Business plan for PARAMOUNT SENIOR CARE SERVICES

Business conception for preponderant SENIOR CARE SERVICES preponderating aged occupy run Inc. ( preponderating) is a naked as a jaybird fundament tumefyness allotfulness telephoner in its start up stages. It get out offer in-home shell out renovation to patients and clients from Halton- peel persona of the province of Ontario, Canada. Our value pro daub is to offer quality, ad hominemized, customized care, support and assistance to ripeneds and families to help them uph obsolescent their independence at the comfort of their own homes at reasonable live. Par heart has a unique agonistic usefulness it is offering a one-stop-shop home care do for senior competent home wellness care, companionship cleaning and raisekeeping operate home repair, renovation and maintenance at reasonable price. Paramount is providing the senior and families the benefits of living in an assisted facility in the comfort of their own homes. there is an evaluate ripening in the deman d of wellness care in Canada over the conterminous 30 old age, largely due to unprecedented fruit in the number of seniors. According to Statistics Canada there depart be a 30% maturation in Canadas senior cosmos annually from 2006 to 2016 or 4.3M to 9.0M respectively. The population based in Canada is aging, including residents of Halton- uncase region, and more(prenominal) of the seniors opting to stay in their own homes as long as possible. Even subsequently their hospital care for example, they rather recupe locate at home rather than proceeding to a nursing home or renewal clinic. At the rate of 57% growth of senior population in Halton- hide region from 1996 to 2016 as projected by Statistics Canada, the senior population aged 65 to 85+ in the region for the next five days give be from 222,921 to 242,459 trend is growing by 30% annually in succeeding years. Paramount customer base will be through referrals from physicians, social workers, new(prenominal) healt h care professionals and community care facilities in the region. There is a strong competition in the commercialise, however, Paramount will perspective itself as unique one-stop-shop home care aid for seniors with competent, caring caregivers and professional concern.Our companys rail line model includes several revenue streams from services we offer such as skilled care-nursing care, corporeal therapy, voice communication therapy or occupational therapy companionship maintain and home repair, renovation and maintenance.In the home care logical argument concern, the harm of payment for services rendered unremarkably takes up to 30 days. In this regard, Paramount is looking for additional patronage to support the cash flow for the initial operation, in the progress to of a 5-year loan in the amount of $50,000 at the prevailing interest rate. The company will not take up any raise loans, as it plans to support the growth through its cash flow.Company OverviewParamount Senior charge run Inc. is a start-up company in its initial year of operation. Our company will be located in Mississauga. It will offer in-home care services to patients and clients, who prefer to be assisted and taken care of in the comfort of their own homes, from Halton and Peel District region which includes the cities of Mississauga, Brampton, Caledon, Milton, Oakville, Halton Hills Burlington.Offering adept Care- Nursing, Physical Therapist, Occupational Therapist, barbarism TherapistPersonal Support Care social clubHousekeeping fireside Repair, Renovation and Maintenance look on PropositionOur value proposition is to offer quality, personalized, customized care, support and assistance to seniors and families to help them maintain their independence at the comfort of their own homes at reasonable cost.Mission StatementParamount Senior Care work strives to offer superior and reasonably priced home health care to individual and families in Halton-Peel Region providing wit h competent, trustworthy health care and professional management.Company OwnershipParamount Senior Care operate Inc. is a limited liability partnership owned and operated bySeverina Saliva-ParayaoanArlyn Gardon, RNBen DimaanoBusiness ModelOur company lease several revenue streams from services it offers that includes income from skilled care, companionship, personal support and services, housekeeping and companionship, and other special services in home repair, renovation, maintenance and security services as outlined in the diagram below.PARAMOUNT SENIOR CARE SERVICES INC.Business ModelProfitKey Personnel /Resource represent/ExpensesRevenue StreamsCustomer ingredientsStrategic GoalsObjectivesKey Strategic Areas of Focus socio-economic class 1Year 2Year 3gross revenue Revenue10% annual growth10% annual growth10% annual growthProfit before Interest Taxes40% of gross sales40% sales40% of salesNet ProfitAt to the lowest degree 20% of salesAt least 20% of salesAt least 20% of sal esGeographic coverage- of locationsFocus in Halton-Peel RegionExpand nationwide thru franchising the companys business in Edmonton and B.C.Expand internationally- US East coast and the Islands of BermudaCustomer contentmentAt least 80% customer storeAt least 80% customer retentionAt least 80% customer retentionService OverviewParamount Care Services Inc. offers refined home health care services such as skilled nursing