Business plan for PARAMOUNT SENIOR CARE SERVICES

job plan for PARAMOUNT SENIOR CARE run preponderating of age(p) alimony operate Inc. (Paramount) is a new phratry health lot comp some(prenominal) in its start up stages. It ordain stretch forth in- property awe go to patients and clients from Halton-Peel percentage of the province of Ontario, Canada. Our value proposition is to offer whole step, personalized, customized c ar, deem and assistance to cureds and families to help them maintain their liberty at the comfort of their knowledge spaces at reasonable cost. Paramount has a unique competitive advantage it is offering a one-stop-shop dwelling precaution service for of age(p) skillful household health palm, companionship change and housekeeping serve home repair, renovation and maintenance at reasonable price. Paramount is providing the senior and families the benefits of living in an assist facility in the comfort of their take homes.There is an expected development in the demand of health c be in Canada over the next 30 years, largely due to unprecedented ripening in the number of seniors. According to Statistics Canada there provide be a 30% increase in Canadas senior world yearbookly from 2006 to 2016 or 4.3M to 9.0M respectively. The population dwelling housed in Canada is aging, including residents of Halton-Peel function, and more(prenominal) of the seniors opting to stay in their own homes as long as possible. unconstipated by and by their hospitalization for example, they rather recuperate at home rather than proceeding to a nursing home or rehabilitation clinic. At the rate of 57% growth of senior population in Halton-Peel region from 1996 to 2016 as projected by Statistics Canada, the senior population aged 65 to 85+ in the region for the next five years entrust be from 222,921 to 242,459 tr residuum is growing by 30% each year in succeeding years. Paramount customer base leave behind be through referrals from physicians, social workers, some other hea lth care professionals and club care facilities in the region. There is a strong competition in the market, however, Paramount testament position itself as unique one-stop-shop home care service for seniors with competent, caring caregivers and professional way.Our alliances channel model includes several revenue streams from services we offer such as skilled care-nursing care, personal therapy, speech therapy or occupational therapy companionship housekeeping and home repair, renovation and maintenance.In the home care business, the terms of payment for services rendered usually takes up to 30 days. In this regard, Paramount is looking for additional funding to support the cash flow for the sign operation, in the form of a 5-year loan in the amount of $50,000 at the prevailing interest rate. The company will not take up any further loans, as it plans to support the growth through its cash flow.Company OverviewParamount Senior cautiousness 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 aided 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.OfferingSkilled Care- Nursing, Physical Therapist, occupational Therapist, Speech TherapistPersonal Support CareCompanionshipHousekeepingHome Repair, inspection and repair and forethoughtValue 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 Services strives to offer superior and reasonably priced home health care to individual and families in Halton-Peel Region providing with competent, reliable health care and professio nal direction.Company OwnershipParamount Senior Care Services Inc. is a limited liability partnership owned and operated bySeverina Saliva-ParayaoanArlyn Gardon, RNBen DimaanoBusiness ModelOur company have 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 plot below.PARAMOUNT SENIOR CARE SERVICES INC.Business Model network tell apart staff office /ResourceCost/ExpensesRevenue StreamsCustomer SegmentsStrategic GoalsObjectivesKey Strategic Areas of Focus category 1Year 2Year 3Sales Revenue10% annual growth10% annual growth10% annual growthProfit before Interest Taxes40% of sales40% sales40% of salesNet ProfitAt least 20% of salesAt least 20% of salesAt least 20% of salesGeographic coverage- of locationsFocus in Halton-Peel RegionExpand nationwide thru franchis ing the companys business in Edmonton and B.C.Expand inter subject arealy- US East coast and the Islands of BermudaCustomer satisfactionAt least 80% customer retentionAt least 80% customer retentionAt least 80% customer retentionService OverviewParamount Care Services Inc. offers excellent home health care services such as skilled nursing care, nursing aide, speech therapy, physical therapy, or personal support services companionship personal hygiene, meals preparation, housekeeping, laundry, transportation and obtain. We also provide home repair, renovation, security and maintenance to upgrade home facilities adaptable to seniors changing lifestyle and physical mobility.The following 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 property- providing the benefits of assisted living facility in the comfort of their own homes.Skilled Care featuresNursing CarePhysical TherapySpeech TherapyOccupational TherapyPersonal Support Care featuresAssist in personal hygiene and groomingMorning Care/Bedtime CareCatheter careEtc.Companionship featuresCompanionship on travel fault care while in the hospital or at homeMeals preparationGrocery shoppingMedical