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How to start a profitable hospice business in Texas

On Behalf of | Apr 18, 2022 | Healthcare Business

Are you interested in starting a hospice business in Texas? If so, here are the steps you should take.

Step 1. Determine the type of hospice business you want to start

The first step in starting a hospice business in Texas is determining the type you want to set up. There are two main types of hospices: for-profit and non-profit.

For-profit hospices are more flexible and can offer a wider range of services than non-profits. They are also typically better capitalized, meaning they can provide higher-quality care. However, for-profit hospices may be less likely to receive government funding and may have difficulty obtaining contracts with insurance companies.

Non-profit hospices are often more established and have better relationships with insurance companies and the government. They may also be able to provide care at a lower cost than for-profit hospices. However, non-profits may be less flexible and thus may not offer as many services as for-profit hospices.

Step 2. Obtain the proper licenses and permits

The law requires you to license a hospice business before running it in Texas. You can obtain a license from the Texas Department of Health and Human Services website. In addition, you will also need to get a Medicare and Medicaid provider number and purchase liability insurance to protect patients who get injured under your care.

Step 3. Develop a business plan

A business plan is like a map that will guide you toward your goals and success. You can also use your business plan to pitch to investors and get the funding you need to start. Therefore, create a plan that includes information on your target market, marketing strategy, financial projections, and strategies for staffing and operations.

A hospice business can be very profitable in Texas. This industry has grown to almost $19 billion in the last decade alone. But remember that success only comes if you do everything right and build your business’s reputation.