Trusted Companion Services of America, Inc | Application Preview
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General Information
Business Registration Number: 7187-102-9
Location: Country Club Hills, IL, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Our mission is to initiate services in the Chicago metropolitan market in Year 1 of funding. We expect to use the first seven months to re-start our efforts and focus on reorganizing our processes and procedures. This includes redesigning our IT process and procedures for onboarding both corporate staff and companions, financial oversight, direct marketing, and customer services. We expect to begin our marketing and sales efforts in month 8, with a focus on extended-care facilities. These facilities house a potential 27,245 individuals in the Illinois marketplace. We have projected a 9% penetration rate totaling an enrollment rate of 2.452 individuals over three (3) years. Secondly, we will focus on independent living arrangements. These include Retirement Homes, Senior Apartments, Active Senior Communities, Retirement Homes, and Active Senior Living Arrangements. This population represents over 82, 576 individuals in the Chicago metropolitan area. While we must further differentiate this population status and potential enrollment, we expect it to yield over 7,431 sales over two years. Our strategy will then focus on nursing care facilities. Considering a 9% projected penetration rate, this population represents an Illinois total of 8,122 potential enrollees. In the Chicago metropolitan area, this represents an average monthly enrollment total of 318 individuals or an average of 79 individuals weekly. We expect to complete projected enrollment within three (3) years of starting operations. In the second (2) quarter of Year 2, we will expand operations to Iowa. We will also begin our effort to identify potential markets in other states. We plan to kick off our national expansion plan in the first quarter of Year 2. The goal is to establish three (3) state operations per year thereafter.
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Business Plan
Our income forecasts are based on Illinois growth assumptions. Long-range projected growth assumptions are based on expansion plans and franchised sales. We have projected a two (2) year growth projection for the Illinois market. This rate covers the Chicago metropolitan area. In year two (2) we will begin our efforts to include other geographic areas in Illinois, particularly northern suburban and downstate communities. Our national expansion plan for the US market will commence in the second quarter of Year 2 and include four additional states by Year 4. We will use a standard operating model to guide our expansion efforts. We will select locations by the percentages of the population that falls within our marketing targets, i.e., nursing, extended care, and retirement/independent living communities. We will begin developing our franchise operations in the second quarter of year 2 and expect that we will be able to start selling licenses in the third quarter of year 3. Again, we will use a standard operating model to guide our franchising efforts. Licenses will cover a specific geographic area and, in some cases, an entire state. Licenses will bind the holder to follow TCSA general operating procedures and pay an annual fee to access administrative oversights. We expect to sell between 30-40 licenses at a fee to be determined. California will be one of the first states to receive our priority. In addition to providing companion services that enhanced the well-being and emotional stability of seniors confined in nursing, extended care, independent living facilities, and senior living communities by improving their psychological resiliency. Our income projections yield the following EBITDA of (1,993,000), 4,752,951, and 14,920,845 for Years 1,2, and 3. We feel that we offer an exciting opportunity for an investor to recover his/her investment and realize future income growth from their investment. We understand that all investments carry a certain amount of risk. However, we have undertaken a significant amount of analysis to minimize risk and understand the market. We hope to attract an investor that can add to our experience. In addition, we are prepared to spend the time and effort to reach our goals. Further, our goal is to provide loved ones with a consistent way to monitor their relative’s well-being by providing them access to view companion visits. A Medicare Beneficiary Survey, 2020, reported that 1 in 4 older adults have experienced depression and anxiety since the Covid 19 pandemic began. Reportedly, high levels of depression and anxiety have been brought on by stress and loneliness caused by loss, grief, and illness.
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Self Identified Competition
Companion services are mostly provided by Home Health Care agencies and volunteer organizations and services are billed under "nursing services”. Companion services in the nursing model occur as a product of a normal visit where attention is given to the client and is not formalized. This appears to be the most common method of providing companion services in the marketplace. Since there were no organizations that provided a “stand-alone” companion service such as the one described herein, we examined the extent to which companion services are provided under a “nursing model.” We took a look at three different Home Health Care agencies to examine the nature and extent to which companion services are provided. The agencies included are Griswold Home Health Care which was founded in 1982, as a non-medical senior care organization in Philadelphia, Pennsylvania; Companion Care in Munster, Indiana; and Synergy Home Health located in Gilbert, Arizona. While each organization differs based on patient type, the location of service, and the medical definition of “need”, their companion service can be characterized in the following area: • Monitoring and routine care • Transportation • Personal assistance • Homemaker • Setter • Medical care • Non-medical care Nursing services are mostly approved and paid for by Medicare/Medicaid (Med/Med), which are covered in a patient visit. Med/Med does not cover or pay for companion services or companion visits. Volunteer companion services are mostly provided by religious and social organizations. These services include companion visits to home-bound individuals and those in residential care facilities. Volunteers are often solicited from church members and lay organizations. In most cases, the only qualifications needed are a desire to serve humanity and a giving heart. While these individuals’ efforts are severely needed and appreciated, their efforts are considered random and dependent on the good nature of the person to remain consistent over time. Companions are not screened and commitment is solely based on preference(s) and time availability. We do not provide nursing services as our competitors do. Our services are based on evidence-based strategies of relationship-building techniques that enhance social skills, improve self-esteem and communication that addresses losses related to isolation and decrease performance. Our services will ensure that loved ones have access to services needed to assist their family members housed in an assisted living environment to live a more productive life. Moreover, the company’s services are based on play, talk, and relationship-building techniques that enhance social skills, improve self-esteem and communication and deal with loss related to isolation and decreased performance. It addresses high levels of depression and anxiety brought on by stress and loneliness caused by loss, grief, and illness. Moreover, services are designed to meet the “social rehabilitative and restorative” needs of elderly persons. Meeting these needs increases the likelihood that seniors will experience more satisfaction and enjoyment with their living environment and it will create an enhanced social experience. Unlike nursing and companion services in today’s marketplace, our companion services features include: Companions are screened and must pass a criminal background check We offer a state-of-art web portal that can be accessed by loved ones and companions Companions must complete a pre-employment training module We provide ongoing training and support services to companions Companions are paid a living wage Companions are reimbursed for travel expenses We offer state-of-the-art customer support services Visits are recorded and can be viewed by loved ones
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Contact Applicant
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