Old age home and wellness centre are the place where senior citizens are inhabited in positive and friendly environment. The environment helps the old people to live comfortably and sharing their ideas and thoughts with all like-minded people. In Maldives, the old aged people are left out and not being given proper care and facilities. The old-age home business idea is an innovative concept and highly beneficial for the community (Tomczak, Reinecke and Kuss 2018). This is the home for extremely ill, unacceptable old peoples, poor or rich people. This homecare and wellness centre will therefore be highly beneficial for aged individuals, their families and society at large. The old age home is increasing at a global level has also proved to be a blessing for various senior citizen. Hulhumale is a reclaimed island and developing at a rapid pace to match with the global level. Large parts of the population are in their old age and therefore setting up the new healthcare and wellness centre will prove to be a great idea for the business proposal.
Terms of References:
The Home care and Wellness centre for the elderly people in Hulhumale is to provide homecare and wellness facilities to the senior citizens. Most of the families’ lives together in this region reside in a small rented apartment. The grown up children has to stay out most of the time to earn livelihood for the family. As the basic rent of the Hulhumale region is comparatively high than the rest of Maldives and income earned by a single person is not enough to serve the basic and overall need of the family. The elderly persons are thus left alone in the home as their grown up children have to go for work. This leads to leaving their elder parents alone in the home or under the care of a maid. The elderly people at this age are not properly cared and monitored well enough. Moreover, it has also been reported that the children are sometimes guilty of leaving their parents behind and not taking care of their parents.
To overcome this increasing problem or rising issue in Maldives, a homecare and wellness centre for all such elderly people has been proposed. Therefore, for proper analysis of market and business research, secondary data is to be used. The business is new to the people and community therefore proper market and business analysis is necessary before establishing the business. Moreover, the business also has conductive approach. The business is at its initial and start-up stage, hence it is highly important to ascertain the potential area required for the business development. Business canvas model is to be used to analyze the major nine building blocks of the business (Kothari, Mizik and Roychowdhury 2015).
The homecare and wellness centre may have specific objectives and goals. The main goal of this business development plan is to help the senior citizen to live an independent, safe and comfortable life. The foremost step is to create a business plan for the senior most people that need to evaluate the wants and needs of the individuals. Application of SMART method would be helpful in establishing the objectives for the organization. SMART method stands for specific, measurable, achievable, relevant and time-bound. The prior section of the objectives helps in evaluating the specific objectives that would be required to achieve the desirable results. The second most element of the objectives helps in providing the required details about the plan being measured. The third part is to determine if the available resources are sufficient enough to attain the goals of the organization. Henceforth, it is also important that the objectives is adequate to the senior needs and setting a time frame for completing the goal is essential.
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THE BUSINESS ENVIRONMENT |
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ASSUMPTIONS (1) QUANITATIVE AND FINANCIAL |
INTERNAL EVIRONMENT |
EXTERNAL ENVIRONMNET |
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The cost of setting the business would be assumed to be Rf. 7 to 8 lakh. Employees to be hired would also pay according to their number of hours for the service provided. The cost of health equipments for the providing the services will be assumed to be around Rf. 50,000 |
The infrastructure cost in the area is assumed to be stable. It is assumed that the insurance and tax charge of the healthcare industry is assumed to be very high. The number of employees to be hired in the business will assumed to be around 30 due to high labor cost Initially only less amount of employees is to be hired. Inflation and employment rate is assumed to be favorable. |
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ASSUMPTIONS (2) QUALITATIVE |
It is assumed through high quality services more and more old aged people are stay in the centre will increase by the year end. It is supposed that by the end of three years the old age stay in the hospital would increase up to 200. |
It is assumed that the beliefs of the people and community are constantly changing at a high rate. Latest technology is to be implemented by providing the senior citizen the best services. |
In order to make the business successful, it is important that the proposal for the business development is highly relevant. The start-up business should deal in providing a customized care options and respite to the senior people. The resources should be adequately realized by facilitating the best services to its customers. The target customers are the lonely old aged people (Baker 2016). The business should be strategically managed so that the individuals by proper planning so that the mission and vision of the company is achieved. With the help of SWOT analysis the external and internal business environment for Old age agency in Maldives is analyzed. Business canvas model is applied to know the current position of the market. Moreover, value chain analysis for the organization has also been made.
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INTERNAL |
STRENGTHS |
WEAKNESSES |
|
Highly skilled workforces Innovative idea Reliable stakeholders Well planned operations Large target market Maldives climate Large target |
High Investment New to the business for senior care Limited room for growth |
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EXTERNAL |
OPPORTUNITIES Low inflation rate Change in the behavior of customers increase the growth of agency Large number of population in their aged stage. New customers from the online channels |
THREATS Latest advent of technology can proved to be highly dangerous for the old age centre. Many small competitors. |
Tomczak, T., Reinecke, S. and Kuss, A., 2018. Introduction. In Strategic Marketing (pp. 1-18). Springer Gabler, Wiesbaden.
Kothari, S.P., Mizik, N. and Roychowdhury, S., 2015. Managing for the moment: The role of earnings management via real activities versus accruals in SEO valuation. The Accounting Review, 91(2), pp.559-586.
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing, 32(1), pp.15-27.
Behrangrad, M., 2015. A review of demand side management business models in the electricity market. Renewable and Sustainable Energy Reviews, 47, pp.270-283.
Vargo, S.L., Wieland, H. and Akaka, M.A., 2015. Innovation through institutionalization: A service ecosystems perspective. Industrial Marketing Management, 44, pp.63-72.
Palizban, O., Kauhaniemi, K. and Guerrero, J.M., 2014. Microgrids in active network management—Part I: Hierarchical control, energy storage, virtual power plants, and market participation. Renewable and Sustainable Energy Reviews, 36, pp.428-439.
Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability and brand performance. Journal of Advertising, 44(1), pp.37-46.
Wilden, R. and Gudergan, S.P., 2015. The impact of dynamic capabilities on operational marketing and technological capabilities: investigating the role of environmental turbulence. Journal of the Academy of Marketing Science, 43(2), pp.181-199.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY.
It is assumed that the market demand is sustainable in nature. The homecare team is highly committed to the new venture. The existing business environment of the Hulhumale region is stable despite of the unfavorable economical condition. Funds will be availed according to the budget prepared. The designing of the homecare and wellness centre will be made according to the professionals and homecare architects (Ashley and Tuten 2015). The skilled nurses are highly committed towards the project.
