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Get a DemoA business that administers health care services at home is often more challenging to establish than companies in other sectors. There are regulatory and legal guidelines to follow. Plus, securing revenue is more complicated due to multiple payers. The steadily growing market of home healthcare is no different.Â
The home healthcare services industry has a compound annual growth rate (CAGR) of 7.6%. From a global market size of $389 billion in 2024, it’s predicted to grow to $677 billion by 2032.Â
Starting a home healthcare enterprise not only requires significant capital but also careful adherence to regulatory requirements, certifications, and market research. Hence, business owners mustn’t overlook grants. With a little research and effort, you can access these funds to start the home health care business you’ve always wanted.
Grants are funds from government or private sources that help individuals and institutions achieve their goals. If you’re wondering how to start a home health agency with no money or minimal investment, you can apply for a home health care business grant to get started. Unlike a business loan, grants do not need to be repaid. This makes them an invaluable source of financial assistance for home healthcare agencies.
Once your business is deemed eligible to receive a grant, you can secure capital for your business without incurring any debt. Additionally, grants help home care agencies achieve their goals in terms of positive outcomes for their clients in multiple ways.Â
Whether your home care agency is a start-up or an existing business, home care grants help you cover the costs of operational expenses and providing health services.
Home care agencies need to adopt the latest technological solutions like electronic health records (EHR) and electronic visit verification (EVV). Grants help them acquire and deploy such technologies. Home healthcare software boosts the agency’s efficiency and helps with regulatory compliance. Purchasing them can be covered by a home care grant.
Home healthcare providers need to undergo continuous training to learn the latest skills and techniques in their fields. This education can be funded through home care grants.
Grant funding can be used to strengthen a home care agency’s community ties through awareness campaigns, outreach programs, and community education initiatives.
Certain clients, like those with Alzheimer’s or dementia, have specialized needs. Home healthcare grants can be used to develop dedicated programs that serve clients with these conditions.
In addition to these important benefits, home healthcare companies provide an extremely valuable health care service for their clients. Nearly 95% of Americans over the age of 60 have at least one chronic health condition while over 12 million individuals across the country use their services.
Grants can also help businesses meet certification and compliance requirements in highly regulated sectors, ensuring long-term sustainability.
Home care agency owners should be on constant alert for available grants. Once announced, applications will be reviewed and the home care funding will be awarded to a worthy business. A timely and professional application could ensure that the money goes toward your business.
Effective strategies for finding grants include networking with healthcare associations, joining grant alert services, and using online resources like grants.gov and state-level business funding databases.
Because of all the benefits that come with home healthcare grants, you should always be scanning announcements to find grants that you’re eligible for.
Once you start looking for home care business grants, you’ll be surprised at how many there are. There are government-funded grants at the state and federal levels. Also, privately funded grants come from certain trusts, foundations, and non-profit organizations.
Government-funded grants for healthcare businesses include the Department of Health and Human Services (HHS), Medicare, Medicaid, and the Health Resources and Services Administration (HRSA). One example of a private grant is the Robert Wood Johnson Foundation. Don’t overlook local grant opportunities as many states and cities offer small business grants tailored to healthcare companies. You should regularly check online resources like grants.gov and grantwatch.com to discover new grants as soon as they’re announced.
The first step in receiving grants is assessing your business needs. Do you need funding for operating expenses or to purchase new equipment?Â
Knowing what you need the money for will help you determine if you meet the eligibility criteria for active grants. Common eligibility criteria often include having an established business plan, adhering to regulations, and showing a clear community impact. Don’t hesitate to seek advice and guidance from business experts on which grants to apply for.Â
Once you’ve identified a grant that aligns with your mission and goals, study the rest of its criteria to determine your eligibility. Make sure your agency aligns with what the grantors are looking for. Then, you’ll be ready to create your grant application.Â
A well-written and detailed grant application is important. When submitting your grant application, make sure it includes the following:
It’s crucial to submit the application before the deadline and double-check for accuracy, as incomplete or late submissions are often disqualified.
Home care businesses have several grants they can apply for. Through research, you’ll likely discover many of them. Here are a few government grants currently offering funds for home healthcare businesses.
Offered by the HHS, the Rural Health Network Development Planning Program promotes the planning and development of integrated healthcare worker networks for rural populations. This is an extremely valuable grant for agencies operating outside urban areas, where populations are low and healthcare is limited.
Another federal grant from the HHS, the Small Business Innovation Program’s objective is to stimulate technological innovation by empowering small businesses to participate in federal research development. If you have a small agency and are looking to leverage tech-based solutions, this could be the ideal grant for your business.
HHS’ third grant seeks to help healthcare agencies that are just starting out or those in need of investment to continue operating. If you meet this criterion, the Office of Small and Disadvantaged Business Utilization grant could prove useful for your agency.
This grant is issued by the National Institutes of Health. It awards funds to agencies that care for special needs Alzheimer’s patients. It’s a great option for companies looking for grants to start a senior care business.
A grant can revitalize your home healthcare business by providing essential funds. These funds can help you access important resources like medical equipment, additional manpower, and tools like Jiris Health.
In addition to grants, consider exploring other funding options like small business loans, crowdfunding, or angel investors to diversify your capital sources.
Jiris Health is a top healthcare software designed to enhance operations. It boosts efficiency while making coordination with patients, caregivers, clients, and home offices easier.
Learn more by requesting a free live demo.
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