Best Home Healthcare Network | Application Preview
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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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