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.

Do You Have An Ethical Dilemma about Billing Clients?

If you want to start a Geriatric care management or ALCA business you have to learn how you will make money. You may start it to reach seniors in need. However if it is a business and you are an entrepreneur , you need to understand” profit” and how to handle money and “like it”. Many GCM’s have an ethical dilemma and feel guilty billing older clients and do not bill often as they feel that guilt. They end up going out of business

Do You Know the Customers You Want to Serve?

To make money you must choose to go after the right customers.To start a Geriatric Care Management business PLUS to write a major section of your GCM business plan,you must describe ” that customer” you intend to serve -your market assessment or opportunity. It tells you and investors whether you will have enough customers to make money.

Do a GUT CHECK

Start with a definition of your ideal client. Example: Woman, 85 years old with chronic care needs who has an income or liquid assets of $500,000 or more.In other words you must serve the top 10% to make money and thrive. Are you comfortable with this as entitled demographic as social worker or RN? Do a gut check now

You want to list the customers who will reward you the most financially.

How many of these ideal clients are in the area you wish to serve to make a profit? You need do an analysis of the age and income levels. Generally, geriatric care management customers are over age 85 or are disabled younger people with incomes in the range of the top 10% in your community. Your customers are also the local overstressed adult children of clients, long-distance caregivers with family members who need help and live in your community, and third parties like Trust Officers who may hire you as a GCM such as trust officers, attorneys, conservators, or guardians.

Know how you can make money before you start being a care manager

You need to do market research to define the size of the market in the area where your business will be located (e.g., how many people over age 85 live in ,Modesto, California, how many third-party target markets such as trust departments are in the town )?.

This type of demographic information may be available from U.S. Census Bureau reports, local Area Agencies on Aging, local chambers of commerce, local hospitals, and even members of the local media who have done their own surveys. You can use the Internet to retrieve U.S. Census data in your area, and in addition you can Google your State Department of Aging or Department of Finance and then find all senior services that may have data on older people in your area.

Find out More About What You Need to Know about money as a GCM start up.

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Break Through Barriers to Billing & Profit: Financial Management for GCM &Aging Life Care Managers

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

Non-Profit Seeking New Revenue?

Is This New GCM Service Feasible?

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