This proposal for the homecare and wellness of elderly start-up business and this is made for the initial three year time period.
The business concept of opening the old age and wellness centre in the Hulhumale region is highly innovative in nature. The residential and age old centre would help in providing healthy and safe environment. This would enable the adults to enjoy freely besides having the best assistance in healthcare facilities. The agency is to provide assistance to senior citizens in their day to day activities. This includes helping the old aged people in providing medical aids, physical therapy, meals, reminder and personal grooming. The main aim of the organization is to provide the elderly people the best facilities from both the world (Luxton, Reid and Mavondo 2015). This includes private homecare environment and all healthcare facilities.
The agency aims to provide maximum healthcare facilities for their seniors. The agency would therefore require well trained staffs for supporting the healthy livings of old age people. The resistance and support will be providing to the local communities and entire Maldives area. The rooms provided to the senior residents are highly furnished and includes all the latest gadgets and technologies. The room has also private access to the present patio in the nearby regions (Wilden and Gudergan 2015). All the basic amenities are also provide, which includes proper furniture, linens toiletries. Moreover, laundry and cleaning services will be provided on a weekly basis to the individuals.
The old aged people will also have proper access to spa and swimming facilities. The pool also has latest features, equipped with ADA compliant lift for all the elderly people having difficult in entering the spa or pool area. Moreover, total of 3 meals and 2 snacks will be provided to the old aged people on a daily basis. Reminder facilities will be provided to those individuals, who are unable to take their own medication. Healthcare and clinical facilities like physiotherapy and speech therapy shall be provided to that senior citizen who needs it.
Monthly price for staying in the old aged facility is established at Rf. 20,000 per month. There is also a pre admission fees that is to be paid once in a year. Moreover additional monthly fees for various products and services provided are listed below:
|
Product/services |
Price |
|
Private room |
Rf. 20,0000 per month |
|
Additional hour |
Rf. 20,000 per month |
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Healthcare supplies |
Rf. 20,000 per month |
|
Dementia care |
Rf. 15,000 per month. |
The old age home should be located in a calm and pollution free environment to gain competitive advantage. It is to be located near the beach besides proper communicating facilities with the outer world. To gain competitive advantage with the local old age home and nursing homes. The room provided to the individuals should be properly ventilated and all the latest facilities are to be implemented.
The main vision is to become the best and number one choice in all over Hulhumale in regards to Old age and Healthcare wellness agencies. Moreover, the organization wants to be regarded as the top leader providing effective services in all over Maldives within the next 5 years.
The major business is to establish first-class home health care facilities that will take care of the elderly people by providing affordable services to their customers. The main motto is to become one of the leading wellness and aged homecare industry in Hulhumale and Maldives. The main mission is to maximize the quality of life of seniors and assisted living in the form of personalized services and high care facility that leads to a healthy, safe and caring environment (Vargo, Wieland and Akaka 2015)
To provide the senior members an economical alternative by living in a more assisted and wellness centre. This approach would help in increasing the standard of living of the individuals. The business development plan is based on zero based budgets as it is a start-up business therefore the basis for the budget is considered as either for a cost centre or profit contribution centre.
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Activity |
Days(March-April) |
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April |
May -June |
July-August |
September – oct. |
Nov-Dec |
Jan-Feb |
March |
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Market research |
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Collecting data from the secondary sources |
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Overall Architecture |
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Project planning |
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Resource planning |
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Market Analysis |
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Gathering business requirements |
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Hiring well skilled employees |
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Building rapport and trust |
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Business promotion & training |
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Implementation |
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Evaluating outcomes and processes |
Table IV: Gantt Chart
Home care and wellness centre for taking care of those elderly people, who cannot be treated well in their home is a great concept. It is a great option for all such aged people and their family to live a peaceful life. Moreover, it would also serve as a cost effective alternative to the elderly nursing homes. The old aged home care and wellness centre would be a community based and care giving facility to serve the needs of rapidly increasing elderly population of Maldives. Since various decades, old age home and residential facilities for elderly people have existed in various forms in different places.
In Hulhumale region of Maldives no such agency has been made to take care of the elderly people. This is an innovative concept for the potential market. This is a thriving industry, where every passing day more and more people get incapacitated in one way or other. Over the past few years, different countries have developed its licensure requirements so that the quality of all these facilities can be adequately standardized (Tanta and Priem 2016). The elderly homecare agency before operating its business in the Hulhumale area also must be first licensed under the Code of Maldives Regulation.
The homecare and wellness centre will comply with the requirements and licensure stated under the laws and regulation. The wellness agency for the elderly people will lay major emphasis on providing high quality services to the aged people. It will be ensured that the individual’s independence is also promoted in such a pleasant and safe environment. The elderly people when left alone or staying out of nursing home, they seek immense help for preparation of food, housekeeping and laundry. As an alternative option for the citizens of Maldives, the new wellness and healthcare agency will help in providing assistance, housing and wellness facilities to the old aged people.
The facilities will also include meal preparation consisting of special and general diet, linen, laundry, housekeeping as well as personal care. Adequate number of staffs will be provided to the elderly people and assist them in their recreational and daily activities (Zhang et al. 2015). Furthermore, staff will also arrange the appointment with the physicians and also coordinate transportation.
Elderly people more often feel the express their desire for a companionship or friend in need for assistance. They prefer not to impose much burden on their family members. The concerned members of the family are forced to acknowledge the fact that it is really difficult for them to take care of the age old parents in their home. Therefore this new innovative approach will help in accommodating the old age residents for twenty four hours a day and seven days in a week.
The agency will also be staffed with full twenty four hour services with highly qualified employees. The employees would be skilled nurses, who are trained to take effective care of the old people. This would help in promoting the dignity of elderly people and also respect their individuality. The elderly population in the country is also increasing in the country. In the recent times, the elderly are living more long and therefore requires alternative arrangements for living. Therefore, administrators and qualified owners of care facilities are also in demands. Both the old aged residents and their relatives would feel highly confident that adequate level of care will be provided to their parents along with proper supervision and monitoring. Fund would be availed through loans to facilitate the property acquisition for the agency. The loan will also be advantageous for leasehold improvements, lease deposit, furniture and insurance.
