Thanks to medical and technological advancements the percentage of healthy seniors is on the rise. According to research, the number of old individuals in the United States is expected to more than double by 2030. With those figures in mind, the number of transportation services required to transport those individuals for their regular medical checkups increases as well.
A medical transportation company is a difficult yet rewarding career. You'll be in charge of transporting elders to and from the hospital, as well as meeting their demands. If you believe this is what you want to do, the following article will walk you through the fundamental actions required to establish your own successful business.
Come up with a business plan
The first step to starting a medical transportation company is to have a solid and detailed business plan. This will help you map out the steps you need to take to get your business up and running, as well as identify any potential hurdles you may face along the way.
Your medical transport business plan should include an executive summary, business model, how you plan to generate revenue, marketing plan, budget, etc. You can create the business plan yourself, by following a template, or you can hire a professional to do the job efficiently and flawlessly.
Choose a legal structure
There are a few different legal structures you can choose for your medical transportation company. Each structure has its own advantages and disadvantages, so it's important to choose the one that fits your business the best.
The most common legal structures for businesses like yours are sole proprietorships, partnerships, and LLCs.
- Sole proprietorship. This is the simplest and most common type of business structure used in the industry. It is owned and operated by one person, and there is no legal distinction between the owner and the business, meaning the owner is personally liable for all debts and obligations of the business.
- Partnership. It is similar to sole proprietorships, except there are two owners. Partnerships can be either general or limited. In a general partnership, partners are equally liable for the debts and obligations of the business. In a limited partnership, the percentage of liability isn’t equal.
- LLCs. These are a more complex type of business structure. LLCs are hybrid structures that combine the best features of sole proprietorships and partnerships. They are owned by one or more members, who are not personally liable for the debts and obligations of the business.
Aside from obtaining appropriate vehicles and driver's licenses for transporting people and their belongings, no special licensing is required for this sort of work in most states. You'll need a business license as well as any other documentation necessary to operate a non-emergency medical transportation company in and around your area, which is the standard practice with any business.
Have a detailed schedule
You'll need to have a list of all of the services you'd like to provide to your clients, so they can better understand them. You must define what you will offer, when you plan on doing it, how often you will do it, where you will go from there, and who will pay the costs. The days and times of operations are also important because they decide how easily a passenger can use your services. The more detailed your schedule is, the easier it will be for your customers.
On average, medical transportation companies charge anywhere from $20-$50 per hour. Your rates will fall in there and depending on where you live, the economic conditions, the number of seniors, and other local variables will define your final price. You can also create discounts or combo packages on similar services.
There are a few ways you can promote your business efficiently and attract new clients. You can start by getting involved in your local community, by attending health fairs and sponsoring events. Online, you can increase your activity and presence on social media by providing informative and interesting content, and having a user-friendly, updated website that contains contact information for your company.
A great tip that will attract new customers and keep your existing ones satisfied is to have regular discounts, especially on clients that have been using your services for a while or are just joining you.
The medical transportation industry is growing, which means it is becoming more competitive, and businesses are looking for different ways to remain unique and on top of the competition. Come up with a solid business plan, obtain all legal requirements, and don’t forget to promote your business on social media. By following the tips in this article, you can build a solid foundation for your business that can help you succeed.