[eddy]

Originally Posted by carmenjo

Hello to all. I am also wanting to start an agency in the DFW, Tx area. I'm currently working through the loan process (working capital) and would greatly appreciate any helpful information giiven.


Thanks

In my opinion, if you have not already done a very complete analysis of your competition, market pricing, market utilization and ALREADY touched base with some facilities in the area currently using agency to get an idea if they would even consider adding another agency, researched the cost of ALL of the required insurances (which some, like work comp and liability you will find it challenging to get at all!) and finally with all this info contructed very complete break-even analyses and budgets leading to the completion of a very strong business plan you are going to find it very difficult to get the funding you need to operate, unless you are getting it from an independantly wealthy individual that enjoys throwing caution to the wind.

If you haven't worked in the business at least at the office manager level for a couple of years minimum, have a strong accounting and finance background, an excellent grasp of cash flow management, can sell, can negotiate complex contracts, can understand margins and what you need to truly be profitable, can make collection calls when clients run slow in paying or don't seem to want to pay you at all, have the ability to make many many forms, understand computers and networking basics, understand current labor laws fully and soooo much more.... You're in for a REAL challenge. You'll need to hire people right away to do this things if you can't, or I promise you, unless you are extremely lucky (which can happen every once in a while), you'll be out of business very quickly.

Why do I seem so negative? I've seen more friends and co-workers in nursing try this. They thought, "I'm a good nurse and I'm smart so that must make me qualified to run an agency." They figure that since there are all these other companies out there doing it that they must be making a ton of money. And since they are a nurse, they should clearly know more about a nursing agency than those non-nursing people working in the agency offices. Newsflash, most aren't making much at all, and many are losing money. A nursing degree is virtually worthless by itself in making you qualified to run a business. They taught us how to do wound care, IV's, etc NOT interpret a balance sheet, a profit and loss statement, an aging report and so forth. Those friends, most of them, were living a pretty good life from a financial standpoint. Now most of them have nothing and it's really sad.

I'm not trying to ruffle any feathers, just trying to bring a LITTLE bit of reality to all the people on here screeming that doing such a thing is so darn easy. It's not! Not even for a truly QUALIFIED person. And if you fail, you don't lose your job, you lose EVERYTHING you call your own.

[nursefrazier]

I really would like to start an agency. Could someone help ?

[nightingale]

Originally Posted by nursefrazier

I really would like to start an agency. Could someone help ?

I realize this thread started sometime ago; it is still timely though.

NurseFrazier:

I see you are a new poster. If you can, tell us a little about yourself. If you are a Nurse Entrepreneur, tell us here:

http://allnurses.com/forums/f56/call...urs-24358.html


For info regarding Directly Contracting, try starting with the Nurse Entrepreneur Forum. Here is one on Starting your own business (and THAT is a good place to start).:

http://allnurses.com/forums/f56/busi...ort-49850.html

Her is the Nurse Entrepreneur Forum:

http://allnurses.com/forums/f56/

That should be a good start.

night

[inspiredrn]

How are you doing with this business now? What did you do to get started?

[katilpz]

Originally Posted by WyomingRN

I did just that. See my post (#79) under the heading "Nurses in other professions.

Start out slow - just you or maybe one other nurse. Then work to expand if you want to. You start out too fast or too big and you can get overloaded.

Figure 6-8 weeks from the time you bill to the time you actually receive a check. I am glad to share information, but will only do so if I am contacted by e-mail or private message due to the advertising restriction which I support.

Hi, can u tell me how to pm or find your email here. i search but found none. i high-lighted your name but your wyomming company appears & none
of your name appear from that company.
I also want 2 start my own.

[aaronflo]

Hi Dear Friends! I want to start an agency in the NYC area, I have never worked for an agency; I do have the money to finance my own payroll

I need help in a few areas; first can anybody tell me what insurances do I need to obtain and what not

Second, do per diem nurses get paid benefits? If yes, after how many hours? Who usually pays for malpractice insurance? The agency or the nurse

Also can anybody tell me how to get help and recourses on developing policy and procedures?