There is a large gap in the market as the people living in the Hulhumale area does not have any proper care centre for elderly people. The agency is to be established near the airport so that the family of the aged people can regularly pay visit to them whenever they like.
With the help of PESTEL analysis, both the negative and positive factors can be easily identified. The new home care and wellness centre would create a positive impression in the society by providing such residential services. Being a new venture it does not have to overcome the challenges present in the diverse market condition at a global level. The major negative factor is ascertained due to varied changes in the political and legal scenario existing in Maldives.
Political factors: the political scenario of Maldives is highly stable that results in few complications in the healthcare segment. The new venture will enjoy a favorable position in the business market. The rates of taxation are also highly favorable and rates of taxation for healthcare and wellness industry is comparatively low.
Economic factors: Maldives is a developed nation with positive economic growth. It would be highly beneficial for the organization to regulate the policies and design it as per the market trends. The potential target customers are also rapidly increasing for availing the desired services. In the recent times, recruitment of skilled and talented employee is difficult for the old age home care. This could lead to low customer base for the old age venture. In addition to this unemployment rate in the Hulhumale region is gradually increasing. Thus, affects the individual’s purchasing power.
Social factors: in the current scenario, people are highly busy with their professional life, thus need for old aged care home is rapidly increasing. This generates a perfect customer base for attracting the potential target group in the healthcare centre. People always want the best care for themselves and their families. The new business aims to attract more elderly with its distinctive services as compared to various conventional health care agencies. Personalized home services and homely atmosphere is provided as compared to other old age homecare.
Technological Factors: with the advent of innovation and technology, the economy is increasing at a rapid pace. Improved and updated technology grows the business in every sector of the economy. Improved and updated technologies will help in providing more effective and efficient facilities to its consumers. On the other hand, the main target customers are elderly people and their compatibility with the improved technology is also very vital. The best choices should be provided to the aged people. Due to increase in the technological cost the organization cost structure may be negatively affected.
Legal Factors: there are various legal obligations relating to the healthcare facility. The new venture for aged home care and wellness should comply with the nation’s law. The modification of the existing or current law can create an adverse impact on the business operational activities.
Environmental Factors: it is important to keep the sustainability of environment while opening a new business. One of the major factors is waste management that is faced currently by all the operating organization. Effective waste management program is necessary for better living environment. The homecare and wellness centre should be surrounded by trees to create greenery as well as fresh environment for the elderly people. Recycling process should also be practiced to reduce the amount of waste generation.
The potential targets customers of the health and wellness centre are old aged men and women, who cannot stay safely in their home ad need proper care and assistance. This does not mean that they need full time skilled nursing care provided by the nearby hospitals. In fact the target client market for the services provided includes people who are above 60 years of age and older. As per the survey of the population in Maldives, more than 30,000 are above age 60 and 5000 of the population are above age 80. Many of these elderly adults are widowed or single individuals. They may have outlived other friends and relatives. If such elderly people are left alone at their places, forgetfulness or confusion may affect their mental health and also render them unsafe. However, with effective supervision and assistance the rising problems can be easily solved. The elderly will remain independent, safe and will be able to maintain their dignity. They would also conserve their needed funds for effective and proper medical care in future. Moreover, the federal and state funds are much higher and costly to aid the individuals.
According to the Government report, 50% or more of the country population are above age 60 with annual income of Rf. 5 laces or more. Out of the targeted residents of Hulhumale region at least 60% of the people will easily avail the services offered and less than 20% are dependent on their adult children’s. The cost of semi-private rooms in the homecare and wellness agency would be Rf. 50,000 per month or Rf. 1500 per day. This is very less than the cost of any hotel room. The residents and families investigating other available options will find that the average cost of semi private room in any nursing home is at least Rf. 3000 to 5000 per day. Furthermore, the cost to hire full 24 hour unskilled home care staff is Rf. 100 per hour.
Individuals and families would choose this new homecare and wellness centre because of the following reasons:
Presently, there are only limited old age care facilities in Maldives and cannot fulfill the needs of majority of elderly residents. In most of the facilities, there are waiting lists and report from the hospitals and rehabilitation centre shows that there are no adequate residential options. Therefore this new business would be successful in such market area, where elderly are unable to live alone and ready for proper home care facility.
Location: the old age care and wellness centre will be located in the Hulhumale region, Maldives. Maldives is already known for its serene beauty worldwide. It is relevant to open the agency in such an area, where people are familiar with the place. Hulhumale has its reputation for beauty, affluence, relatively safety and is proximately close to the desired clients and their family members. Hulhumale is also chosen because it is more affordable than other places situated in Maldives. Moreover, the place has very less government restrictions.
The elderly homecare and wellness centre will be located I a quiet residential area of the region with large home. The old aged residents would be able to peacefully sit on the patio or can go for short walk in the neighborhood as per their wish. The house will be made of three storey with proper lift to accommodate 50 residents comfortably. The place would be highly comfortable and brought into compliance with all the local and state regulations.
Competition: there is no huge competition in the market but still being a start-up venture it is beneficial to plan and make the strategy to gain competitive advantage in future. Maldives Aged Care is one such agency that provides homecare and wellness facility to its people. Apart from the growth rate and demographic changes information on age and population of the people in Maldives is essential to know the market feasibility. The total population of the region in the year 2014 was 4, 07,660. Moreover, distinction was made between the resident and non-resident population. Maldives population has continued to increase and grow at a steady rate, which increases over four fold during the past few years.
Population above aged 5 years includes 5% of the total population. In the last five years, there were a total of 16,000 people in this age group, with 9,000 males and 10,000 females. The figure has been at a constant rate due to the decline in the rate of mortality. As people nowadays have the tendency to stay fit and lead a happy life. This further is because of better health facilities and latest technology used by the organization.
Aged care Maldives is one such organization that helps the aging population and their families need with the help of customized services and programs. The main objective is to create awareness and disseminate the information about healthy ageing. The agency provides home care to the ageing population and also provides social care to those individuals who are not lucky enough to be cared in their own homes.
Distribution: this is to be done by contacting each and every professional that can be proved appropriate for the accommodation of elderly people. The referral sources for the organization generally includes hospital discharge planners, day care centre, home care agencies, rehabilitation centre discharge planner, senior citizen centers and the independent case mangers. Distributing brochure will be helpful to target the potential customers. Moreover referrals can also be made through phone calls. Placing continuous ads about the new homecare agency can also prove to be beneficial. The advertisements done through the yellow pages can help the people to know about the new wellness and healthcare agency. Many referral sources will also be accessed through the professionals present in the Aged Maldives Care.
