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Home Health Care Business Plan
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If you are planning to start a new home healthcare business, the first thing you will need is a business plan. Use our sample home health care business plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new home healthcare business, spend as much time as you can reading through some examples of healthcare-related business plans .
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample home health care business plan for you to get a good idea about how perfect a home health care business plan should look and what details you will need to include in your stunning business plan.
Industry Overview
The home healthcare industry stood at a massive value of 299 billion dollars in 2020 and is expected to grow at a rapid pace going forward too.
The major reason for this growth is the increase in the size of the geriatric population. Also, many people prefer to stay at home, be it because of the expenses, the comfort it offers, the long-term convenience, and so on.
It is also less expensive and helpful for the government and institutions to better arrange the healthcare sector and make it more cost-effective.
Hence, this sector has massive growth potential for years to come.
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Things to Consider Before Writing a Home Healthcare Business Plan
Figure out the type of your healthcare services.
As home healthcare provides both medical and nonmedical services, you’ll have to figure out what kind of services you want to offer before you start planning. As both businesses require different skills, resources, teams, and procedures, deciding what you want to do helps you plan better and more specifically.
Hence, figure out what kind of services you want to offer.
Decide your legal structure
Your legal structure decides the amount you’ll pay in taxes, the number of legal documents you’ll have to prepare, the liability on your personal assets, and so on. And although it might be intimidating to pick one option amongst several, it isn’t really that difficult. And with a little bit of legal help, it can be made even easier.
Also, it makes it easier for you to conduct your business and stay on the right side of the law.
Develop a marketing plan
Marketing your business right is essential. To ensure that people approach your business, it is important to let them know that your business exists. Also, your marketing should properly reflect your brand’s message and communicate what you want in the right tone.
Hence, developing a marketing plan early on is important.
Have a good team
A good team can make or break your business. As with a home healthcare business, the way you deal with people matters the most, it is important to have a good team. Your team should be able to understand different customers and deal with them accordingly.
Home Health Care Business Plan Outline
This is the standard home health care business plan outline, which will cover all important sections that you should include in your business plan.
- Mission Statement
- Vision Statement
- Keys to Success
- Financial Summary
- 3 Year profit forecast
- Financing Needed
- Management Team
- Personnel Table
- Startup cost
- Products and services
- Market Analysis
- Market Trends
- Target Market
- Market Segments
- Advertising Strategy
- Pricing Strategy
- Financial Plan
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your home health care business plan pdf or doc file. It’s the fastest and easiest way to start writing your business plan.
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Download a sample home health care business plan
Need help writing your business plan from scratch? Here you go; download our free home health care business plan pdf to start.
It’s a modern business plan template specifically designed for your home health care business. Use the example business plan as a guide for writing your own.
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Vinay Kevadiya
Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more
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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:
![free home health care business plan template pro forma financial projections for St. Helens’ Home Care](https://planbuildr.com/wp-content/uploads/2022/11/Home-Health-Care-740x515.png)
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:
Total | Percent | |
---|---|---|
Total population | 590,157 | 100% |
Male | 284,873 | 48.30% |
Female | 305,284 | 51.70% |
Under 5 years | 41,749 | 7.10% |
5 to 9 years | 43,509 | 7.40% |
10 to 14 years | 41,324 | 7.00% |
15 to 19 years | 43,301 | 7.30% |
20 to 24 years | 48,119 | 8.20% |
25 to 34 years | 106,407 | 18.00% |
35 to 44 years | 73,788 | 12.50% |
45 to 54 years | 64,669 | 11.00% |
55 to 59 years | 35,109 | 5.90% |
60 to 64 years | 27,995 | 4.70% |
65 to 74 years | 39,539 | 6.70% |
75 to 84 years | 17,394 | 2.90% |
85 years and over | 7,254 | 1.20% |
Total housing units | 260,024 | 100% |
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.
