Category: Senior Care Franchises

Hiring Care Givers in the Senior Care Industry

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Hiring Care Givers in the Senior Care Industry

Ask any Senior Care Franchise owner what the secret to the business is and you will get one answer…..the caregivers!

Staffing is a big concern in any business, and it is certainly one in home care. As new home care franchise owners go out into the community to let people know they are open for business and hoping to sign on new clients, they also need to have trained caregivers on hand to work with those clients.

From one perspective, it’s exciting to read the statistics on the number of people who are aging in place and living longer, but who still need some degree of assistance with daily activities.

The United States Department of Health and Human Services’ Administration on Aging found that in 2013, there were 44.7 million people age 65 or older in the country, making up 14.1% of the population; by 2060 they project that figure to more than double to 98 million or 21.7% of the U.S. population. However, it’s like a bar graph with that demographic heading straight up and a question mark below it for the number of capable caregivers to meet the demand.

In addition to the elderly, many people of all ages require assistance to remain at home, including people recovering from surgery, living with a chronic condition such as MS or Parkinson’s, and those who are physically or developmentally disabled. The future demand for in home caregivers is evident in the Bureau of Labor Statistics estimation that they are one of the fastest growing professions in the U.S.

Learning more about people who choose to work in the caregiving profession including their training, professional and personal backgrounds, and why they do what they do, can go a long way toward relieving concerns about staffing a home care business.

Meet Donna

DonnaDonna Barr, 59, got her degree in early childhood education before becoming the owner of a preschool in Connecticut.

“I just adore helping people and helping children,” she says. Ms. Barr has been a caregiver with Senior Care Franchise serving Western Washington state for the past three years of her whole 25-year caregiving career.

“I’ve also worked with a few elderly clients,” she says. “I like to make things easier for them, to get to know them and understand them.”

When it comes to working with young children, Ms. Barr is passionate. “I like it when I win over the parents’ confidence,” she explains. “At the end of the day, I can share cute stories about what their child did.”

Meet Jeannet

JeannetYes, caregivers can and need to be trained, but for many there is an innate desire to help others that enhances their skills. Jeannet Gutierrez, 58, is the mother of two grown children and a full-time caregiver for Senior Care Franchise in Washington.

“When I came to America from Peru, being a caregiver made me feel like I was helping my Mom again,” Ms. Gutierrez says. “People are so lonely sometimes.” In Peru, Ms. Gutierrez worked in her mother’s restaurant and as a secretary for a computer business, but when she came to the United States, she went to school and got a nursing assistant certificate. Now she takes pride in hearing that the families of her clients are happy with her care.

“I have worked with many hospice patients,” she says. “I feel very helpful when I talk to the family and explain how they need to still show their love.”

Ms. Gutierrez is about to celebrate nine years as a professional caregiver. These two women are just a small sample of the many people who seek out work to serve others—children, elders, or infirm—in the home care industry.

Visit the Top 10 Senior Care Franchises website for the latest information on the most profitable senior care franchises in the industry.

Take Control Of Your Health Care Expenses-Buy A Franchise

HSAHealth savings accounts have exploded in popularity in recent years, but experts say they’re not living up to their potential as savings vehicles for retirement healthcare costs.

At the end of 2014, U.S. health savings accounts (HSAs) held $24.2 billion across nearly 14 million accounts, versus $19.3 billion across nearly 11 million accounts in 2013, according to Devenir, a Minneapolis-based provider of HSA investment products. Underlying this rapid growth is the increased adoption by employers of high-deductible health insurance plans, which shift more medical costs to employees and are typically paired with HSAs. Outside the employer market, Obamacare marketplaces offer individual and family high-deductible plans that are HSA-eligible.

Under high-deductible plans, consumers must pay for most medical expenses out-of-pocket until their spending hits a deductible of at least $1,300 for individual coverage or $2,600 for family coverage. To fund these expenses, consumers can sock away money in their HSA, which is a dedicated, tax-advantaged account for medical needs.