Sales: The main plan is to increase the number of age old residents by the end of three years. The condition of the economy also could affect the ability of the individuals to pay for the provided care from their private funds (Zimmermann and Foerst 2014). Irrespective of the economical condition, it is natural that the population will age. The amount of profit obtained can decrease but would never result in a negative income.
The market has shown a positive increase over the past few years. The main reason behind this market growth is due to the fact that population is ageing at a rapid rate worldwide. Increasing demand for quality life by the senior citizen is also one of the major factors (Weele and Raaij 2014). The other factors for the market growth are chronic illness among the aged population and technological advancement. Moreover, the market is expected to achieve a considerate growth in the present forecasted period. The elder care service will continue to expand at a swift rate from the year 2017 to 2021.
The organization would have maximum growth rate with the help of government support such as Medicare and number of elderly people that needs enough care as the life expectancy would continue to increase. Since the last few years, Medicare has provided the senior citizen enough money for home care. It is also one of the largest sources of income provided in the home health care and services. The rest of the money is derived from private insurances Medicaid, out of pocket costs and revenue paid from the local governments. As the majority of income for the industry is availed through private insurance, Medicaid and Medicare thus set a price in the industry. The major competition between the service providers is not related to price but on name recognition, reputation, word of mouth, quality of care and referrals from the medical professionals.
In the rising trend of innovation and technology, the wellness centre will be able to achieve the desired goal and attract the potential customers. With the unique combination of ubiquitous and seamless connectivity the service will be provide to the senior citizen in a more systematic manner. Highly equipped devices and sensor facilities will be provided to asses, mange, monitor and motivate the older population. These gadgets will act as a reminder to help people in taking their prescribed medications, eat well and exercise to enhance the individual well being. Through innovative techniques, the elder citizens will be provided more high qualities facilities to increase their standards of living. From kitchen to toilets, smart systems will be installed to help the people.
The basic objective of using the financial feasibility study is to determine that the new venture is completely viable for the business or the organization. The financial feasibility study will forecast will include the forecast, examination and complications. . Generally a financial forecast only includes a cash flow analysis and is done by the management company. The higher levels will include examined or compiled reports. This will also leads to detailed review of the market demographics and operations that are completed by the certified public accountants.
The new venture will have pre-dominantly semi-private rooms with danced equipped bathrooms. The existing structure will support the contemporary standard required for care of the elderly residents. The new agency will be established in a 35,000 square foot structure with three storeys and comprises of 25 beds connected with a common area. The new old age care would be licensed by the Government and would be dealing in providing 24 hours full supportive services and supervision to the individuals, who does not require complete nursing home level of ambience and care.
Basis of assumptions:
Revenue is to be driven by the occupancy of number of beds in the Homecare and wellness centre. Stabilized occupancy of the number of residential beds is assumed to be 94%, that is more than 35 beds will be occupied out of 40. The new rest home beds are forecasted to be available by the year end.
It is assumed that the place will generate more revenue by charging day to day basis fees as this current practice. Management has assumed that the majority of the residents will be Medicaid payers and the remaining of the elderly residents will be private payers.
|
Unit type/payer type |
payer mix |
No. of residents |
daily service fees |
|
skilled nursing |
|||
|
private pay |
20% |
5.69 |
Rf. 533.26 |
|
Medicare |
75% |
21.38 |
215.3 |
|
other private insurance payers |
5% |
1.43 |
386.43 |
|
average fees |
100% |
28.5 |
Rf. 287.45 |
|
rest home |
|||
|
private pay |
10% |
0.92 |
Rf. 347.78 |
|
Medicaid |
90% |
8.28 |
132.5 |
|
home care occupied units average fees |
100% |
28.5 |
Rf. 154.03 |
Revenue Inflation rate:
|
2018 |
2019 |
2020 |
|
|
project statement for activities and changes in the Net assets |
|||
|
revenue gains and other support |
|||
|
net resident services revenues |
|||
|
assisted living and home care |
520 |
530 |
540 |
|
health care |
5000 |
6200 |
8500 |
|
total revenues, gains and other support |
5520 |
6730 |
9040 |
|
Expenses |
|||
|
Wages |
2000 |
3000 |
4000 |
|
benefits and others |
500 |
600 |
600 |
|
retirement policies |
200 |
200 |
200 |
|
utilities |
100 |
180 |
200 |
|
contractual agreements |
|||
|
food |
200 |
280 |
280 |
|
professional services |
50 |
80 |
100 |
|
medical supplies |
50 |
50 |
60 |
|
general insurances |
100 |
120 |
140 |
|
other supplies |
80 |
90 |
100 |
|
other expenses |
20 |
20 |
40 |
|
Total expenses |
3300 |
4620 |
5720 |
|
Cash flow from operations |
2220 |
2110 |
3320 |
On the assumption that the premium could be recovered, the cost of failure would relate to the negative cash flow. The cash flow shows a positive income for the organization. In the old age service industry it is important to be patient so that regular trade can be easily allowed to be build up. The investors are highly confident that the new business will definitely succeed. The initial indications are good and so the business will seek to include financial position in more detail.
From the earlier feasibility research, there is a high confidence to the people that the team investing in the new start-up venture so that the ability to achieve the desired business ambition. At the initial stage, the adequate resources required to make the strategy of the business has been adequately covered in the completed project.
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Key Partner Doctor Skilled nurses Trainers Other health professionals. |
Key Activities Providing services to the elderly patients Enabling and storing information about the data of patients Enhance communications as well as care coordination. Increasing awareness about the new venture. |
Value Proposition As a homecare and wellness provider taking care of the patients and relatives. The elderly patients get connected due to sharing the overall caring workload. |
Customer Relationships Word-of mouth TV and radio ads Online and social media. |
Customer Segments Targeted elderly patients Individuals with more than 65 years of age are the potential customers of the organization. |
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Key Resources Technology development Skilled nurses and workers professionals |
Channels Family, friends and neighbors, mobile apps websites Primarily caregiver and care receivers. |
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Cost Structure Technological service development Legal services Insurance Background check of the professional and workers |
Revenue Streams The platform provides easy access to service through monthly subscription fees. Free apps |
The main strategy of opening the Home care and wellness centre in Maldives involves providing quality services to the old aged people. The agency aims to create a social environment that is conducive to active –ageing. Moreover, offering necessary support to the different level of care is needed under our policy objective. To create the world where the right, health and choice of the elderly people are respected and protected (Kumar 2015). The strategy is to influence the age related regulations so that the lives of older people can be improved.