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
Expenses & Costs | ||||||
Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
LIABILITIES & EQUITY | ||||||
Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
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Cash Flow Statement
FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
---|---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | ||||||
Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
CASH FLOW FROM INVESTMENTS | ||||||
Investment | ($180,950) | $0 | $0 | $0 | $0 | |
Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
CASH FLOW FROM FINANCING | ||||||
Cash from equity | $0 | $0 | $0 | $0 | $0 | |
Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
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
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Home Health Care Business Plan Template [2024]
Home Health Care Business Plan Template
If you want to start a Home Health Care business or expand your current Home Health Care business, you need a business plan.
The following Home Health Care business plan template gives you the key elements to include in a winning Home Health Care Agency business plan.
Below is a sample home health care plan, outlining each of the key sections of a successful home care business plan. Once you create your plan, download it to PDF to show banks and investors.
I. Executive Summary
Business overview.
[Company Name] was founded by [Founder’s Name]. [Founder’s Name] is a nurse that has worked in local hospitals for over a decade. Her years of experience has taught her how to care for aging adults in a safe and supportive manner. [Founder’s Name] realizes the need for a quality and affordable home health care company as she has a difficult time placing her patients that are being discharged from the hospital with an agency that is reliable and within the patient’s budget. [Company Name] is a high-quality home health care agency that treats elderly patients with a wide array of illnesses and issues with a friendly and supportive staff that is also affordable and works within the patients budget.
Services Offered
[Company Name] will provide nursing, physical therapy, occupational therapy, home health aides, and social work services to its patient clients. In addition, their team of healthcare specialists will also be able to provide specialized services for Alzheimer’s, dementia, arthritis, and diabetic patients.
Customer Focus
[Company Name] will serve the aging community of [company location]. Many of the aging community has diabetes, arthritis, Alzheimer’s, dementia, etc. and would prefer to receive their care in the comfort of their own home rather than the hospital or assisted living facility. The demographics of the target customer profile is as follows:
- 106,727 residents
- Average income of $65,000
- 63.4% married
- 43.2% retired and/or over the age of 55
- Median age: 42 years
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
Management Team
[Company Name] is owned and operated by [Founder’s Name], a local nurse who has worked at local hospitals for over the past ten years. She has dealt with hundreds of elderly patients and their families finding adequate and affordable home health care upon being released from the hospital. [Founder’s Name] has realized there is a lack of quality and affordable home health care agencies in [company location]. She aims to provide the best in-home health care services while also being affordable for the patient and their families.
Aside from the nurses, therapists, aides, and social worker she will have on staff, [Founder’s Name] will also employ a receptionist and Office Manager to help with the administration and operation of the home health care agency.
Success Factors
[Company Name] has several advantages over its competition. Those advantages include:
- Compassionate Staff: Knowledgeable and friendly staff of nurses, therapists, aides, and social workers who are highly knowledgeable and experienced in their field.
- Location: [Company Name] will be able to service the entire metropolitan area of [company location] and its surrounding areas.
- Quality Care: [Company Name] will provide expert services so that the patients are at the highest comfort level.
- Pricing: [Company Name]’s pricing will be more affordable than its competition. 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 they might require because the cost is too high.
Financial Highlights
[Company Name] is seeking $150,000 in funding to launch its home health care business. The capital will be used for funding capital expenditures, staffing, marketing and advertising expenses, and working capital.
The breakout of the funding may be seen below:
- Capital expenditures (computers, equipment, etc.): $20,000
- Marketing and advertising: $10,000
- Staffing costs: $60,000
- Working capital: $10,000
Financial Summary | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
---|---|---|---|---|---|
Revenue | $965,742 | $1,878,611 | $2,718,300 | $3,477,900 | $4,285,228 |
Total Expenses | $390,241 | $630,018 | $931,935 | $1,171,906 | $1,429,992 |
EBITDA | $575,501 | $1,248,593 | $1,786,365 | $2,305,994 | $2,855,237 |
Depreciation | $8,720 | $8,720 | $8,720 | $8,720 | $8,720 |
EBIT | $566,781 | $1,239,873 | $1,777,645 | $2,297,274 | $2,846,517 |
Interest | $5,077 | $4,442 | $3,807 | $3,173 | $2,538 |
PreTax Income | $561,705 | $1,235,431 | $1,773,838 | $2,294,101 | $2,843,978 |
Income Tax Expense | $196,597 | $432,401 | $620,843 | $802,935 | $995,392 |
Net Income | $365,108 | $803,030 | $1,152,995 | $1,491,166 | $1,848,586 |
Net Profit Margin | 38% | 43% | 42% | 43% | 43% |
II. Company Overview
Who is [company name].