HSAs have only been around for about a decade, so even the earliest adopters aren’t ready for retirement in great numbers. Yet research suggests that HSA holders aren’t thinking of their account as the long-term, retirement savings vehicle that it could be. Only 16% of employees who are contributing to a health savings account plan to use the funds for future healthcare costs in retirement, according to the 2015 Employee Financial Wellness Survey by PwC.

What’s more, less than 5% of all account holders have invested their HSA in mutual funds or other securities. The vast majority of accounts are in cash equivalents, which imply a more short-term focus, according to Devenir. “People just don’t appreciate the full benefit of HSAs at retirement,” said John DiVito, president of Flexible Benefit Service Corporation, a Rosemont, Ill.-based benefits administrator.

The big benefit of HSAs is one that even the 401(k) can’t match: a triple tax advantage. Money in HSAs isn’t taxed on the way in, it grows on a tax-deferred basis, and it can be withdrawn tax-free to pay for qualifying medical expenses—now or in retirement.

Retirement health-care tab

Many people think that Medicare will cover all of their healthcare costs once they turn 65, yet this isn’t the case. Original Medicare, otherwise known as Part A and Part B, covers about 80% of medical costs — beneficiaries are responsible for the remaining 20%. The most comprehensive Medigap supplement plans will cover most if not all out-of-pocket costs, but they can run upwards of $300 a month.

Fidelity projected that an average couple retiring last year at age 65 will need $220,000 for healthcare costs during their retirement years. The study assumed that the hypothetical retiring couple has original Medicare. The $220,000 total includes monthly premium payments for Part B and Part D drug coverage, plus Medicare cost-sharing requirements. This estimate excludes most dental services, which Medicare doesn’t cover.

This whopping amount also excludes long-term care expenses such as nursing home or assisted living costs. Medicare does not cover this so-called custodial care. (Medicaid will, but only for those who have exhausted most of their assets and meet strict income and other criteria.) The national median cost of a private room in a nursing home is $91,250, according to the 2015 Genworth Cost of Care Survey.

HSAs can help with long-term care costs. Premiums for qualifying long-term care insurance can be funded with HSA money while people are still healthy. Once HSA holders reach the stage where they need help in old age, they can tap their HSA funds to pay for qualifying long-term care. (The Internal Revenue Service outlines requirements in Publication 502; generally, the portion of a nursing home or home health aide bill directly attributed to medical or nursing care counts toward eligible medical expenses.)

If workers fully recognized their exposure to health and long-term care expenses in retirement, they’d be more likely to sock away long-term money in their HSA, DiVito said.

Maxing out the accountHSA2

For 2015, the IRS allows HSA contributions of up to $3,350 for an individual and $6,650 for a family. Those 55 and over can add an additional $1,000 in “catch-up contributions.” As with an IRA, account holders have until April 15 to contribute to their HSA and realize tax savings in the prior year.

The small subset of HSA holders who max out their accounts each year tend to be high earners, DiVito said. They see the account as another retirement savings vehicle, and their high tax bracket means they especially can benefit from the savings at tax time when their HSA contributions are excluded from their annual income.

Instead of tapping their HSA for medical expenses, these people pay their medical bills with after-tax dollars until they reach their deductible. Eric Remjeske, president and co-founder of Devenir and himself an HSA holder, has found doctors and other providers readily agree to charge his credit card a fixed monthly amount until his bill is paid off, without interest or other fees. Not only does this break the bill into manageable monthly chunks, but it also allows him to earn rewards points on his card.

HSA accounts are still relatively new, and it’s understandable that workers are still learning their ins and outs. When more do, DiVito said, they’ll realize that the HSA is “the quintessential vehicle for retirement healthcare costs.”