The main resources needed for efficient operational activities are skilled nurse, professionals, and doctors providing clinical therapy to the patients. With an increasing and advancing age, individuals generally performing day to day activities become highly difficult tasks. Therefore the agency skilled workers and trainers will assist and guide the elderly people to perform the major activities.
Partnership network: moreover, it is important to collaborate with the partners across all sectors and discipline. Since old age home and wellness centre facilities is provided to the senior citizens. Therefore, doctors and various professionals should be available for twenty four hour services throughout seven days a week. Moreover, alternatively the elderly people will also be provided an individual with them so that their schedule and appointments with the doctors can be easily managed. In case of emergency the professional will aid in providing the best clinical facilities.
|
Value chain components |
Resources needed |
Obtained |
Required |
|
Support activities |
Business infrastructure Human resource management Technology development Procurement |
Strong financial position Strong management team Connective employee infrastructure Progressive and sustainable relationship with the suppliers |
Emphasis on sustainability and CSR Connected employee infrastructure Progressive and sustainable relationship with the suppliers. |
|
Primary activities |
Inbound logistics Operations Outbound logistics Marketing and sales services |
Inventory control Technological innovation Strong reputation in the community Value based pricing Innovative residential and care facilities |
Specialized services Research and Development Innovative role in residential facilities Extensive customer care. |
The homecare and wellness centre is a custom made assisted living home for the senior citizens that are no longer preferable or unable to live on their own. The homecare accepts such individuals with financial and insurance stability that are in the need of social interactions. The agency will provide an assisted living facility to the people with a friendly environment and complete comfort of home setting (Cusumano, Kahl and Suarez 2015). The new venture will stand out by providing high regulatory services and care that is present in the larger assisted living facilities. The elderly people will be able to live in much more comfortable environment.
To become one of the market leaders in the Hulhumale region it is important for the organization to gain maximum profits and explore all the conventional and non-conventional methods to promote the new Healthcare and wellness centre. The place should be advertized on both print, which is community based magazines and newspaper and also the electronic media platforms. Sponsor relevant community programs should be encouraged so that it appeals the overall aging population. Leverage on social media platforms and internets like Instagram, Facebook, YouTube and Google. Engaging in road shows from time to time is helpful with that showcases the growing aging population. Distributing brochures, handbills and files in all such target areas, where there is generally high concentration of elderly population
To gain maximum advantage in the market, it is important to enter in the market with a high competitive price. The new venture should be made in such a way that the prices charged to the individuals are highly competitive in nature as compared to the existing agency in the Maldives. On an average, usually home care centers leverage on this fact that majority of the clients does not pay the payment from their pocket instead Medicare, private insurance companies and Medicaid are responsible for the payment. Therefore, the clients should be billed according to their discretion by the agency. Moreover, to put the plan in place, discount services are also to be offered once in a while to reward their loyal customers so that more clients can be referred to the organization.
Safety is definitely a major concern for the senior citizens twenty four hour full security in the old age home would provide protection to the elderly people. On e of the major factor that makes the old age home centre more attractive is presence of companionship. The people residing in the agency are given constant care and support and live cordially with the people of their own age. The toilets and bathrooms of the agency should have rough flooring so that the elderly people do not slip. Easy passage of wheelchair is also to be provided to fulfill the requirements of the individuals.
All the necessary medical accessories and medicines should be present beforehand within the homecare. Suction apparatus and oxygen cylinders should also be present in the case of emergency (Möhlmann 2015). Children often stay outside this leads to increasing the depression and level of stress of the people. Furthermore, living in an old age home can also give rise to the feeling of abodment and loneliness. Hence, 24 hours assistance with skilled workers will be present to make the people more relaxed so that they can live peacefully.
Feasibility Research and business model development there is high and sustained confidence to continue to the new business launch and start-up plan.
Payment options: The payment policy of the homecare would be inclusive in nature and the people are quiet aware that different people prefers payment options that suits them , the payment options are either to be made by cash, online bank transfer, Point of Sale (POS) machine, payment via online bank transfer and mobile money.
Wellness and healthcare services for the old aged people is proposed in Hulhumale, situated in Maldives. The region is the heart of entire Maldives and is the main region with planned extension areas. The greenery landscape makes the area more attractive. The organization would assist clients and families through their programs and services. The company provides customized and innovative services to the local people and community. The healthcare and wellness centre for aged people are very limited. The other health care does not offer the unique blend of social services and home health care to the local community. The pricing for the healthcare is set as per the Medicare, Medicaid and various insurance regulations.
The main mission of the centre is very simple, which is to offer affordable and excellent home health care and wellness to the people of Hulhumale. The main goal is to employ caring, competent and well-skilled individuals. The employee should be highly responsive to the needs of the patients, their families and the communities in which they serve. The senior citizen and old age people should be adequately taken care of. Each staff members should adequately encourage and support the old aged people by providing the best services. Moreover, the agency also provides a better and positive living environment for the age old people.
The healthcare and wellness centre is a new business at its start-up stage. The agency is located in the main area of Maldives region. The services will also be provided to patients and individuals from the regions like Bandos, Club Faru, Full moon, Paradise and Kurumba. The services given to the patients will also include physical and speech therapy.