[Company Name], is located at [insert location here] is a new home health care agency that provides skilled nursing services and occupational therapy to aging adults.
[Company Name] was founded by [Founder’s Name]. [Founder’s Name] is a nurse that has worked in the local hospital for over a decade. Her years of experience has taught her how to care for aging adults in a safe and supportive manner. [Founder’s Name] realizes the need for a quality and affordable home health care company as she has a difficult time placing her patients that are being discharged from the hospital with an agency that is reliable and within the patient’s budget. Many of her patients frequently use family members or friends that are inadequately trained or knowledgeable about what it takes to care for an elderly person. They have to rely on whomever is available because they can not afford a home health care agency. Most times, the caretaker’s schedule is inconsistent and the elderly person ends up back in the hospital because they are not receiving adequate nursing or therapy care.
A large segment of [Company Location]’s population is retired and/or elderly adults. There are not enough home health care agencies to support the aging population of this community.
[Company Name]’s History
[Founder’s Name] has been consulting with an attorney and CPA over the last few months to understand the business and financial obligations that go with owning their own business. Her lawyer has advised [Founder’s Name] that [Company Name] should be incorporated as an S-Corporation on [date of incorporation].
[Company Name] has identified the home health care office it will use as its headquarters. [Founder’s Name] has begun lease negotiations and began pricing out construction build-out for the facility.
Since incorporation, the company has achieved the following milestones:
- Found office location and signed Letter of Intent to lease it
- Decided on the company name, and developed the logo and website located at www…
- Finalized list of services the company will be able to provide
- Determined the office equipment and inventory requirements
- Began recruiting key employees for the home health care operation
[Company Name]’s Services
Below is [Company Name]’s list of services. All services will be provided by a trained and licensed staff.
- Skilled Nursing Services
- Therapy and Rehabilitation
- Alzheimer’s & Dementia Care
- Diabetes Care
- Arthritis Care
- Home Health Aide
- Medical Social Worker
[Company Name] will be able to provide daily services as well as accommodate on-call services and emergency response.
III. Industry Analysis
Strong and steady revenue growth is expected for the Home Care Providers industry over the five years to 2026 as a result of an aging population, increasing interest in home healthcare and expanded access to Medicare and Medicaid under the Patient Protection and Affordable Care Act (PPACA). The aging population will likely continue to foster revenue growth because this demographic not only requires more healthcare services compared with other age groups, but it also increasingly prefers home care. Payers will progressively shift to home care because it is more affordable than inpatient hospital and nursing home care.
Large companies will grow even larger through mergers and acquisitions. Moreover, home healthcare will evolve to include more chronic disease-management services, and consolidation will help the industry unite to influence policy change and benefit from larger-scale operations. Considering these projections, revenue is forecast to increase to $138 billion in the next five years.
IV. Customer Analysis
Demographic profile of target market.
[Company Name] will serve the community residents of [company location] and its surrounding areas.
The community of [company location] has thousands of retired, elderly adults who require a greater need of attention. Many of the aging community has diabetes, arthritis, Alzheimer’s, dementia, etc. and would prefer to receive their care in the comfort of their own home rather than the hospital or assisted living facility.