care, nursing aide, saving therapy, physical therapy, or personal support services companionship personal hygiene, meals preparation, housekeeping, laundry, transportation and shopping. We too put up home repair, renovation, security and maintenance to upgrade home facilities adap circuit board to seniors changing lifestyle and physical mobility.The future(a) are the list of services and its features. All aims to benefit the seniors and family with peace of mind, convenience and assurance of excellent personal health care and care of prissyty- providing the be nefits of assisted living facility in the comfort of their own homes.Skilled Care featuresNursing CarePhysical TherapySpeech TherapyOccupational TherapyPersonal Support Care features advert in personal hygiene and groomingMorning Care/Bed sentence CareCatheter careEtc.Companionship featuresCompanionship on travelRespite care while in the hospital or at homeMeals preparationGrocery shoppingMedical interlockingBeauty Salon or Barbers appointmentEngage in interactive activitiesPet CareEtc.Housekeeping featuresCleaning inside the houseCleaning windowsLaundry, etc. crustal plate Repair, Renovation and Maintenance featuresToilet and bathroom renovationInstallation of handrails in bathrooms or stairsPlumbingElectricalCarpentryGardening and Lawn MaintenanceSnow removal coarse Analysis- PESTPEST Analysis- CanadaEstablishing a senior home care business in a republican country like Canada is projected to be successful. Canada has a strong and stable economy where seniors are saved and covere d with health care policy and benefits, and labor laws pertaining caregivers and health care professionals are in put to support the growing and changing controls of the countrys demographics, supported with highly advanced technological infrastructure with a general hospital in every major city and good route accessibility.Political and juristic FactorsDemocratic country health insurance for seniors are mandatory and well- establishedLaws and regulations supporting and encouraging seniors home care health servicesLabor laws and immigration laws encouraging caregiver programsEconomic FactorsStrong, stable economySenior citizens are provided with health care benefits and allowancesGrowing population of seniors at the rate of 30% annual growth rateIncrease in demand in seniors home health care services egression in immigration particularly in health care professionSocio-Cultural FactorsSeniors in Canada are usually taken care of caregivers other than family membersFamily members a re usually busy with careers and can afford to hire caregivers for senile members of the family rather than to give up their workSeniors prefer to stay in the comfort of their own homes as long as there will be proper caregiver to assistTechnological Factorshighly technological infrastructure with very good access to telecommunications including telephone, internet, etc.Service Business-Industry AnalysisTo summarize the industriousness analysis using Porters Five ForcesBarriers to Entry is low, considering home care services are considered as home-based business threats of new entrants is high.Suppliers Power is low, although nurses and health-care related professionals are in demand there are more populate who are also getting qualifications in health care as second career as well as qualified new immigrants coming to the country.Buyers Power is high, considering there are many choices referrals and testimonial from distinguish partners is highly important.Threat of Substitute is high, as there are many alternative service suppliers in the market.Competition/Rivalry is high, vivacious large private companies are dominating the market positive the presence of major dealership companies.Due to the increasing demand and growth of the industry, senior home care business is still consider to be an attractive industry even though the rivalry is high.merchandising Plan grocery store Analysis succinctThere is an expected growth in the demand of health care in Canada over the next 30 years, largely due to unprecedented growth in the number of seniors. The forecasted numbers are below*.YearNumber of Seniors world ShareRatio of Seniors20064.3 one thousand thousand13.3%1 in 7 people20165.7 million16.6%1 in 6 people20267.7 million21.4%1 in 5 people20369.0 million24.5%1 in 4 people* Statistics Canada, CANSIM, submit 052-0004 and Catalogue no. 91-520-X. 2005.Based on the above in do workation, there will be a 30% increase in senior population annually from 2006 t o 2016.The consumer base for Paramount Senior Care Services Inc will be patients referred by social workers, physicians, health care facilities and other health care professionals as well as satisfied clients and their families. The majority of these patients will be covered by OHIP with a little portion being shouldered by the patients and/or families.Market SegmentationThe population based in Canada is aging, including residents of Halton and Peel Region, and more of the seniors opting to stay in their own homes as long as possible. Even after their hospitalization for example, they rather recuperate from home than proceeding to a nursing home or rehabilitation clinic.Population Estimates and Projections by CSD for Halton-Peel Region, 