Why Top 10% Are Your Best Aging Life Customers?

Your customers need to be in the top 10% economically and here’s why. That is how you will make money, stay solvent and thrive.Aging clients in the top economic bracket can afford you and the lower 10% cannot.  To start a Geriatric Care Management business PLUS to write a major section of your  GCM business plan, you must describe the customers you intend to serve -your market assessment or opportunity. That tells you and investors whether you will have enough customers to make money. The Concierge Client who is in the top 10% financially is the client you put in your business plan.  Start your business plan and your intention to make money, 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.

Upper 10% Customer Needs to be Your Mission and Intention- Why

The why is that Medicare does not pay for geriatric care management or what comes long term 24 hour care .The average cost of home care is 4-6K A MONTH  Only the wealthy can afford that , so they must be your  ideal customer.

This cold financial fact has to be in your mission statement and deeply imbedded  in your mind.  So, make this your ” intention” because you are running a business whose very blood is cash flow.You have to have the cash from billing to pay your monthly bills. Without the profit motive and profit, your new business stands a major chance of failure and bankruptcy.

Ideal Clients and Third-Parties You Need for Success

 How many of these ideal clients are in the area you wish to serve? You need to do an analysis of the age and income levels- income over 10%. 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. One gateway to your customers is the local overstressed adult children of clients, long-distance caregivers with family members who need help and live in your community, Another door is third parties, such as trust officers,elder -law attorneys, conservators, or guardians, who refer you to their elderly clients or adult children, as a trusted GCM’s, 

If You Want To Start an Aging Life or Geriatric Care Management Business you need to know you can make money before you start.

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, find your local Department of Aging, and then find all senior services that may have data on older people in your area.

 

You Need To Understand Billing and Cash Flow for Geriatric Care Management Success

You also need to know about billing and cash flow. You might be making good money as a small business but if your cash flow is not coming in to pay your bills and staff, you stand a new chance of failure. Care managers who are most often social workers and nurses, often have an ethical dilemma with billing and are filled with guilt. That guilt keeps them from billing every hour and leaving time billed off their timesheet to help a client. This leaves them mortally wounding their business and their bottom line over the short term – not being able to pay their bills and themselves each month. If this continues long term- the GCM is faced finally,like a slowly dying tree in a drought , death by bankruptcy.

 

Skills you will learn in My GCM Business Class

• GCM ALCA billing skills to develop a billing system that allows you to bill 85% of your time, control your cash flow, invoice promptly to make a profit
• GCM financial forecasting skills to develop a 3-year financial forecast Excel spreadsheet to track your basic profit and expenses and to track the number of clients and billable hours needed to break even make a profit, pay back loans, hire new staff, and take a salary yourself
• GCM organizational design skills to create your business flow chart and job descriptions, and outline how power flows down your staff to deliver gold standard care to clients
• GCM marketing survey skills to pinpoint your area’s upper 10% clients and 3rd-party referrals to market, to make your business profitable
• GCM competitive analysis skills to set the fee per hour your market will bear for your services and to gather information from each, to position your services vs your competition’s so clients will choose you
• GCM timeline skills to identify and list (in a manageable, doable order), major tasks to complete before you open your business
• GCM business planning skills to write a 13-part business plan to create a blueprint of measurable goals for your business’s financial success
• GCM marketing skills to create a marketing plan to develop lead sources, conduct leadgeneration, launch social media and conduct content marketing to gain new customers
• GCM sales skills to position your agency to sell your menu of services
  through benefits to 3rd parties and clients through cold calling, 1-1 sales meetings, and inquiries, by knowing how to close the sale and sign the contract

• • LEARN MORE ABOUT LEARNING GCM BUSINESS SKILLS WITHOUT GETTING AN MBA 

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