Eliyahu Mirlis on How to Start a Nursing Home

Nursing homes come in all shapes and sizes, but one thing remains consistent: There’s never been a better time to start your own nursing home. In the past few years, the demand for assisted living facilities has grown at an exponential rate because of both an aging population and increasing awareness about elder care. If you have a passion for caring for others and you want to break into a new career, starting a nursing home might be the perfect choice for you. But before doing so, nursing home administrator Eliyahu Mirlis wants to discuss some of the challenges that await prospective owners who are looking to get started in their new business venture.

Eliyahu Mirlis serves as the CEO at Regal Care, a nursing care facility located in Greenwich, Connecticut. A passionate worker who knows how to put vision into action, and an advocate for seniors, and the committed professionals who ensure their well-being, Eli Mirlis has been named a 2020 Future Leader by Skilled Nursing News.

What Are the Benefits of Starting a Nursing Home?

As the population grows older, the demand for nursing homes and related services is projected to increase dramatically. There are currently more than 160,000 people over the age of 85 living in the United States. This number is expected to grow to more than one million by the year 2030. The demand for long-term care is projected to rise 49% by the year 2025, and to 14.5% by the year 2050. Now, if you’re someone who enjoys helping others and you want to make a career change, nursing homes are a great place to begin. There are many benefits of owning and running a nursing home. Not only will you be able to help others, it can also provide you with a job stability. The income potential is significant, and the beauty of it is that you can use your skills to make a difference in people’s lives.

How to Start a Nursing Home

Before you embark on the journey of founding a nursing home, you’ll want to make sure you have everything in order. It’s a lot of work to get your nursing home off the ground, and it’s critical to have all your ducks in a row before you start. A number of steps are involved in starting a nursing home. The most common include the following:

Earn a Degree

While it’s critical to have a business or accounting degree, it’s also important to have a soft skill that complements your degree. The nursing home industry is one that requires a lot of management and leadership skills, so it’s important to have these soft skill sets in your tool box.

Do the Research

Eliyahu Mirlis recommends to do your research so you can make an informed decision when starting your own nursing home. You want to make sure that this is the right career path for you. That means you’ll have to do some research on the industry, the different types of nursing homes out there, where you can find financing, and more.

A smart entrepreneur does not enter into a venture blindly. An aspiring nursing home owner should do extensive research into the needs of the community they want to serve. For example, does the area have a growing senior population? Is the area already saturated with elder care options, or does it need another one? Additionally, entrepreneurs must research zoning laws, scout possible locations, and decide whether they want to serve the general public or a specific demographic, such as dementia patients.

Create a Business Plan

In addition to providing a road map for starting a business, a business plan can assist owners in structuring and growing their company. The business plan should indicate the type of services the facility will offer, the target client demographics, and whether the facility will accept Medicare and Medicaid. It is also important to plan out the size and number of residents of the facility in a business plan.

A business plan can also help owners with legal aspects of opening a nursing home, such as securing a license, creating a legal entity, and registering a unique name. Additionally, it will outline the financial steps of opening the business, such as what the facility will charge for its services and how much supplies and furnishings will cost.

Meet State and Federal Regulations, and Stay Current with Regulatory Changes

CMS accreditation - which includes an on-site audit over three days to ensure compliance with federal regulations - is required before nursing homes can be reimbursed by federal healthcare programs. The federal government requires facilities to have sufficient nursing staff, have comprehensive care plans for each resident, and maintain accurate and easily accessible clinical records. Nursing home businesses must also register for a federal tax ID.

State licensing requirements vary from state to state, so nursing home operators need a license from the appropriate state health agency. Besides registering with the state as a limited liability company, partnership, or other business structure, individuals also need to register with the state revenue department to pay taxes. Permits from health departments, fire departments, or signage departments may also be required.

For nursing homes to remain compliant, owners must be aware of local and federal regulatory changes. Furthermore, nursing homes must ensure that their facilities are well maintained, and that they are always improving.

Pursue a Career You’re Passionate About

The nursing home industry is a great place to get started, but it’s also important to remember that it takes more than just starting a business. It takes a long-term commitment if you want to be successful. You’ll want to remember that it’s not easy to make it as a nursing home owner. It’s important to remember that it’s a difficult business. In order to succeed, you’ll want to make it your passion and make it your career. You’ll want to make sure you’re doing all the leg work up front so that you can truly make it in this industry.