As the business is in its start-up stage, there would be huge funding issues and start-up costs that need to be addressed. The costs should include the cost for business development, rental expense, office equipment and nursing equipment and supplies. The following chart would demonstrate the assets that is required for the start-up and also addresses the funding sources. This includes the cash investment that is to be made by the owner. Three year 8% loan is also needed to cover the required start-up costs.
|
Sources of Capital |
Startup Expenses |
|||
|
Owners’ Investment (name & % ownership) |
Buildings / Real Estate |
|||
|
Your name & % ownership |
Rf. 800,000 |
Purchase |
Rf. 200,000 |
|
|
Other Investor |
Construction |
50,000 |
||
|
Other Investor |
– |
Remodeling |
||
|
Other Investor |
– |
Other |
– |
|
|
Total Investment |
Rf. 800,000 |
Total Buildings and R / E |
Rf. 250,000 |
|
|
Bank Loans |
Leasehold Improvements |
|||
|
Bank 1 |
Item 1 |
|||
|
Bank 2 |
– |
Item 2 |
– |
|
|
Bank 3 |
– |
Item 3 |
– |
|
|
Bank 4 |
– |
Item 4 |
– |
|
|
Total Bank Loans |
Rf. – |
Total L / H Improvements |
Rf. – |
|
|
Other Loans |
Capital Equipment List |
|||
|
current borrowings |
Rf. 275,000 |
2 computers |
Rf. 50,000 |
|
|
Source 2 |
– |
4-1 printrers |
15,000 |
|
|
Total Other Loans |
Rf. 275,000 |
phones |
10,000 |
|
|
stationery |
8,000 |
|||
|
Nursing supplies |
10,000 |
|||
|
Summary Statement |
Total Capital Equipment |
Rf. 93,000 |
||
|
Sources of Capital |
Location and Admin Expenses |
|||
|
Owners’ and Other Investments |
Rf. 800,000 |
attorney fees |
Rf. 8,750 |
|
|
Bank Loans |
– |
license for homehealthcare agency |
10,000 |
|
|
Other Loans |
275,000 |
professional liablity insurance |
30,000 |
|
|
Total Source of Funds |
########## |
medisoft billing program plus support |
50,000 |
|
|
workmen’s compensation insurance deposit |
5,000 |
|||
|
Startup Expenses |
Premises and content insurance deposit |
3,000 |
||
|
Bldgs / Real Estate |
Rf. 250,000 |
contractor charges with physiotherapists |
5,000 |
|
|
Leasehold Improvements |
– |
Total Location and Admin Expenses |
Rf. 111,750 |
|
|
Capital Equipment |
93,000 |
|||
|
Location / Admin Expenses |
111,750 |
Opening Inventory |
||
|
Opening Inventory |
– |
Category 1 |
||
|
Advertising / Promo Expenses |
14,000 |
Category 2 |
||
|
Other Expenses |
– |
Category 3 |
– |
|
|
Total Startup Expenses |
Rf. 468,750 |
Category 4 |
– |
|
|
Category 5 |
– |
|||
|
Total Inventory |
Rf. – |
|||
|
Advertising and Promotional Expenses |
||||
|
brochure |
Rf. 4,000 |
|||
|
Other / Additional categories |
10,000 |
|||
|
Total Adv and Promo expenses |
Rf. 14,000 |
|||
|
Payroll and payroll taxes |
||||
|
Expense 1 |
||||
|
Expense 2 |
||||
|
Total Payroll and payroll taxes |
Rf. – |
The wellness and healthcare centre offers premier care to the old aged people in Maldives. The services include physical therapy, nursing aid, homecare centre facility, skilled nursing and social work. The centre also provides management services that include efficient management services through proper planning, assessment, and resource linkage, professional and reporting services.
The customer base for Home health care services would also include patients that would be referred by the healthcare facilities and various other professionals. The majority of the senior citizen patients will be covered by Medicare. This will also help in insuring the individuals through relevant insurance carriers.
The large part of population in Hulhumale region is aging. People opt to stay longer in their homes at this age. The senior citizens try to return home after their hospitalization instead of proceeding to a nursing home. The main market segments include old aged patients, who are unable to get proper treatment at their homes. The senior citizens require maximum care at such delicate stage of life (Arnett and Wittmann 2014). The health care services are given by the home health nursing staffs. The patients also require various home health services so that they can easily access the community resources.
Moreover, the secondary market will include all such individuals that are suffering from a personal injury as well as require services to assist them in addressing financial, medical and the employment issues.
|
MARKET ANALYSIS |
Growth |
year 1 |
year 2 |
year 3 |
CAGR |
|
Potential Customers |
|||||
|
Medicare patients |
10% |
100 |
110 |
120 |
9.92% |
|
medic aid and Private Insurance Patients |
10% |
25 |
28 |
31 |
10.30% |
|
PICM patients |
30% |
12 |
16 |
21 |
30.68% |
|
Total |
12.31% |
137 |
154 |
171 |
12.31% |
Target Market Segment Strategy:
The agency will specialize in home health care and community based social services, therefore major focus will be given on such market segments that will need the services the most. Proper homely based services will be required to the old aged people. This strategy will reduce the overhead cost to a great extent.
The agency is a combination of both homecare and wellness centre for the aged people in the Hulhumale region of Maldives. The social services are to be utilized by the senior citizen, with service referrals (Chandler and Lusch 2015). The professionals giving the referrals will include hospitals, physicians and attorneys. Maldives aged care is also one of the old aged home serving the community in the same area.
The vital factor that s to be considered by both the individuals and their families while availing benefits from the health and wellness centre is trust. In addition to this quality of service and reliability are the other major main elements that will be provided by the home care agency. Pricing of the services from healthcare agency does not generally influence the choice of the health care agency. As most of the services cost would be reimbursed by Medicaid, Medicare and other private insurance companies. Consumers would like to follow the recommendation from their physicians and word of mouth referrals.
Moreover, to assess competition in the home health and social services fields the clients would be referred by the professionals to the agency for their services. The agency would provide outstanding care to the old aged people and quality services will be the main motto of the organization. Through effective business management and professional organization, it would be possible to gain competitive advantage in the Hulhumale region.
There are very limited healthcare and wellness centre in the Hulhumale Island. Moreover in the entire Maldives the only leading centre providing such facilities to the elderly people are Maldives Aged Care. The base would therefore allow the management to access additional clientele and this would help in increasing the financial stability of the agency. The new agency will stand out as an integrated social services centre. Efficient daily administrative agency would be further make the age old agency quite successful. The integration would further include additional services such as psycho-educational counseling, family counseling and mental health case management.
Marketing the service oriented business is a bit challenging as this requires setting a reputation for high excellence and expertise. The agency should start first of all with its known contacts. This can further help them to make recommends and referrals for the organization. This continues with long-term efforts so that the agency can easily develop recognitions among the people. Furthermore, the professionals dealing with the aged patients could also help in advertizing about the new wellness and old age home. The individuals and its families would like mouth-of-referrals. Especially when the referral comes from any professional within the social services and healthcare fields.
