Are you about writing a nursing home business plan? If YES, here is a sample SWOT analysis for a nursing home to help you form a competitive strategy.
Nursing Home Business Plan – Economic Analysis
The ability of the elderly to buy long-term care services with private resources largely depends upon their personal income and assets. As among the non-elderly population, there is considerable economic diversity among the elderly. Some are very well off, others live in poverty.
Although users of long-term care are generally disabled (particularly the oldest old), it is important to examine the financial resources of both the entire elderly population and the disabled elderly because most users of long-term care have not always been disabled. For example, approximately one-half of all persons entering nursing homes over a two year period were not disabled up to 24 months prior to their entry.
The financial circumstances of the elderly are highly diverse, although elderly persons at the highest risk of needing long-term care are more likely to be poor or near-poor. But what is the actual impact of long-term care use on the elderly? For many, the use of long-term care has minor financial impacts.
For others, the impact of long-term care use can be catastrophic. It can cause the depletion of lifetime savings, dramatically reduce one’s standard of living, or force someone to purchase less care than they need. Economic considerations also sometimes force people to enter a nursing home even though they would rather be home, just because it is easier to qualify for Medicaid coverage in a nursing home than at home.
A Sample Nursing Home Business Plan SWOT Analysis
St. Paul Linus® Nursing Home, LLC is equipped to become one of the leading nursing homes in New Orleans – Louisiana which is why we are willing to take our time to cross every ‘T’ and dot every ‘I’ as it relates to our business. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation.
Even though our Chief Executive Officer (owner) has a robust experience in social work and taking care of people, we still went ahead to hire business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis. This is the summary of the SWOT analysis that was conducted for St. Paul Linus® Nursing Home, LLC;
Top on the list of what we will count as our strength is that we have a team of qualified professionals manning various job positions in our organization. As a matter of fact, they are some of the best hands in the whole of New Orleans – Louisiana and they are professionals who have what it takes to grow a business from scratch to profitability in record time.
Our location, the Business model we will be operating on, well equipped facility and our excellent customer service culture will definitely come to the fore and position us to stay highly competitive.
St. Paul Linus® Nursing Home, LLC is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business and also to attract some experienced hands in the industry.
The opportunities that are available to nursing homes are unlimited considering the fact that we have a growing aging population in the united states. We are going to position our business to make the best out of the opportunities that will be available to us in New Orleans – Louisiana.
An unstable federal reimbursement model amid an uncertain regulatory environment will likely present threat to our business. Although federal funding for Medicare and Medicaid is expected to increase in 2018, continuing reimbursement pressure and regulatory uncertainty will remain a potential threat to the industry.
Another threat that may likely confront us is the arrival of a new nursing home facility, non – medical home care facility or group home facility brand in same location where ours is located.