2001-2016CensusSubdivision1996Population2001Population2006Population2011Population2016PopulationPeelMississauga563,000613,000653,000676,000694,000Brampton277,600321,000382,000445,000510,000Caledon41,20049,00058,00067,00076,000Total881,800983,0001,09 3,0001,188,0001,280,000HaltonOakville132,300146,300161,300184,900214,900Burlington141, atomic number 6154,800164,300172,200178,900Milton33,10037,10058,00071,00084,200Halton Hills43,70049,00054,80060,00065,000Total350,200338200438,400488,100543,000Grand Total1,232,0001,321,2001,531,4001,676,1001,823,000From 1996 to 2016, Halton-Peel regions population is projected to experience a growth rate of over 50%, compared to a provincial average of approximately 25%, as per Ontario Ministry of wellness and semipermanent care Provincial Health Planning Database in 2001.Population in Halton-Peel Region, by Age and Sex, 2000 (Ontario Ministry of Health and Long-Term care Provincial Health Planning Database in 2001)Halton Region Peel Region train Market Segment- Trends and GrowthBased on the above data, at the rate of 57% growth of population from 1996 to 2016 as projected by Statistics Canada, the senior population aged 65 to 85+ in Halton-Peel region for the next five years will be as followsYe arHalton RegionEstimated PopulationPeel RegionEstimated PopulationEstimatedTotal PopulationProjected SeniorPopulation (65 and above)(13.3% of Total)2011488,1001,188,0001,676,100222,9212012497,8621,211,7601,709,622227,3802013507,8191,235,9951,643,814231,9272014517,9761,260,7151,778,691236,5662015528,3351,285,9291,814,265241,2972016543,0001,280,0001,823,000242,459The ingrained size of the market representing projected senior population in the Halton and Peel region is 222,921 in 2011 to 242,459 in 2016 and expected to increase by 30% in the succeeding years.Out of the total market size, Paramount Senior Care Services, Inc target market share for the first leash years of operation is 0.12%, 0.13%, and 0.14% or 276, 303 and 333 patients/clients respectively, at 10% sales annual growth as illustrated in the table below.YearProjected SeniorPopulation (65 and above)(13.3% of Total)Target Market Share in %Target Number of Clients/ uncomplainings/day (year)Growth Rate2011222,9211st-2012227 ,3800.12%23 (276)10%2nd-2013231,9270.15%25 (303)10%3rd-2014236,5660.20%27.5 (333)10%Our primary market segment includes those seniors 65 years old and above who require health care services or companionship by home health nursing rung or personal support workers. As well as, individuals who have suffered stroke, and other physical ailments resulting to personal injury requiring rehabilitation care, respite care, speech therapy, physical therapy, or care management from skilled nurse or therapist or personal support worker in their own homes.These patients and their families may also require other home services such as meals preparation, cleaning, housekeeping, transportation and shopping as well as home repairs, renovation, including property and lawn maintenance, home security and emergency alarm.Target Market Segment dodgingInitially, our company will concentrate on on those market segments that require only home-based services where our services are mostly needed. This will g reatly decrease overhead, since additional office or facilities will not be required. In the long term, maybe after five years of successful operation initiation of an assisted living facility will be an option.Competition and Buying PatternsThe following are key factors considered by the consumer and healthcare professionals when referring home health care services avow in the reputation of the service providerReliability and timely delivery of servicesQuality of services by the service providerPrice comparative to other providersCompetitive AnalysisKey FactorsParamountCare ServicesHomeInstead(Private)NursesNext Door(Private)Guardian Angel Care(Private)Public sector-i.e. Red Cross, Victorian enact of Nurses,etcStrengthOne-Stop-Shop care for seniorsFranchise proven business and strong supportFranchise proven business and strong supportHospice, palliative end of life careCommunity services and link with government activity/HospitalsWeaknessNew company with no strong clients base yetCategorize as more expensive in the industryCategorize as more expensive in the industry leave out of personalize careLimited to health care service only (no cleaning/ housekeeping)Unique interchange PropositionOne-Stop-Shop care for seniorsPatented CAREgiver programGuaranteednurses just next door of the clientsSpecialized in hospice, palliative end of life careCommunity service supported by the governmentTrust in the professional reputationMedium-as we are a start-up companyHigh-due to brand shapeHigh-due to brand imageHigh-due to number of years in the businessHigh- due to established and proven organization and community serviceReliabilityHigh-24/7 serviceHigh-24/7 serviceHigh-24/7 serviceHigh-24/7 serviceHigh-24/7 serviceQuality of ServicesHigh- set by lawHigh- regulated by lawHigh- regulated by lawHigh- regulated by lawHigh-regulated by lawPriceLower than franchise competitorsExpensiveExpensiveCompetitiveAs per OHIPNotesThe table above shows a strong competition in the h ome health care industry. However, Paramount Senior Care Services Inc is positioning itself as health care company providing affordable rates for seniors and families having a limited budget which represents a majority of seniors in the target market areas with