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Medical Franchises How to buy Medical Franchises, Learn about Medical Franchises

Medical Franchises

For those looking into starting businesses in the medical field, there are certainly plenty of options to consider. Medical franchises come in a variety of forms, from businesses centered on training and support, to medical supply franchises and health care providers.

collage medical Supply FranchisesWith so many medical franchises to choose from, finding the one that fits your business goals used to be difficult. But with the help of Top10seniorcarefranchises.com, franchisees now have access to the franchise selections and resources they need to make an informed decision about which medical franchises work for them.

At Top10seniorcarefranchises.com, our full directory of franchise opportunities contains every franchise we have found, worldwide. We are also continually adding new franchises to our directory, so if there’s a specific franchise you’re interested in, you’ll find in on Top10seniorcarefranchises.com.

Our listings include a wide variety of business opportunities, including a selection of medical franchises. You can learn more about the available franchise opportunities by consulting the list below.

m011As the franchise industry’s source for news, Top10seniorcarefranchises.com provides up-to-date information and advice for franchisors, including resources specific to individual franchise industries such as medical franchises. If you’re in the process of researching which medical franchises best suit your personal and business goals, you’ll find the information you need at Top10seniorcarefranchises.com.

To learn more, select one of the available medical franchises below, or fill out the request form and Top10seniorcarefranchises.com will supply your contact information to your franchises of interest.

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Transportation Franchise just $60,000 to get started

Transportation Franchise just $60,000 to get started

The Market

There is most likely a great deal of business opportunity available in your market for a Medex franchise.  We develop business through nursing homes, hospitals and most medical facilities, our business development model and marketing approach allows us to build a significant client base in a short time period leveraging our corporate relationships and vendor programs.  In our initial consultation with you, we will run demographic studies to determine what the potential for business growth and possible profit potential of your territory could be – let us show you.  Virtually every market across the U.S. has a growing number of nursing homes and medical facilities in need of specialized services to deliver professional transportation services tailored to the medical community, we can help you analyze and develop a business plan for your market and a strategy in how we will approach the market opportunity in your part of the country.

As a recognized regional innovator, Medex has a reputation for our response, work quality, and an absolute commitment to the customer’s satisfaction.

Medex has one distinct focus; it’s assisting our franchise owners in succeeding through the use of our proven methods of business development and the implementation of our quality service programs.  What you’ll find is that we are as fully committed to your business as you are.  We will stand behind you from the very beginning and will remain right beside you while your business grows to meet your business and financial goals.

 

As a franchise, you’ll offer these services:

Ambulatory:

•Non-emergency medical transportation

•Transport technicians, more than just a driver, are specially trained professionals certified in CPR, First Aid, and Defensive Driving

•Door-to-door customer service

Wheelchair/Paralift:

•Non-emergency medical transportation

•Transport technicians, more than just a driver, are specially trained professionals certified in CPR, First Aid, and Defensive Driving

•Serviced specifically designed for the physically challenged

Stretcher: (Select Cities)

•Non-emergency medical transportation

•Alternative stretcher transportation

•Lower rates than a traditional ambulance service

•Transport technicians, more than just a driver, are specially trained professionals certified in CPR, First Aid, and Defensive Driving

 

What is Non-emergency Medical Transportation?

Non-emergency medical transportation is for patients who require special medical attention while in transit from one location to another, and who do not require medical intervention or treatment or rapid transport to an emergency facility.

Medex VITAL is a long distance non-emergency medical transportation service, however we are not a Medicare or Medicaid provider. VITAL is the perfect alternative to the air ambulance, and is a service of CalvertHealth.

Who Uses Non-emergency Medical Transportation?

An ideal candidate for non-emergency medical transportation is a person who is medically stable, yet still requires medical support. For example, a resident of a nursing home who has recently been released from the hospital could use VITAL to return to the nursing home. Or perhaps a chronically ill patient might need medical transportation to get to a specialist in a distant location

 

You’re never alone with Our Support Network.

When you join the Medex® family, you’ll get world-class support before you even take your first patient and well beyond.

