Cathy Cress

Expert in Aging Life and Geriatric Care Management

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

January 15, 2020

 

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.

LEARN HOW TO MARKET LIKE YOUR BUSINESS DEPENDED ON IT 

January 23 @ 2:00 pm – 3:00 pm PST

The busiest season for care managers is January & February after as adult children have just visited for the holiday and seeing their elderly parents skating on very thin aging ice

Learn care management marketing so you can:

Capture those desperate clients in January after the festive fright-

Develop strategic marketing that brings more customers,

Understand branding         

Develop a positioning strategy so the caller chooses you

Understand lead generation in care management

Get the best marketing software  

Create a 5 Star Marketing Plan for the top 10% of seniors who can afford you.

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FIND OUT MORE 

THIS FREE  WEBINAR  FROM 2 PM – 3 PM PST Thursday, January 23, 2020

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Filed Under: Aging, aging life care manager, Blog, care management market sizing, care management start-up, care manager, case manager, elder care manager, Families, Geriatric Care Management Business, Geriatric Care Manager, Non-profit, Non-Profit adding Profit services, nurse care manager Tagged With: Adding ALCA to Non -Profit, adding geriatric care management, Adding Geriatric Care Managemet to a Senior non profit, aging life or geriatric care management, aging parent crisis, ALCA care Manager, care manager, feasibility study, free webinar, Free webinar marketing, non profit, non-profit care manager

Will You Make a Profit If you Start an Aging Life or Geriatric Care Management Business?

August 17, 2019

 

Do You Have An Ethical Dilemma about Billing Clients?

Blackboard Business Strategy Concept

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

commercial illustrator

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

iStock_000020888499_Medium.jpgYou 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.

Sign up for my latest free webinar 

Join Me in my new

 

 

FREE WEBINAR- ONLY FOUR DAYS LEFT TO SIGN UP 

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

 

 

 

THIS WEBINAR BEGINS: Wednesday August 21 2 PM PST Ends 3:15PM PST

 

DURING THIS FREE WEBINAR YOU WILL LEARN

How to Give Your Customers Have a Commitment to Pay You

To maintain Cash Flow 

To choose the Right Billing Software  

To develop Financial Literacy  

Why You Must Bill 85%  

Understand How To Hire Care Managers Who Can Bill 85% 

Understand How to train your Staff 85%

How to Thrive financially at ALCA or GCM

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Filed Under: Aging, Aging Life Care, aging life care manager, ALCA sales, billing, Billing 85%, Blog, care management start-up, case manager, cash flow, Concierge Senior, Geriatric Care Management Business, geriatric social worker, marketing to concierge clients, nurse advocate, nurse care manager, Sales in geriatric care management Tagged With: Aging Life Ethical Dilemma, ALCA care Manager, Business Profit, care manager, case manager, GCM cash flow, geriatric care manager, money, profit, start a care management business

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