Assisted Living Facility Licensing
Steps To Open An Assisted Living
1. Create a Business Plan
Map out the essential resources needed and general objectives of your business such as startup costs, branding, audience, charges for services, financing, cashflow planning, and services.
2. Form a Legal Entity for Your Assisted Living Facility
Form a LLC to protect yourself from being personally liable. Assisted living facilities have liabilities relative to abuse, financial exploitation, and strict regulatory compliance.
3. Federal Tax Number
Apply to get an EIN for you to open bank and payroll accounts.
4. Open a Business Bank Account and Credit Card
For business operations you need open a bank account and get credit card to pay for day-to-day expenses.
5. Obtain the Necessary License and Insurance
The most comprehensive part is to be able to qualify for stringent licensing requirements… there are many requirements, which vary from state to state such as;
No more than three residents may share a room. One toilet and sink is required for every four residents, and a bathtub or shower is required for every six residents. Residents of facilities that provide assisted living services reside in their own units, which must contain a sleeping area/bedroom and toilet facilities. The licensing process is a lengthily process and includes site inspections, etc which can take over six months.
6. Insurance
Various insurance coverages such as general liability, worker compensation , Directors and Officers coverage needs to be in place.
7. Branding
Make sure your branding is on point and consistent with your customer base. Create a website and robust online marketing plan.