This would also help in developing and maintain database of the contacts relevant in this field. Maintain proper contact with the well-known nurses, physicians and other facilities in the various market areas will be prove to be helpful in the start-up process. It would be highly significant to make initials contacts within the community on setting the business community. Positive relationship should be made with the local attorneys, Medicare and other insurance companies. Maintaining cordial and smooth relationship with the professionals would prove to be helpful as they are the potential reference sources. Moreover, old age home communications will be highly professional. The marketing tool to promote the business will mostly include business card, brochures and advertisements.
Sales in this business refer to quality level services to the senior citizens. Maximum satisfaction provided to the individuals and their families would be the main goal of the organization. The business is actually perpetual in nature as home health care and wellness provided is not sold. In fact reliability, excellent care and effective interpersonal relationships are to be sold.
The services that are provided should also reflect the oversight and mission of the management. With a service industry, business growth actually means loss of control that would further leads to dissatisfaction of clients. The aged individuals should know that the quality services provided to them would be of best quality. The services of best quality should be provided to the entire atoll.
The new health care centre will focus on penetrating its market in one are at a time. In a service industry, initially the main goal should be to focus on the main area before expanding its business so quickly. Immediate actions and steps should be taken to provide quality services and offering the highest best possible quality to the community. This approach would help the firm to avoid temptation of broadening its scope of service very quickly. When the business is effectively grounded and established in excellence, then only the management should think of expanding its service base.
The annual sales demonstrate an average of 100 new home health and wellness care aged individuals. The patients for the first year are seen with a modest increase in year thereafter. The figures are actually based on the individuals that are monitored currently at the existing Maldives Aged Care agency. With a much larger investment in employee relations, marketing as well as customer services, the client base for the centre will significantly increase.
|
Fixed Expenses |
|||||
|
Fixed Expenses |
|||||
|
Bldgs / Real Estate |
Rf. 250,000 |
||||
|
Leasehold Improvements |
– |
||||
|
Capital Equipment |
93,000 |
||||
|
Location / Admin Expenses |
111,750 |
||||
|
Opening Inventory |
– |
||||
|
Advertising / Promo Expenses |
14,000 |
||||
|
Other Expenses |
– |
||||
|
Total Fixed Expenses |
Rf. 468,750 |
||||
|
Variable Expenses |
|||||
|
Inventory or Materials |
|||||
|
Direct labor (includes payroll taxes) |
|||||
|
Other expenses |
|||||
|
Other expenses |
|||||
|
Salaries (includes payroll taxes) |
|||||
|
Supplies |
|||||
|
Total Variable Expenses |
0% |
||||
|
Breakeven Sales level = |
Rf.468,750.00 |
Year 1 |
Year 2 |
Year 3 |
|
|
Net income (loss) |
-Rf.468,750.00 |
Rf.1,352,652.96 |
Rf.1,381,266.19 |
Rf.1,439,254.98 |
|
|
Cumulative income |
Rf.883,902.96 |
Rf.2,265,169.15 |
Rf.3,704,424.13 |
||
|
Positive Cash Flow? |
TRUE |
TRUE |
TRUE |
||
|
Undiscounted break even year |
1 |
years |
|||
|
Actual break even period |
0.35 |
years |
|||
Risk Management:
The risk related to marketing plan is related to the entire customer touch points. Risk awareness is crucial so that proper measures are taken to ensure consistency while maintain the experience of the customers.
Qualified employees: There may be high difficulties that the business can face later on is finding and retaining qualified home health aides and registered nurses. As the number of old age home and nursing home business is increasing in the recent times, the demand for the qualified employees is certainly very high. The registered nurses present in the region are retiring at a very fast speed than the entire present newly trained nurse can easily replace them.
High turnover: of the workers and employees retention is the main potential issue. The resident’s caregiver has very high turnover rate since the last few years. The employee’s turnover rate has increased up to 36.4 % in the last year. The other challenge that the business can face is the changes in policy of the Medicare.
Technological challenges: the ageing population in the world has the lowest adoption rate relating to the computer usage among the population in Maldives. Without learning such important skills to use internet and computers, the seniors think themselves to be excluded from the society. Therefore, to overcome the technological barriers the services and products should be easily understandable, fully functional and easy to use. The aged people should be provided latest technology and assisted through technical support and assistance.
Social isolation and diversity: Loneliness among the elderly people is the ultimate problem. Recent study showed that more than half of people above aged 60 live by themselves. Many of these senior citizens hence suffer from social isolation and loneliness.
Creating partnership: the homecare and wellness centre should seek new partnership with the telecommunication firms, retailers and also with home deliveries companies. As these firms are already looking at the age old population as a new opportunity for market growth.
Creating a NexGen Care force- with the help of new technology, services and partnership the services provided to the people will expand the services business. In addition to this, aging service providers, educators and manufacturer of technologies would provide new platforms to the elderly people for care. This leads to invest, envision and educate the upcoming generation care professionals. Moreover, the care giver, ready collaborator, tech-savvy and professionals become agile in both profit and non-profit organization.
Home health care is the main franchising opportunity within the elderly care industry. This health care business either involves medical care or non-medical care or both the services. One of the advantages of this large franchise in the senior care industry includes access to large or increased marketing, which is generally not available to all those smaller business. In the last few years the people in Maldives has received home health care in some form or other. Diabetes as well as cerebro-vascular diseases is some of the few problems that are faced by the elder people. This common most ailment generally results in needing the home care to a great extent. About majority of the home patients are above the age 65 years or more.
The Homecare and Wellness centre for elderly people in Maldives is a start-up and would therefore required highly skilled and experienced staffs to establish itself in the market. The management team would include one Administrative Director, Clinical Director, and 15 to 20 employees. A contacted agency is necessary to meet the need for physical and speech therapist for the senior citizens. The mangers to be hired should have enough experience in the social work services. This could help in directly monitoring the services provided to aged individuals directly.
When the requirement of the services would increase, the mangers are to play primary or significant role in delegating the services directly to the employees. The organization. Skilled nursing would also be required by the individuals therefore employing experienced and capable nurses will be helpful. Moreover, at the initial stage of business, if the quality or level of services provided to individual is not satisfactory, the organization will be unable to maintain its goodwill in the long-run. As the business will grow in the future more service providers would be hired by the businesses. The Job description will be written for each job position. An employee handbook will also be created prior to the start date.
