Best Home Healthcare Network | Application Preview
Best Home Healthcare Network (BHHN) is applying for government grants to support its operations as the leading provider of home healthcare services for the Medicaid population in Illinois. The funds will serve as a bridge loan to cover clinician wages while awaiting reimbursements, which can take 30 to 90 days. Additionally, BHHN plans to hire more office staff to better support its clinical team.
In its business plan, BHHN aims to expand its services over the next 3 to 5 years by increasing the number of clinicians and enhancing reimbursement rates through a value-based Medicaid Agreement. This strategic focus is intended to solidify BHHN’s role in the home healthcare sector for Medicaid recipients.
The request for funding is bolstered by the assertion that home health services and Illinois Medicaid are likely to remain stable. BHHN's business model has low variability, with few competitors willing to invest in the Medicaid space. The organization anticipates that with the right data and scale, it can innovate and improve profitability in the coming years.
BHHN faces competition from several fronts. The first challenge comes from new employment models by EMR companies that disrupt the labor market, raising wages for a limited pool of professionals. The second includes smaller home healthcare agencies that do not aim to expand, creating challenges in attracting staff. Additionally, inflation is negatively impacting profit margins.
BHHN’s competitive edge lies in its position as the leading provider for Managed Medicaid services. While many competitors focus on hospital relationships, BHHN specializes in payor relationships, working to rationalize the provider network and position itself as the preferred choice among health insurance plans. This strategic focus enhances BHHN's competitive advantage in the marketplace.
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General Information
Business Registration Number: 65224518
Location: Chicago, IL, United States
Length of Operation: 11plus
Number of Employees: 51-100 Employees
Annual Gross Income: $1M to $10M
Annual Gross Expense: $100k to $250k
Open to Loans: YES
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Funding Usage
Best Home Healthcare Network is the leading home healthcare provider for the Medicaid population in the state of Illinois and our services are in more demand. The funding will be used as a bridge loan to reimburse the clinicians labor while we are waiting to to be reimbursed in 30 to 90 days. We will also hire more office staff to support the clinical staff.
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Business Plan
In 3-5 years, BHHN will be providing home healthcare services to the Medicaid population across the State of Illinois. We will acquire more clinicians to provide home healthcare clinicians while increasing our reimbursement rates through value-based Medicaid Agreement and rationalizing the health plans' home healthcare portfolio. There is no evidence to suggest that home health and Illinois Medicaid will be sunsetting anytime soon. The business model is stable and straight forward with low variations. There are less than a handful that are investing into the Medicaid Patient Population. With data and scale, there is greater opportunities in the next 3-5 years to provide innovative services that increase BHHN's profitability.
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Self Identified Competition
Our top competitor are new employment models from EMR companies that 'uberize' the the home health clinical labor market. These employment models raise wages in the smaller pool of Medicare or Medicare contracted patients. Home Health Care Clinicians that are exposed to this business model are difficult to attract. Our second competitors are the smaller, mom and pop, home healthcare agencies that have no intention to scale that hoard clinicians. Our third competitor is inflation. Inflation is eating away at our profit margins. BHHN is the leading home healthcare provider for Managed Medicaid. This is a complex to gain mastery. Most our peers in home health are focused on hospital based relationships, our organization focus on payor based relationships and rationalizing the payors (health insurance plans) portfolio of home healthcare providers and have Best Home Healthcare Network the preferred provider which makes us the proffered provider across the payors provider network.
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