The number of senior individuals in the United States continues to rise, thanks to breakthroughs in medicine and technology. According to census data, there were less than 50 million senior Americans in 2015, but by 2030, there are predicted to be 70 million.
This expansion, combined with the Affordable Care Act’s uncertain future and the public’s demand for medical care, has provided several chances for entrepreneurs to make big money by establishing businesses that provide essential healthcare services. This is why an increasing number of people are founding medical transportation Northwest haulage companies businesses.
These non-emergency transportation firms, for the most part, carry elderly and disabled patients from their homes to routine appointments and checkups, and return.
Patients who need non-emergency medical transportation services are frequently in wheelchairs, on stretchers, or rely on walkers or canes to go around. These people are virtually always unable to go from point A to point B using typical modes of transportation, such as taxis or buses.
They have two alternatives for getting to their appointments because they require assistance: call an ambulance and pay a lot of money, or utilize a non-emergency medical transportation business that is far cheaper.
The latter is preferred by many patients, or at least those in charge of their finances.
That’s fantastic news if you’re considering funding a medical transportation firm. You’ve found out that there’s a growing need for this type of service, and it doesn’t look to be slowing down anytime soon.
By 2027, the non-emergency medical transportation industry is estimated to produce $15 billion per year. What’s the best way to acquire the biggest chunk of that pie?
How do I create a successful senior transportation company?
1. Make certain you have sufficient funds.
You might be wondering, “How much does it cost to start a medical transportation company?” at this point.
Starting your own non-emergency medical transportation firm can cost hundreds of thousands of dollars due to the accompanying regulatory start-up fees. You’ll need to register your company, pay legal, insurance, permit, and licensing fees, find a location, buy vehicles, pay utility bills and wages, build a website, and cover other expenses.
Make sure you have adequate money to start the business before going any farther. If not, you may need to sell some of your company’s equity to an investor, apply for a small business loan, or take out a business line of credit.
2. Select the ideal site
Because everyone requires healthcare, you may start a successful business in almost any section of the country. Nonetheless, you should conduct due diligence ahead of time to see whether opening in specific areas makes sense.
If a small city has a lot of non-emergency medical transportation providers, you might wish to set up company somewhere where there isn’t as much competition.
Locate dialysis centers, hospitals, nursing homes, and other senior assisted-living services in the area. You’ll make the majority of your money this way.
Remember that some students will require non-emergency medical transportation. Local school districts may also be able to help you acquire contracts.
3. Look after legal and insurance issues
When it comes to starting a business, you’d be shocked how many individuals overlook the fine print. First and foremost, you should consider incorporating your medical transportation company. Incorporating can protect your personal assets if you are sued, and it is something you should think about.
You’ll also need to determine which type of driver’s license you’ll need to transport passengers from one site to another, as this differs by state. In the event that one of your employees is hurt on the job, you’ll also need general liability insurance, auto insurance, and worker’s compensation insurance.
4. Determine how to market your company.
It’s time to get out there and get your first clients so you can start building your small business.
Do some research to see what your competitors charge their customers and price your services accordingly. After that, you’ll want to send out some marketing materials to potential clients to alert them that you’re open for business. Discounts are a terrific method to entice people to try your product.
You should also keep an SEO-friendly blog up to date with important industry news and helpful hints that your consumers will appreciate. Promote the posts on social media. People will find you if they are looking for a firm that provides your services. You should also look into forming collaborations with hospitals, nursing homes, and other comparable institutions.
5. Make certain you can receive payments.
Every company requires the capacity to accept payments. You will typically deal with two forms of payments in the non-emergency medical transportation industry: payments from patients (or those who handle their funds) and payments from the government. In some cases, installing a gadget that allows you to accept credit card payments in your vehicle, similar to what many taxis have, may make sense. It might not be the case in other cases.
Medicaid payments will almost certainly account for a significant amount of your total receipts. Because the laws differ by county, be sure you’re familiar with the ones that apply to your business before you start.
Aside from Medicaid patients, certain consumers will be allowed to pay their expenses on their own, either with cheques or cash on the spot. In other cases, you’ll have to charge their guardians, who are in charge of their finances.
Keep in mind that collecting the second sort of payment may take some time. You can utilize an invoice financing provider like Fundbox to advance payments on outstanding invoices if you run into cash flow concerns while waiting for cheques to arrive.
6. As your company grows, hire people.
You’ll need to hire enough drivers, coordinators, and support staff to meet the increased volume as you gain more patients and secure bigger contracts.
Hire the best and brightest experienced staff you can find to ensure your patients receive the high-quality service they expect. You’ll need to hire drivers and an office manager if you’re the CEO.
You may also need to hire a dedicated marketing team, a finance department, and a human resources manager as your firm grows.
7. Keep up with evolving laws.
The ACA is the law of the nation at the time of writing. It is critical that you be updated about any new regulations that may influence your business to ensure that your organization does not run afoul of the law. You should also be aware of any potential changes in tax legislation that may affect your business.
Are you ready to start your own medical transportation business?
Starting a medical transportation firm, like any other business, is difficult. Your business is off to a terrific start if you recognize it from the start and are willing to put in the time and effort required to succeed.
Starting a medical transportation firm may not only bring in a lot of money and create a lot of employment, but it will also provide a vital service to a lot of elderly and disabled patients, allowing them and their families to live better lives. It’s the best of both worlds in many respects.