appointmentBeauty Salon or Barbers appointmentEngage in interactive activitiesPet CareEtc.Housekeeping featuresCleaning inside the houseCleaning windowsLaundry, etc.Home Repair, Renovation and Maintenance featuresToilet and bathroom renovationInstallation of handrails in bathrooms or stairsPlumbingElectricalCarpentryGardening and Lawn MaintenanceSnow removalCountry Analysis- PESTPEST Analysis- CanadaEstablishing a senior home care business in a democratic country like Canada is projected to be successful. Canada has a strong and stable economy where seniors are protected and covered with health care insurance and benefits, and labor laws pertaining caregivers and health care professionals are in place to support the growing and changing implys of the countrys demographics, supported with highly advanced technological infrastructure with a general hospital in every major city and sound route accessibility.Political and Legal FactorsDemocratic countrywellness 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 allowancesdevelopment population of seniors at the rate of 30% annual growth rateIncrease in demand in seniors home health care servicesGrowth in immigration particularly in health care professionSocio-Cultural FactorsSeniors in Canada are usually taken care of caregivers other than family membersFamily members are usually busy with careers and can afford to hire caregivers for elderly members of the family rather than to gi ve 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 industry 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 lot 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 more choices referrals and recommendation from key partners is highly important.Threat of Substitute is high, as there are many alternative service providers in the market.Competition/Rivalry is high, breathing large private compani es are dominating the market plus the presence of major franchise 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.Marketing PlanMarket Analysis stockyThere 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 population sellRatio of Seniors20064.3 million13.3%1 in 7 population20165.7 million16.6%1 in 6 people20267.7 million21.4%1 in 5 people20369.0 million24.5%1 in 4 people* Statistics Canada, CANSIM, Table 052-0004 and Catalogue no. 91-520-X. 2005.Based on the above information, there will be a 30% increase in senior population annually from 2006 to 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 absolute majority of these patients will be covered by OHIP with a smaller 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, 2001-2016Census limb1996Population2001Population2006Population2011Population2016PopulationPeelMississauga563,000613,000653,000676,000694,000Brampton277,600321,000382,000445,000510,000Caledon41,20049,00058,00067,00076,000Total881,800983,0001,093,0001,188,0001,280,000HaltonOakville132,300146,300161,300184,900214,900Burlington141,100154,800164,300172,200178,900Milton33,10037,10058,00071,00084,200Halton H ills43,70049,00054,80060,00065,000Total350,200338200438,400488,100543,000Grand Total1,232,0001,321,2001,531,4001,676,1001,823,000From 1996 to 2016, Halton-Peel regions population is projected to stimulate a growth rate of over 50%, compared to a provincial average of approximately 25%, as per Ontario Ministry of Health and Long-Term care Provincial Health training 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 RegionTarget 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 followsYearHalton RegionEstimated PopulationPeel RegionEstimated PopulationEstimatedTotal PopulationProjected SeniorPopulation (65 and above)(13.3% of Total)2011488,1001,188,0001,676,10022 2,9212012497,8621,211,7601,709,622227,3802013507,8191,235,9951,643,814231,9272014517,9761,260,7151,778,691236,5662015528,3351,285,9291,814,265241,2972016543,0001,280,0001,823,000242,459The full 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 union market size, Paramount Senior Care Services, Inc target market share for the source three 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/Patients/day (year)Growth outrank2011222,9211st-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 serv ices or companionship by home health nursing staff 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 StrategyInitially, our company will charge on those market segments that require solitary(prenominal) home-based services where our services are mostly needed. This will greatly decrease overhead, since additional office or facilities will not be required. In the long term, maybe after five years of successful operation opening of an assisted liv ing 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 servicesTrust in the write up of the service providerReliability and timely delivery of servicesQuality of services by the service providerPrice comparative to other providers combative AnalysisKey FactorsParamountCare ServicesHomeInstead(Private)NursesNext Door(Private)Guardian Angel Care(Private)Public sector-i.e. Red Cross, twee Order 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/HospitalsWeaknessNew company with no strong clients base yetCategorize as more expensive in the industryCategorize as more expensive in the industryLack of personalize careLimited to health care service provided (no cleaning/ housekeeping)Unique Selling PropositionOne-Stop-Shop care for seniorsPatented CAREgiver programGuaranteednurses