START A HOME HEALTHCARE BUSINESS IN TENNESSEE
Healthcare Provider Licensing, and Certification Starts at $300 yr
Or let us do the work for you. As a not-for-profit, we’re here to support you through the life of your home care or home healthcare business enterprise
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OVERVIEW OF HEALTHCARE SERVICES IN TENNESSEE
Tennessee is a popular place for seniors to retire due to its low cost of living and slower-paced lifestyle. The state has a large senior population, with nearly 17% of the population aged 65 and older. This is attributed to housing costs that are nearly 30% lower than the national average. Vanderbilt University Medical Center is a high-performance hospital that’s nationally ranked and noted as the best hospital in the state. Other hospitals that provide quality care include the Baptist Memorial Hospital in Memphis and CHI Memorial Hospital in Chattanooga.
In-home care and home health care are available for seniors in Texas who prefer to receive treatment around family and friends in their own homes. Home care provides companionship and personal care, including dressing, toileting, bathing, meals and housekeeping. Home health care offers home care with skilled medical care. As of 2021, in-home care and home health care in Tennessee costs seniors an average of $4,576 per month.
This guide briefly covers in-home care prices in Tennessee and surrounding states as well as in-home care price comparisons between local cities. You’ll also discover useful information that helps you apply for benefits through Medicaid and other state-based programs.
WHY YOU SHOULD START A HOME CARE AGENCY IN TENNESSEE:
THE BENEFITS AND OPPORTUNITIES
If you are looking for a rewarding and profitable business opportunity in the health care industry, you should consider starting a home care agency in Tennessee. Home care agencies provide essential services to seniors, disabled, and chronically ill individuals who need assistance with daily living activities. By starting a home care agency in Tennessee, you can benefit from the following advantages:
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High demand
According to the U.S. Census Bureau, Tennessee has a high percentage of elderly population in the nation, with nearly 17% of its residents being 65 years or older. This means that there is a large and growing market for home care services in the state.
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Low competition
Compared to other states, Tennessee has relatively more home care agencies, which means that there is more competition in the market. However, you can still have opportunities to attract and retain clients. According to Home Care Pulse, Tennessee ranked 23rd among the states in terms of the number of home care agencies per 10,000 seniors in 2020.
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Affordable licensing
Tennessee requires home care agencies to obtain a state license, which can take up to 6 months to process. However, you still need to comply with federal and local regulations, such as obtaining a business license, registering with the IRS, and following labor and tax laws.
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Flexible services
Tennessee allows home care agencies to offer a wide range of services, such as personal care, companion care, homemaker services, respite care, and skilled nursing care. You can tailor your services to meet the specific needs and preferences of your clients.
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Professional support
Starting a home care agency can be challenging but you don’t have to do it alone. You can get professional guidance and support from experienced consultants who can help you with every step of the process, from business planning and marketing to training and compliance.
Starting a home care agency in Tennessee can be a rewarding and profitable business opportunity for anyone who wants to make a difference in the lives of others. If you are interested in learning more about how to start a home care agency in Tennessee, contact us today for a free consultation.
HOW MUCH WOULD IT COST TO START MY BUSINESS?
Starting a home care agency in Tennessee can be a rewarding and profitable business opportunity, but it also requires some initial investment and ongoing expenses.
Have in mind that you can take care of all this yourself or call us for help. We have concrete solutions that help you solve daily administrative situations, while you take care of growing your business.
Roughly The costs associated with starting your agency in Tennessee involves:
1. Business License
The cost of a business license in Tennessee varies by city and county. For example, the cost of a business license in Nashville is $50 for a basic license. However, there are differences from city to city. Special business registrations like a Limited Liability Corporation will automatically cost more than a basic license. A Tennessee city business license can be applied for online or at a physical city office.
2. LLC Formation
The filing fee for articles of organization with the Tennessee Secretary of State is $300. There may also be additional fees for expedited processing.
3. State Tax Registration
There is no fee to register your business with the Tennessee Department of Revenue to obtain a state tax identification number.
4. Federal Tax ID
There is no fee to obtain a federal tax identification number (EIN) from the IRS.
5. Insurance
Liability insurance for home healthcare businesses in Tennessee can cost between $1,000 and $3,000 per year, depending on the size of your business and the type of coverage you need. Workers’ compensation insurance premiums vary depending on the number of employees and their job duties.
6. Staffing Costs
The cost of staffing your home healthcare business will depend on the number of employees and their qualifications. For example, the average hourly rate for a registered nurse in Tennessee is $30. Consult Atlas Foundation Recruiting & Staffing service can help you in getting the best staff for your agency.
7. Marketing Costs
The cost of marketing and advertising your home healthcare business will depend on the strategies you use. For example, the cost of running a digital marketing campaign can range from a few hundred dollars to several thousand dollars per month. There are many digital Marketing agencies, which can help your business to grow online such as Ujatcare.
8. Office Rent
The cost of renting an office space for your home healthcare business will depend on the location and size of the office. For example, the average monthly rent for a 1,000 square foot office in Nashville is $32.51. The average rental rate in Knoxville is $20.13 per square foot. You can check out more office rental rates in Tennessee on CommercialCafe.
9. Equipment and Supplies
The cost of medical equipment and supplies for your home healthcare business will depend on the type and quantity of items you need. For example, a hospital bed can cost between $2,000 and $5,000, while a wheelchair can cost between $200 and $2,000.
We’re here to help you!
Consult Atlas Foundation is a non for profit consulting company that aims to solve the health care crisis by helping people like you start their own home care or home health care agencies. We provide you with everything you need to succeed, from business planning and licensing to training and marketing. We also offer ongoing support and guidance to help you grow and thrive in this rewarding and profitable field.
By starting your own home care or home health care agency, you can:
– Provide essential services to seniors, disabled, and chronically ill individuals who need assistance with daily living activities
– Create jobs and opportunities for caregivers and nurses who share your passion and vision
– Generate income and profits that you can reinvest in your business or donate to a cause of your choice
– Make a positive impact on your community and the health care system
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