 

Medex corporate has a call center and corporate team that will support franchisees and allow the franchisees to leverage an established and successful corporate “hub” providing services to the franchise operators in the field. Medex Corporate will handle the operations that would traditionally take place in the franchised office. These duties include 24/7 call answering services, patient intake, and centralized dispatch.

• Invoicing – We’ll report invoice amounts to you.

• Scheduling – Be there on time, every time.

• Route Management – Less Time and Gas = More Profits.

• Call Center Support – Our Office is YOUR Office.

• Office Management

• Employee Recruitment

 

Training Programs:

Corporate Franchise Training provided at the Headquarters (Nashville, TN):

Medex management will work with Franchisee to understand and fully grasp what an ideal location will be for the business and how the day-to-day operations work in managing the concept.  It is expected that the Franchisor will provide Franchisees with approximately one week of initial training at the Franchisor’s headquarters in Nashville, TN.  Medex Phase I instruction will pertain to administrative, operational, and sales/marketing matters; it will also include a liberal amount of on-the-job training with the Franchisee spending time at the corporate offices and operating the corporate vehicles themselves.  This training will be provided for the Franchisee and up to one other team member.

 

Franchise Field Training provided at the Franchisee’s location:

On-site training typically takes place when the Franchisee commences operations of their Medex Franchise model.  An experienced trainer from Medex corporate will provide on-site training for a period of three days to assist the Franchisee in the commencement of operations and facilitate a shortened ramp up time.

How do I Get Business and build my customer base?

We have national vendor relationships in place, you will be supplied with a direct mailing to all key accounts in your market when you start your business in addition to local marketing support to develop your client base and build your revenue streams

Senior Care Franchising Fees Understanding How They Work

Senior Care Franchising Fees Understanding How They Work

Video thumbnail for youtube video The Best Franchises to OwnIf you have looked at senior care franchise opportunities and did some research, then you will have seen the term franchise fee. In this article, we will discuss how franchise fees work, what reasonable ones are and how to analyze your senior care franchise agreement to determine if you’re making a smart decision or not. After reading this article, you will be able to understand franchising fees in their proper context, and improve your chances of entering into a great franchise opportunity.

A franchise fee is what the franchisor charges for use of brand-name. In other words, they leverage all their marketing and advertising dollars and the position they created in the customer mind to command a fee. In exchange for that, you benefit from getting customers who already have a favorable expectation of what your senior care franchise does for them.

The franchise fee is determined by how much the franchisor believes the business system is worth. Naturally, different franchising fees vary depending on the development of brand, the proven track record of the senior care franchise itself, and the system of processes and services that have been created within the franchise.

Sometimes a franchise fee includes training and ongoing support. Typically, if there is a low franchise fee, it generally means that once the transaction is complete, you’ll be on your own when it comes to staff training and support for your senior care franchise. Depending upon your experience in running businesses successfully, this can be good or bad. If you’re good at running a business, then the ongoing training and support are probably something you don’t need. On the other hand, if you’re an experienced, than it might be well worth the franchise fee you’ll pay in order to get the proper support.

Finally, party or franchise fee goes into the advertising and marketing budget of the senior care franchise system itself. If you don’t contribute to the marketing, then nobody can benefit from the branding this marketing creates.

The best way to be confident in exactly what your franchise fee includes always be sure to pick up the UFOC and any other documents that are available. Before selling franchises, the franchisors are required to submit certain financial documents that outline what support they will be offering. It is important to thoroughly look over these documents, because they include any lawsuits and litigation that has been brought forth to the franchisor since they have been in business. You may be surprised at how little of support is delivered by some of your favorite franchisors. The UFOC is your best bet at seeing exactly how franchisors spend your franchise fee and royalties.

In order to understand if a franchise fee is appropriate, you must do the proper research. Compare it to other competing franchises. Get a franchise lawyer to go over the agreement with you. The franchise fees are relative to the context. Depending upon other parameters in the franchise agreement, franchise fees will vary. By knowing how to analyze a franchise agreement, you automatically know whether the franchise fee is reasonable or not.

