Cathy Cress

Expert in Aging Life and Geriatric Care Management

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Want to Make a Profit in an Care Management Business Home Care Business ?

April 20, 2022

 

want to make a profit

Do You Want to Make a Profit As a Private Care Manager?

 

Do you want to make a profit in care management or home care you have to learn how you will make money? It must be serving VIP clients. You may start it to reach seniors in need. But, the reality is making a profit comes from serving the upper 10% or Concierge and VIP clients who can afford private pay. If you have a business and you are an entrepreneur, you need to understand” profit” and how to handle money and “like it”. Many GCMs do not understand this.  They end up going out of bankrupt

Do You Know the Customers You Want to Serve?

 

a VIP or Concierge client

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. 

The VIP or Concierge client in the upper 10% is the customer you want. Why – Medicare does not pay for Geriatric Care management or ALCA services or Home Care . Only the top 10% can afford to pay you privately at 4-6 K a month for home care

Do a GUT CHECK

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. 

Start with a definition of your ideal client. Example: A 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 an entitled demographic as a 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 to 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 by doing market research hot mapping & the census

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.

What is hot mapping?

You can also do hot mapping. A zipcode heat map outlines the boundaries of each zip code in your data set and helps you see the insights buried deep inside your numbers like where people with the highest income live in an area

Join me in my newest FREE Webinar

How to Find Concierge Clients Who Can Afford You

want to make a profit

 WHEN  Tuesday, May 17th, 2022

WHAT TIME_2 PM-3:30 PM Pacific Standard Time

What we will cover

  • Why only top 10% can afford private pay care management.
  • Who Are the 5 types of VIP/Concierge Clients? 
  • Sales Using Benefits Not Features to ALCA -GCM 3rd PARTIES
  • Understand how to find VIP Concierge Clients Do hot mapping & Market Studies
  • How to Use Free Public Relations ( PR) to Find Adult Children of VIP Clients
  • How to create or revise a Concierge Geriatric Care Management Strategic Marketing Plan

SIGN UP

REGISTER NOW TO FIND VIP & Concierge Clients

After registering, you will receive a confirmation email containing information about joining the webinar

 

Subscribe to my Care Management YouTube Channel to find out about finding & working with VIP  private care management Clients

 

 

 

 

 

 

 

 

 

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Filed Under: Aging, aging life business, Aging Life Care, Aging Life Care Assocaition, aging life care manager, Aging therapist, ALCA Financial literacy, ALCA sales, ALCA start-up business, Benefits, Benefits of Care Management, Benefits of Geriatric Care Management, Benefits vs Features, billing, Billing 85%, Blog, care management start-up, case manager, cash flow, concierge clients, Concierge Geriatric Care Manager, Concierge Senior, entrepreneur RN, Features vs Benefits, GCM Webinar, Geriatric Care Management Business, geriatric social worker, marketing ALCA /GCM, marketing to concierge clients, nurse advocate, nurse care manager, Profit, profit in ALCA, Sales in geriatric care management, START UP, start up geriatric care management business, VIP Clients, VIP marketing, VIP Marketing Plan, VIP Sales, Webinar, Webinar ALCA GCM Tagged With: adult children of VIP parents, Aging Concierge client, aging life care manager, aging parent crisis, ALCA care Manager, black aging family, black american geriatric care managers, Black Entrepreneurs, Black Nurse Entrepreneurs, Black RN's, Black travel nurses, Business Profit, care manager, case manager, Census, Concierge Aging Client, Concierge Geriatric care manager, Concierge Home Care, Concierge homecare, Concirege, Expanding Home Care, Find VIP CLients, GCM cash flow, geriatric care manager, homecareagency, Hot- Mapping, money, nurse advocate, private diuty home care, profit, start a care management business, VIP, VIP Client Products, VIP homecare, VIP Marketing, webinar concierge care, Webinar VIP Clients

How to Be Financially Literate to Grow a Geriatric Care Management Business

October 11, 2019

1284078981.jpg

 

Why Do A Financial Projection To Start a GCM Business?

 

 

A financial projection may be mind-numbing to care managers who started this business with a great idea and a toolbox of care management skills. Beware– without tools to make money- your great idea of a private geriatric care management business may end up bankrupt.

Geriatric care managers need to understand revenue- how they make money to be financially to make a profit. Revenue does come from billing – but poor billing is very unprofitable billing. Money-losing billing is anything less than 85% of your client’s time. When you bill less than 85% you actually start losing money. Revenue is the high tide of money and is calculated by the number of client’s you serve, new client’s per month, number of clients canceling service. % of time billed (the goal is 85%) and what you charge for travel time.

You  Need Financial Literacy to Start a GCM Business

Care managers can become more financially literate about making money by doing a financial projection over a three-year period. You can calculate the number of clients you need to make a profit when you will break even when you can hire new staff.

