How to start a Healthcare Business!

Have you ever thought of getting involved in business opportunities within healthcare?

In a society that is made up of a large proportion of baby boomers, it is no wonder that Healthcare business is continuing to grow. The Healthcare sector is inundated with endless possibilities and opportunities for those that reside within it, and the increasing age of the population in the UK means the opportunities will only continue to increase. in 2016 in the UK, 18% of people were aged 65 and over, and 2.4% were aged 85 and over; the improvements and rapid growth of healthcare means that people are living for longer, something that the healthcare sector really is thriving off.

As a result of this ageing population, there are a plethora of opportunities available!

Business Opportunities available –  nursing recruitment agencies, meals on wheels, healthcare transcript services, non-emergency ambulances to care homes, supported living services and domiciliary care services, there are an abundance of areas which continue to thrive in our society. However, once the exciting part of creating your vision has finished, it’s time to step out of your comfort zone and turn that vision into a reality.

Registration

Firstly, any healthcare business start-up needs to register through the compliance system, something that is crucial to getting your business off the ground. A start-up needs to register in various places including:

• Company House
• An accountant
• The Information Commissioners Office (ICO)
•  HM Revenue & Customs

Compliance

The Healthcare sector is heavily regulated by the CQC (Care Quality Commission) Health and Social Care Act 2008. Unlike other areas of business, Healthcare businesses are required to be compliant due to the nature of the services they provide. A company at the compliance stage will need to go through CQC registration, depending on the particular service in question. Another aspect of compliance is that a start-up is required to have the correct Polices and Procedures in place, which indicate how they will run their business and as well as insurance policies. A startup will also required to registered with the DBS company to ensure that they check their staff. A client and employee handbook are also a vital part of compliance that every business will need.

Logistics

When setting up a business, one must take into consideration the logistics and resources to bring on board. There is no standard when it comes to logistics, and it can be as flexible as an individual requires.  The start-up needs to have the following in place Capital, Human resources, Relevant software, Office resources (Computers, Phones) and an office/home space. Healthcare is flexible, and a start-up can work from home in their infancy stage. (If you are setting up a home care or supported living agency, premises must be compatible with the CQC registration policies. It would be wise to check if your services require this CQC registration. In addition, they must also check with their mortgage provider for permission, as well as an assessment on their services for their suitability).

Marketing

Every good business knows the importance of effective marketing, and businesses within the Healthcare sector are no different. It is important for a business to have a good marketing strategy in place to advertise their business. Marketing material can vary in its forms, and many businesses opt to use flyers, brochures and pens to market their businesses. However, in the 21^st century, it is important to take note of the digital society we are currently living in. E-Marketing is a vital key to the success of a business in current society, and if a business has a good website and a plethora of good social media outlets, they will have a competitive edge over other businesses; companies can also use a variety of available portals to advertise their healthcare business successfully.

Contracts

Once a business has been registered, successfully completed compliance and has implemented a unique and effective marketing strategy, they are able to start thinking about obtaining contracts. In order to start supplying business, a company must figure out where they want to focus their business towards. Companies can choose to supply to NHS, Private Hospitals, the Ministry of Defence, Nursing Homes or Community Nurses and depending on who they choose, they will have to change their approach. Companies can look for tenders in their local authority, or if they wish to be a part of the NHS framework, then they must bid for contracts. However, if you do not wish to go through local authority tenders or the NHS framework, there are a plethora of other ways in which a company can obtain contracts. For more information, look out for our next article which will go into detail on marketing, compliance and contracts.

Are you thinking of starting your own Healthcare business?

Get involved in a ‘Webinars’ or Free Healthcare Start-Up event! Email us at [email protected] for more information or enrol at:

https://www.eventbrite.co.uk/e/free-to-attend-how-to-start-and-run-a-nursing-recruitment-agency-care-home-leeds-event-tickets-32181797623?aff=es2

In meantime, if you need support, one to one discussions, detailed coaching, drafting legal documents, marketing a business or drafting contracts, don’t hesitate to contact us at [email protected]