Cathy Cress

Expert in Aging Life and Geriatric Care Management

Are You an Eldercare Non- Profit Wanting to Start a Geriatric Care Management Arm- Do Market Sizing

 

Non-Profit Seeking New Revenue?

Are you are a non- profit considering starting a geriatric care management business to add a revenue source to your non- profit. You do have a timeline – right? The second item on your timeline is a market feasibility study. You need to test what your market share will be. Will you have enough of the pie to make a profit?

Is This New GCM Service Feasible?

To start this feasibility study you need to determine the geographic footprint of the market you wish to serve.
You should look at your entire potential service. For example, if your non-profit serves the whole state of New Jersey the entire city of Princeton or the zip code 33023 in Hollywood, look at that
Geographic area. You are searching for the section in your service area most likely to yield older clients and their families who can afford GCM services the 10%
If you cover all the counties in Delaware, select all those counties. Create a market survey of those counties to find out which counties have the highest number of seniors, with the highest income described as your ideal client. You will be using the US census figures and other metrics.
Here is Some Great Tips To Make Sure Your Non- Profit adds a for-profit Geriatric Care Management does not go bust and actually lose money. It has happened. Avoid this mistake.

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What Marketing Tactics Work Best to Reach Aging Life or GCM customers?

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Marketing your existing or new Aging Life or GCM business is vital to growth, but where you spend your marketing dollars? What marketing tactics make the most sense for you? Where will you reach your client base best? This is where your marketing strategy comes into play. Before the business can start generating revenue, a marketing strategy and sales techniques must be in place.

A marketing message must be communicated to the public about your new business

 

The message is aging life or geriatric care management sells concierge solutions to the grueling aging care decisions families and clients must make.

 

This new service offers expert professional assistance with the tough choices aging family members must make about elder housing, medical care, personal care, finances, end of life and the myriad mind boggling decisions they face.

 

You marketing message gives this information to the client and the whole aging family in the support system and can transform the family and insure you gain clinets.

Basics of Marketing New Aging Life or GCM Product/Services

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Adding Aging Life or Geriatric care management to your agency demands top notch  targeted marketing.Reaching the elderly themselves, their trusted advisers, and their families takes a combination of education, careful design of marketing materials, a targeted database of potential referral sources, consistent and pertinent communication over a variety of Internet-based communication channels, and lots of positive public relations. Inherent to business success is that the Aging Life or Geriatric Care Managers are educated, experienced, and truly provides a  new value-added  concierge  service to your clients and their families and loved ones.

Do You Need Strategic Marketing to Add Geriatric Care Management?

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Marketing your new aging life or geriatric care management service  means targeting potential clients with the ability to pay for aging life care management services. That target is a very small segment of the general population. Furthermore, they must have a need that family, friends, physicians, and trusted advisors are not meeting. More and more, the value of an Geriatric Care Management is being seen by managed care organizations and by those seeking to bundle payment of services in a post-acute care setting.  So, where there was traditionally only one target for services, the Geriatric Care Management  now has the opportunity to become a part of a group that is managing, providing or overseeing care on a capitated basis for a group or as a service bundled together with other healthcare related services.

Although the concept of strategic marketing may initially seem complex for the average Non Profit or PDHC an understanding of integrated marketing communications is an important component of building a thriving practice. Taking the time and resources to understand basic marketing strategy and to develop and implement an integrated, strategic marketing plan helps the  new added Geriatric Care Management  Product  to increase visibility, credibility, and knowledge of services.

 

Location, Location ,Location of an Aging Life or Geraitric Care Management Business

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Where will you locate your Aging life or geriatric care business? You need a plan. This needs to be in your business plan under, Operations section. This section of the plan discusses the place where the company will do business. Whether you are a start up or adding a GCM arm to a non-profit or private duty home care agency you need a business plan or revised one to add aging life or geriatric care management.

Most beginning geriatric care management businesses start in the GCM’s home office. It is less expensive for a start up. This is sort of like a new band’s garage or high tech start up located inside instead out there with the tools.

 Some GCMs prefer to rent an outside space. You need to make that decision. If finances are a critical factor, which they are with a start up, you should choose a home office. You need about 600 to 800 square feet and create or use a home office in your home.

  Location is not a factor in getting customers. Aging Life or Geriatric care management businesses are not like clothing stores or other merchandise-based businesses, which need to be located in areas with considerable foot traffic (e.g., malls, busy streets). Locating the GCM in your own building if you are adding it to your business is fine but it needs it’s own individual space, equipment and staff and should never be located within another division.

Care Manager Travel time is a key to location. We will cover that in our next blog.

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