Well I am not too sure on where to place this thread, so if it is in the wrong forum, I apologize.
To start, I am still in school, this will be my 3rd semester. I am currently in the pre-req stages and coming into my Algebra and Sciences, so I still have a bit to go before I start with any of the Nursing classes.
Anywho, I have been giving it a lot of thought on starting a Nursing agency. My mother is a LPN and seems to like that more over than working as a perm. I have owned a few business in my past that made me a VERY good deal of money, but also in the end, left me in financial ruins (not on my personal part & hence the reason of starting school again at 37) and it is such a difficult thing to get back into when there is no money or willing lenders, but I so desperately want another business. With something like a Nursing agency, there is very little start up and you can work from your home, so in theory this is perfect for me.
What I would like to know is if there is any info out there that someone here has read or can give a legitimate thumbs up on. If you google " I want to start a Nursing Agency " or the like, you will find yourself in a sea of books, CDs, and services; it is almost sensory overload, lol. I just want to know what would be the "BEST" info out there to read/buy that will give it to you STRAIT and TRUE. I know how to run a business, but I am sure there are certain "INs and OUTs" that one must know about when dealing with staffing for Health Care; this is what I need.
Well if anyone has any insight, views or opinions please feel free to post
If you don't mind me asking you a question, I would appreciate it.
I was wondering if you had any issues with your payroll when starting up, and if so, did you use a payroll service? From everything I have been reading, it seems this will be my biggest issue since you were saying that hospitals pay on a 120 instead of a Net30. The reason I am so concerned is because my credit is in shambles from a failed business in 97. Right now my beacon score is 530-/+ but more on the -
I think you may actually be wondering about a factoring service. A payroll service determines how much tax you need to withhold from paychecks and files your monthly, quarterly and yearly tax submissions. A payroll company sends your taxes to your state and federal government for you. They focus on the payroll and withholding tax part of your business so you can focus on the business of your business.
A factoring company is a company that provides your business money for your receivables so that you have cash available to pay your employees. You may want to look into both a payroll company and a factoring company if you will need cash sooner rather than later.
I think you may actually be wondering about a factoring service. A payroll service determines how much tax you need to withhold from paychecks and files your monthly, quarterly and yearly tax submissions. A payroll company sends your taxes to your state and federal government for you. They focus on the payroll and withholding tax part of your business so you can focus on the business of your business.
A factoring company is a company that provides your business money for your receivables so that you have cash available to pay your employees. You may want to look into both a payroll company and a factoring company if you will need cash sooner rather than later.
i am also thinking about starting a home health agency (medical & non-medical). my partner and i are doing the feasibility study and are wondering if someone could help answer the following question.
first, our background -- i work as a senior lead database analyst for hmo healthcare insurance in fl with a strong background in cms (centers of medicare & medicaid services) data analysis including parta and partd claims processing, providers and delegates (snf, hha, etc..) capitation, hipaa guidance, cpt and diagnosis code, cobs and etc. i also have a strong background in it (network, application configuration and programming). my partner works as a marketing specialist for an online health product business and has a strong knowledge in developing marketing strategies (online and traditional marketing) for businesses. my girlfriend who is thinking about helping us, is a certified rn with 4-5 years of experience working in a hospital (594 beds) and was awarded nurse of the year for 3 consecutive years. my initial investment is $55k and could potentially be increased up to $70k-$80k if necessary. we will hire a lawyer to review our contracts and an accountant to assess the capital and operational budgets.
to start, we are planning on hiring a full time sale associate and 1 lpn. while my partner will be working on promoting the business, my girlfriend will manage the operations. i myself will keep on working to support the business financial need until we generate a steady cash flow.
my questions are:
1- is this business over saturated? there is a total of 2300 hha in florida with a high concentration in dade county and more licenses on hold. market research shows that there is 1 hha for every 505 patients in 2007. our areas of service will be dade, broward and west palm.
2- is it easy to get a state and medicare licenses?
3- do we need a don and an administrator or can one person fills these 2 positions?
4- should we start first with the state license and then apply for medicare license? if yes, what are the impacts? would we lose deals to competition?
5- do we have enough start up cash to get approved by the state?
6- for those of you who have done it, how did you get your first contract?
7- is a sale rep necessary to start up?
please any suggestion and advice will be appreciated…
I briefly went through the posts, so pardon me if I get something out of line, but what is being sold over the internet is not necessarily 'crap' but moreso a general overview that most can give you. It is not illegal to hire an IC, or else there would be fewer than there are. It is just that the IRS likes to keep tabs and being an IC subcontracting the subcontractor business can get realy tricky. But what part of business isnt? It is not really specific to what you will be looking for. Because you have a business history it seems that you like the arena and are basically waiting to get it right, 80% of most businesses fail and do better the next time around. I'm sure you will find better success if you start an agency because as you have stated there is little start up and you CAN work from home. I cannot give you all the goods that has taken me 3 years to acquire, but I will say this- you have good time to get your feet wet as your are not even finished with school. Do that, then get your years experience that anyone will recommend, THEN work for a staffing agency per diem/prn even, just to see what it is like. Once you do that you will begin to pick up on tricks of the trade and even make great contacts and work your way in (big companies hate this part of the game- but oh well, right?). I suggest becoming an IC first, because no one will have as much passion and get up and go as yourself to get your business off the ground, save some money and begin to hire employees one by one. Nurses are the creme de la creme, but you may find it easier to begin with what is in abudance and that is CNA's/Sitters or LPN's. Finding a niche is great as well such as specializing in sitters. I saw one agency do that, or CNA's. Good luck to you!
Future-Male-RN
42 Posts
Hey Phat,
If you don't mind me asking you a question, I would appreciate it.
I was wondering if you had any issues with your payroll when starting up, and if so, did you use a payroll service? From everything I have been reading, it seems this will be my biggest issue since you were saying that hospitals pay on a 120 instead of a Net30. The reason I am so concerned is because my credit is in shambles from a failed business in 97. Right now my beacon score is 530-/+ but more on the -
Eddie