it. You can also find a sample private practice business plan PDF here to get you started!

Download our free Business Plan template here!

1. Identify your end goal

Perhaps the most important step of writing a business plan is identifying what it is you are trying to achieve. Identifying clear business goals will enable you to build a step-by-step plan to ultimately achieve these aims. 

Dr Gero Baiarda, Clinical Director at GPDQ, states the importance of knowing your practice’s aims in our ‘Launching a Private Practice’ ebook. He states that identifying your purpose, vision, and mission, will help keep you consistent and accountable to your goals. Knowing exactly what you are seeking to achieve in your business will mean that your business plan is tailored to achieving that goal at every step.

2. Get to know your business in numbers

To write a business plan that will enable you to reach your goals, you need to understand how your business is currently performing . Obtaining a complete and in-depth overview of the health of your business will help you to make concrete and achievable goals based on accurate data. 

Tracking data is also essential as you progress further with your business. You can’t make a successful business plan without knowing your business inside and out, and you won’t be able to understand how you are performing against your business plan without measuring data as you go.

Make sure you have access to business management tools that allow you to track the key data, such as revenue, patient numbers, cash flow, and other financial and patient demographics which will be useful for your growth goals.

Find out more about Semble’s business management tools here.

3. Break it into smaller steps

With a business goal in mind, the best way to create a business plan is to break it down into smaller, achievable steps. By doing this you will be able to map out a clear trajectory for your business over the next months or years and it will be easier to track your progress against your aims and expectations. 

Work backwards from the end goal to create smaller steps, each with a clear, quantifiable goal, such as reaching a revenue goal in a certain month or number of patients reached. If you work well with visuals, experiment with creating a visual diagram or board that you can keep close at hand to check and measure up against as you grow your healthcare business.

4. Identify key successes and failures

A business plan is about improving and growing your business, and to do this it is important to understand your strengths and weaknesses. Consider what has worked well for your business and what has not. 

For example, how is your staff management? Does your team work well together, understand their individual roles, and achieve tasks efficiently ? 

By identifying main strengths, you can work them into your plan to help you improve business performance. Identifying any weaknesses will enable you to know areas that need some attention and a greater input of time and resources to help you build an all-around stronger business. 

5. Get to know your target market

An understanding of your patient’s needs is essential to performing well in the market. Your patient population will depend to an extent on the healthcare services you are offering, but conducting key market research into the specific needs of your patients will help you to create a unique and tailored service that will perform better in the market.

Oliver Capel, Managing Director at Medico Digital, explains that market research and patient demographics such as age, gender, religion, income level, and more, can help you to cultivate a more targeted and effective marketing strategy because it provides insight into what sort of marketing materials will be best received by patients. For example, a young mother will respond differently to marketing than a 60-year old male retiree.

Explore how to use patient market research to improve your business performance in Chapter 2 of the ‘Launching a Private Practice’ ebook . 

6. Schedule regular time for business management

You can’t expect to see results in business growth if you don’t invest the time and energy into nurturing it. Whether that be investing in your own development with business management learning time, or setting aside a weekly hour for growth strategy and progress reviewing, it is essential that you carve out time to work on your business.

There are many online courses, books, and guides for basic business management which could help you learn invaluable skills for managing and growing your healthcare business.  Start by identifying areas where you have less knowledge and schedule in an hour a week for learning, planning, and strategy. 

Even as little as one hour a week will have a profound effect on your business skills and management, and the results will soon be evident!

7. Get your team on board

There is little point in setting goals if your team is unaware of what they are. Sharing business goals with your team and employees means that everyone can do their part to reach certain milestones and improve the business. It also helps to create a stronger network that you can rely on to carry out delegated tasks and ease the burden of both business management and the day-to-day running of your private healthcare practice.

Whether it be improving customer service with better bedside manner, or making changes to workflows to improve efficiency, making your team aware of the end goal will help them understand why change is needed and thus more likely to get on board.

Get started writing your business plan with this free private healthcare practice business plan PDF!

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How to Write a Business Plan for Healthcare

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How to Start a Financial Services Business

Example of a medical transportation business plan, how do i start a home business caring for elderly people.

• How to Create an Audit Template for a Client Account Review
• How to Get Federal Funding for a Clinic Start-Up

Writing a business plan for a healthcare involves preparing a document that outlines the services you plan to provide and how you intend to run your company. Health care businesses usually deal with reimbursement, fee schedules, billing systems, managed care contracts and operational issues. By describing how your company handles these challenges, you can prove to potential investors that your business strategy is sound and worthy of their investment.

Available Internet Resources

Use the resources provided by websites, such as the Business.gov and the Small Business Administration Small Business Planner websites, to get started writing your health care business plan. Use the self-assessment tool provided by the Small Business Administration website as well as other resources, such as free online courses, access to online mentoring and templates.

Description of Your Health Care Business

Write a description of your health care business. For example, list how your service offers elderly or disabled clients non-medical support at home. If you plan to purchase and run a franchise operation, the parent company typically provides information and training that describes the business.

For example, urgent care center businesses typically provide care by a certified physician, on-site lab services, prescription services and extended hours. Describe the skills and experience of your staff, such as technicians.

Marketing Strategy and Competitive Analysis

Use resources, such as the Plunkett Research website, to identify the industry outlook and trends in the health care industry. Identify your competitors. Analyze their strengths and weaknesses. Prepare your own promotional campaigns, which could mean describing your plans to develop a website to advertise your services or conduct an email marketing campaign to attract new customers.

Describe your community and how you intend to obtain referrals, such as making connections with doctors and hospital administrative personnel. These health care professionals frequently refer patients requiring home health care to local reputable agencies providing quality service to discharged patients.

Organization and Management 

Add a section describing how you intend to organize your health care business. List the software programs you intend to use for charting and billing. Establish a mechanism for receiving payment and obtaining reimbursement for services. List the licenses required to operate a health care business in your state, using the resources provided by the Business.gov website.

Ensure that you meet the guidelines for providing health care services and that your services can be reimbursed by Medicare, Medicaid and private insurance.

Financial and Strategic Goals

Describe how you plan to finance your company and specify a multi-year plan. For example, state the number of patients you hope to serve by the end of the first year. Classify these patients by type, such as home health care or personal injury cases. Set success criteria, such as 80 percent customer satisfaction as reported by follow-up surveys you conduct with clients.

Use the resources provided by the Business.gov website to pay your taxes and ensure you adhere to all the required regulations.

• Bplans.com: Free Medical and Health Care Business Plans
• Applied Health Strategies: Working Draft of the Safety Net ACO Business Plan for the “Next Coalition”
• Entrepreneur: Health and Personal Care
• SCORE: Templates for Your Business
• Small Business Administration: Assessment Tool

Tara Duggan is a Project Management Professional (PMP) specializing in knowledge management and instructional design. For over 25 years she has developed quality training materials for a variety of products and services supporting such companies as Digital Equipment Corporation, Compaq and HP. Her freelance work is published on various websites.

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Healthcare Business Plan Template [Updated 2024]

Healthcare Business Plan Template

If you want to start a healthcare business or expand your current healthcare business, you need a business plan.

The following healthcare business plan template can be used to craft a business plan for a medical practice and all types of healthcare practices. As such, you can use it to create a business plan for a healthcare startup, business plans for family medicine, chiropractic, occupational health, physical therapy and/or psychology practices among others.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Below are links to each of the key sections of a free Healthcare business plan example: Healthcare Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Healthcare Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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18 Health Care Business Ideas for Passionate Entrepreneurs

Rieva Lesonsky covers small-business trends, employment and leadership advice. She is the CEO of GrowBiz Media, a media company specializing in small business and entrepreneurship. Before GrowBiz Media, Rieva was the editorial director at Entrepreneur Magazine.

Sally Lauckner is an editor on NerdWallet's small-business team. She has over 15 years of experience in print and online journalism. Before joining NerdWallet in 2020, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content and specializing in business financing. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She is based in New York City.

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The health care sector is an amazing place for aspiring entrepreneurs to open up shop. Exploring health care business ideas is smart for lots of reasons.

There’s an opportunity to do a world of good by serving an aging American population and helping those struggling with the national drug crisis. There are lots of new medical and technological advances, and widespread interest in health and wellness, too. And those are all great incentives for passionate entrepreneurs.

Plus, these factors combined mean there's a thriving market for health-related businesses. Aspiring new business owners can turn one of many health care business ideas into a viable way to make a living, including those entrepreneurs who want to work remotely.

This list of health care business ideas should get you started — and maybe inspire you to explore starting a business.

Why businesses in health care are worth exploring

Nationwide spending on health is projected to grow at an average rate of 5.5% annually through 2026. That’s one percentage point faster than the national GDP is projected to grow during that same time. And by 2026, health care is projected to account for nearly 20% of the GDP.

Employment in health care-related occupations is projected to grow 18% from 2016 to 2026, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. Nearly half of the 20 occupations projected to have the highest percentage increase in employment by 2026 are in the health care industry.

What that spells is a lot of opportunity.

One big reason for the surge in health care spending: By 2030, the Census Bureau projects, approximately one-fifth of the population will be 65 and older. This will be the first time in history that the number of Americans over age 65 will surpass the number of Americans under 18.

Keep those numbers in mind as you look through this list of health care business ideas.

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

18 health care business ideas to consider

1. medical transcription services.

Medical transcriptionists transcribe doctors’, nurses’ and other health care practitioners’ voice recordings into written documents for patients’ records. Speech recognition technology has definitely improved the efficiency of medical transcription, sure. But it certainly hasn’t yet replaced the need for human transcriptionists to review and correct the transcriptions to make sure they’re accurate.

This is a great business to run from home because you can make your own hours, and all of the work can be done digitally. Plus, if you’re digitally savvy and can create an efficient (and secure) way to share files, you can really one-up the competition.

2. Medical records management

Start a service that manages medical records for hospitals, clinics and doctors’ offices. You can work with clients to identify the best records management systems, implement them and provide their staff with training on how to use the systems.

Another approach? You can offer full-service medical records management, and clients can outsource the work to you. This can be helpful for boutique practices and sole practitioners who need the organization but can’t afford the in-house staff.

3. Physical/occupational therapy center

Physical therapists help patients recover from injuries to regain their full range of motion and reduce pain. Occupational therapists provide more specific therapy to help patients perform tasks of daily living, such as dressing themselves or feeding themselves. You can specialize in one or the other, or put both under one roof. Note that this does require certification.

