AHCA HHA Home Healthcare Agency Business Plan
CPA
AHCA HHA Home Healthcare Agency Business Plan
Whether you are planning to start a new Home Healthcare Agency, or in the process of a change of ownership you will need to have a business plan for AHCA approval. This new requirement took affect this year. An AHCA (HHA) Home Healthcare Agency business plan requires very specific content which is tied into your Proof of Financial Ability. The AHCA (HHA) Home Healthcare Agency Business Plan also lends your Home Healthcare Agency a sense of credibility and a great blueprint on how you plan to manage and market the company which increases your chances of success.
Although writing a HHA business plan can be a lengthy, intimidating project, it is not necessarily difficult.
Here is an overview of how to write a Home Healthcare Agency Business Plan
Your business plan needs to demonstrate that you have thoroughly considered all aspects of running your business. To that end, the Home Healthcare Agency business is broken into major sections, covering everything from your Home Healthcare Agency mission statement to a detailed financial analysis.
Executive Summary:
The first and most important section of your HHA business plan is the executive summary. This section is so important that it should literally be the first thing the reader sees even before the table of contents! However, it should also be written last, as you’ll have a better understanding of the overall message of your business plan after you’ve researched and written the other sections.
The rest of your executive summary should fill in the important details that the mission statement glosses over. For instance, your executive summary should include a short history of the business, including founder profiles and start date; a current snapshot, listing locations, numbers of employees, and products or services offered; and a summary of future plans and goals.
Objectives:
The objectives should provide the Home Care Services to patients. It should include revenue sources such as Medicare and Managed Care and Private Insurance coverage. It should include a demographic data about your target market with specifics on age and range of services to be offered.
Mission Statement:
One of the most important parts of the executive summary is the mission statement. The mission statement is only three or four sentences long, but it should pack the most punch out of everything else in your business plan.
Services to be Provided:
This is probably the easiest section. A bullet style portfolio as the example below illustrates is sufficient.
- Skilled Nursing at RN and LPN level
- Home Health Aide and CAN
- Physical Therapy
- Occupational Therapy
- Social Worker Services
Market Analysis:
The next section of your business plan focuses on market analysis. In order to show that your business has a reasonable chance for success, you will need U.S. Census Bureau data on your states population and what percentage of the population is over 65 years of age. Furthermore, you’ll need statistical projections on what percentage of the population of the State and your County requires or are eligible for your Home Healthcare services
Your market analysis should describe the industry, including the size, growth rate, and trends that could affect the industry. This section should also describe your target market that is, the type or group of customers that your company intends to serve. The description of your target market should include detail such as:
Distinguishing characteristics
- The needs your company or product line will meet
- What media and/or marketing methods you’ll use to reach them
- What percentage of your target market you expect to be able to wrest away from your competitors
Level of Competition:
Your Home Healthcare Agency Business Plan must include a market analysis and results of any market tests you have done, and an analysis of the strengths and weaknesses of your competitors.
STRATEGY FOR MARKET ENTRY:
Typical strategies utilized are direct visits, brochures explaining the services the agency provides and by mail. Direct visits normally provide an opportunity for the agency to organize presentations to each individual company, hospital and physician offices.
Milestones and Timeline:
The AHCA Home Healthcare Agency Business Plan should describe the major milestones and timelines for achieving them. The following is an example of the major milestones:
- SET UP CORPORATION, LOCAL LICENSES AND OFFICE SPACE DEVELOP START UP PLAN
- CONTACT CONSULTING AGENCY AND ACCREDITATION AGENCY START COMPLIANCE WITH REGULATION
- APPLY WITH JOINT COMMISSION ACCREDITIATION AGENCY AND SEND APPLICATION TO ANCA
- SUBMIT THE INITIAL APPLICATION FOR HOME HEALTH AGENCY TO AGENCY FOR HEALTH CARE ADMINISTRATION
- BE READY FOR JOINT CONMISSION ACCREDITATION AGENCY SURVEY
- PASS SURVEY AND ACCREDTIATION PPOCESS
PERSONNEL QUALIFICATION:
Once you have described the nature and purpose of your company, you will need to explain your staff setup. This section at a minimum should include a bio on:
- Administrator
- Director of Nursing
- Alternate Administrator
- Alternate Director of Nursing
- Office personnel
- Other
ADMISSION POLICY:
Each patient will require and referral and initial verbal order for home health services from the referring physician. If the patient’s payer source is Medicare the patient will be required to be homebound for home care services to be reasonable and necessary.
