Dominion care center is a business that will focus on giving the much-needed health care to disabled old people aged 65 and above in Rhode Island. Home care for the disabled elderly people is increasingly being sought for generally in the United States and specifically in its smallest state (Rhode Island). Home care is part of the general health care, and it is unique in the way it is administered. Home care is not offered in a hospital setup but an environment similar to a would-be home for the client. The American baby boomer population are in their in their late 60s, an indication of an increase in American aging population in the mid-21st century (Edlund, Lufkin and Franklin, 2003). With this aging population, America has to plan for care provision for their aging veterans. Establishment of Home care Centers is a sure way of providing assistance to the aging veterans. Dominion Care Center is, therefore, a timely business idea to pursue.The number of group homes for the disabled in the state of Rhode Island is not sufficient for the ever growing demand for this specialized care. The growth is because of the disability rankings of the state. Rhode Island Ranked 16th Nationally in the year 2000 in terms of people with disability (insidepolitics.org). Due to the shortage of spaces in group homes for the disabled veterans, children and guardians are forced to source for caregiver services at their homes. The outsourcing arrangement is tricky as it is not easy for caregivers to leave their workstations to visit individuals’ homes to offer the services. Dominion care center concept is drawn from this service gap. The business comes in and adds to the number of group homes in Rhode Island. People have to pursue their professions to provide for their families. Due to the fluctuating economic atmosphere, people have to secure multiple jobs to make ends meet. Much time is therefore spent in maintaining the family’s economic well-being leaving little time for caregiving. Grown children with disabled elderly parents and relatives do not have time to give the special attention often needed by their parents.Disabled elderly persons need close attention at all times, a need that only specialized people can offer. When left on their own at home, the disabled elderly people are vulnerable to injuries. These injuries are related to falling or fire-related hazards. By the year 2011, injuries related to falling among old adults resulted in 689,000 hospitalizations (Demon and Duncan, 2014). Some of these falls result in deaths. The high number of disabled veterans in Rhode Island provided the opportunity for deciding on the Dominion care center Business.
Dominion care center will provide care services to the elderly disabled people of ages 65 and above. The services that will be offered at Dominion Care Center will be designed to enable the old people with disabilities in Rhode Island to live normal lives despite their condition. The clients will receive task assistance services in the following areas;
Meal preparation and serving
More personal care including bathing and grooming
Exercise and assistance with medication
All the above services will be provided within the premises of Dominion Care Center. Dominion Care Center will comprise three residential units with each unit accommodating six residents. For the beginning, the center will house eighteen residents who will receive the above services from qualified caregivers. Dominion center will welcome cases that do not need medical attention apart from the administration of medication provided by other health institutions. A client will not be given medical treatment services at the Dominion Care Center. .Clients undergoing recovery after being discharged from hospitals may be assisted in taking their medication prescribed by doctors.
Most group homes for the disabled in Rhode Island provide care services to elderly clients at their premises. The market for the market for the residential home care for the disabled elderly people is, therefore, underserved. The Dominion care center business idea joins a small group of care providers in the Providence state of Rhode Island. Rhode Island is ranked number 38th in the United States in terms of long-term services provision and older adults support (pbn.com). The ranking shows that the state of Rhode Island home care disability market has opportunities for service delivery in this area. Rhode Island has the highest percentage of older people with age 85 and above in the United States. Assisted living is therefore in an increasing demand. Dominion Care Center comes in to have a market share of this rapidly growing industry with a unique operational structure that is yet to be introduced in the State of Rhode Island.
Care to the Elderly Disabled is provided in three different forms. These primary care sources include care directly and entirely from family members, families can complement with day care programs. The last form of care is provided by residential care facilities that provide accommodation and other services to clients.The family is the immediate care provider to the old disabled persons. As the disabled elderly person advances in age, the amount of time to be spent providing care increasing as more assistance is required. Advancement in age means that a disabled person will not be able to do some things they did some time back thus the areas of care increases. Family caregivers are overwhelmed with the increasing care requirements by the old disabled parents or relatives hence the need to seek external assistance. Some families get the services of professional caregivers by employing them in their homes permanently. Other families take the old disabled parents or relatives to the care centers in the morning and pick them in the evening. In the second arrangement, the care facilities operate in a similar manner as the day care. Families that cannot manage the two first options because of time availability take their aging disabled relatives to residential care centers and conduct regular visits.In all the states of the USA, residential care facilities provide a broad range of needs. The individuals in these facilities in cases need special attention especially in the centers that deal with the aged and disabled people.Dominion Care Center will specialize in providing care services strictly for the old people of ages 65 and above. The center will take advantage of the residential care requirement by the middle-income families. The middle-income families are left out in this market because of the high charges for care services in residential care centers. By lowering our costs, Dominion care Center strands to accommodate this group of people who will welcome the reduced fees.
Dominion Care Center will be outstanding as it will have the newest facilities in the Rhode Island Market. The dedication informed by the center's mission will sustain this reputation over time
The staff at Dominion Care Center will comprise professional caregivers with a background in all our service areas. Our staff number and qualification will be in line with the state requirements.
