Online Financial Operations and Return on Investment Executive Summary

HEALTH CARE BUSINESS Home Based Healthcare company Aba Osei Darko Colorado Technical University 4/28/21 Introduction A home healthcare company offers in-home medical services for patients who have recently been released from the Hospital, patients with chronic health problems, adults, and those who need help maintaining their health. In states like Florida and California, where the population is increasingly ageing, this may not only be beneficial to the nation, but also a lucrative business opportunity. A skilled home health care provides nursing or therapeutic services that would normally be given in a hospital or medical facility are offered in the patient’s own home. This would be the best approach based on my nursing background. 2 Statistics › From 2010 to 2015, the industry grew at a modest but consistent 4% annual pace. › A substantial part of this increase can be attributed to the United States’ aging population. › The number of people aged 65 and up is expected to increase from 12.4 percent in 2000 to 19.6 percent by 2030 (United Nations, Department of Economic and Social Affairs, Population Division, 2019). 3 Social and Political Factors › There are also social and political factors at play: ✔ such as an increasing acceptance of home care by doctors, ✔ pressure to relieve hospital overcrowding, ✔a general willingness to find cost-cutting opportunities in the health-care system. › The COVI-19 pandemic has also opened many people’s eyes to the need for home-based treatment thus creating a business opportunity for home based care company. 4 Economic and Market Forces That Will Affect the Business. › The home-based health-care sector, like every other industry, is propelled by several factors: ❑ Demographics – Demographics bring in diversity which is crucial in the health care business since it involves all. Any person can get sick and require medical attention (How demographics affect healthcare and nursing, 2019). ❑ Social Factors – Poverty, unequal access to medical care, a poor education, stigma, and prejudice are among the social determinants influencing health care delivery in home-based health care. Investment in psychological and cognitive services, as well as linking high-need patients to these services, will increase health outcomes while also lowering healthcare costs (Hatef, Predmore, Lasser, Kharraz, Nelson, Curtis, Weiner, 2019). 5 Economic and Market Forces That Will Affect the Business. ❑ Reimbursement – Insurance or government payers reimburse healthcare facilities through a payment scheme. Online Financial Operations and Return on Investment Executive Summary

Your insurer sends a bill to whoever is responsible for paying your medical expenses after you receive a medical service. Access to health care is determined by financing, which often affects supply-side variables such as how much health care is produced (Foster, Agrawal, & Davis, 2019). ❑ Local Regulatory Factors – Legal considerations can influence whether or not a product or service is being sold for profit. As a result, healthcare management professionals must have a comprehensive understanding of them in order to show that the hospitals they deal for, as well as all health-care-related businesses, adhere to the rules (Chen, & Taylor, 2016). 6 SWOT Analysis › SWOT analysis is a project analysis technique that guarantees that a business’s priorities are clearly defined and that all business-related variables are properly defined. › The four fields of the SWOT review are: ❖ Strengths, ❖Weaknesses, ❖Opportunities, ❖and Threats. Internal and external influences are included in a SWOT Analysis because they both have the potential to affect a project’s or venture’s efficiency. (Gürel, & Tat, 2017). 7 SWOT: Strengths › The following is a quick rundown of the elements of a SWOT analysis: › Strengths in a SWOT study are the attributes of an association that are believed to be significant for a venture’s definitive achievement. › Devices and abilities that can be utilized to acquire an upper hand are known as Strengths. 8 SWOT: Strengths › The following is an overview of strengths in the healthcare industry that have been presented: o The strength of the company primarily relies on the art of caring but the staff to the clients. o Giving the business a strong brand names will make the business familiar and popular to the market. oA Positive reputation. This will be created through delivery of high quality service to the clients by nurses. o The cost effective health care at the comfort of their home provides a ready market for the business. 9 SWOT: Weakness › Weaknesses are the factors in the SWOT study formula that could deter an business from succeeding. › An high degree of rivalry among departments, a flimsy interior correspondence framework, a deficiency of assets, and an inadequate measure of materials are main instances of Weaknesses. › Weaknesses can possibly crash an undertaking even before it begins. 10 SWOT: Weakness › weaknesses in the Home based Health care business include: oWeak brand name oStaffing shortages, owork instability, o a tarnished nursing reputation in the society incase of incompetent nurses. oFailure to recognize the emotional and mental aspects of treatment oIneffective and high cost structure 11 SWOT: Opportunities › External factors that could be useful in supporting the project’s goals are referred to as opportunities. › Suppliers that want to stay with the team to help it prosper, the public’s positive opinion of the company, and consumer conditions that make the project appealing to a particular market segment are examples of these factors. 12 SWOT: Opportunities › Opportunities in a Home Based Health care Bussiness include: o New technology arrives to assist in the quality health care delivery. oCustomer requirements that have not been met by other companies like quality care at the comfort of a clients home. o The aging population creates business opportunities since they need more care in their ages. o Online Financial Operations and Return on Investment Executive Summary

Taking lessons in business (training) to improve the business perspective of the company. 13 SWOT: Threats › These external variables can altogether affect the project’s or business’s overall performance. › A bad reputation and image , an absence of completely arranged business markets for the completed products, and an absence of providers capable for providing raw materials for the task are for the most part potential dangers that should be considered in any SWOT survey. 14 SWOT: Threats Threats in a Home Based Health Care Business include: › Changes in the trend, like in the COVID-19 pandemic people are afraid to let outsiders into their homes › New rules have been implemented- frequently changing regulations and policies by the Government › New substitute products are being created – changing expectations by different clients. (Manzano‐García, G., & Ayala‐Calvo, 2014) 15 Conclusion ❑The discussed health care business idea is a skilled Homebased health care business. ❑ Its most preferable due to the vast expanding population of people above 65 years old. ❑Having done the SWOT analysis on the external and internal environments of the business, the Home based Health Care business stands viable and a promising idea. 16 References Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51). Chen, C. H. C., & Taylor, M. (2016). An assessment of government regulation on adaptive capability and managerial strategy in US healthcare. International Management Review, 12(2), 5-19. Foster, C. C., Agrawal, R. K., & Davis, M. M. (2019). Home health care for children with medical complexity: workforce gaps, policy, and future directions. Health affairs, 38(6), 987-993. Hatef, E., Predmore, Z., Lasser, E. C., Kharrazi, H., Nelson, K., Curtis, I., & Weiner, J. P. (2019). Integrating social and behavioral determinants of health into patient care and population health at Veterans Health Administration: a conceptual framework and an assessment of available individual and population level data sources and evidence-based measurements. AIMS public health, 6(3), 209. 17 References How demographics affect healthcare and nursing. (2019, July 29). Retrieved April 12, 2021, from https://online.campbellsville.edu/nursing/how-demographics-affecthealthcare-and-nursing/ United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Ageing 2019: Highlights (ST/ESA/SER.A/430). Manzano‐García, G., & Ayala‐Calvo, J. C. (2014). An overview of nursing in Europe: a SWOT analysis. Nursing inquiry, 21(4), 358-367. 18 …