4. Develop a health care app

Both health care providers and individuals alike are increasingly turning to mobile apps to track, record and manage medical conditions. The world is your oyster if you’re skilled in app development, so you might want to consider developing your own health care app targeting these markets. Do some field research to find out where your skills can fit a need.

5. Diabetic care center

According to the CDC, 9.4% of all Americans either have diabetes or are prediabetic . Opening a diabetic care center can help diabetic patients improve their quality of life by providing nutrition counseling, dialysis and other medical services. You can also provide preventive help such as teaching healthy eating habits or providing support groups for diabetics.

6. Home health care service

A home health care business provides in-home medical care for recently discharged hospital patients, patients with chronic health conditions, seniors and others who need assistance managing their health.

In states with rapidly aging populations, like Florida and California, not only could this be a benefit to the community — but also a strong business prospect for you.

7. Medical foot care

A growing population of seniors and diabetics means more need for foot care services. Something as simple as trimming toenails can be impossible for seniors and overweight patients who can’t reach their feet. You can either open a foot care clinic or save patients a trip to the podiatrist by providing mobile foot care services in their homes or in a van. You’ll need to train as a podiatrist or hire one.

8. Drug treatment/rehabilitation center

As drug use has escalated to become a national crisis in the United States, legitimate places for people to seek treatment for their addictions and rebuild their lives are needed more than ever. Every day, more than 115 Americans die after overdosing on opioids, according to the National Institute on Drug Abuse .

Open a drug treatment and rehabilitation center to help clients with drug addiction. You can specialize in different types of patients, such as juveniles or more senior patients.

9. Childbirth services

Today's expectant parents want to control every aspect of childbirth, and that often includes having a midwife or doula present at the birth. The use of midwives is increasing , according to the American College of Nurse-Midwives.

Midwives are trained health care providers who assist women during childbirth, while a doula is more like a pregnancy coach who helps couples arrange all aspects of the birth and caring for the newborn. You can either become certified yourself or open a business that employs contractors under your umbrella.

10. Medical billing service

Medical billing requires performing complex coding when submitting insurance claims. Keep in mind, certification is required in this field to ensure that doctors and other health care practitioners get paid.

Although big hospitals and health care organizations often have in-house staff, small medical practices that don’t have time to manage billing and coding themselves are an ideal market for medical billing services. Acquire and learn medical billing software, get trained in proper coding and target these smaller medical practices to take medical billing hassles off their hands. And you can even earn your certification online.

11. Nutritionist/dietitian

If you want to help people improve their nutritional intake and habits, you can build a business as a nutritionist or dietitian. Only nutritionists who get a license with the Commission on Dietetic Registration, or CDR, can advertise themselves as dietitians. Some states regulate nutritionists and others don’t.

You can specialize in different types of clients, such as sports nutrition, nutrition for weight loss or holistic nutrition.

12. Alternative health care

Acupuncture and massage therapy are two alternative health care business ideas that are becoming more popular. Many are using these services to supplement their traditional medical treatment — or as a primary treatment unto itself.

Check with your state to see what the requirements are to practice; they vary across the country. Even when health insurance plans don’t provide coverage, Americans are more willing to pay out-of-pocket for these types of care than they used to be.

13. Health information website

If you have health care expertise — or access to people who do — consider starting a website to provide health care information and advice. You can create all kinds of content, such as podcasts, YouTube videos and even online classes, in addition to blog posts.

You might even be able to get health care experts to contribute content for free in exchange for the publicity your site offers. There are a lot of options; just make certain that you do some market research to figure out the white space to fill, and find viable revenue streams to make your business highly sustainable, too.

14. Medical supply sales

Seniors, people with disabilities and those with chronic illnesses have an ongoing need for medical supplies and equipment. This can include walkers, braces, bedpans and more.

Although you can open a physical store, keep in mind that your target customers will often have difficulty getting to your location, so an online store is likely a better bet. Again, research here will be key so you can make sure that you’re stocking the right products and marketing in the right places.

15. Stylish uniforms for medical professionals

Medical professionals who wear scrubs to work are always looking for affordable and durable uniforms. They’re also looking for stylish options — and those aren’t as easy to find. Start a store selling scrubs, comfortable shoes, lab coats and other gear for health care professionals. You can design the goods yourself or source them from multiple places, and encourage your customers with word-of-mouth incentives to drive sales.

16. Hearing aid dispensary

Because hearing aids generally aren’t covered by health insurance, this can be a lucrative health care business idea if you find the right customer base. You might want to open a location to provide hearing tests, recommendations and hearing aid fittings and care. You could even outfit a mobile van to come to customers' homes to clean and repair their hearing aids as an extra service.

17. Respite care service for caregivers

Whether they’re parents caring for severely disabled children or adult children caring for aging parents, caregivers have a stressful job. Provide a much-needed break for caregivers by starting a respite care business. Your caregivers can come in for a few hours or a few days, giving family caregivers a chance to rest.

18. Medical marijuana dispensary

As a growing number of states legalize medical marijuana, this $8 billion industry is projected to continue its growth, according to IBISWorld . Opening a medical marijuana dispensary can be a profitable business in the right location; however, changing state and federal regulations could affect your startup. (Marijuana is still illegal under federal law.)

Frequently asked questions

How do i start a health care business.

When you start a health care business, it can be helpful to begin by writing a business plan, registering your business and hiring employees. While all businesses need to obtain any necessary licenses, permits and forms of insurance, health care businesses may require earning professional designations or taking out extra forms of insurance. Research what you need to run your business safely and legally before you launch.

How do I start a home health care business?

Starting a home health care business requires a high level of professionalism, even if you’re running a business where the bulk of the work will occur in your clients’ homes. For example, you may still need office space to train your employees. Like starting any business, it is important to write a business plan, register your business and create proper business procedures. You should also obtain any necessary licenses, permits and insurance for running a business in your area, as well as for working within the health care industry.

How do I write a business plan in health care?

In general, a business plan is an organizational tool that business owners can follow when they need guidance. This document can also tell outside parties, such as investors, about your business and its value. A good business plan should include thorough research about your industry, market and competitors, as well as dive into your financials, products and services and your marketing plan. When writing a business plan in health care, it will be important to do heavy research on the industry, as well as outline clearly what medical services or products you will be offering and why you or your staff are qualified to run a health care business safely.

Start Your Dream Business

The bottom line

There are a lot of potential great health care business ideas for entrepreneurs interested in the health care sector — and many opportunities for health care business ideas to become real, sustainable businesses.

Be sure to check regulations, licensing, professional training or degrees needed for these businesses before you get started, and do lots of market research. Don’t forget that “care” part, of course.

How to Create a Profitable Healthcare Business Plan for Your Medical Practice

Marketing is crucial for any industry, and healthcare industry is no exception. Whether you are a big hospital or private practice, creating and implementing an effective marketing plan will help to attract new patients, retain the existing ones and maintain relationships with your staff and patients. An effective marketing strategy will play an integral role in increasing revenue, building patient trust, improving online reputation and expanding your reach.

A healthcare business plan can help you define and identify the target audience and key prospects. It can also assist in evaluating and comparing your practice data against your industry. Clearly, a business plan is necessary, so does your practice have one? Here are some more benefits of creating a strategic plan for your medical practice:

• Physician business plan provides clear direction to your marketing initiatives, preventing random activities that may work against each other.
• The process of developing a strategic plan offers an opportunity for everybody involved to collaborate in shaping the future of the practice. Active participation of all the stakeholders ensures the success of projects and priorities.
• A strategic healthcare business plan helps the physician set marketing goals and priorities for the medical practice.
• Clarity of aims and objectives can improve the quality of patient care.

Strategic business planning offers great long-term value. After the initial planning is done, a practice can use it as the benchmark for measuring progress and monitoring areas of improvement.

The process for preparing a strategic business plan is not clear-cut, but it is one of the most important things you should do for the strategic growth of your practice. A well-defined marketing plan will outline how you will retain existing patients and attract new patients, retain staff and communicate your message in the most efficient manner.

You do not need to hire expensive consultants to create a marketing plan for your healthcare practice. All that you need is the willingness to put in time and effort. An ideal healthcare marketing plan should address every aspect related to promoting your practice, and to effectively plan, you must do some research.

Identify your target audience

The first step in any business plan is to figure out who is going to seek your service. If you have a specialty practice, you probably know the answer. According to industry experts, your marketing efforts will be effective only if they are targeted. So to identify your potential patients, start by defining the common characteristics of your current patients. Always remember, your marketing plan is all about reaching your target audience and adjusting your approach to fit their preferences. Beyond demographics, try to learn the reasons why your potential patients will come to your practice, know your competition and understand your competitors’ approach in reaching the target audience. Examine how your competitors market their practice and then compare their approach, services and marketing strategies with yours. You must also determine your unique selling proposition and understand what makes you different from your competition.

Marketing is all about keeping up-to-date. So make sure while doing your research, you stay updated on current affairs. The idea is to keep up-to-date with financial, political and marketing trends that influence the medical community so you can create an effective business plan that responds to changing market conditions.

Time for some brainstorming sessions

After you have identified your potential market and patients, you will need to categorize and address critical operational questions about your medical practice. You may need to set up brainstorming sessions with people you trust, including family, friends, team members or other professionals. During these sessions, try to find answers to these basic but critical questions:

Question: Which marketing platforms will make be most suitable for promoting your services?

Pro tip: You will need to think regarding how to present or sell your services. For instance, consider offering packages that are generic in nature and offer value for money.

Question: What is the best time and frequency of marketing your service?

Pro tip: Too much promotion can create a negative brand image in the minds of potential patients. Too much advertising tends to make patients suspicious. So depending on your target audience, determine the best time for promoting your practice.

Question: What are you trying to achieve from your business plan? How do you plan to measure these goals?

Pro tip: According to experts, your marketing plan should include basic tasks that have short-term goals so that you do not end up compromising on the patient experience. You can consider using big data to evaluate and measure results and their impact on ROI.

