How can I start my own biz?

  1. I love the idea of being my own boss. My best friend and I would like to open a small homecare business. We wouldn't hire anyone, it would just be the 2 of us. We want to be able to bill insurance companies and Medicare for the cost. What is step one?
  2. Visit raindrop profile page

    About raindrop

    Joined: Dec '04; Posts: 555; Likes: 199
    from US


  3. by   GingerSue
    you need to consider start up funding - for advertising, business-related costs, get into the yellow pages (and the white pages too - for the convenience of your clients), business cards

    you need to find out about a business license, and create a business name (doesn't happen overnight)

    find out about your community zoning to make sure that you can use your address for business

    start a separate bank account for your business

    How are you going to handle cheques that bounce?

  4. by   nfahren05
    There are a lot of different "start up" tasks for any business, and many books on this topic. Check out a few at your local library or bookstore. GingerSue mentioned several; getting a tax id, and squared away with the IRS is another biggie. Make sure that you are familiar with the law in your state; in Georgia, the full code is on the internet (probably is in most states by now) and this contains the exact verbiage needed for many business documents. And then there's your Medicare/Medicaid angle, a whole new area to research, and CMS is very picky about how business with them must be conducted. Expect to spend at least 6m-1y just researching your start up plans.
  5. by   RNperdiem
    Step one? Investigate the market out there for your service. Is there a demand for your service? How many other agencies are doing what you want to do, and is business thriving for them? Is there an underserved niche group of patients you can target? How much are you willing to invest, and how long are you willing to wait until business turns a profit-if you are in a partnership, you need to agree on basic terms and goals.
  6. by   sharona97
    You also may be required to carry work comp insurance.
  7. by   Sabby_NC
    Do all your research first to find out if there is a certificate of need. Best do your ground work first before investing money into this idea. I wish you well in your endeavours.
  8. by   underpaidrn
    Having started three home health agencies, you first need to be licensed by the state you will be working in. This usually involves a trip to the Department of Licensure and Certification. They then have to come to your office where they will look at your policies and procedures. In Virginia, you must have a $50,000 surety bond and $1 million/$2 million aggregate insurance policy. Also, if you wish to bill Medicare, you will have to go through another inspection, following all of their rules, which includes taking on at least seven active patients which you will provide services to for free until after you receive your Medicare number. The whole process takes usually three to six months to complete. Good luck and if you need some other assistance, please let me know. If I don't know the answer, I'll find out for you.