How to Write a Free Standing Hospice Business Plan

Writing a business plan for a free standing hospice is a complicated task. Along with the complexities of any business plan, writing a plan for a free standing hospice requires additional understanding of state and federal regulations. You also need to develop an understanding of programs that pay for hospice care to develop your financials. However, by understanding the steps involved, you can develop a business plan for a hospice that will be a great benefit to your community.

Instructions

• 1

  Find a location where a free standing hospice is needed. There are many areas where a facility of this type is needed to help families stay closer to their loved ones. Consult with hospital administrators and local medical professionals to find the best location for your hospice. Choosing a location will also help you develop information on the demographics of people who will use the facility, which you will need for the marketing development section of your business plan. Research how your hospice will work with local medical providers.

• 2

  Learn about government and private health insurance. For the financial section of your business plan you will need to know which type of agency will pay, how and when your hospice will be paid, and what kind of reporting requirements you will need to follow. The Small Business Administration recommends that you develop financial estimates for five years, and states that "Each year's documents should include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets." Consult an accountant that specializes in medical facilities to help you write the financial section of your business plan.

• 3

  Understand and articulate your purpose in starting a free standing hospice. You will need this for the executive summary, which is the first section of your business plan. Use the executive summary to interest investors in reading more about your business idea. According to the SBA, you should write your executive summary after you have finished the rest of your plan so you can give an overview of the information. According to the Center to Advance Palliative Care, your hospice executive summary should also include a description of how your palliative program will fulfill the needs of your community.

• 4

  Write an operational plan. Explain the management structure of your hospice, listing names, titles and duties for each member of your management team. The American Cancer Society suggests an interdisciplinary health care team that ranges from doctors and nurses to therapists and members of the clergy. Detail the number of patients your facility will handle, and the number of staff members. Write out the policies for the hospice staff. Study federal and state regulations for both your staffing and policy plans to make sure your hospice will be in compliance. Explain how your hospice will meet licensing and certification requirements.

• 5

  Write a company description for your hospice that includes the legal form of your business. Explain in broad terms your business idea and ways you will improve on the business model of other hospices in your area. Detail the service you are offering and how it will benefit your community with greater efficiency and superior service.