You can find out awesome facts before you open a care management business by doing this mind-numbing financial projection. Facts you can forecast are how much investment you will need for your business, what the cash flow consumed in the business will be, the number of client’s you need to make a profit and most of all when you will break even and rise above low tide– moving to the all-important high tide, through your excellent financial management and care management skills.

So use this financial decision tool of financial projection. Find it chapter 13 of the Handbook of Geriatric Care management 4th edition and watch youtube 5 Financial Projection below. Become a geriatric care manager with financial skills to make a Profit

Sign Up for My Newest Free Webinar 

5 Critical Steps to Start and Run a GCM/ALCA Business

 THIS WEBINAR BEGINS: Tuesday, October 22  at 2 PM PST Ends 3:15 PM PST

 Learn how to transform your GCM entrepreneurial dream into a money-making business with 5 profit driven steps!

 

  • How to Do A Competition Survey
  • How to Learn GCM Financial Literacy
  • How to Give GCM Concierge Service
  • How to Bill 85% of your time
  • What GCM Products Services to Sell
  • SIDESTEP THE 8 OUT OF 10 ENTREPRENEURS WHO START BUSINESSES AND FAIL WITHIN THE FIRST 18 MONTHS
  • SIGN UP NOW

 

 

Find out more on my YouTube Channel  My Geriatric Care 1 Channel.

 

 

 

Filed Under: aging life business, Aging Life Care, Aging Life Care Assocaition, aging life care manager, ALCA Financial literacy, billing, billing 85% of GCM hours, Blog, care management start-up, care manager, case manager, cash flow, elder care manager, Families, GCM bankruptcy, GCM financial literacy, Geriatric Care Management Business, geriatric care manager, Geriatric Care Manager, geriatric care manager start up, geriatric social worker, nurse advocate, nurse care manager, patient advocate, Webinar Tagged With: aging life care manager, care manager, case manager, eldercare, financial management skills, financial projection, GCM cash flow, geriatric care manager, profitable ALCA business, Profitable GCM business

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

k8502838.jpg

Sign Up Here    

 

 

 

 

 

 

 

 

 

 

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

Increase Your Cash Flow to High Tide Through Simple Tips

August 12, 2019

Cash Is King

Cash is king and small businesses like geriatric care management have to keep their cash flowing in the bank to keep from going under. Since geriatric care managers are entrepreneurs who routinely do not have a degree in business, here are some tips.

Bill Bi Monthly

Send invoices within 2-3 days of billing period and invoice at least twice a month preferably once a week, to keep up with your expenses. Doing this as a social worker or a nurses will throw you out of your comfort zone, but you must, encourage clients to pay. Quickly send reminders after 1 week you have invoiced. You are playing the role of both a bill collector and a heath professional as a geriatric care manager business owner.

Prevent Clients  Late Payments

Easy ways to prevent late payments are to get a credit card after you sign the contract and automatically bill the credit card. Each billing cycle. Always get a signed service agreement Contract when you open a case and put payment requirements in the contract. Remember to send a thank you note after the bill is paid. Reward clients with kind words.
For more watch the my you tube below on increasing cash flow below and subscribe to my you tube channel Geriatric Care 1

 

FIND OUT MORE –

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

 

Sign Up Here    

 

Filed Under: Aging, Aging Life Care, aging life care manager, Blog, Geriatric Care Management Business, Geriatric Care Manager, geriatric social worker, nurse advocate, nurse care manager Tagged With: aging life care manager, aging life geriatric care billing data base, barrier to billing, billing for geriatric care management, care manager, case manager, cash flow, eldercare manager, GCM billing, GCM cash flow, geriariatric care manager

Financial Business Success- Start With Financial Model

July 5, 2015

PDF-Cover-of-11-10-12My-Geriatric-Care-Management-Agency.jpg

 

To be a financially savvy aging life or geriatric care manager you need to build a financial model Financial_modeling at the start of your business.

In building a financial model, start with the first year and project out 2 to 5 years. Estimate your annual revenue, and then calculate your gross margin potential (i.e., the selling price of your geriatric care management products. For example, Care Management Plus will be sold to the customer for $100 an hour, and cost of goods sold will be $25.00 an hour to staff plus employment taxes plus overhead expenses). Calculate your margin. You must make a profit and sometimes that means raising fees. Include how much money is needed to fund the venture and a history of the owner’s finances. Also, mention people who will offer audits of the business’s success or failure, such as an accountant.

The financial planning template a provides a good place to start the planning process.Find that template to do this in the 4th edition of Handbook of Geriatric Care Management out in September.

Filed Under: Aging Tagged With: critical success factor For GCM or Aging Life business, Financial Template, GCM cash flow, GCM financial success, Handbook of Geriatric Care Management

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