Penning the business plan

Now that you have completed the groundwork, it is time to put all your facts and figures into words. Here are some basic steps for creating a business plan for your medical practice:

• Define your mission and vision: This is where you need to determine your goals. You have to understand where you want your practice to be in five to seven years. You will need to prepare a list of all the marketing techniques and tactics and determine what options will work best for your practice. Some of the effective marketing tactics are networking, direct marketing, print advertising, training sessions, media, open houses, social media, blogs, third-party websites and much more.
• Identify your team: In order to build support and generate enthusiasm, you should determine the outgoing personalities in your organization. Find people who will help support your marketing efforts by hosting open houses, patient training sessions, interviews and other public relations initiatives.
• Market segmentation: Consider potential patients think outside the box. Look within your organization first – you may find some of your best customers and marketers there. You must understand where your patients come from and dive deeper into your business model. Is your practice mainly run by physician referrals, or do patients refer directly? You need to create an extensive list of potential patients and categorize them.
• Create patient personas: Patient personas are representations of your ideal patients. You must create patient personas based on your research and reflect on their needs and issues. For instance, if one of your buyer personas is a diabetic, his or her needs will be different from a flu patient.
• SWOT analysis: SWOT matrix is another important component of the business plan. You can use this analysis to assess your practice’s strengths, weaknesses, opportunities and threats. This study will help you understand your market situation better and discover growth opportunities. For a successful SWOT analysis , you must be specific, realistic, compare different situations and keep your business plans and goals updated.
• Prepare a budget: Now that you have all the market information you need and have established the best way to reach your potential patients, focus on your budget to support your marketing campaign. To begin with, it is advisable to stick with the 80/20 rule. According to this rule, 80 percent of your business volume will often come from 20 percent of your patients.
• Share your vision: The first step is to make sure the plan is received and understood by your organization’s leadership. Next, make sure your plan becomes a part of the organizational culture. You must encourage employees to come up with ideas that will support your idea. Always share your plans with physicians, volunteers, employees, board members and top leadership.
• Plan the rollout: To begin with, introduce your campaign internally. Your organization’s leadership and staff are often your best support. If they get the message, your marketing efforts will be successful.
• Measure and evaluate: You should regularly track new patients, physician referrals, leads, website hits and procedure volumes in order to assess the success of your business plan.

Don’t forget the 7Ps

Even the most insightful services, supported by the best business plan, will not survive on the market if they are unable to reach potential patients. That is why practices need to invest in strategies that will bridge the gap between them and the target audience. For your marketing initiatives to be successful, you must address the 7Ps in order to evaluate and measure your business activities. These seven Ps are product, price, promotion, place, packaging, positioning and people. These 7Ps will help you review and define key issues that impact your marketing activities.

• Product: When was the last time you took an unbiased look at your products, service, facility or value proposition? Do your products meet the needs of the patients? Do your products and services deliver value? Is your medical practice properly presented? The ‘product’ for your healthcare practice is the happiness and satisfaction of your patients, which is intangible and cannot be quantified. The only way is to know that customers receive value and comfort by way of your medical practice.
• People: Healthcare is all about people – your current patients, potential patients, staff and management – everyone delivers or receives a service plays a significant part in the product category. Your patients will evaluate the service and satisfaction based on assumptions and interactions. Usually, patients do not have much insight to your medical skills, but they will know if they are pleased based on how you deal with them. Your reputation and your image are not yours alone – it is teamwork.
• Price: It is the amount people pay in exchange for the product received. Therefore, the price must be competitive, enough to generate profit, but may vary when bundled with promotional offers. Sometimes, price is the biggest factor. Therefore, as a practice owner, you must take a serious look at those areas where there is flexibility and be open to adjusting and reducing prices to meet your patients’ needs.
• Promotion: This refers to all the direct and indirect ways of communicating about your product to your people or potential patients. This may include personal and mass interaction. In all instances, promotion should always be carried out in a professional manner. The objective of promoting your practice is to examine how, when, what and where you can offer your service to your target audience.
• Place: This points to presenting your products or services to your target audience in the right place and at the right time. Needless to say, the ‘place’ will be your office where the product will meet the user. However, in healthcare, a change in location can impact the user’s decision to buy.
• Packaging: Take an unbiased look at the appearance of your office, front office, waiting area, brochures and website and the appearance of your medical staff. You might be surprised to see what patients are observing when they walk through your front door.
• Positioning: This refers to the way your brand, products or service are perceived by your target customers. If you could get the opportunity to create the ideal impression in the minds of your patients, what would you want it to be?

For successfully growing their practice and attracting new patients, many practices are working with medical marketing agencies. As a medical marketing agency , Practice Builders knows what is suitable for different medical specialties. We can introduce you to the best marketing tactics that will draw new patients to your practice. Moreover, we know how to develop effective business plans that will lead to significant growth in your medical practice. To find out more, contact us today.

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Sharon Mason Parker

Sharon has spent 25 years building teams and developing people to work together to help improve the client experience in the markets we serve. This ultimately benefits both customers and staff equally. Sharing best practices and ideas helps clients and team members envision new alternatives, which is quite fulfilling when positive change results. Sharon enjoys working closely with clients to understand the true drivers that are affecting their business environment. By engaging clients in meaningful exploration of their goals and challenges, she often discovers that an issue they asked for help in solving is merely a symptom of something else or something greater. Solving the real issue through truly listening and not just addressing the symptoms helps create true partnerships with clients.

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The future of healthcare: Value creation through next-generation business models

The healthcare industry in the United States has experienced steady growth over the past decade while simultaneously promoting quality, efficiency, and access to care. Between 2012 and 2019, profit pools (earnings before interest, taxes, depreciation, and amortization, or EBITDA) grew at a compound average growth rate of roughly 5 percent. This growth was aided in part by incremental healthcare spending that resulted from the 2010 Affordable Care Act. In 2020, subsidies for qualified individual purchasers on the marketplaces and expansion of Medicaid coverage resulted in roughly $130 billion 1 Federal Subsidies for Health Insurance Coverage for People Under Age 65: CBO and JCT’s March 2020 Projections, Congressional Budget Office, Washington, DC, September 29, 2020, cbo.gov. 2 Includes adults made eligible for Medicaid by the ACA and marketplace-related coverage and the Basic Health Program. of incremental healthcare spending by the federal government.

The next three years are expected to be less positive for the economics of the healthcare industry, as profit pools are more likely to be flat. COVID-19 has led to the potential for economic headwinds and a rebalancing of system funds. Current unemployment rates (6.9 percent as of October 2020) 3 The employment situation—October 2020 , US Department of Labor, November 6, 2020, bls.gov. indicate some individuals may move from employer-sponsored insurance to other options. It is expected that roughly between $70 billion and $100 billion in funding may leave the healthcare system by 2022, compared with the expected trajectory pre-COVID-19. The outflow is driven by coverage shifts out of employer-sponsored insurance, product buy-downs, and Medicaid rate pressures from states, partially offset by increased federal spending in the form of subsidies and cost sharing in the Individual market and in Medicaid funding.

Underlying this broader outlook are chances to innovate (Exhibit 1). 4 Smit S, Hirt M, Buehler K, Lund S, Greenberg E, and Govindarajan A, “ Safeguarding our lives and our livelihoods: The imperative of our time ,” March 23, 2020, McKinsey.com. Innovation may drive outpaced growth in three categories: segments that are anticipated to rebound from poor performance over recent years, segments that benefit from shifting care patterns that result directly from COVID-19, and segments where growth was expected pre-COVID-19 and remain largely unaffected by the pandemic. For the payer vertical, we estimate profit pools in Medicaid will likely increase by more than 10 percent per annum from 2019 to 2022 as a result of increased enrollment and normalized margins following historical lows. In the provider vertical, the rapid acceleration in the use of telehealth and other virtual care options spurred by COVID-19 could continue. 5 Bestsennyy O, Gilbert G, Harris A, and Rost J, “ Telehealth: A quarter-trillion-dollar post-COVID-19 reality? ” May 29, 2020, McKinsey.com. Growth is expected across a range of sub-segments in the services and technology vertical, as specialized players are able to provide services at scale (for example, software and platforms and data and analytics). Specialty pharmacy is another area where strong growth in profit pools is likely, with between 5 and 10 percent compound annual growth rate (CAGR) expected in infusion services and hospital-owned specialty pharmacy sub-segments.

Strategies that align to attractive and growing profit pools, while important, may be insufficient to achieve the growth that incumbents have come to expect. For example, in 2019, 34 percent of all revenue in the healthcare system was linked to a profit pool that grew at greater than 5 percent per year (from 2017 to 2019). In contrast, we estimate that only 13 percent of revenue in 2022 will be linked to profit pools growing at that rate between 2019 and 2022. This estimate reflects that profit pools are growing more slowly due to factors that include lower membership growth, margin pressure, and lower revenue growth. This relative scarcity in opportunity could lead to increased competition in attractive sub-segments with the potential for profits to be spread thinly across organizations. Developing new and innovative business models will become important to achieve the level of EBITDA growth observed in recent years and deliver better care for individuals. The good news is that there is significant opportunity, and need, for innovation in healthcare.

New and innovative business models across verticals can generate greater value and deliver better care for individuals

Glimpse into profit pool analyses and select sub-segments.

Within the context of these overarching observations, the projections for specific sub-segments are nuanced and tightly connected to the specific dynamics each sub-segment is currently facing:

• Payer—Small Group: Small group has historically seen membership declines and we expect this trend to continue and/or accelerate in the event of an economic downturn. Membership declines will increase competition and put pressure on incumbent market leaders to both maintain share and margin as membership declines, but fixed costs remain.
• Payer—Medicare Advantage: Historic profit pool growth in the Medicare Advantage space has been driven by enrollment gains that result from demographic trends and a long-term trend of seniors moving from traditional Medicare fee-for-service programs to Medicare Advantage plans that have increasingly offered attractive ancillary benefits (for example, dental benefits, gym memberships). Going forward, we expect Medicare members to be relatively insulated from the effects of an economic downturn that will impact employers and individuals in other payer segments.
• Provider—General acute care hospitals: Cancelation of elective procedures due to COVID-19 is expected to lead to volume and revenue reductions in 2019 and 2020. Though volume is expected to recover partially by 2022, growth will likely be slowed due to the accelerated shift from hospitals to virtual care and other non-acute settings. Payer mix shifts from employer-sponsored to Medicaid and uninsured populations in 2020 and 2021 are also likely to exert downward pressure on hospital revenue and EBITDA, possibly driving cost-optimization measures through 2022.
• Provider—Independent labs: COVID-19 testing is expected to drive higher than average utilization growth in independent labs through 2020 and 2021, with more typical utilization returning by 2022. However, labs may experience pressure on revenue and EBITDA growth as the payer mix shifts to lower-margin segments, offsetting some of the gains attributed to utilization.
• Provider—Virtual office visits: Telehealth has helped expand access to care at a time when the pandemic has restricted patients’ ability to see providers in person. Consumer adoption and stickiness, along with providers’ push to scale-up telehealth offerings, are expected to lead to more than 100 percent growth per annum in the segment from 2019 to 2022, going beyond traditional “tele-urgent” to more comprehensive virtual care.
• HST—Medical financing: The medical financing segment may be negatively impacted in 2020 due to COVID-19, as many elective services for which financing is used have been deferred. However, a quick bounce-back is expected as more patients lacking healthcare coverage may need financing in 2021, and as providers may use medical financing as a lever to improve cash reserves.
• HST—Wearables: Looking ahead, the wearables segment is expected to see a slight dip in 2020 due to COVID-19, but is expected to rebound in 2021 and 2022 given consumer interest in personal wellness and for tracking health indicators.
• Pharma services—Pharmacy benefit management: The growth is expected to return to baseline expectations by 2022 after an initial decline in 2020 and 2021 due to the COVID-19-driven decrease in prescription volume.