Thanks, I appreciate any of your thoughts!

[LadyNASDAQ]

Originally Posted by Haywire58

I'm exploring the possibility of starting an agency. I've worked agency for several years in an urban area with many hospitals (and agencies). I have a pretty good feel for what hospitals are paying agencies for nurses. I am thinking about a small recruitment of 12-20 experienced RNs, most of whom I have worked with and know to be excellent caregivers. And they are motivated to work. I know that I can charge less than any agency in the area, and at the same time pay my nurses more than anyone else, and still make money. My overhead will be very low, as I will run this from an office at home. I'm prepared for long hours and legwork. Certainly there are obstacles, not the least of which relates to payroll. I do not have the cash reserves to buffer against hospital billing cycles which can be anywhere from 2-4 weeks or more. Obviously, I want my nurses getting paid on time.
Any folks out there running an agency, or experienced in these matters? I'd appreciate any feedback.

You'd probably do better as an IC. This way you get paid along with the Nurse.

[katilpz]

I'm interested.
i'm looking for an agency in the US/UK who's willing to have an
ASSOCIATE RECRUITER from the Philippines.

Anybody?
I know a lot of RN's here.

Mac

[LadyNASDAQ]

Originally Posted by Haywire58

I'm exploring the possibility of starting an agency. I've worked agency for several years in an urban area with many hospitals (and agencies). I have a pretty good feel for what hospitals are paying agencies for nurses. I am thinking about a small recruitment of 12-20 experienced RNs, most of whom I have worked with and know to be excellent caregivers. And they are motivated to work. I know that I can charge less than any agency in the area, and at the same time pay my nurses more than anyone else, and still make money. My overhead will be very low, as I will run this from an office at home. I'm prepared for long hours and legwork. Certainly there are obstacles, not the least of which relates to payroll. I do not have the cash reserves to buffer against hospital billing cycles which can be anywhere from 2-4 weeks or more. Obviously, I want my nurses getting paid on time.
Any folks out there running an agency, or experienced in these matters? I'd appreciate any feedback.

I remember my Dad urging my sis and I to start an agency and me saying NO WAY! The cost is enormous and the leg work is horrendous. To compete with the big biys is laughable because the hospitals want so much from you and so much from the Nurses themselves. It's easy to get into deep financial debt and when you know that if the business fails, it does impact your credit whereas in the past they were separate and apart. Look at the new laws and it will dissuade you from even thinking about it. It also takes months for a hospital to pay their bills and you'll have to have a lot of money to back up your payroll.

It's a wonderful thought but as for me, I wouldn't touch it. I've been a Nurse for 28 years. My sis and I went to Nursing school together. Both of us wouldn't dream of doing this knowing that if it fails, there goes our personal credit.

[busnurs]

Hi Kev97rach

just wondering if i could ask you a few questions...get some tips from you as i am also intersted in this type of business. please email me when you have time...

thanks

Originally Posted by kev97rach

Some of you are saying that it is expensive and need a lot of capital to start your own agency, but let me tell you what we did. I started my agency with $0.00 in the bank. That's right, zero! I was able to get my first contract with the local hospital (it's all about who you know!) If you've worked at a hospital before and got to know the staff and directors, then that's a big plus. I spent $100.00 on a package I received off the internet that came with a book and sample contracts to get me started. Once I got my contract, I pulled all the shifts in the beginning that way I got all the money I didn't have to pay any employees. By the way, I'm only an LPN and charged $32.00-$33.00 per hour. Just after two weeks, I hired about six more employees and they started pulling shifts. It also works out good because the hospital pays my invoice every two weeks, the same time they do their payroll. So, I pay my employees every two weeks when I get the check from the hospital. I realize not every hospital will do this, but if you can find one that will and get that contract, it really is not expensive to start. Also, you can purchase a program like Quickbooks for about $200.00 to process your payroll, it's really easy. Any questions, please feel free to email me. Hope this helps!

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