Our fairly low number of residents (18) will enhance a good coordination of the center’s activities.
Dominion Care Center will be located in Providence County, a central location from all parts of Rhode Island.
Our premises comprises three care units that are in one building. There is inadequate space for expansion, parking and Garden facilities.
Fundraising strategies like donations and stakeholder contributions may not be adequate. The center may need to exploit other avenues for funding.
The demand for home care services increases steadily as the baby boomers advance in their age in the United States. The care service demand is an opportunity for sustainable business for Dominion Care Center.
Health care aides are expected to increase to more than 1.3 million by 2020, a 70% increase from 2010 (seniorliving.org). The expected growth is an opportunity for the expansion of Dominion Care Center.
Joining a market with already established similar care facilities is challenging. The competition is the main threat to the Dominion care center
Inadequate financial realization will threaten the feasibility of the care center project. Dominion care center through its management.
New entrants into the care market will pose new competition threats to our facility. Dominion Care Center will counter this potential threat by providing top quality services to its clients.
Customers. The customer base for Dominion Care Center will be families with disabled relatives of ages 65 and above. In terms of customer selection, our business is very specific and people under 65 years will not be considered. The specification is meant to enhance our service delivery. The customers will be inhabitants of Rhode Island’s Providence County. Dominion Care Center will focus on customers from the middle-income families.
Competition. Competition in the home care market is stiff in Rhode Island because of the high number caregiving businesses in the state. As we enter the market, our strategy of low charges and professionalism will enable us perform well.
Management or Operating Plan
Dominion Care Center will be located in Providence County in Rhode Island State. The facility will serve the entire Providence County and neighboring counties in Rhode Island.OrganizationDominion Care Center will have a simple management structure as it is a small partnership. The two partners who are the owners of the business will be at the top of the business management. The partners are equal partners with a similar level of liabilities to the enterprise. The business will have a professional manager who will be the chief executive. The manager must have a health care training background with experience in residential care management. The manager will be in charge of all the operations of the business. The business will have three unit supervisors, each supervising the operations of the units in the residential home. The supervisors must also pose caregiving qualifications with proven track records in the industry. Each of the three units will have two caregivers, each assisting two veterans.The caregivers will be trained caregivers or certified nurse assistants with similar two-year work experience in residential caregiving. The center will have two cooks and two laundry assistants. The state health authority must approve each member of staff for their respective roles in Dominion Care Center.
Dominion Care Center will be established in an environment of stable financial backing. The starting capital will be a contribution from the two owners (partners) with equal partnership. Each partner will contribute $20,000 totaling to $40,000 partners contribution. Debt capital is amounting to $100,000 long-term loan from the businesses banking institution. After the commencement of operations of the center, the management will seek financial assistance for its clients from the government disability kitty, such funds will subsidize the care costs incurred by families (Braddock, 2002). The major fixed asset for the business will be a leased family premise worth $100, 000. The house is to be paid for in monthly installments of $2,000 per month for six years after which it will be a property for the business. The total amount of starting capital will be equal to ($100,000 + $40,000 = $140,000). Start-up expenses will include Furniture expenses, Kitchenware, toiletries, Licensing, Insurance subscription, and stationery and documentation expenses. The projected amounts of these and other expenses are as shown in the forecasted financial statements.In the first month of operation, Dominion care center expects a full house of twelve residents. The 100% turn-out will be because of the promotional preparation and the high demand for residential care in Rhode Island. Each resident will be charged $3500 per month. Our premises will accommodate twelve residents the total earnings from residents will be $42,000. External services will give the business of $10,000 per month.
Projected Financial Statement for the first month of operation
Projected Financial Statement for the month ended 31st January 2016
Projected Balance sheet for the first month of Operation
Projected Balance sheet as at 31st January 2016
Twenty percent of the profits realized will be ploughed back into the business and balance will be shared equally among the two partners
Conclusion and feasibility Statement
The feasibility of the business depends on the availability of capital, Management and operational plan and market. Dominion Care Center realization is feasibility because of the sound financial and operational preparedness. Rhode Island also provides a ready market for the care services. The licensing procedures for residential care businesses are clear and easy to follow. Upon registration, Rhode Island has numerous entities that provide regulation for this kind of business. Dominion Care Center will set up nearer to essential services.
AARP: R.I. 38th among states for care of elderly, disabled (n.d.). Retrieved from http://pbn.com/AARP-RI-38th-among-states-for-care-of-elderly-disabled,104858
Braddock, D. L. (2002). Public financial support for disability at the dawn of the 21st century. Journal Information, 107(6).
Demons, J. L., & Duncan, P. W. (2014). The role of primary care providers in managing falls. North Carolina medical journal, 75(5), 331.
Edlund, B., Lufkin, S., & Franklin, B. (2003). Long-term care planning for baby boomers: Addressing an uncertain future. Online Journal of Issues in Nursing, 8(2), 3.
Help Paying for Senior Home Care - Senior Living. (n.d.). Retrieved from http://www.seniorliving.org/healthcare/help-paying-home-care/
The Disabled Population in Rhode Island. (n.d.). Retrieved from http://www.insidepolitics.org/policyreports/Disability.PDF