New and innovative business models are beginning to show promise in delivering better care and generating higher returns. The existence of these models and their initial successes are reflective of what we have observed in the market in recent years: leading organizations in the healthcare industry are not content to simply play in attractive segments and markets, but instead are proactively and fundamentally reshaping how the industry operates and how care is delivered. While the recipe across verticals varies, common among these new business models are greater alignment of incentives typically involving risk bearing, better integration of care, and use of data and advanced analytics.

Payers—Next-generation managed care models

For payers, the new and innovative business models that are generating superior returns are those that incorporate care delivery and advanced analytics to better serve individuals with increasingly complex healthcare needs (Exhibit 2). As chronic disease and other long-term conditions require more continuous management supported by providers (for example, behavioral health conditions), these next-generation managed care models have garnered notice. Nine of the top ten payers have made acquisitions in the care delivery space. Such models intend to reorient the traditional payer model away from an operational focus on financing healthcare and pricing risk, and toward more integrated managed care models that better align incentives and provide higher-quality, better experience, lower-cost, and more accessible care. Payers that deployed next-generation managed care models generate 0.5 percentage points of EBITDA margin above average expectations after normalizing for payer scale, geographical footprint, and segment mix, according to our research.

The evidence for the effectiveness of these next-generation care models goes beyond the financial analysis of returns. We observe that these models are being deployed in those geographies that have the greatest opportunity to positively impact individuals. Those markets with 1) a critical mass of disease burden, 2) presence of compressible costs (the opportunity for care to be redirected to lower-cost settings), and 3) a market structure conducive to shifting to higher-value sites of care, offer substantial ways to improve outcomes and reduce costs. (Exhibit 3).

Currently, a handful of payers—often large national players with access to capital and geographic breadth that enables acquisition of at-scale providers and technologies—have begun to pursue such models. Smaller payers may find it more difficult to make outright acquisitions, given capital constraints and geographic limitations. M&A activity across the care delivery landscape is leaving smaller and more localized assets available for integration and partnership. Payers may need to increasingly turn toward strategic partnerships and alliances to create value and integrate a range of offerings that address all drivers of health.

Providers—reimagining care delivery beyond the hospital

For health systems, through an investment lens, the ownership and integration of alternative sites of care beyond the hospital has demonstrated superior financial returns. Between 2013 and 2018, the number of transactions executed by health systems for outpatient assets increased by 31 percent, for physician practices by 23 percent, and for post-acute care assets by 13 percent. At the same time, the number of hospital-focused deals declined by 6 percent. In addition, private equity investors and payers are becoming more active dealmakers in these non-acute settings. 6 CapitalIQ, Dealogic, and Irving Levin Associates. 7 In 2018, around 40 percent of all post-acute and outpatient deals were completed by an acquirer other than a traditional provider.

As investment is focused on alternative sites of care, we observe that health systems pursuing diversified business models that encompass a greater range of care delivery assets (for example, physician practices, ambulatory surgery centers, and urgent care centers) are generating returns above expectations (Exhibit 4). By offering diverse settings to receive care, many of these systems have been able to lower costs, enhance coordination, and improve patient experience while maintaining or enhancing the quality of the services provided. Consistent with prior research, 8 Singhal S, Latko B, and Pardo Martin C, “ The future of healthcare: Finding the opportunities that lie beneath the uncertainty ,” January 31, 2018, McKinsey.com. systems with high market share tend to outperform peers with lower market share, potentially because systems with greater share have greater ability not only to ensure referral integrity but also to leverage economies of scale that drive efficiency.

The extent of this outperformance, however, varies by market type. For players with top quartile share, the difference in outperformance between acute-focused players and diverse players is less meaningful. Contrastingly, for bottom quartile players, the increase in value provided by presence beyond the acute setting is more significant. While there may be disadvantages for smaller and sub-scale providers, opportunities exist for these players—as well as new entrants and attackers—to succeed by integrating offerings across the care continuum.

These new models and entrants and their non-acute, technology-enabled, and multichannel offerings can offer a different vision of care delivery. Consumer adoption of telehealth has skyrocketed, from 11 percent of US consumers using telehealth in 2019 to 46 percent now using telehealth to replace canceled healthcare visits. Pre-COVID-19, the total annual revenues of US telehealth players were an estimated $3 billion; with the acceleration of consumer and provider adoption and the extension of telehealth beyond virtual urgent care, up to $250 billion of current US healthcare spend could be virtualized. 9 Bestsennyy O, Gilbert G, Harris A, and Rost J, “ Telehealth: A quarter-trillion-dollar post-COVID-19 reality? ” May 29, 2020, McKinsey.com. These early indications suggest that the market may be shifting toward a model of innovative tech-enabled care, one that unlocks value by integrating digital and non-acute settings into a comprehensive, coordinated, and lower-cost offering. While functional care coordination is currently still at the early stages, the potential of technology and other alternative settings raises the question of the role of existing acute-focused providers in a more integrated and digital world.

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Healthcare services and technology—innovation and integration across the value chain.

Growth in the healthcare services and technology vertical has been material, as players are bringing technology-enabled services to help improve patient care and boost efficiency. Healthcare services and technology companies are serving nearly all segments of the healthcare ecosystem. These efforts include working with payers and providers to better enable the link between actions and outcomes, to engage with consumers, and to provide real-time and convenient access to health information. Since 2014, a large number and value of deals have been completed: more than 580 deals, or $83 billion in aggregate value. 10 Includes deals over $10 million in value. 11 Analysis from PitchBook Data, Inc. and McKinsey Healthcare Services and Technology domain profit pools model. Venture capital and private equity have fueled much of the innovation in the space: more than 80 percent 12 Includes deals over $10 million in value. of deal volume has come from these institutional investors, while more traditional strategic players have focused on scaling such innovations and integrating them into their core.

Driven by this investment, multiple new models, players, and approaches are emerging across various sub-segments of the technology and services space, driving both innovation (measured by the number of venture capital deals as a percent of total deals) and integration (measured by strategic dollars invested as a percent of total dollars) with traditional payers and providers (Exhibit 5). In some sub-segments, such as data and analytics, utilization management, provider enablement, network management, and clinical information systems, there has been a high rate of both innovation and integration. For instance, in the data and analytics sub-segment, areas such as behavioral health and social determinants of health have driven innovation, while payer and provider investment in at-scale data and analytics platforms has driven deeper integration with existing core platforms. Other sub-segments, such as patient engagement and population health management, have exhibited high innovation but lower integration.

Traditional players have an opportunity to integrate innovative new technologies and offerings to transform and modernize their existing business models. Simultaneously, new (and often non-traditional) players are well positioned to continue to drive innovation across multiple sub-segments and through combinations of capabilities (roll-ups).

Pharmacy value chain—emerging shifts in delivery and management of care

The profit pools within the pharmacy services vertical are shifting from traditional dispensing to specialty pharmacy. Profits earned by retail dispensers (excluding specialty pharmacy) are expected to decline by 0.5 percent per year through 2022, in the face of intensifying competition and the maturing generic market. New modalities of care, new care settings, and new distribution systems are emerging, though many innovations remain in early stages of development.

Specialty pharmacy continues to be an area of outpaced growth. By 2023, specialty pharmacy is expected to account for 44 percent of pharmacy industry prescription revenues, up from 24 percent in 2013. 13 Fein AJ, The 2019 economic report on U.S. pharmacies and pharmacy benefit managers , Drug Channels Institute, 2019, drugchannelsinstitute.com. In response, both incumbents and non-traditional players are seeking opportunities to both capture a rapidly growing portion of the pharmacy value chain and deliver better experience to patients. Health systems, for instance, are increasingly entering the specialty space. Between 2015 and 2018 the share of provider-owned pharmacy locations with specialty pharmacy accreditation more than doubled, from 11 percent in 2015 to 27 percent in 2018, creating an opportunity to directly provide more integrated, holistic care to patients.

Challenges emerge for the US healthcare system as COVID-19 cases rise

A new wave of modalities of care and pharmaceutical innovation are being driven by cell and gene therapies. Global sales are forecasted to grow at more than 40 percent per annum from 2019 to 2024. 14 Evaluate Pharma, February 2020. These new therapies can be potentially curative and often serve patients with high unmet needs, but also pose challenges: 15 Capra E, Smith J, and Yang G, “ Gene therapy coming of age: Opportunities and challenges to getting ahead ,” October 2, 2019, McKinsey.com. upfront costs are high (often in the range of $500,000 to $2,000,000 per treatment), benefits are realized over time, and treatment is complex, with unique infrastructure and supply chain requirements. In response, both traditional healthcare players (payers, manufacturers) and policy makers (for example, the Centers for Medicare & Medicaid Services) 16 Centers for Medicare & Medicaid Services, “Medicaid program; establishing minimum standards in Medicaid state drug utilization review (DUR) and supporting value-based purchasing (VBP) for drugs covered in Medicaid, revising Medicaid drug rebate and third party liability (TPL) requirements,” Federal Register , June 19, 2020, Volume 85, Number 119, p. 37286, govinfo.gov. are considering innovative models that include value-based arrangements (outcomes-based pricing, annuity pricing, subscription pricing) to support flexibility around these new modalities.

Innovations also are accelerating in pharmaceutical distribution and delivery. Non-traditional players have entered the direct-to-consumer pharmacy space to improve efficiency and reimagine customer experience, including non-healthcare players such as Amazon (through its acquisition of PillPack in 2018) and, increasingly, traditional healthcare players as well, such as UnitedHealth Group (through its acquisition of DivvyDose in September 2020). COVID-19 has further accelerated innovation in patient experience and new models of drug delivery, with growth in tele-prescribing, 17 McKinsey COVID-19 Consumer Survey conducted June 8, 2020 and July 14, 2020. a continued shift toward delivery of pharmaceutical care at home, and the emergence of digital tools to help manage pharmaceutical care. Select providers have also begun to expand in-home offerings (for example, to include oncology treatments), shifting the care delivery paradigm toward home-first models.