State Statutes require applicants to show anticipated provider revenue and expenditures, the basis for financing anticipated cash-flow requirements of the provider, and an applicant’s access to contingency financing. All schedules must be prepared in accordance with generally accepted accounting principles (GAAP). A Certified Public Accountant must compile, perform a financial audit, or apply agreed-upon procedures to prospective financial statements, including summaries of significant assumptions and accounting policies. An applicant will have demonstrated financial ability to operate by completing proof of financial ability to operate schedules 1-7 in conformity with the below instructions and GAAP, all relevant rules and statutes, and projections that show assets, credit, and projected revenues meet or exceed projected liabilities and expenses and Independent evidence of sufficient funds for start up, working capital & contingencies.
Robin
Thanks for the info, I need help. I called AHCA, and apparently I need a CPA who has experience with HHA business plans and proof of financial ability reports. I have checked around, hardly and CPA’s in Florida have this knowledge. I need to speak with you. Thanks!
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You have given us a lot of information in this blog to review. I have printed it so I can make sure to get each step in my business plan. From reading the comments at the bottom of your blog I understand that not very many CPA’s know how to right up the business plan or a proof of financial ability. If that is the case who should you go to too get this completed? I have taken a few business courses in school and I think I can handle the business plan side of it but I have no clue when it comes to the proof of financial availability. If you have any suggestions as far as this is concerned please make another post as I am seriously looking into this to start a home based business.
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So from what I gather from reading the comments your readers have left, you need a Bachelors degree in business finance in order to write your business plan accordingly let alone the proof of financial ability. I thought in your blog that you laid out what was needed in your business plan very well but I do have to admit the proof of financial ability is a loophole that was unexpected to say the least and when you take in to account that the CPA’s do not even know how to write it up is it really a necessity? You put together this information in a very good way, it has lots of detail and answers, thanks for sharing you knowledge with us.
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So I thought when I started reading this that it was going to be something simple to do. You laid it all out simple enough, but around Market Analysis you lost me. I think there is some really good information in this article I just think it was a little overwhelming at first. Then when you read the comments about how difficult it is to write the business plan let alone the Proof of financial ability, I was ready to give up. Is there any way to simplify what you have here?
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Earl
Writing any business plan can be a daunting task, although a good business plan software will ask you all the necessary questions and format the plan. All you need to do is focus on providing the information which is no easy task. As the author listed in this article, it is quite a list of data with the answers not being easy by any means. And I consider that to be a short list. With all the comprehensive data it takes to start a home health care business, I would say you absolutely need the help of a professional. Otherwise, you could spend months trying to do this on your own.
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I am so glad you posted this information I, like some of your other readers, have spoken to my CPA and she was unaware of how to do this so I am going to copy the link to this page and email it to her so she can research it some more. If a CPA doesn’t know how to do this just how important is it?
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When developing a business plan it is a good idea to consult with a professional business owner who has put one together before because they can be very time consuming and sometimes difficult. From reading your post, I gather the item that most everybody had the hardest time with was the proof of financial ability. Which is understandable when even the CPA’s don’t know how to write one. Maybe talking to a Chief Financial Officer would help in this case. Either way as I said before get a professional involved before attempting to do this on your own.
Maureen
I am a little confused by your blog, I thought that it was about starting a home healthcare agency, but it was more about writing a business plan, correct? Or did I miss the entire meaning of the blog? I thought it was very informative if you are writing a business plan for an up and coming business idea though. For that reason you did a great job in laying out what would be needed and what to expect. On the Home healthcare agency part I am still a little lost, if you could post a comment that kind of explains what I might have missed it would be very helpful.
Gregory
Great information! I think in order for one to open such a business on their own would require significant knowledge of the industry. For those who have an interest in the business without extensive prior knowledge, I would recommend buying a franchise. They can be a huge help to get started and well worth the money.
Roxanne
One of the trickiest parts of the business plan is the part where you have to write about the strategy for market entry. There are no obvious answers when it comes to this. Here is where your creativity as an entrepreneur comes into play. If you do not have any overwhelmingly convincing data that shows why this is a viable entrance strategy, then you must somehow sell your strategy and you must present some reason why it can work as a viable strategy.
Loan
I have to wonder to what extent a CPA in Miami, Florida would go in terms of advising or assisting in the preparation of a home healthcare agency business plan (AMCA / HHA). This article clearly provides some comprehensive information about the various sections of such a plan, but these are mere guidelines which can help get you started in the proper direction. And if a CPA does go above and beyond the overview provided here, is it included in the base accounting services or can a customer expect additional billings?