our unique offering of one-stop-shop services for seniors.Competitive AdvantageParamount Senior Care Services Inc. is a newly set up business that has a unique competitive advantage offering a one-stop-shop for senior care home health care and companionship cleaning housekeeping services home repair, renovation and maintenance at reasonable price. Paramount Senior Care Services is providing the senior and families the benefits of living in an assisted facility in the comfort of their own homes.Strategy and writ of execution SummaryParamount Senior Care Services Inc. will initially focus on Halton and Peel District within the province of Ontario, Canada. Within this geographical area we will target on senior home care progra m. Within this area we have two target markets the individual client, and the regional physicians, hospitals and other health care facilities and insurance companies.Marketing StrategyProduct/ServicesOur primary focus is home health care services to seniors. We will provide seniors a One-Stop-Shop in all their home health care services need it will provide convenience for seniors and their families.Pricing StrategyOur company price system will be set according to OHIP and other private insurance regulations, and is reasonable and competitive. We will do so by developing a assure service from health-care staff on hourly, day by day or weekly basis and only limited spacious-time employees as full-time staff.Distribution StrategyOur company will focus in the Halton-Peel Region where the projected growth of seniors is higher than the national average. Our company will build strategic alliance with health care facilities in the region primarily jack-in-the-pulpit Hospital in Mississa uga, Credit Valley hospital, and the new general hospital in Milton as well as community centers and health care practitioners in the region.Promotion StrategyMarketing our company as a service-oriented business requires establishing a good reputation for expert care and superior quality service. It starts with our existing contacts currently in positions to make recommendations and referrals to us, and we will continue with our efforts to network, integrate with the community health care professionals in the region.We will participate in community events in the region to build contacts and generate more referrals.We will create marketing communications and promotion materials in a business, professional manner, as well as our marketing tools such as flyers, brochures, business cards and advertisements.Sales StrategyOur patients and their families, as well as referring physicians and healthcare professional must be satisfied with our service, as we sell superior care, 24/7 availabil ity, reliability and good relationships.Growth in service industry often resulted to loss of quality go over that causes client dissatisfaction, increase in complaints and eventually loss of customers. In this regard we will constantly focus on superior quality of service.Sales ForecastThe companys projected annual sales for the first three years of operation are as follows based on the assumptionUsing conservative estimates take for granted to acquire a share of only 0.12% to 0.13% of target marketAn average of six hours service per clientAn average rate of $25/hourTarget growth rate of 10% annuallySales ForecastYear 1Year 2Year 3SalesTarget Market Size227,380231,927236,566Target Market Share0.12%0.13%0.14%No. of Patients or Clients232528Ave. hrs/Patient/Day888Total Service Hours/Day184200220Ave. Rate/Hour$25.00$25.00$25.00Total Sales/Day$4,600.00$5,000.00$5,500.00Total Sales/Month$92,000.00$100,000.00$110,000.00Total Sales/Year100%$1,104,000.00$1,200,000.00$1,320,000.00Direct Co st of Salesat 6% of Sales6%$ 66,240.00$ 72,000.00$ 79,200.00Gross Profit94%$ 1,037,760.00$ 1,128,000.00$ 1,240,800.00Geographic Expansion PlanYear 1- Halton Peel Region in the Province of Ontario, CanadaYear 2- To blow ones stack operation nation-wide by second year of operation by expanding in British Columbia and Edmonton.Year 3- To expand operation internationally by third year of operation to start in the join States by entering New York City in US East Coast and the Islands of Bermuda in the Atlantic. trading operationsDay-to-day OperationsOffice Location Main office in Mississauga with sub-office in MiltonOffice hours 830 am- 530 pm Mondays-Saturdays at the main office location in Mississauga. direct hours 24/7 on call in case of appointment schedule, clients blab or emergency. There will be an assigned manager to handle calls during out-of-office hours on rotation basis.Client call and visit schedule.Staff and sub-contracted parties work schedule and assignment making sur e clients/patients will be attended as required.Office RequirementsTelephone4-in-1 printer, copier, fax and scanner machineComputer for office useOffice table and chairsOffice supplies- stationary, etc,Legal ComplianceBusiness license and registrationIncorporationTaxesBond, security and liability insuranceLegal documentationsCPA retainerHealth ComplianceAccreditation and certification from government agenciesCertification and qualification of staff and skilled professionals guidance Information SystemQuickBooks software program for accounting, finance and payroll recording and managementCompany websiteInternet connection and emailData Base ManagementCustomer