A range of new models to better integrate pharmaceutical and medical care and management are emerging. Payers, particularly those with in-house pharmacy benefit managers, are using access to data on both the medical and pharmacy benefit to develop distinctive insights and better coordinate across pharmacy and medical care. Technology providers, together with a range of both traditional and non-traditional healthcare players, are working to integrate medical and pharmaceutical care in more convenient settings, such as the home, through access to real-time adherence monitoring and interventions. These players have an opportunity to access a broad range of comprehensive data, and advanced analytics can be leveraged to more effectively personalize and target care. Such an approach may necessitate cross-segment partnerships, acquisitions, and/or alliances to effectively integrate the many components required to deliver integrated, personalized, and higher-value care.

Creating and capturing new value

These materials are being provided on an accelerated basis in response to the COVID-19 crisis. These materials reflect general insight based on currently available information, which has not been independently verified and is inherently uncertain. Future results may differ materially from any statements of expectation, forecasts or projections. These materials are not a guarantee of results and cannot be relied upon. These materials do not constitute legal, medical, policy, or other regulated advice and do not contain all the information needed to determine a future course of action. Given the uncertainty surrounding COVID-19, these materials are provided “as is” solely for information purposes without any representation or warranty, and all liability is expressly disclaimed. References to specific products or organizations are solely for illustration and do not constitute any endorsement or recommendation. The recipient remains solely responsible for all decisions, use of these materials, and compliance with applicable laws, rules, regulations, and standards. Consider seeking advice of legal and other relevant certified/licensed experts prior to taking any specific steps.

Before the COVID-19 pandemic, our research indicated that profits for healthcare organizations were expected to be harder to earn than they have been in the recent past, which has been made even more difficult by COVID-19. New entrants and incumbents who can reimagine their business models have a chance to find ways to innovate to improve healthcare and therefore earn superior returns. The opportunity for incumbents who can reimagine their business models and new entrants is substantial.

Institutions will be expected to do more than align with growth segments of healthcare. The ability to innovate at scale and with speed is expected to be a differentiator. Senior leaders can consider five important questions:

• How does my business model need to change to create value in the future healthcare world? What are my endowments that will allow me to succeed?
• How does my resource (for example, capital and talent) allocation approach need to change to ensure the future business model is resourced differentially compared with the legacy business?
• How do I need to rewire my organization to design it for speed? 18 De Smet A, Pacthod D, Relyea C, and Sternfels B, “ Ready, set, go: Reinventing the organization for speed in the post-COVID-19 era ,” June 26, 2020, McKinsey.com.
• How should I construct an innovation model that rapidly accesses the broader market for innovation and adapts it to my business model? What ecosystem of partners will I need? How does my acquisition, partnership, and alliances approach need to adapt to deliver this rapid innovation?
• How do I prepare my broader organization to adopt and scale new innovations? Are my operating processes and technology platforms able to move quickly in scaling innovations?

There is no question that the next few years in healthcare are expected to require innovation and fresh perspectives. Yet healthcare stakeholders have never hesitated to rise to the occasion in a quest to deliver innovative, quality care that benefits everyone. Rewiring organizations for speed and efficiency, adapting to an ecosystem model, and scaling innovations to deliver meaningful changes are only some of the ways that helping both healthcare players and patients is possible.

Emily Clark is an associate partner in the Stamford office. Shubham Singhal , a senior partner in McKinsey’s Detroit office, is the global leader of the Healthcare, Public Sector and Social Sector practices. Kyle Weber is a partner in the Chicago office.

The authors would like to thank Ismail Aijazuddin, Naman Bansal, Zachary Greenberg, Rob May, Neha Patel, and Alex Sozdatelev for their contributions to this article.

This article was edited by Elizabeth Newman, an executive editor in the Chicago office.

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Healthcare Project Management: Essential Guide & Best Practices

Table of contents.

Are you ready to revolutionize healthcare project management ? Dive into our comprehensive guide tailored to simplify the complexities of overseeing healthcare projects. From optimizing workflows to enhancing team collaboration, we’ve got you covered with practical strategies and expert insights. Discover how to navigate budget constraints, streamline communication, and ensure timely project delivery in the dynamic healthcare landscape. Stay ahead of the curve by mastering essential project management skills specific to the healthcare industry.

Understanding Project Management

Effective healthcare project management is crucial for ensuring the successful delivery of healthcare services. It plays a vital role in enhancing patient care , streamlining processes , and achieving organizational goals . Project management directly impacts patient outcomes by ensuring that projects are completed on time, within budget, and meet quality standards.

The significance of project management in healthcare lies in its ability to improve healthcare delivery by optimizing resource allocation , enhancing communication among stakeholders, and promoting collaboration across different departments. A well-managed project can lead to better patient experiences, increased efficiency in service delivery, and ultimately contribute to improved health outcomes for individuals and communities.

Healthcare organizations rely on effective project management practices to navigate the complex landscape of the healthcare industry. Managing healthcare projects involves dealing with unique challenges such as strict regulatory requirements , rapidly evolving technologies, and the need to balance clinical excellence with operational efficiency . The success of healthcare projects hinges on the ability to address these complexities while maintaining a focus on delivering high-quality patient care.

Managing healthcare projects presents a myriad of challenges that require a delicate balance between meeting patient needs and achieving project objectives. Healthcare project managers must navigate through intricate processes while adhering to regulations, managing risks, and ensuring stakeholder engagement . The complexity of healthcare project management stems from the dynamic nature of the healthcare environment and the diverse range of stakeholders involved.

Balancing quality patient care with project requirements is one of the primary challenges faced in healthcare project management. Project managers must prioritize patient safety and well-being while also meeting project deadlines and budget constraints. This delicate balance requires careful planning , effective communication , and continuous monitoring to ensure that both clinical outcomes and project goals are achieved successfully.

The regulatory demands imposed on healthcare organizations further add to the complexity of managing healthcare projects. Compliance with various regulations and standards is essential to ensure that projects meet legal requirements and industry best practices. Healthcare project managers must navigate through these regulatory frameworks while maintaining a focus on delivering high-quality care to patients.

Stages Overview

In healthcare project management, several key stages are essential for ensuring project success . These stages typically include initiation , planning, execution , monitoring & control , and closure . Each stage plays a critical role in guiding the project from conception to completion by providing a structured framework for managing resources, timelines, risks, and stakeholder expectations.

Initiation marks the beginning of a healthcare project where objectives are defined, stakeholders are identified, and initial planning activities take place. Planning involves developing a comprehensive roadmap that outlines project scope, deliverables, timelines, budgets, and resource requirements. Execution focuses on implementing the plan while monitoring & control involve tracking progress against milestones, managing risks, and making necessary adjustments to ensure project success.

A systematic approach is crucial throughout all stages of healthcare project management to maintain alignment with organizational goals and ensure efficient resource utilization. By following a structured methodology from initiation to closure, healthcare organizations can enhance transparency, accountability, and overall project performance.

Methodologies

Various project management methodologies are utilized in healthcare settings to effectively manage projects based on specific requirements. Agile methodology emphasizes iterative development cycles that allow for flexibility in responding to changing priorities or stakeholder needs. Lean methodology focuses on eliminating waste and improving efficiency by streamlining processes and reducing unnecessary steps.

Waterfall methodology follows a sequential approach where each phase of the project is completed before moving onto the next stage. While Agile is suitable for projects requiring adaptability and frequent feedback loops, Waterfall is ideal for projects with well-defined requirements and limited changes expected during implementation.

Selecting the right methodology is crucial in determining the success of healthcare projects as it influences how tasks are organized, resources allocated, risks managed, and progress monitored. By choosing an appropriate methodology tailored to specific project needs, healthcare organizations can enhance collaboration among team members, improve decision-making processes, and increase overall project efficiency.

High Stakes in Healthcare

Patient well-being.

Healthcare project management is crucial for ensuring optimal patient well-being and care delivery efficiency. The precise coordination of tasks directly influences patient outcomes and satisfaction levels. Error-free project execution is imperative in healthcare settings to prevent any adverse impact on patients’ health. Patient-centric project management approaches prioritize the needs and safety of individuals receiving medical care.

Cost Concerns

Managing costs effectively throughout a healthcare project is essential to ensure financial sustainability and affordability of services. Budgeting plays a critical role in controlling expenses and allocating resources efficiently. Strategies such as cost tracking and resource optimization help in maintaining financial stability during the project lifecycle.

Regulation Impact

Regulations play a significant role in shaping healthcare project management practices, requiring strict adherence to compliance standards. Challenges related to regulatory requirements necessitate thorough planning and monitoring to mitigate risks effectively. Staying updated with industry regulations is vital to avoid penalties and legal implications that could jeopardize project success.

Industry Changes

The dynamic nature of the healthcare industry constantly introduces new trends, technologies, and methodologies that impact project management practices. Adapting to these changes is crucial for ensuring the successful implementation of healthcare projects. Flexibility and innovation are key components in managing projects amidst evolving industry landscapes.

Project Management Stages

The initiation phase in healthcare project management is crucial as it sets the foundation for the entire project. Defining project scope and objectives accurately ensures alignment with stakeholders’ expectations. Thorough planning during initiation helps in identifying potential risks and developing mitigation strategies.

Key steps in the initiation phase include conducting a feasibility study to assess project viability, defining clear objectives, and establishing a project team. Engaging key stakeholders from the beginning ensures their input is considered in shaping project goals. The initiation phase lays the groundwork for successful project outcomes.

Planning plays a critical role in ensuring the success of healthcare projects by setting a roadmap for execution. Creating detailed project plans and timelines helps in organizing tasks effectively and allocating resources efficiently. Involving stakeholders during the planning phase ensures their buy-in and commitment to project goals.

Effective planning involves identifying project deliverables, defining roles and responsibilities, and establishing communication channels. Developing contingency plans for potential risks enhances project resilience. Stakeholder involvement fosters collaboration and ensures that diverse perspectives are considered in decision-making processes.

The execution phase involves implementing the project plan while monitoring progress closely to ensure milestones are met timely. Monitoring progress allows project managers to identify deviations from the plan and take corrective actions promptly. Addressing issues proactively minimizes disruptions and keeps the project on track.

Effective communication is essential during the execution phase to keep all team members informed about progress, changes, and challenges. Regular meetings, status updates, and feedback sessions facilitate smooth coordination among team members. Transparent communication builds trust and fosters a collaborative working environment.