The Franchise Experience-Home Care business

The Franchise Experience-Home Care business

What exactly is a franchise, though? Simply put, a franchise is an extension of another company; they use the same signs, advertising methods, products, and services of the company that it was derived from. Virtually any type of business is able to be franchised if the terms are set forth in the company contract. For example, restaurants such as McDonald’s, Burger King, and even Wendy’s have the ability to be franchised. Other stores, such as Starbucks, specialty retail stores, as well as plenty of other restaurants and stores have the ability to create a franchise of themselves. In other words, franchises are essentially clones of the company, but the franchise owner is able to make separate decisions apart from the company itself.

Owning a senior care franchise, though, shouldn’t be confused with owning an actual branch of the business. Depending on what the franchise is and where it is located, one might have more luck owning an actual store of the business than he or she would with owning a franchise! However, that issue is debatable, but a franchise owner is able to experience all of the same situations as the company owners are.

Even though the company that had a franchise created of themselves still has some control over the franchise itself, such as the specific foods that are used if the franchise is a restaurant, there are some decisions that the franchise owner can make that will have no impact on the company as a whole. For example, franchise owners are typically allowed to change the seating style in his or her restaurant or store, as well as the prices of the products themselves. In certain cases, certain aspects about the products can also be changed with the consent of the company. If you own a franchise, though, the best thing to do would be to contact the company itself to make sure you are allowed to make changes without negating the whole contract!

All in all, franchises are great experiences to have and there are all sorts of benefits one can enjoy from owning one. They are definitely great opportunities to take advantage of if you have the capital to get started! Franchises are essentially clones of another company, and in this way franchise owners are able to make most of the decisions and experience the whole business on their own!

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How to Finance Your Home Healthcare Franchise

How to Finance Your Home Healthcare Franchise

The Top Ten Senior Care Franchises recommends Heather McPherson and Franfund for your funding options. They are financial consultants that specialize in funding solutions for franchises.

FranFund is a nationally recognized provider of the 401 K and I R A  Rollover for Business Start-up program that allows candidates to utilize their retirement funds tax and penalty free to invest in their new business.   It is a fact that using this method is the #1 way businesses under approximately $200,000 have been funded for the past 4 years (since the financial crisis of 2008).  FranFund is known as one of the “good guys” by the Internal Revenue Service and they have an impeccable track record.  Audits are a fact of life and those providers that tell you none of their clients have been audited are not being realistic.   All of their clients who have been audited have passed with zero issues.  They treat this program with great respect to the governing bodies, which are the Internal Revenue Service and the Department of Labor and are very black and white with their implementation which has led to their success and favorable reputation.

A major key differentiator is their “SAFETY NET” program.  It gives them the ability to complete the first step of the rollover process at NO COST to you.  This enables them to reduce the cycle time required for this method of funding without creating risk for the client.  Getting this first step accomplished early eliminates the problems with owner’s training classes needing to be postponed because financing isn’t arranged.  We also have a national relationship with the prestigious wealth management firm, Merrill Lynch, which provides FranFund clients with over 700 investment options at no load.  In addition, Bank of America almost 10,000 locations nationally, sets up the clients operating account and FranFund clients benefit from the staff of Small Business Specialists specifically assigned to their clients.  These services include a credit card in the name of the new business, payroll and tax services, etc.  Very important to a new business owner!

In addition to the rollover program, they have a lending division led by a former banker.   Their goal is to give the client a fast “no” or a reliable “yes” in terms of the fundability of a deal.   As you know, not every business is suitable for a small business loan, but for those financially sound clients seeking funding for a strong franchise opportunity, it may be possible.  We have developed a portfolio of lenders across the country that understand the benefits of a franchise (versus a home-grown business) and that trust FranFund to bring them good, solid deals.

Let us setup a confidential personal (no obligation or cost) financial evaluation with Heather McPherson of  Franfund today. Contact Lewis to get started.

