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7/29/2019 Entrepreneurial Opportunities Long Term Healthcare Industry
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Entrepreneurial
Opportunities
Long Term Healthcare Industry
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Agenda
Introductions
Objectives
Presentation
Q&A
Wrap Up
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OBJECTIVES
Participants will be provided informationregarding:
Services provided in the long term care industry Basic market information
Government Role in the Long Term Care Industry
Elements of Business Start up
Benefits & Risks
Available Resources
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SCOPE OF BUSINESS ACTIVITIES
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Home Care
Form of health care service provided in the patients
home or assisted living facility
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Adult Day Care
Includes programs, services, and facilities designed to
assist physically or mentally impaired adults remain
with family or in their own home
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Assisted Living
Alternative to traditional institutional living (i.e.
nursing home), such as Adult Foster Care and Homes
for the Aged where individuals live independently,receiving support services such as:
24-hour supervision,
housekeeping and meal preparation,
assistance with activities of daily living transportation services
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Nursing Homes
A residential facility that provides long term
care for the elderly and chronically ill adults,
who are unable to care for themselves
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Hospice Care
Supporting care for terminally ill patients.
Hospice programs provide palliative (care that
relieves discomfort but does not improve thepatients condition or cure the disease) patient-
centered care and other services
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Transportation
Long term care patients often require
transportation for medical appointments (i.e.
doctor visits, tests, treatments) Transportation charges are affordable and
generally paid by the requestor
Medicare does pay for transportation formedical services, for eligible patients
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MARKET ANALYSIS
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Market Growth Factors
Extended life due to medical advances
Baby boomers
Growth in non-elderly recipients of LT Care
Adults with Mental IllnessAdults with Chronic Illness
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Market Trends
Stable industry
Government payment of LT Care services
Highly regulated industry
Quality of care standards increasing
Excess occupancy in local nursing facilities15
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Key Success Factors
Right-size your business
Quality service
Properly trained staff
Strategic partnerships and alliances
Understand government policy and regulations16
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GOVERNMENT ROLE IN
LONG TERM CARE
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Medicare vs. Medicaid Coverage
Medicare Medicaid
Insurance Program Government Assistance Program
Eligibility based on age (
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Medicaid Reimbursement
Medicaid accounts for nearly 50% of Long Term
Care payments in Michigan
Nursing care facilities receive the largest portion of
Medicaid reimbursements
Nursing care facilities may be reimbursed for costs
associated with capital asset ownership
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BUSINESS START UP
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For Profit Business
In business to make a profit
Must pay income taxes on profit
Reinvest profit and/or pay yourself a dividend
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For Profit Business
Capital Resources
Personal cash resources
Private investors
Personal or institutional financing
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Non Profit Business
Business is exempt from income tax
No profit for business owner, cash surplus
must be used for regular business expenses
Strict accounting and reporting requirements
for grant funds
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Non Profit Business
Capital Resources
Personal cash resources
Private investors
Personal or institutional financing
Grant funding and charitable contributions
Low interest government loans
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BENEFITS & RISKS
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Benefits
Self-employed
You are your own boss
Tax benefit
Continuous Market Growth
Aging population
Non-elderly adults with chronic physical ormental illness
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Benefits
Multiple revenue sources
Private Insurance
Medicaid reimbursement (for qualified services) Medicare reimbursement (for qualified services)
Grant funding (for non profit businesses)
Private Pay
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Risks
Operational Riskis the risk of loss resulting
from inadequate or failed internal processes,
people or systems, or other external eventsTo reduce operational risk, ensure that you havean adequately trained staff and necessary systems
and processes to deliver services
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Risks
Financial Riskis the risk that a company will
not have adequate cashflow to meet financial
obligationsTo reduce financial risk, maintain good creditworthiness and manage cashflow and liquidity
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Q&A
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RESOURCES
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Resources
Resource Purpose Location
Description
State of Michigan This webpage provides resources for https://www.michigan.gov/miseniors/0,1607,7-
Webpage additional information on opening an 234-47798-179046--F,00.html
Adult Day Care Service.State of Michigan This webpage provides information http://www.michigan.gov/mdch/0,1607,7-132-
Webpage and requirements for opening a 27417_27655_27662-91668--,00.htmlNursing Home Facility
Checklist for finding Evaluation of resident expectations http://www.hcam.ort/THECONSUMERGUID
a nursing home E/UseThisChecklist/tabid/1582/Default.aspx
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Resources
Resource Purpose Location
Description
Medicaid Provider Detailed description of Medicaid
Manual eligibility, reimbursement and other
requirements for:* Home Care
* Nursing Homes
* Hospice Care
http://www.michigan.gov/mdch/0,1607,7-132-
2945_5100-87572--,00.html
Michigan Adult Day Provides resources for providers and www.mimadsa.org
Care Services others involved in the industry.
Association
Adult Foster Care To apply for a license to open an http://www.michigan.gov/documents/dhs/BCAFamily Home Adult Foster Care Home L-047_211766_7.pdf
Application
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Resources
Resource Purpose Location
Description
AFC and Homes for
the Aged Licensing &
RequirementsInformation
This State of Michigan website
provides licensing requirements,
forms, training, resources, rules &statutes and other information related
to AFC Homes
http://www.michigan.gov/dhs/0,1607,7-124-
5455_27716_27717---,00.html
Report from State of The report provides an analysis of http://www.michigan.gov/documents/miseniors
Michigan Office of transportation services for Michigans /Transportation05_175052_7.pdf
Services to the Aging elderly population
SBA Website Programs and services to help you http://www.sba.gov
start a business
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