Below is a demographic breakdown of this area:
Riverdale | Santa Cruz | |
---|---|---|
Total Population | 26,097 | 10,725 |
Square Miles | 6.89 | 3.96 |
Population Density | 3,789.20 | 2,710.80 |
Population Male | 48.04% | 48.84% |
Population Female | 51.96% | 51.16% |
Target Population by Age Group | ||
Age 54-60 | 3.68% | 3.52% |
Age 60-69 | 5.22% | 4.50% |
Age 70-80 | 13.80% | 13.91% |
Age 81 and older | 18.09% | 18.22% |
Target Population by Income | ||
Income $50,000 to $74,999 | 11.16% | 6.00% |
Income $75,000 to $99,999 | 10.91% | 4.41% |
Income $100,000 to $124,999 | 9.07% | 6.40% |
Income $125,000 to $149,999 | 9.95% | 8.02% |
Income $150,000 to $199,999 | 12.20% | 11.11% |
Income $200,000 and Over | 32.48% | 54.99% |
Customer Segmentation
We will primarily target the following four customer segments:
- Elderly patients who are being released from the hospital and their doctors highly recommended daily nursing services and/or therapy.
- Elderly patients who had a recent fall and require physical and/or occupational therapy to heal from their injury.
- Elderly patients who are suffering from Alzheimers or dementia and would prefer to remain in their home rather than an assisted living facility.
- Elderly patients who are diabetic and/or suffer from severe arthritis and need daily assistance with medication, etc.
V. Competitive Analysis
Direct & indirect competitors.
Comanche County Home Health Comanche County Memorial Hospital’s Home Health & Hospice has provided home health services for over a decade. Their staff is comprised of dedicated professionals who are committed to providing quality care in the comfort and convenience of the patients’ home. 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, 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.
Registered nurses, licensed practical nurses, nutritionists, speech therapists, physical therapists, occupational therapists, home health aides, and medical social workers all work with the patient and their family to develop an individual plan of treatment.
Elara Caring Elara Caring is one of the nation’s largest providers of home-based care, with a footprint in the Northeast, Midwest, and South. 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 the patients’ needs allows them to apply proprietary platforms to deliver proactive, customized care that improves quality of life and keeps patients in their homes.
Elara Caring leads patients through the post-acute care journey by providing the appropriate level of care, delivered wherever our patients call home. The company’s intimate understanding of its patients’ needs allows it to apply proprietary platforms to deliver proactive, customized care that improves quality of life and keeps patients in their homes.
Encompass Health Serving the Lawton, Oklahoma area, they are one of the nation’s leading providers of home health services and 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, recent hospital stay, or managing a disease or injury, Encompass Health’s services are designed to meet patient’s where they are. They offer cutting-edge specialty programs that focus on patient education, self-management and reducing hospital readmission, resulting in better care and better outcomes for their patients.
Competitive Advantage
- Compassionate Staff: Knowledgeable and friendly staff of nurses, therapists, aides, and social workers who are not only knowledgeable in their field, but place a special emphasis on compassion.
- Quality Care: [Company Name] will provide expert services and their patients will receive quality treatment and care so that the patient is as comfortable as they can be.
VI. Marketing Plan
The [company name] brand.
The [Company Name] brand will focus on the Company’s unique value proposition:
- Knowledgeable, friendly, expert staff of healthcare professionals.
- Quality level of service and care.
- Offering the best nursing, therapy, social worker, and aide services at competitive prices.
Promotions Strategy
[Company Name] will target all residents of [company location] within a 20-30 mile radius. The Company’s promotions strategy to reach the most clientele include:
Local Hospitals [Company Name] already has great relationships with the local hospitals. She will work to make sure the hospitals send referrals and highly recommend [company name] to its patients and their families upon releasing them from the hospital.
Nursing Homes and Assisted Living Facilities Oftentimes, an elderly patient will be placed in a nursing home or assisted living facility right away. Sometimes they are not happy and would rather go back home. [Company Name] will work with these facilities so that they recommend their agency for when a patient highly desires to receive the care in the comfort of their own home.
Website [Company Name] will have an informative and attractive website that will feature all of its services and referrals from other satisfied patients. The website will be highly informative and be designed in a way that is friendly and eye-catching.
SEO [Company Name] will invest in a high SEO presence so that the agency is listed at the top of the Google or Bing search engine when a family member is researching home health care agencies in [company location].
Billboard [Company Name] will have a billboard in an area of town 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.
Advertising [Company Name] will invest in advertisements in featured local publications, such as community newspapers and newsletters that focus on the retired and aging population.