Relationship ManagementCommunicationsBrochuresPrint adsPresentation folders for clients and partners in health careMedical Supplies EquipmentsBasic supplies in use patients such as clinical gloves and masksRisk ManagementThere are several identified strength risks in home health care industry, our company have identified some of them and have established mitigation plan to manage the risk accordingly as described in the table below.potence RisksMitigation PlanInjury, accidents and/or deathLoss/theft on clients propertyInternal go bad of security (i.e. credit card use, unauthorized use of data by employees or third parties)Health care recording process quality control management in place to prove proper care or negligenceBond and insurance coverageLiability waiverBackground tablet on staff and sub-contractors/partners is mandatoryBond and security liability insuranceLiability waiver organic law policies and procedures in handling documentations must be in orderData encryptionElectronic form and signatureOffsite storageManagement and Organization SummaryParamount Senior Care, Inc. initial management aggroup will consist of a Managing Director, a Case Manager, a Maintenance Manager, six employees, and contracted caregivers and housekeepers, a contracted agency to fulfill the need for Physical Therapis ts, Occupational Therapists, and Speech Therapists. Initially, all managers will also provide direct service.Severina Saliva-Parayaoan has a Bachelors Degree in Business Administration major in news report and currently finishing a post-graduate certificate in Global Business Management. She has over ten years experience in business development, management and administration. She will provide all administrative direction and will perform most of the administrative functions with assistance from the Administrative Assistant. She will also supervise housekeeping service.Arlyn Guardon is a registered nurse and has experience as a Skilled Nurse and Care Manager for a Home Health Agency will be the Case Manager. She will also provide direct nursing services during the initial stages of the business, as well as supervising the nursing and caregiver staff. As the need for the service providers grows, both managers will assume primary roles in management and will delegate direct service to employees.Ben Dimaano is a licensed home technician in Ontario and has over 10 years of experience in home repairs, renovation and maintenance. He will be the Maintenance Manager responsible for the HRRM Department.Organizational chartPersonnel PlanAssumptionsOwners will not receive salaries rather it will be in the form of a draw.Number of full-time employees will be kept to a minimum, any increase in labour requirements will be fulfilled through contracting.10% annual increase in cost of living allowance for the full-time employees.Managing Director- This full-time position will be held by Severina Saliva-Parayaoan. As owner compensation will be made in the form of a draw.Case Manager- this part-time position will be held by Arlyn Gardon. As owner compensation will be made in the form of a draw.Maintenance Manager- this part-time position will be held by Ben Dimaano. As owner compensation will be made in the form of a draw.Administrative Assistant (1)- this full time position is based on 40-hours per week reimbursed at $12.00 per hour, with benefits assume at 30% of total payroll.Skilled Nurse (1) this full-time position will be paid $22.00 per hour for direct service hours, with benefits assume at 30% of total payroll.Personal Support proles (12)- This full-time position will be paid for $12.00 per hour for direct service hours, with cost of benefits assume at 30% of total payroll.Housekeepers (10)- This position will be paid for $10.25 per hour for direct service hours with cost of benefits assume at 30% of total payroll.Physical therapist/Occupational Therapist/Speech Therapist- these positions will be contracted at a rate of $30.00 per hours. There will be no benefits attached to these positions as they are contracted on a fee-for-service reimbursement only.Personnel PlanYear 1Year 2Year 3Managing Director$ $ $ Case Manager$ $ $ Maintenance ManagerAdministrative Assistant$ 29,952$ 32,947$ 36,241.921-Skilled Nurse$ 54,912$ 60,403$ 66,443.5212-Person al Support Worker$ 359,424$ 395,366$ 434,903.0410-Housekeeper/Companion$ 255,840$ 281,424$ 309,566.40Total People232323Total Payroll$ 700,128$ 770,164$ 847,178Personnel SummaryPositionAdmin AssistantSkilled NursePersonal Support WorkerHousekeeperQualificationCollege GraduateAt least one year experienceRegistered and license in OntarioAt least 3 years of experienceCertified in OntarioAt least 2 years of experienceSecondary give instruction graduateAt least one year of experienceType of employmentFull timeFull TimeFull TimeFull timeSalary +Benefits$29,952$54,912$29,952$21,320No. of Positions111210VIII. Start-up Capital RequirementsThe following is the summary of the start up costs which includesBusiness instructionRental ExpensesOffice EquipmentNursing SuppliesStart-up Capital RequirementsBusiness DevelopmentAttorney Fees- Setting up a limited company$ 1,000.00Business Licence$ 200.00Medisoft Billing Program$ 5,000.00Professional Liability Insurance$ 3,000.00* assume 25% down of $12 ,000.00Workmans Compensation Insurance Deposit$ 500.00Premises and content Insurance Deposit