Proper project closure is vital in healthcare to ensure that outcomes meet quality standards and stakeholder expectations. Wrapping up a healthcare project successfully involves completing all deliverables, obtaining approvals, and transitioning any remaining tasks or responsibilities. Documenting outcomes and lessons learned provides valuable insights for future projects.

Steps involved in closure include conducting a final project review , obtaining feedback from stakeholders, and celebrating achievements. Archiving project documentation ensures that information is accessible for future reference or audits. Reflecting on successes and challenges encountered during the project offers opportunities for continuous improvement.

Methodologies Tailored for Healthcare

Agile approach.

Agile project management in healthcare involves iterative development and constant collaboration among team members. This approach allows for flexibility and quick adaptation to changing project requirements. Healthcare organizations benefit from Agile’s ability to deliver value-driven results efficiently. For example , implementing electronic health records (EHR) using Agile has shown significant improvements in patient data accessibility .

Lean Methodology

Lean methodology focuses on reducing waste and improving efficiency in healthcare project management. By applying Lean principles, healthcare projects can streamline processes, enhance quality, and optimize resource utilization. In real-world scenarios , hospitals have successfully used Lean techniques to minimize patient wait times and enhance overall operational efficiency.

Waterfall Model

The Waterfall model follows a sequential approach where each phase must be completed before moving on to the next. In healthcare projects , this model is suitable for well-defined, stable requirements without much expected change. One advantage of the Waterfall model is its clear structure, ensuring each stage is thoroughly completed before progressing. However, limitations arise when changes are needed mid-project, making it challenging to backtrack without affecting timelines.

Unique Challenges Faced

Rising costs.

Healthcare projects often grapple with escalating costs , posing a significant challenge to project managers. The increasing expenses can impact the overall budget and timeline of the project. To address this issue, effective cost management strategies are crucial. Project managers must closely monitor expenses, identify cost-saving opportunities, and prioritize resource allocation efficiently. Cost control measures such as budget tracking, financial forecasting, and vendor negotiations play a vital role in managing rising costs in healthcare projects.

Heavy Regulation

The heavy regulation surrounding healthcare projects adds another layer of complexity to project management. Compliance with stringent healthcare regulations is imperative but can be daunting for project teams. Navigating through regulatory requirements demands meticulous planning and adherence to legal frameworks. Establishing robust regulatory frameworks within project management processes is essential to ensure compliance and mitigate risks associated with non-compliance.

Litigation Risks

Healthcare projects are susceptible to litigation risks , which can arise from various sources such as medical malpractice, contractual disputes, or regulatory violations. Project managers need to proactively identify potential legal pitfalls and implement strategies to mitigate these risks effectively. By integrating risk management practices into project planning and execution, teams can safeguard against legal challenges and ensure smooth project delivery in healthcare settings.

Diverse Stakeholders

Managing diverse stakeholders in healthcare projects presents a unique set of challenges for project managers. Stakeholders may include healthcare providers, patients, regulatory bodies, insurers, and community members, each with distinct interests and priorities. Effective stakeholder engagement is critical for project success, requiring clear communication channels, active involvement, and tailored approaches to meet stakeholder needs. Building strong relationships with stakeholders fosters collaboration, enhances project outcomes, and promotes stakeholder satisfaction throughout the project lifecycle.

Best Practices for Success

Effective communication.

Effective communication is vital in healthcare project management to ensure all team members are aligned. Clear and concise communication strategies help in avoiding misunderstandings and delays in project timelines. It is crucial to establish a communication plan outlining the frequency and mode of communication.

• Implement regular meetings to provide updates and address any concerns promptly.
• Utilize various communication channels such as emails, project management tools , and face-to-face discussions.
• Encourage an open-door policy for team members to raise issues or seek clarification.

Integrating project management software facilitates seamless communication among team members by centralizing project information. Gantt charts assist in visualizing project timelines, while collaboration platforms enable real-time collaboration on tasks and documents. Leveraging technology enhances efficiency and transparency in project communication.

Budgeting Techniques

In healthcare project management, utilizing various budgeting techniques is essential for financial sustainability. Accurate budget estimation at the onset of a project helps in allocating resources effectively. Continuous monitoring of expenses against the budget ensures that the project stays within financial constraints.

Importance of Budgeting

• Proper budgeting allows for resource allocation based on priority areas.
• Monitoring expenses helps in identifying cost overruns early for timely corrective actions.
• Budgeting plays a crucial role in ensuring the overall financial health of the project.

Stakeholder Relations

Maintaining positive stakeholder relations is key to the success and sustainability of healthcare projects. Engaging stakeholders throughout the project lifecycle fosters trust and support from key decision-makers. Effective communication strategies with stakeholders help in managing expectations and addressing concerns proactively.

Strategies for Engagement

• Regularly update stakeholders on project progress and milestones achieved.
• Seek feedback from stakeholders to incorporate their input into decision-making processes.
• Address stakeholder concerns promptly to maintain their confidence in the project.

Skills for Project Managers

Essential skills.

Project managers in healthcare need a diverse set of project management skills to succeed. Leadership is crucial for guiding teams towards common goals and fostering collaboration. Effective communication ensures clear instructions, updates, and feedback among team members. Problem-solving skills are essential for addressing issues promptly and keeping projects on track. emotional intelligence plays a vital role in understanding team dynamics and managing conflicts within diverse project teams.

Adaptation Strategies

Adapting to changes is key in healthcare project management. Being flexible allows project managers to adjust plans swiftly in response to evolving circumstances. Agility enables them to navigate unexpected challenges with ease, ensuring project continuity and success. For instance, when faced with budget constraints, a successful adaptation strategy could involve reallocating resources or renegotiating contracts to meet project goals.

Risk Management Solutions

Effective risk management is critical in mitigating project risks in healthcare settings. Proactive approaches involve identifying potential risks early on, assessing their impact, and developing mitigation strategies. Integrating risk management into every phase of the project lifecycle enhances preparedness and minimizes disruptions. For example, conducting regular risk assessments and implementing contingency plans can help project managers anticipate and address potential obstacles before they escalate.

Career in Healthcare Project Management

Becoming a manager.

Transitioning from a project team member to a project manager in healthcare involves taking on leadership roles and overseeing projects. As a manager, individuals are responsible for planning, executing, and monitoring healthcare projects. Effective project managers in healthcare need strong communication, organizational, and problem-solving skills .

To excel as a project manager in healthcare, professionals must possess the ability to lead teams , manage budgets , and ensure project timelines are met . The transition from team member to manager offers career growth opportunities such as advancement into senior management roles . However, it also comes with challenges like handling complex projects and balancing various stakeholders’ needs.

Salary Outlook

Healthcare project managers enjoy a favorable salary outlook due to the industry’s demand for skilled professionals. Factors influencing project manager salaries in healthcare include experience level , educational background , and the size of the organization. With the potential for career advancement, project managers can expect competitive compensation packages that reflect their expertise and contributions.

The salary outlook for healthcare project managers is promising, with ample opportunities for growth and development within the field. Competitive compensation packages are offered to attract top talent in healthcare project management. This reflects the industry’s recognition of the critical role that project managers play in ensuring successful project outcomes.

The job growth prospects for healthcare project managers are robust, driven by the increasing demand for skilled professionals who can oversee complex projects within the healthcare sector. As healthcare organizations continue to prioritize efficiency and quality improvement initiatives, there is a growing need for experienced project managers to lead these efforts.

In the dynamic healthcare industry, project managers have access to diverse career opportunities and job stability due to the sector’s continual growth and evolution. The demand for skilled project managers is expected to rise steadily, offering professionals in this field long-term career prospects and stability.

Benefits of Effective Management

Improved outcomes.

Effective management enhances healthcare outcomes by ensuring streamlined processes and optimal resource allocation . It improves patient care through efficient project execution. Successful projects like the implementation of electronic health records have significantly improved patient care quality.

Cost Reductions

Strategies for achieving cost reductions in healthcare projects include efficient budgeting, resource management, and process optimization. Implementing cost-effective solutions leads to significant savings without compromising the quality of care provided. Efficient project management ensures resources are utilized effectively, reducing unnecessary expenses.

Enhanced Stakeholder Relations

Enhancing stakeholder relations is crucial in healthcare projects to ensure successful outcomes. Positive relationships with patients, staff, and external partners foster collaboration and trust. Strong stakeholder relations positively impact project success rates and enhance the organization’s reputation.

Final Remarks

In the dynamic realm of healthcare project management, understanding the intricacies and nuances is paramount. High stakes demand meticulous planning and execution at every stage. Tailored methodologies, coupled with best practices and honed skills, pave the way for success amidst unique challenges. A career in healthcare project management offers a fulfilling path, with benefits extending beyond professional growth.

Embrace the opportunities to excel in this field. Equip yourself with the right tools, knowledge, and mindset to navigate the complexities of healthcare project management. Your journey towards impactful project delivery starts now.

Frequently Asked Questions

What are the key stages of healthcare project management.

Healthcare project management typically involves stages such as initiation, planning, execution, monitoring and controlling, and closing. Each stage is crucial for ensuring successful project completion within the healthcare industry.

What methodologies are commonly used in healthcare project management?

Popular methodologies tailored for healthcare projects include Lean, Six Sigma, Agile, and Waterfall. These approaches help streamline processes, improve efficiency, and ensure quality outcomes in healthcare project management.

What unique challenges do healthcare project managers face?

Healthcare project managers often encounter challenges like regulatory compliance, stakeholder communication, budget constraints, technology integration, and risk management due to the complex nature of the industry. Overcoming these hurdles requires specialized skills and strategic planning .

Why are effective management practices important in healthcare projects?

Effective management practices in healthcare projects lead to improved patient outcomes , cost savings , streamlined operations, enhanced team collaboration, and overall project success. By implementing best practices and strategies, healthcare organizations can achieve their project goals efficiently.

What skills are essential for a career in healthcare project management?

Critical skills for a successful career in healthcare project management include leadership abilities, communication skills, problem-solving expertise, adaptability to change, organization skills, risk management proficiency, and knowledge of healthcare regulations. Developing these skills is vital for managing complex projects effectively.

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Health insurance is a form of insurance that covers the whole or a part of the costs incurred for an individual's medical care. This includes both medical and surgical expenses. There are a number of different types of health insurance policies to choose from, and depending on the coverage, an insured individual who has received medical care or services pays any out-of-pocket costs and gets reimbursed by their insurance company, or the provider is directly paid by the insurance company. MyRatePlan simplifies the process of comparing health insurance rate plans in Moscow, ID and lets you get a free quote online.