Pricing Strategy
[Company Name]’s pricing will be moderate so customers feel they receive great value when purchasing its services.
VII. Operations Plan
Functional roles.
[Company Name] will need to fulfill the following functional roles in order to execute their business plan and ensure the company’s success:
Administrative Functions
- General & administrative functions including legal, marketing, bookkeeping, tax, etc.
- Staff management and scheduling
- Hiring and training staff
Health Care Functions
- Physical Therapist
- Occupational Therapist
- Home Health Aides
- Social Worker
[Company Name] will achieve the following milestones in the following [] months:
- Secure 2,000 square foot office space
- Develop website, logo, and company website
- Secure small business loan bank financing
- Develop and finalize list of home health care services
- Hire and train staff
- Begin advertising campaign with hospitals, nursing homes, billboard, and print publications
- Grand Opening of [Company Name]
Date | Milestone |
---|---|
[Date 1] | Finalize lease agreement |
[Date 2] | Design and build out [Company Name] |
[Date 3] | Hire and train initial staff |
[Date 4] | Kickoff of promotional campaign |
[Date 5] | Launch [Company Name] |
[Date 6] | Reach break-even |
VIII. Management Team
Management team members.
[Company Name] is owned and operated by [Founder’s Name], a local nurse who has worked at local hospitals for over the past ten years. She has worked in the Occupational department where there are numerous elderly patients being treated daily. She has dealt with hundreds of elderly patients and their families finding adequate and affordable home health care upon being released from the hospital. [Founder’s Name] has realized there is a lack of quality and affordable home health care agencies in [company location]. She aims to provide the best in-home health care services while also being affordable for the patient and their families.
[Founder’s Name] graduated from the University of ABC with a Bachelor’s Degree in Nursing.
Hiring Plan
[Founder’s Name] will serve as the agency Founder and Chief Executive Officer. She will hire the following personnel in order to maintain an effective and profitable home health care business:
- Office Manager will assist [Founder’s Name] run the administrative tasks to operate the agency. This person will handle bookkeeping, tax payments, payroll, and office inventory.
- Receptionist will handle all phone calls and web inquiries. This person will also manage the scheduling of the home health care staff.
- Nurses – 2-3 nurses will be on staff to provide the nursing services.
- Occupational Therapist – 1 OT will be on staff to provide occupational therapy services.
- Physical Therapist – 1 PT will be on staff to provide physical therapy services.
- Home Health Aides – 3-4 aides will be on staff to provide basic care to the patients.
- Social Worker – 1 social worker will be on staff to oversee the welfare and care of each patient.
IX. Financial Plan
Revenue and cost drivers.
The revenues for [Company Name] will come from the fees it will charge the patients and their insurance for the health care services it provides.
The cost drivers for the company will be the payroll of the staff, lease on the office building, office supplies and equipment, and marketing and advertising costs.
Capital Requirements and Use of Funds
Key assumptions.
Number of patients per month | Per location |
---|---|
Year 1 | 1200 |
Year 2 | 1300 |
Year 3 | 1450 |
Year 4 | 1550 |
Year 5 | 1750 |
Annual Lease ( per location) | $50,000 |
5 Year Annual Income Statement
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
Expenses & Costs | ||||||
Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
LIABILITIES & EQUITY | ||||||
Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | |||||
Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
CASH FLOW FROM INVESTMENTS | |||||
Investment | ($246,450) | $0 | $0 | $0 | $0 |
Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
CASH FLOW FROM FINANCING | |||||
Cash from equity | $0 | $0 | $0 | $0 | $0 |
Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
SUMMARY | |||||
Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
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Download a free home health care sample business plan template. Part of our library of over 550 industry-specific sample business plans.
Download a sample home health care business plan. Need help writing your business plan from scratch? Here you go; download our free home health care business plan pdf to start. It’s a modern business plan template specifically designed for your home health care business. Use the example business plan as a guide for writing your own.
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.
Download a free home health care business plan template and example. To help get you started on your home health care business, check out our free home health care business plan template. You can download this document in Word form and use it as a foundation for your own business plan.
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