Want to Start a New Geriatric Care Management Business?
A care management business can be started by an RN, a social worker, someone in the health field, or anyone with dreams to become an entrepreneur.
But what skills do you need? Your entrepreneurial care management dream must spring from the intersection of three streams: your passion, your competence, and market opportunity. To start a geriatric care management business, the adage to “know thyself” becomes critical. Are you passionate about geriatric care management? You will need passion to sustain you when the situation gets tough—which it does in all beginning businesses. You must have the core competence both to be a geriatric care manager (GCM) and to run a business. But good GCMs with no business acumen, which is often the case, frequently fail in business.
Is Starting a New geriatric Care Management Business a Good Choice for You?
To start of new care management business you need market opportunity, which is a business skill. In other words, are there enough people in the top 10% of the area plus third parties who will refer to you like elder law attorneys, concierge physicians, and unscale assisted living you serve to have a”market” to have sales and generate a profit? If very few older people in the upper 10% live in your services area, you may not be in the right place to start a new geriatric care management business. If 10 other GCMs are practicing in your town, the
An entrepreneur geriatric care management business?
competition may limit your own market opportunity. You find out by doing a competition survey Finally, you need to assess why you want to start this type of business in the first place. Are you motivated by financial gains? by community recognition? by a need to make a difference?
In a New Geriatric Care Management Business
You Have To Know Cash Flow
An entrepreneur care management business owner must understand billing and cash flow. This is another key business skill needed by a care manager. Without this knowledge, you will fail like 50% of new businesses do. Along with this, you have to understand how to bill 85% of your care manager’s time to stop cash flow from putting you out of the business. This leads to overall financial forecasting skills. When do you break even, when can you hire a new care manager and afford to stop being a solo practitioner who wears so many hats you are crushed by the weight?
Learn Billing and Financial Forecasting and More in my new online Start-Up GCM Business Class
Most care managers have no business background because they are nurses, social workers, and health professionals without an MBA. Yet their business depends on cash flow, marketing opportunities, and financial skills to pay the bills
Get Critical New Geriatric Care Management Business Skills in My GCM Business Class
Check out my Online GCM Business Class which includes 10 modules on starting your GCM Business including two modules on financial management so you do not go under and lose your dream start
GET 100$ DISCOUNT ON CLASS IF YOU BELONG TO ALCA
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 cash flow -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 market opportunity, your area’s upper 10% clients, and 3rd-party referrals to market, to make your business profitable
- GCM competitive analysis skills to do a competition survey set the fee per hour your market will bear for your services and gage your market opportunity and 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 lead
- An entrepreneur geriatric care management business
- generation, 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
GET 100$ DISCOUNT ON CLASS IF YOU BELONG TO ALCA