 

Creating a Legacy with your Senior Care Franchise

Creating a Legacy with your Senior Care Franchise

Senior Care Franchise ownership offers a great deal of benefits, including a practiced and proven system, but it’s also your home care business.  You are building wealth, equity and a legacy for yourself and your family.  You have the options and opportunities to:

Transfer ownership of your home care business – you can “will the ownership rights” to your children or spouse to ensure their future security if you are not there to provide for them.  One-third of the biggest Standard & Poor’s companies are family businesses. One of the biggest strategic advantages a company has is bloodlines.

Use your Senior Care Franchise to support community initiatives – donate time, money and resources to charities and non-profits. A supportive community is the backbone of every small business. So it’s important that Senior care franchise owners find ways to give back to the community that sustains their success. Supporting a local charitable organization is an honorable way to show your company’s gratitude. Senior care franchises are often approached by a multitude of organizations seeking donations. It’s important to make sure your time and money are going to the right place. Follow these tips on how to determine which local charity to support

Building a “legacy business” gives employees purpose, inspires in-house leaders, and adds real value to your company.

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Home Health Care Client Success Story

Our Clients Success Stories…

We recently helped Larry Aronson of South Orange, New Jersey go through all of the senior care franchises and decide which one was right for him.  “This is an absolutely amazing service” said LarryLarry  “They carefully assess who you are and what kind of senior care model would best fit your skill sets. Then they carefully explained each to me.  I felt my decision was much more effective using Lewis Trio and his team then I could have ever done on my own“.“With Lewis’ help I chose  HomewatchCareGivers”  .:

Here is a preview of Larry Interview. Why did you decide to buy a franchise?I left corporate America five years ago, saying, “What now?” I didn’t want to go back to the corporate world – I’d previously spent time at Revlon, Procter & Gamble, and Warner-Lambert-and I didn’t want the risk of starting something from scratch. A franchise falls between the two.

How long have you been a franchisee?

Four years

Why did you decide to buy a franchise?

I left corporate America five years ago, saying, “What now?” I didn’t want to go back to the corporate world—I’d previously spent time at Revlon, Procter & Gamble, and Warner-Lambert—and I didn’t want the risk of starting something from scratch. A franchise falls between the two.

Why did you choose your franchise?

Before selecting a franchise, I asked myself what was trending. The answer was the aging of America. The industry also fit my personal interests. I looked at three different home care providers before choosing. If you weigh the “business of home care” on a scale, the other two companies put a heavier emphasis on “business,” and Homewatch CareGivers tips toward “home care.” With my experience, the last thing I wanted was somebody telling me how to do things. Homewatch CareGivers is more versatile.

What is the best part of being your own boss?

I have the ultimate responsibility for my success or failure. I’m betting on me. You have to have a plan and go after it aggressively. You can’t be skittish and wait for it to come to you.

What is the worst part of being your own boss?

It’s a 24-7 responsibility. You don’t want to let your clients down because it means you’re also letting yourself down. It goes back to betting on me. If your business falls short, you’ve got no place to turn.

Where do you see yourself in five years?

Last year, as my growth really took off, I talked with a friend who knows I always look for the next challenge. He said, “You’re going the right direction—this business will meet your financial requirements and that’ll be fine, but then what?” From that came a vision to be recognized within our community for our standards of quality client care and comprehensive family support. It’s the idea that the community truly knows: These guys are better than everybody else.

What advice do you have for prospective franchise buyers?

Be a businessperson first. I hire people to make sure I have a skill base to carry the day. Second, invest enough in your business early on. If you take money out too early, you can doom yourself to mediocrity or a very long horizon. Third, figure out what you stand for in your community. Why should someone use you versus your competitors? If you can’t come up with a differentiator that matters, you’re going to struggle. If you create a point of difference, it’s a winning bet.

Use our free service to help you make the best selection for you in the senior care sector

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