The following is the plan showcasing the requirements, benefits and costs of the personnel. The projections for the following three years would be completely based on growth are of the client base. The cost should not impact the payroll due to increased service hours. Moreover, increased cost of living is accepted for all the employees except the main director or the entrepreneur. As the owner will realize increase in income only through profit gains.
Administrative Director: this position is to be held by the owner of the wellness and healthcare agency. The director will resume all the responsibility required for the social work in the initial stage of the start-up. Later on, as the number of senior citizen coming in the centre will increase, the working hour for the social services provided will also increase. Moreover, owner’s compensation will not includes any payroll taxes or cost of insurances and is to be made in the form of drawings.
Clinical Director: this position would be given to a highly specialized professional sand there compensations will be made in the form of salary. Moreover, the clinical director will have to majority of services in the initial stage of the business. The primary role of the clinical director will be to provide health assistance to the age old people. It would also be his or her responsibility to properly monitor and assess the health check-up of the organization. As the requirements for additional skilled nursing hour in the agency will increase more skilled nurses would be employed. Providing maximum satisfaction to the aged individuals and their family is the main aim of the organization.
Administrative assistant: the position for administrative assistant would be based on 30 hours services per week and with Rf. 50 per hour. At the earlier stage, no benefits would be attached to the assistant positions except paid personal leaves for four weeks.
Skilled Nurses: this position will be held by skillful nurses and they are to be paid Rf. 80 per hour. In addition to this the skilled nurses will also be paid extra amount when called for any on call hours of services. There will be no major benefits attached to this position except 10 days paid personal leave and 5 paid holidays per year. The nurses will be hired in the centre for part-time services.
Social Worker: the position for the social worker is also opened and they are supposed to be given Rf. 80 per hour. The total reimbursements that are to be given to the workers is shown and calculated on total of 520 hours per year. No major benefits will be given to the social workers until the required for additional hour is realized.
Physical Therapist/Speech Therapist- the position for the therapists will be contracted at a rate Rf. 200 per hour. The entire reimbursement is completely based on 650 hours per year. Moreover, no extra benefits will be attached to the position. The employees are contracted on fee required for only service reimbursement basis.
The most vital factor required for the agency’s financial plan is the collection of receivables. The healthcare services are reimbursed primarily with the aid of Medicare, Medicaid and private services. As the scope of services would be broadening, the collection of receivables will further impact the cash flow. The figures are based on start-up and therefore additional loan will be required.
The chart below helps in demonstrating the interest rates, tax rates and annual assumption level.
|
Year 1 model inputs |
||||
|
Use this area to capture key components of the Profit and Loss Statement and the Balance Sheet for the first year only. |
||||
|
1. Year-one revenue expectancy |
||||
|
Sevice 1 |
Service 2 |
Service 3 |
Service 4 |
|
|
Number of units sold annually |
||||
|
Average sales price per unit |
||||
|
Annual revenue per product |
Rf.1,000,000 |
Rf.1,000,000 |
Rf.100,000 |
Rf.100,000 |
|
Total year 1 revenue |
Rf.2,200,000 |
|||
|
2. Year 1 cost of goods sold |
||||
|
Ser vice 1 |
Service 2 |
Service 3 |
Service 4 |
|
|
Expected gross margin per product |
||||
|
Annual cost of goods sold per product |
Rf.79,000 |
Rf.77,898 |
Rf.8,778 |
Rf.6,677 |
|
Total year 1 cost of goods sold |
Rf.172,353 |
|||
|
3. Annual maintenance, repair, and overhaul |
||||
|
Factor (%) on capital equipment |
3% |
|||
|
4. Number of years for straight-line depreciation |
5 |
|||
|
5. Annual tax rate |
30% |
|||
|
6. If long-term debt is being used to finance |
275,000 |
|||
|
7. Account receivable and payable % |
6% |
|||
It is to be assumed that it the economical condition of Hulhumale is strong without any major recession. Moreover, there are no important unforeseen changes in the federal policy of the nation. The policy that dictates the Medicaid and Medicare reimbursement of health care services should not be complex.
The Break-even Analysis is based on monthly fixed cost and average per unit cost for variables. The assumption taken for cost of sales is initially at lower rate. But within the service business, effective payroll is included in the expenses of operating expense fixed monthly allowances. The mileage to and from location of the services is also included in the additional cost. At this level, only the amount collected covers their monthly costs.
Operating expenses are to be generated from the analysis of operating budget. Various variable costs that include food cost and utilities are projected to fluctuate with the number of occupancy. The staffing costs include wages and benefits that comprises of more than 60% of the total operating expenses. The benefits availed are assumed to be equal 50% of the overall wages. On the other hand, non-staffing cost that excludes debt service comprises 40% of the total operating expenses. It is further anticipated that the operating expenses that includes food utilities and supplies is supposed to increase by 3.0% at an annual level. The management anticipates that various expenses will inflate at a much higher rate. Moreover, the healthcare insurance benefits are also supposed to be increased by 7.5% annually.
Since, the wellness and home care centre is private owned new venture with operated facility. There are various rules that are applicable to the operational and financial activities. The operating and financing will be done through separate funds at the ground level.
|
April 2017 |
Meeting to approve the debt exclusion |
|
April-2017 to June 2107 |
Development activities( planning, architectures and entitlements) |
|
August |
Issue bond anticipation notes to fund pre-financing project costs. |
|
September 2017 |
Construction activities |
|
March 2018 |
Project available for homecare occupancy |
The homecare and wellness centre will focus to cover the entire of Hulhumale Island as well as whole of Maldives. The target market would be the old aged people in the Maldives region. In addition to this, the regional physician is also targeted so that they can refer the senior citizens about the home health agency. Senior citizens needs high assistance for their day to day activities and for their healthcare requirements a quality life is must. Therefore this all requirements leads rise to ‘elder care services market’ that specifically comes into existence to serve that old age population worldwide. The market for elder care has been dividing into various segments. The elderly care business includes home care, nursing home facilities, and assisted living. These all are provided by the professionals, pharmaceuticals and high skilled nurses. In the recent times, home healthcare segments and assisted living is getting popularized to provide quality life to the senior citizens. The new wellness and homecare centre is designed for the aging adults, who are no longer able to mange independently and are left isolated or lonely. These services are not been provided by the close relatives and family then the need for agency will arise.
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