In Moscow, ID, health insurance can usually be obtained through private insurance or plans offered by employers. Low income individuals have access to healthcare through Medicaid. Insurance is also available to senior citizens through Medicare. Both Medicaid and Medicare are less costly than private insurance policies.

Health insurance in Moscow, ID can be obtained at various levels of coverage. The more inexpensive plans tend to be geared to catastrophic events, while higher cost plans could offer full coverage. Anticipation of healthcare needs tends to be a very important factor when it comes to choosing a health insurance plan.

Evaluating Health Insurance Plans in Moscow, ID

One of the primary challenges in deciding what health insurance policy to select is determining the amount of coverage needed for the upcoming year, because healthcare needs can be unpredictable. The most effective approach is typically to consider past healthcare needs, and then use those for an educated guess as to future needs. A consumer who is young, in good health, and doesn't need to make frequent visits to doctors or specialists, will likely be fine with the coverage provided by a low-cost policy. Those with chronic diseases and those who need to visit the doctor frequently for issues will be better off with health insurance that has more extensive coverage.

If an individual only wants the basics, the cheapest health insurance plans in Moscow, ID are catastrophic only insurance. These policies work well for those who rarely see the doctor and just need coverage for emergencies. For people who travel often or engage in risky activities, it's important to find a plan that covers more frequent trips to the doctor and even ER visits.

Of course, more coverage will also usually come at a cost in the form of a higher monthly premium. Consumers in Moscow, ID who pay more get policies that pay more for their healthcare needs. Every consumer needs to look at their lifestyle, background and health history to find the most affordable option that covers their needs. The best way to go is to start with the basics and add more coverage if it's needed and fits the budget.

Types of Health Insurance Policies in Moscow, ID

The amount of coverage isn't the only variation in health insurance plans in Moscow, ID. There are also different types of plans, and each work a bit differently. When shopping for health insurance, it is critical that you understand the difference between an HMO, PPO, POS, HSA, FSA and MSA.

One of the most common types of insurance is the HMO, or health maintenance organization. In this type of plan, all of your healthcare is accessed through one doctor, known as your primary care physician (PCP). You must see your PCP before going to a specialist or any other healthcare provider. When you do, he will give you a referral to see any other necessary medical doctor. Your HMO will also require you to use doctors, specialists and hospitals of their choosing. While this can be inconvenient, HMOs offer low premiums and broad coverage with low out-of-pocket costs.

Similar to the HMO is the preferred provider organization (PPO). Like the HMO, a PPO will have a list of preferred healthcare providers in Moscow, ID. If you visit one of these preferred caregivers, the company will pay all or most of the cost. A PPO, however, allows you to see doctors and specialists outside of the plan. If you do, you'll have to pay a larger portion of the bill. A PPO costs a bit more than an HMO but allows you to see any doctor you choose without a referral.

For the best of both worlds, consider a point of service (POS) plan. Under a POS plan, you will have to choose a primary care physician like in an HMO. Although you'll see your PCP for most things, you can still opt to use a doctor outside of the network like you can in a PPO. A POS system combines the benefits of an HMO and PPO into one policy.

In an effort to insure more people in Moscow, ID, new types of health insurance have been developed. While HMO, PPO and POS policies offer traditional coverage, new plans have been developed that allow you to set aside tax-free money to pay for your healthcare. There are four such plans: the health savings account (HSA), health reimbursement account (HRA), health flexible spending agreement (FSA) and the medical savings account (MMSA). All of these plans work in essentially the same way. You or your employer place money into a savings account before it is taxed. The money is then withdrawn as needed and used to pay for your medical expenses. If you don't use all of the money in your health account, some plans allow you to roll it over and keep it for use during the next calendar year.

Health Insurance Costs in Moscow, ID

First and foremost, the insured has to pay a premium for their chosen plan. This payment can be made monthly, and employers deduct it from paychecks pre-tax. However, people who pay for a plan from a private company will not have this luxury. This money is never seen again once it is paid, regardless of how much or how little the plan is used.

It is important to not confuse deductibles with out of pocket costs. This cost determines the annual responsibility a person has as far as paying for treatments and services. Deductibles happen in addition to premiums. At the same time, the money paid toward a deductible does not roll over from one year to another. It resets at zero at the beginning of each year. However, some insurance plans in the Moscow, ID area offer an exception to this rule.

Co-payments happen for almost any doctors visit. It is the minimum amount of money the insured is expected to pay on top of a premium. Once the co-payment is paid, the insurance plan will cover the rest of the costs other than deductibles and out of pocket costs dictated by the plan.

Another important factor to consider is maximum benefit coverages. Some of these coverage limits are yearly, and others are for the lifetime of the plan or the insured. This amount notes the absolute most a plan will pay for treatments and services. Any claims that come in after this maximum is reached will not be covered.

People have two ways to go about gaining health insurance in Moscow, ID. Most people gain insurance through their employer, who pays part of the premium costs for the insured. The rest of the premium and other out of pocket costs are paid by the insured. Most premium deductions are made pre-tax on paychecks. Since these plans happen at a group rate through a company, they are cheaper in the long run.

People in Moscow, ID who are not employed or who work part time can go with a plan from a private company. These plans tend to cost more for premiums, though. Seniors, people who are disabled, and people in low-income situations can qualify for insurance help through the government, mostly in the form of Medicare or Medicaid.

Get a Quote Today for Health Insurance in Moscow, ID

It's difficult to keep track of all the factors that go into your healthcare coverage. MyRatePlan makes it easy for you to compare insurance plans to determine what's best for you and your family. You can get a free health insurance quote today just by entering your ZIP code.

Saving money is always a good thing, but be sure not to skip out on insurance coverage that you may need. There are a lot of factors to consider when making your final decision. Think about what your future habits and plans are and decide accordingly. A monthly insurance bill isn't cheap, but paying out-of-pocket for an unforeseen and uncovered circumstance could cost you even more. Let MyRatePlan do the work for you while helping you find the best health insurance plan in Moscow, ID. Get your free quote today.

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Healthcare Basics

The healthcare system in Russia

Discover how the Russian healthcare system works and how to find a Russian pharmacy, doctor, or hospital in the country.

By Gary Buswell

Updated 20-5-2024

Important notice from the Editor in Chief

Maintaining our Russian site is a delicate matter during the war. We have chosen to keep its content online to help our readers, but we cannot ensure that it is accurate and up to date. Our team endeavors to strike the right balance between giving information to those who need it, and respecting the gravity of the situation.

The Russian healthcare system might seem similar to other systems elsewhere in Europe, with both state and private health insurance available for accessing healthcare in Russia. In truth, though, understanding how the Russian healthcare system works and ensuring you have adequate health insurance coverage for Russia can be a confusing and time-consuming business for expats relocating to Russia.

This guide to Russian healthcare includes:

The Russian healthcare system

Who can access healthcare in russia , costs of healthcare in russia .

Health insurance in Russia

Medical check-ups for expats in Russia

Since late 2021, Russia has required foreigners and long-term visitors to provide biometric information and undergo compulsory health check-ups .

These checks apply to anyone staying in Russia for longer than 90 days, with the exception of diplomats, members of international organizations (and their families), children under six years old, and Belarusian nationals. You will need to take the tests within 30 days of arriving in Russia or when you apply for your work permit. It isn’t yet clear how often foreigners will need to renew their tests, so it’s important to keep an eye on the Ministry of Internal Affairs website .

The medical checks aim to detect narcotics and psychoactive substances, as well as dangerous infectious diseases such as leprosy, HIV, COVID-19 , tuberculosis, and sexually transmitted infections. The process can potentially include:

• Blood tests
• Urine analysis
• Chest X-ray

When you attend your appointment, you will need your ID, migration card, and registration. The tests usually cost 4,200 to 6,600 p. Depending on your results, you will receive a medical report which includes a certificate to say that you have been examined and a certificate of absence of HIV.

Once you receive your documents from your medical examination, you will need to submit your biometrics; i.e. your fingerprints and photograph. This is possible through either the Ministry of Internal Affairs or another authorized organization. You will also need to present your ID and certificate showing that you do not have HIV and have passed the other medical tests.

Notably, these medical tests are only valid if they are carried out in an approved medical center. There are currently very few of these centers, and it is not always clear where valid tests are possible. For example, some suggest that the only option in the Moscow region is at the Sakharovo migration center , while others claim it is possible elsewhere . With this in mind, it is advisable to check with your employer to find out where other expats have conducted their tests.

If you don’t take the tests in time, then you may find that the authorities limit your stay. Importantly, if your tests reveal drug use or infectious diseases, you might be banned from entering or staying in Russia.

Unsurprisingly, the new process for foreigners living in Russia has come under fire for being ‘ xenophobic ,’ ‘disappointing, and outrageous.’ There have also been complaints from workers that the tests are invasive .

Haven’t quite mastered Russian yet? Don’t worry, here are some basic medical terms to help you if you need them:

• Help! –  Pomogitye!
• Call an ambulance! –  Pozvonitye v skoruyu pomosh’!
• Hospital –  bolnitsa
• Excuse me, I need help! –  Izvinitye, mnye nuzhna pomosh’!
• Doctor –  vrach
• General Practitioner (GP) –  terapevt, semeynoy
• Duty doctor   –  dezhurniy vrach
• Dentist –  zubnoiy vrach
• Pharmacy –  apteka
• Medicine –  lekarstvo
• Prescription –  ryetsyept
• Health centre –  polyklinika
• Insurance (s) –  strakhovka
• Ministry of Health of the Russian Federation

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VCU basketball player offers a big assist for mental health

Joe bamisile's new app, developed in his undergraduate interdisciplinary studies program, is already finding an audience..

6/20/2024 12:00:00 AM

By William Lineberry Joe Bamisile wants to take the future as it comes. He tries not to force things. But he remains dedicated to excellence in anything he pursues. If Bamisile puts up double-digit points as a guard on Virginia Commonwealth University’s men’s basketball team? That’s great. If, in five years, he is leading a company based on his app, which just launched and focuses on mental health and well-being? That’s great, too. If he’s in the NBA – or using his MBA – instead? Excellent. And if he’s doing all those things, all the better. “You can be really good at something and not have to stake your whole life on it,” Bamisile said. “It’s really cool to have all of these opportunities, and it’s great to just let it see where it goes instead of needing it to go to an exact place. … I find that comforting.” Bamisile, who graduated this spring with a bachelor’s degree in interdisciplinary studies from University College , is now pursuing a master’s in rehabilitation and mental health counseling in VCU College of Health Professions . It was in his IDS capstone where his professor tasked him to create a business plan for the social media mental health app, Maunda, that he was envisioning. In that moment, everything got real. “I was like, this can actually be what I present to clients and stakeholders,” Bamisile said. “I had to keep in mind who the app was for, and from there, I started to blend elements of communications and sociology to help meet individual needs within the application. It was a really helpful process. It gave me a blueprint to launch." “Class ended and then it was like, alright, let me put what I did in my capstone class into actual action in the real world,” he said.