just next door of the clients vary 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 imageHigh-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- correct by lawHigh- regulated by lawHigh- regulated by lawHigh- regulated by lawHigh-regulated by lawPrice get off than franchise competitorsExpensiveExpensiveCompetitiveAs per OHIPNotesThe table above shows a strong competition in the home 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 represe nts a majority of seniors in the target market orbital cavitys with our unique offering of one-stop-shop services for seniors.Competitive AdvantageParamount Senior Care Services Inc. is a newly fit(p) 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 Implementation SummaryParamount Senior Care Services Inc. will initially think on Halton and Peel District within the province of Ontario, Canada. Within this geographical area we will target on senior home care program. 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 pricing system will be set according to OHIP and other private insurance regulations, and is reasonable and competitive. We will do so by developing a contracted service from health-care staff on hourly, daily or weekly basis and only limited full-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 Trillium Hospital in Mississauga, Credit vale 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 availability, reliability and good relationships.Growth in service industry often resulted to loss of quality control that causes client dissatisfaction, increase in complaints and at long last loss of customers. In thi s 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 estimatesAssuming 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. Hours/Patient/Day888Total Service Hours/Day184200220Ave. evaluate/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$1,320,000.00Direct Cost of Salesat 6% of Sales6%$ 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 expand 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 United States by entering New York City in US East Coast and the Islands of Bermuda in the Atlantic.OperationsDay-to-day Operations procedure Location Main office in Mississauga with sub-office in MiltonOffice hours 830 am- 530 pm Mondays-Saturdays at the main office location in Mississauga.Operating hours 24/7 on call in case of appointment schedule, clients visit 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 identification making sure 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 ComplianceB usiness license and registrationIncorporationTaxesBond, security and liability insuranceLegal documentationsCPA retainerHealth ComplianceAccreditation and certification from government agenciesCertification and qualification of staff and skilled professionalsManagement Information SystemQuickBooks software program for accounting, finance and payroll transcription and managementCompany websiteInternet connection and emailData Base ManagementCustomer Relationship ManagementCommunicationsBrochuresPrint adsPresentation folders for clients and partners in health careMedical Supplies EquipmentsBasic supplies in handling patients such as clinical gloves and masksRisk ManagementThere are several place potential adventures 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.Potential RisksMitigation PlanInjury, accidents and/or deathLoss/theft on clients property inside b reach 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 waiver context check on staff and sub-contractors/partners is mandatoryBond and security liability insuranceLiability waiverOrganization policies and procedures in handling documentations must be in orderData encryptionElectronic form and signatureOffsite storageManagement and Organization SummaryParamount Senior Care, Inc. initial management team 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 Therapists, 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 Accounting and current ly 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.or ganisational 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 do in the form of a draw.Case Manager- this part-time position will be held by Arlyn Gardon. As owner compensation will be do in the form of a draw.Maintenance Manager- this part-time position will be held by Ben Dimaano. As owner compensation will be make 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 assum e at 30% of total payroll.Personal Support Workers (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-Personal 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 Su pport WorkerHousekeeperQualificationCollege GraduateAt least one year experienceRegistered and license in OntarioAt least 3 years of experienceCertified in OntarioAt least 2 years of experience indirect School graduateAt least one year of experienceType of employmentFull timeFull dateFull TimeFull timeSalary +Benefits$29,952$54,912$29,952$21,320No. of Positions111210VIII. Start-up Capital RequirementsThe following is the summary of the start up costs which includesBusiness DevelopmentRental ExpensesOffice EquipmentNursing SuppliesStart-up Capital RequirementsBusiness DevelopmentAttorney Fees- Setting up a limited company$ 1,000.00Business licence$ 200.00Medisoft Billing Program$ 5,000.00Professional Liability Insurance$ 3,000.00*Assuming 25% down of $12,000.00Workmans Compensation Insurance hold fast$ 500.00Premises and content Insurance Deposit