Nursing Home Business Plan
There is a lack of full-time assisted living facilities that offer skilled and respectful care to residents. Additionally, there is a shortage of medically skilled short-term care facilities for patients in CT.
Solution:
Bright House aims to be the home for 14 full-time assisted living residents, offering medically-skilled care in a respectful, self-sustaining community, and skilled nursing care for short-term residents. Located in Middletown, CT on a beautiful 6 acre property, the newly remodeled Bright House brings together experience and innovative visions for our elderly family members.
Market:
The aging of the Baby Boomers is well-known. They are unhappily surprised about the available options as they age. Elder-care alternatives along the Eden Care model are being founded.
Our own experience shows that people seeking assisted living care and skilled nursing care have similar needs: respect and dignity, active engagement in a community, involvement in treatment and living plans, and care from skilled clinicians and caregivers.
Families seeking caring environments want peace of mind, relief from caregiving responsibilities, and relief from guilt. Bright House reassures families that letting us care for their loved ones is a loving act.
Competition:
There are different options for nursing home care, including in-hospital recovery centers, for-profit chains, and specialized care for specific ailments. The nonprofit specialized care facilities come closest to our care model.
Why Us?
At Bright House, we promote the dignity and self-worth of our residents and strive to give them an excellent quality of life. We encourage resident group decision-making, access to all areas of their homes, and self-determination in activities, socialization, and food preferences. Bright House is not just a caregiving facility, it is their home and their community.
Expectations:
Financial Highlights by Year
Opportunity:
Problem & Solution:
There is a lack of full-time assisted living facilities that offer skilled and respectful care to residents. Additionally, there is a shortage of medically skilled short-term care facilities for patients in CT.
Our solution:
Bright House aims to be the home for 14 full-time assisted living residents, offering medically-skilled care in a respectful, self-sustaining community, and skilled nursing care for short-term residents. Located in Middletown, CT on a beautiful 6 acre property, the newly remodeled Bright House brings together experience and innovative visions for our elderly family members.
Market Size & Segments:
We are basing our Market Analysis on data from Middlesex and Hartford counties, affluent portions of which, such as Glastonbury, are within a short drive of our facility.
Base Numbers for private residents:
The current total population of residents 65 and older, according to the 2000 U.S. Census, is 155,071 in Middlesex County and 857,183 in nearby Hartford County. Our projections reduce those numbers to account for those healthy enough to care for themselves, leaving us with a total potential market of 303,676. We then reduce that number again to get the total potential customers living within a 35 minute drive of Middletown, leaving us with 151,838. Of these, we estimate roughly 8.5% will have the means to pay for full-time private care at our facility.
Medicare residents and short stays:
A study found that the proportion of Medicare patients transferred to post-hospital care has doubled since the PPS was introduced. We base our projections for Medicare residents on the population with family incomes between $30,000 and $75,000, which represents 40% of the total population.
Competition:
Alternatives and Usage Patterns:
Families choose an elder care facility based on distance, affordability, quality of staff and facilities, and necessary medical specialties. The following three organizations are representative of the types described above.
Our advantages:
At Bright House, we provide resident-oriented, small-scale, home-model care. We prioritize dignity, social connections, and personal preferences. Residents have private rooms and a communal living area. We focus on meaningful activities that engage our residents.
Keys to Success:
We offer resident-oriented, small-scale, home-model care, use Elder Assistants to lower costs, provide fair wages and a team structure for staff satisfaction, and have an on-site Skilled Nursing Facility for more intensive care.
Execution:
Marketing & Sales:
Our main marketing approach is through word of mouth. We offer tours to showcase our facilities and have a website for tech-oriented customers.
Sales will primarily come from tours and our website. We have an application process for potential residents. Approved applicants can discuss the specific needs of the resident and move-in arrangements.
Operations:
Locations & Facilities:
We have renovated the former Wayfield Bed and Breakfast into our main facilities. The main building houses assisted-living residents, while the skilled nursing facility provides care for post-operative and recovering temporary residents. Middletown is centrally located and has an ethnically and economically-varied population.
Technology:
We use a computerized medical record system to ensure residents understand their own situation and maintain their health. We comply with HIPAA standards and provide training to staff in mid-December.
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