Home based RN business - pg.2 | allnurses

Home based RN business - page 2

As someone currently working in Home Health and increasingly frustrated with regulations that prevent me from giving care that patients deserve, I'm interested in what kind of business an RN could... Read More

  1. Visit  innovativemurse profile page
    2
    Answers to your questions:

    Yes, incorporate your business even if you're a solopreneur. Protect your personal assets and separate those from your business.

    Yes, both malpractice insurance and general liability. A drop in the bucket to further protect yourself compared to out of pocket costs that you could be paying if something happens.

    Yes, your business entity pays you just like an employer would pay you. Even though you're writing the check from "your company," you're still making it out to yourself and depositing it into your personal account. A business bank account is obviously necessary...You should also be giving yourself a W-2 at tax time.

    Yes, you need to at least have a static website, but also having a blog is helpful (not one in the same). Wordpress is your go to solution that I recommend for just about everyone.

    These are very basic responses, but hopefully they will help you to continue researching.

    Best,

    Kevin Ross, RN, BSN
    Mz.CydneeC and lindarn like this.
  2. Visit  LiLoRN profile page
    0
    Kevin Ross, can you please describe your business? Thanks!
  3. Visit  innovativemurse profile page
    5
    My company provides

    -patient advocacy services for disabled individuals (ensure that all of the orders and treatment plans are carried out...this individuals typically have unlicensed caregivers assisting them, so we supervise)
    -childcare health consulting services (we work with daycares and schools...med admin, protocol development and implementation, also work with special needs kiddos)
    -Individual and group wellness mentorship/coaching (helping individuals minimize their pharmacological regimen, assist with lifestyle changes, etc...all in collaboration with the prescribing healthcare provider)
    -corporate wellness (as above, but on a much larger scale)

    Many of these services are provided within the community and the home, it is not however "traditional" home care.

    This is just basic information on what I do, but hopefully it helps.

    If you need anything else, just "search" for me and you'll be sure to find me.

    Best,

    Kevin Ross, RN, BSN
    Mz.CydneeC, chiandre, ceebeejay, and 2 others like this.
  4. Visit  NedRN profile page
    2
    Quote from somenurse
    To NedRN, (or anyone else reading along) Do you think that a sole employee (self) benefit from having an LLC? If no other employees are involved, just the 1 nurse?

    Also, do you, or anyone else readling along, think a sole nurse doing private duty would need to be 'bonded'?
    Sorry I didn't see this when you first posted. Bonding is something that protects you while visiting other people's premises. For example if the client claims something is missing. I'm not sure if you need it or not, I would check with your general liability carrier to see what they cover.

    If private duty on other people's premises is what you are doing exclusively, incorporating gets you very little in your case. For the most part, sole professionals incorporate for the benefits only if they don't maintain premises or have employees. Personal asset protection that a corporation provides is only helpful if you have premises on which a client could be injured, or an employee or partner that injures someone. So you don't need to incorporate for that reason, but you do need to carry general and malpractice insurance. It may even be required in your jurisdiction, but clients would be nuts to hire you without if they understood the issues.

    If you have significant personal or family medical expenses over and above what insurance will cover, then you want to consider a C corp. If you think that you will make so much that you can pay yourself a reasonable salary and have lots left over, then a pass through entity such as an LLC or S corp can save you FICA on K-1 distributions. Otherwise, you are fine to stay with a sole proprietor set-up.

    I made the uncommon choice to be a C corp. I can deduct mileage on the way to the drugstore to purchase aspirin through my corporate bank account. I have a high deductible insurance plan, but no need to mess with an HSA as all my medical costs are borne by my corporation. It is an unusual choice but I've never understood the benefit of a pass-through, at least for what I do. Double taxation is not an issue, I just zero balance my corp every year.
    Mz.CydneeC and lindarn like this.
  5. Visit  exit96 profile page
    0
    Could you PM me and fill me in on how to go about starting something similar?
  6. Visit  shm3255 profile page
    1
    Would like to know more about how to get started with this type of business. Please PM information.

    Thanks
    lindarn likes this.
  7. Visit  lindarn profile page
    0
    I would also like more information. PM me as well, please.

    Lindarn, RN, BSN
    Somewhere in the PACNW
  8. Visit  apoppyfield profile page
    1
    Hello everyone, Really excited about all the ideas flying around on this post. I ended up buying a huge place that would be an excellent assisted living or board and care facility. It could easily house 5 residents and I am wondering if anyone can provide me with help in pursuing this idea. I know for a start that I would need to explore licensing. Has anyone operated a home like this or is familiar with CA Title 22 regulations?
    lindarn likes this.
  9. Visit  Nursepreneur profile page
    1
    I would definitely use social media and blogging in your practice in order to gain exposure and
    potential clients....If you think about it, Google, Facebook, and Youtube are the top 3 sites in the
    world, makes sense to use them all.
    lindarn likes this.
  10. Visit  LaRN profile page
    1
    I think many boards of nursing have certain rules against independent practice rn's or they severely restrict them.........but if you get a business license /and or incorporate or form an LLC, I think this covers you. Also, its possible that you would have to meet your state's required minimum care standards for the business you create.

    Group homes for the elderly, subsidized senior housing (paid for by feds or state), and some types of assisted living facilities are not incredibly hard to start up. under some programs, an existing home/house can be converted and used for this purpose. these are all non medical programs for independent or mostly independent individuals needing basic care (meals, laundry, md appts, some personal care). so the rules and regulations are not that difficult to meet as they are in nursing homes or other healthcare facilities. (but there are certain rules and regs that have to be met). if the individuals you care for are getting their needs met, kept safe, and are satisfied with their home and the way they are treated, this meets the majority of the requirements.
    there is a fairly big demand for this type of care. you won't get rich, but you can make a decent living if you are willing to put in the work and accept full responsibility for their care.
    Last edit by LaRN on Oct 28, '13
    lindarn likes this.
  11. Visit  Rajatwal profile page
    0
    yes same thing with me & I m looking for something same Dear
  12. Visit  KimGlickDurbin profile page
    1
    Wondering how all of you have come out on this idea, as I see it's been a couple of years since this thread began. I, too am a Registered Nurse and have a desire to start my own home-based business. I guess a good place to start would be the IL Dept. of Professional Regulation to see exactly what is allowed/appropriate for our state. I'm just aching to work from home. My husband and I both drive (we have to drive separate due to our work hours) like 80 miles round trip, each day. That's 160 miles/day total for our family! I'm not wanting to start an assisted living or anything like that. More like med. mgmt services, maybe nail trimming, etc. I saw someone mentioned LLC in an earlier post. Must be having a brain cramp, as I can't think of what that stands for.
    lindarn likes this.
  13. Visit  NedRN profile page
    2
    Limited Liability Company. We can start any business in any type of entity that we wish to, just like any other person. The challenge is leveraging our education and experience.

    I've formed my own travel nurse agency to cut out the middleman. While a nice pay raise, I'm not on the road to becoming wealthy as I do not want to become a real agency.
    vintagemother and lindarn like this.


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