The Home Care & Assisted Living Business Series

Client Number 1: 

20 hours a week at $18.00 an hour 

Total Weekly Gross = $360.00

Total Monthly Gross = $1440.00

Caregiver Weekly Pay rate at $11.00 an hour = $220.00

Caregiver Monthly Pay rate at $11.00 an hour = $880.00

Monthly Net Profit to Agency = $560.00

Client Number 2: 

40 Hours a week at $17.00 an hour 

Total Weekly Gross = $680.00 

Total Monthly Gross = $2,720.00

Caregiver Weekly Pay Rate at  $11.00 an hour = $440.00

Caregiver Monthly Pay Rate at $11.00 an hour = $1760.00 

Monthly Net to the Agency = $960.00

Client Number 3:

Live In Client $180.00 a day:

Total Monthly Gross: $5,040.00 (Every 28 days) 

Caregiver Salary: $110.00 day. $3080.00 a month. 

Monthly Net Profit to the Agency: $1,960.00

Total Monthly Net Income for 3 Clients: $3,480.00

Annualized $41,760.00

I call this the magic 3 and our entire staff is geared to meet this goal monthly. Nothing less and if we exceed this goal bonuses and other incentives are given. Feel free to us this or some other variation in your organization. 

The home care has the advantage of scale for sure but there is a high turnover.

ALF is limited but it's a higher demand because of bed inventory and it the turnover rate is much lower.

To be in both is the golden path 💰

Upfront Costs:

 Mortgage: 285k 

Lease: 3K

Single Family 1000/sqr ft minimuim, 3/2 signal room 80 sqr ft., simi-private 120 s,qr feet,  Basement or Den (Caregivers Living Quarters)

Downpayment: 12k (Down Payment Assistance) 

Join First Time Home Buyers Program in your county. 

Bedrooms Furnishing New*: $1,900.00  

Common Areas Used*: $600.00 

Kitchen Used*: $200.00

Fire Extinguisher × 2 $125.00

Small Locked Refrigerator w/ Lock $100.00

Raised Toilet Seat - $35.00 per bathroom 

Wall Railing $70 per 3 foot 

*Used:

Offerup 

Goodwill 

Craigslist 

Facebook Marketplace 

Monthly Fixed Cost:

Mortgage/Rent $1,780.00

Electric $125.00 (Buget Billing)

Water $33.00

Cable / Internet Bundle $184.00 (Xfinity) Home Security 

Groceries $450.00 (Sam's Club)

Payroll ( Caregivers 185/day $5,100.00*, AL Manager $2,500* Manage it yourself, Delegating Nurse $150.00*

Monthly Total: $10,109.00

Consecutive Income 15k/mo:

Single Room 4.0k /2

Double Occupancy 3.5/2

Aggressive Income 19k/mo:

Single Room 5.5k / 2

Double Occupancy 4k / 2

Recruitment:

Referrals

Craigslist 

Indeed.com 

Churches 

Retention:

Appreciation 

Bonuses 

https://zestful.com/

Continued Education: Assisted Living Manager, Certified Medical Technician, Ipced.com 

Mentorship 

Don't: 

Hire friends 

Get personal 

Break your own rules 

Play with the money 

Overlook Clear Signs

Do's:

Set goals with your caregivers 

Catch them doing something right 

Sandwich The Negative 

Document everything (Good and Bad)

Birthday cards, Holiday Cards,  Turkeys, Christmas Bonuses 

Create a support system, Team Mindset

Phase One:

 

A.    Business Plan

B.    80 Hour Assisted Living Managers Training

C.    Site (Building or Home)

D.   Zoning Permit

E.    Fire & Safety Inspection Report

F.    Menu Cycle

G.   Worker Compensation

H.   Site Sketch

I.     OHCQ Application

J.      Delegating Nurse

K.   Application Submission

 

 

Phase Two:

 