And that is exactly what happened. Throughout his IDS capstone, Bamisile refined – with the help of his professor, Vineeta Singh , Ph.D. – his vision for Maunda , and right as he was about to graduate, he launched it in May.

No matter how good your own personal mental health is, if you feel isolated or you’re not connected to other people, you’re still going to suffer in many ways. That’s why I wanted to build this platform to try and combat that aspect of the mind. Joe Bamisile, VCU College of Health Professions graduate student and creator of Maunda

The app has already been welcomed by thousands of users. Bamisile hopes it encourages users to make note of their well-being and incorporate daily breaks for themselves. He knows that the practices that are built into the app, such as meditation, have helped him balance the stress of everyday life. “The first thing is I want the app to help people to just stop,” Bamisile said. “I don’t think people realize it sometimes, but everything is so fast-paced. I want to help people take five minutes to just stop and slow down.” He also hopes Maunda can help people connect and build a positive community. Users can post a story, do group meditation and engage in other ways on the app. “No matter how good your own personal mental health is, if you feel isolated or you’re not connected to other people, you’re still going to suffer in many ways,” Bamisile said. “That’s why I wanted to build this platform to try and combat that aspect of the mind.” Maunda includes a feature called the Vanishing Journal. Users receive a prompt about their day, giving them a chance to reflect and vent their frustrations. And after they hit submit, the entry disappears. “What we’re trying to capture here is for someone to think about their last 24 hours, write it down, hit submit and then let it go,” Bamisile said. “It is meant to be a kind of cathartic release.” Maunda also allows users to track activities, so if they journal or meditate, they can build a streak. This can encourage them to take a few minutes each day to stop and devote attention to their mental health. Bamisile is from Chesterfield County, and though a handful of college transfers led him across the state and country, he is glad to have landed back at his home university. “Coming to VCU has easily been the best decision I’ve made in my life,” Bamisile said. “Not only did I get to come home and support my family, I also started to find passion in other things, like wanting to continue my education. That has become really important to me. I also just really love the basketball program and the coaching staff.

“In my core, I’m just a dreamer. I don’t think anything is impossible,” he said. “I think since I have that lens, it’s just all about keeping everything balanced.”

Inspired by Joe’s story? Read more about students and faculty connected to VCU Health Sciences

A version of this story was originally published by VCU News

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Pet owners face dilemma after Nationwide drops 100,000 insurance policies

Some customers who have paid for pet insurance coverage from nationwide are attempting to organize and seek some action against the insurer for its plan to not renew coverage for about 100,000 pets..

Christie Keith has been paying $600 a month in pet insurance premiums to insure her dogs for years and bumped that up to more than $700 recently to add coverage for her 4-year-old Silken Windhound, Pip.

But a few weeks ago, the protection plan for her pets came unraveled when Nationwide Insurance announced it would cancel coverage for about 100,000 pets across the country, blaming the rising costs of veterinary care and other factors that are cutting into the profits of its pet insurance business, the company said in a statement on June 14.

The move is leaving tens of thousands of pet owners in a predicament because – even though Nationwide says age and prior claims history aren't a factor – many of those policies are for older pets with preexisting conditions that may not be insurable elsewhere.

For Keith, a 65-year-old freelance writer who lives in Davisburg, Michigan, the dilemma is especially troubling because her older dogs have needed medical treatment recently. Ros, a 10-year-old Silken Windhound, has been hospitalized twice and continues to suffer from an undiagnosed illness, while Harper, an 8-year-old Scottish Deerhound, has been treated for a back injury.

She began paying Nationwide for coverage for Harper in November 2017 and Ros in April 2021. Keith insured Pip, a 4-year-old Silken Windhound, in December 2023. Nationwide told Keith the policies for her dogs would expire as the renewal dates hit and that she couldn't get lesser policies from them for her dogs.

"I was willing to pay this very large amount to get this coverage because I love my dogs. They're my family. They are not like a car, or even a house, or a thing that can be replaced or rebuilt, they are important to me," Keith told USA TODAY. "No one else is going to take on old dogs with preexisting conditions and even if they do they will exclude all of the preexisting conditions. … I don't know what I'm going to do."

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What is pet insurance?

About 24% of Americans who own a cat or dog have pet insurance, according to NerdWallet . Depending on the policy, pet insurance may cover routine medical care such as heartworm treatments and teeth cleanings, as well as treatment for accidents and illnesses.

Some plans will also pay for behavioral issues such as aggression and have wellness coverage for services such as grooming. Also possibly covered: medically necessary euthanasia."If this is something that you want to be sure to have, then check before taking out the policy. Some plans offer burial or cremation as optional add-ons," NerdWallet personal finance expert Kimberly Palmer told USA TODAY.

Many policyholders get pet insurance because they may not be able to fully cover the cost of a high emergency medical bill for their pet. More than half of pet owners surveyed for the NerdWallet report (57%) said they have pet insurance for “peace of mind."

"When it is available, pet insurance can give pet owners much-needed peace of mind when it comes to protecting their finances from unexpected medical costs related to pets," Palmer said.

The average cost for pet insurance is about $53 a month for dogs and $32 a month for cats, with those costs rising as pets age, according to NerdWallet.

Pet insurance, like coverage for humans, usually has deductibles and coverage limits. So if you had a $500 annual deductible, you have to pay the first $500 in bills that year before your policy starts paying. And, depending on the plan, it could only pay a portion, NerdWallet says.

Why is Nationwide Insurance canceling some pet insurance policies?

Nationwide claims to be the first and largest provider of pets in the U.S. with more than 1.2 million dogs, cats, birds and exotic pets insured for medical coverage, accidents and injuries. But the company said it must take action "to maintain long-term viability and profitability," Nationwide said in that statement issued on June 14.

"Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states – difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business," said Nationwide, which added it has paid for claims amounting to "billions of dollars over the past four decades."

Insurance costs are rising. In some cases, homeowners are foregoing coverage because the price has gotten so high. Similarly, auto insurance has risen 26% in 2024.

"We certainly empathize with the disappointment many of our pet families feel and will fully stand by the protections for which they have paid through the end of their current term," Nationwide's statement said. "Our rates will continue to be fair and appropriately priced for the plan, pet, and breed. "

What accounts might be affected?

The company has said decisions of nonrenewal were "not associated with the pet's age, breed or prior claims history."

Nationwide did not respond from USA TODAY to a request for additional information about the characteristics of pet insurance policies that will not be renewed.

Apparently, where pet owners live plays a part, based on the letter Nationwide sent to Robin Tobias of Aventura, Florida, in April. In the letter, Nationwide said coverage for her dog, Ginger, won't be renewed.

"After careful review of our products, we've elected to discontinue certain plans, including Whole Pet, which will no longer be offered in your state," said the letter, which Tobias shared with The Columbus Dispatch , part of the USA TODAY Network. "The same economic pressures from inflation, higher interest rates and rising that have caused unprecedented losses for the American insurance industry are affecting the pet industry as well, leading to difficult decisions such as this."

Many pet owners and policyholders who have joined a Facebook group called "Dropped By Nationwide Pet Insurance Whole Wellness," do have older pets with preexisting conditions. The group, which has more than 300 members, is considering what legal action it may be able to take against Nationwide.

"Pet owners are contemplating euthanizing sick pets because they are uninsured, and all they can say is they need to make more money, so too bad," Tobias said.

Most pet insurance policies won't cover preexisting conditions, NerdWallet's Palmer said.

"So if your pet has preexisting conditions, you might be better off considering other options, such as saving up in advance for potential medical needs down the road," she said. "You can put what you would have paid in premiums into a high-yield savings account for your pet’s care. Another option is to find a vet who will work with you on a payment plan."

When will Nationwide drop some pet insurance policies?

Affected policyholders are being informed in writing about  Nationwide's  plans. The company began sending letters to policyholders this spring and will continue into the summer of 2025.

As in the case of Keith and her three dogs, most policyholders commenting online about the situation say their coverage ends at the end of the current policy.

For Tobias, coverage for Ginger, a 7-year-old dog with a heart murmur, ends July 23. Tobias pays about $160 a month for insurance; she bought the coverage when her dog was a puppy.

She has found another company that she believes will cover Ginger, but she worries that others won't be as fortunate. Tobias is particularly concerned about older pets with health problems that may be abandoned by their owners because they can't afford to pay to care for their pets and can't get coverage from another insurer.

"That's the reason why you take insurance," she said. "Down the road, you're going to need it. It's horrifying really."

"For us, dogs have been our children. Everything we do is to protect our children."

Follow Mike Snider on X and Threads:  @mikesnider  & mikegsnider .

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Student Loan Bills Are Dropping Next Month for Many, but There’s a Hiccup

The Education Department has not finished recalculating payments for millions of borrowers enrolled in SAVE, forcing loan servicers to put many loans into forbearance.

By Stacy Cowley

On July 1, millions of federal student loan borrowers will see their monthly bills drop — some by as much as half — as the Biden administration’s new income-driven payment plan , known as SAVE, takes full effect.

But first, the government and its four loan servicers have to resolve a major hiccup.

Starting next month, borrowers enrolled in the SAVE plan with only undergraduate loans will have their monthly payments capped at 5 percent of their discretionary income, down from the current 10 percent limit. (Graduate school loan payments will remain at a maximum of 10 percent, while people with a mix of undergrad and graduate loans will have a weighted payment.)

The loan servicers are relying on the Education Department to send them the new loan amounts for every borrower. But the department has not yet finished making calculations, according to three people familiar with the process, who asked for anonymity because they are not authorized to speak about the issue publicly.

To buy time, the department instructed its servicers to place borrowers with payments due in early July into an administrative forbearance for the month, which means no payment from them will be required.

More than eight million borrowers have enrolled in the SAVE plan. Many received notices this month saying that their account had been placed into forbearance, sparking widespread surprise and confusion.

“I was freaking out a little bit,” said Iván Barragán, who got a letter from his servicer, MOHELA, last week. “I thought I had done something wrong. Then I quickly went on Twitter and saw that a bunch of people were also getting the notices.”

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