A.   Resident Rooms Setup

B.   Common Areas Setup

C.    Bathroom(s) Setup

D.   Kitchen Setup

E.    Fire Safety Requirement

F.    Hallway Safety

 

 

Phase Three (State Surveyor Record Review):

 

A.   Policies/Procedures/Plans

B.   Resident Record / Chart Will Content Template

C.    Staff Records (Template)

D.   Miscellaneous Records

E.    In-Service Training/Knowledge

 

 

Phase Four (Admissions):

 

 

A.   Resident Agreement

B.   Physical Assessment

C.    Care Scoring Guide

D.   Care Notes

E.    Service plan

F.    Emergency Data Sheet

G.   Resident’s Representative Documentation

H.   Physician Orders

 

 

Phase Five:

 

A.   Staff Structure

B.   On-Going Training 

C.    Referral Network

D.   Day – to – Day Operations

E.    Marketing / Branding / Advertising

F.    Becoming The linchpin in your Marketplace.

In this episode we discuss the importance of Sales Skills and Money Management Skills. Sales Skills:

Asking Questions 

Finding the Pain

Taking Notes

Creating a Personalized Solution 

Building a Referral Tree

Practice 

Book Recommendation: The Sandler Rules: 49 Timeless Selling Principles and How to Apply Them

Financial Literacy:

Prepare for Long Term Investment 

Quickbooks 

Focus on what works

Invest in Education 

Invest in People 

Book Recommendations:  Small Business Finance for the Busy Entrepreneur: Blueprint for Building a Solid, Profitable Business

In this episode we discuss "Skills For Long Term Success" Management Skills:

Setting The Standards Up Front 

Developing Systems that Produce 

Rewarding Good Behavior 

Addressing Company Violations (tardiness, phone use, client contact, insubordination ex)

Creating an Environment of Accountability  

Recruitment 

Retention 

Termination 

Documentation 

Book Recommendations: One Minute Manager, The E- Myth. 

Marketing Skills:

Expert Positioning - Media Outlet for all things in senior care. 

Digital Marketing - Email, SMS, Social Media Ads, Google Ads, Search Engine Optimization,  Google & Facebook Reviews. Video Marketing.

Off Line Marketing - Bandit Signs,  Newsletter, MRD, Group Presentations. 

Book Recommendations: Contagious: Why Things Catch On, Jab, Jab, Jab, Right Hook: How to Tell Your Story in a Noisy Social World

Meaningful Relationship Development (MRD)

50 Calls a day minimum 

50 Emails A Day

50 Letters a Day

50 LinkedIn Inmails a Day

30 Office Visits a Week

Faxes

Top Referral Sources: hospital discharge planners, home health agencies, hospices, skilled nursing facilities, assisted living facilities, state Medicaid waiver programs, department of Aging, case managers, and rehabilitation hospitals, Adult daycare centers. 

Problem solving is why you are there!

Asking questions and listening and creating your offer around those problems. 

Marketing Kit: 

• Branded Folder

• Brochures 

• Mission Statement 

• Reference Letter(s) Pro. Letter Head

• Insurance & Bond, License if Applicable  

• List of Services 

• Facility Contract 

Community Value Add Opportunities:

Expert Events - Estate Planners, Physical Therapist, dementia, Alzheimer's, heart disease, diabetes, Dietary etc.

 Workshops: Technology, Social Media (Skype,Facebook),

Bingo,

Knitting

Sales: Rummage, Bake, Kits, consignment 

Spa Day: Hair, Nails, Massage etc.

Picnic: food, bingo, senior networking 

Senior Prom Nights: music, dance, food, wine etc.

Pet therapy 

Comedy Shows 

Farmers Market 

Casino Night

Family Caregiver Support Group via Meetup.com

Classic Movie Series

Check out our lasted installment of our journey into the senior care industry. I will be discussing how I started and how we aquired our first two clients and our first caregiver.

Welcome to The Home Care & Assisted Living Business Series. Presented by Allenchaney.com