How to Start a Senior Home Care Business in Canada?: Top Opportunities + 7 Steps

1 week ago

Do you need a reason to start a senior home care business or startup in Canada (or to continue reading this blog)?  

Well, we have a solid one. 

In 2019, Canadians aged 65 and older spent on healthcare over 45% of their total healthcare expenditures. 

By the year 2040, this is estimated to reach over 70%. 

(We are sure investors who just invested $370 million in San Francisco-based Honor - an elder care startup - must have considered the same business possibilities of the US senior care market.) 

Already finding valuable information from this small introduction? So, imagine how outstanding info and guides we have for you further in this blog?! 

Let’s jump to what you are here for. 

Top profitable senior home care business possibilities in Canada 

We’ll go step-by-step. 

To find and evaluate the worthiness of any startup or business possibility, we have to identify and work on two things - the target audience and the problems they are facing. 

For this research, we followed the same strategy. 

Outcome? Well, we have successfully found 4 types of user groups and their different challenges. 

User Group #1: Families of older adults 

Family members are most responsible for the well-being of older adults. 

They don’t want to see their elderly family members in pain. 

They want to give their elderly family members the best possible care while themselves not getting distracted from their daily life.  

But here is what they face a challenge, a major one. 

A major problem they are facing: 

They can’t easily find trustworthy caregivers who look after their elderly family members in the best way. 

Many times, they require on-demand caregivers while many times on a long-term basis. But it is hard for them to experience such flexibility when it comes to finding and hiring caregivers. 

Eldercare business possibility: 

You can start a senior caregiving company and build a platform or just a website to connect professional caregivers and family members of older adults. 

Using your platform, they can easily find and hire caregivers for any sort of senior care task either manually by themselves or automatically by algorithm-based matching.

Find inspiration: 

San Francisco-based Honor we just discussed is offering home care service for seniors through experienced caregivers. 

Using Honor Family App, family members can schedule and see care visits and when caregivers arrive and leave, family members get detailed care notes. 

Watch this video to know about Honor and its business operations along with strategies in very detail.

User Group #2: Older adults themselves

There are many elderly people in Canada who are living alone (or with family) but taking care of their health and wellness by themselves. 

Major problems they are facing: 

  • They don’t remember their medication plan. 
  • They don’t remember their diet plan and cannot track what they eat. 
  • They frequently need help with light housekeeping, personal care and transportation. 
  • They feel alone which affects their mental health. 

Senior care business possibilities: 

  • Build a tech platform or app for medication reminders. Let them easily explore everything related to their medication plan and if they have any doubts, let them virtually talk to pharmacists or care teams. 
  • Build a diet app for seniors to let them track what they eat, get food suggestions and follow the diet plan to achieve their dietary goals. 
  • Let them find and hire caregivers online based on their needs through a platform for in-home care. 
  • Build a dedicated mental health platform for seniors to help them with sleep & mood tracking, reminders, relaxation techniques, meditation and easy chat or video calls with therapists.
  • Start a meal delivery service and delivers nutrition-rich food to seniors based on their healthcare and wellness needs.
  • Or build a senior care super app to address all such issues of seniors in a single shot from a single app. 

User Group #3: Home care agency owners 

Home care agencies are the most crucial pillar of the senior care ecosystem. 

They provide professional home care on a large scale to individual seniors.

But due to their large-scale operations, they face several operational and business challenges. 

Major problems they are facing: 

  • They struggle to establish coordination between their back-office team, care team and family members of seniors. 
  • They cannot digitally track each senior care operation. 
  • They cannot collect and share real-time information and updates on senior care. 
  • They cannot attain productivity with their back-office work by optimizing operations. 

Eldercare startup possibility: 

You can solve all such problems of home care agencies by building a SaaS platform. 

With this platform, home care agencies can automatically assign senior home care tasks with all details to their caregivers. 

Caregivers can reach locations with built-in navigation. Once they reach, they can complete assigned tasks and update online which automatically sends to family members and a back-office team of home care agencies. 

Family members, caregivers and back-office team can communicate and coordinate with the built-in chat option. 

Automatic report generation and sharing minimizes errors and saves time. 

Overall, home care agencies can deliver better care, optimize operations and grow their business. 

User Group #4: Long-term care homes 

A total of 2076 LTC homes in Canada are home to around 200,000 elderly people. 

During the pandemic, we all witnessed how LTC homes completely failed to protect our seniors. 

And that is when we all also witnessed the serious problems they are facing. 

Major problems they are facing: 

  • LTC homes struggle with administrative paper-based work. 
  • LTC homes struggle with residents’ medication management. 
  • LTC homes struggle with coordination between RN, RPN, pharmacists, physicians and DOC. 
  • LTC homes cannot keep eye on residents’ health 24/7. 
  • LTC homes struggle with staff shortages.  

Eldercare business possibilities: 

  • Same for home care agencies, you can build a custom SaaS platform for LTC homes. With this platform, LTC homes can manage all data of residents online. Physicians can treat residents virtually and write ePrescriptions which get shared with pharmacies automatically. RN, RPN can get all details of each resident’s medication on point of care devices.
  • You can also build a remote patient monitoring system for LTC homes to 24/7 monitor the vital body signs of residents. 
  • You can build a platform to let LTC homes hire experienced caregivers online on a temporary and on-demand basis. 

Overall, we have shared around 9 startup ideas for the senior care industry. Let’s now share some of our valuable resources to help you in the execution of these ideas. 

How to start a senior home care business in Canada? The entire process

Before we move forward, it is worth mentioning that here we are talking about a tech-enabled senior home care business because to survive the market of senior care, adopting tech is very crucial.

Anyway, let's now jump to the process of starting a senior home care business in Canada.

Step #1: Identify the problem

Look around, ask seniors, read a lot, take interviews, study surveys, talk to industry experts and do a lot of brainstorming to identify the senior care problems.

Here, you will have two options - either go for a very common senior care problem that multiple players like you are trying to solve or go for a rare senior care problem which no one has yet focused on.

Step #2: Explore 100 solutions, choose only 1

Once you have identified the senior care problem, time to explore solutions. But don't limit yourself while looking for solutions. Always aim to find as many as solutions you can. However, just select the one most practical solution which works best for all of your stakeholders.

Step #3: Prepare monetization strategies

Without proper monetization strategies, all efforts on even the best business idea will go into vein. Thus, explore potential ways you can make money. Align value proposition and revenue streams. Also, aim to generate multiple revenue streams as surviving with just one revenue stream is no longer a good choice.

Step #4: Plan tech infrastructure for your business

Believe it or not, technology is the only feasible way to reach your business to millions of users. Otherwise, you will settle in just a small neighbourhood.

Thus, you should plan whether just a website will work for you or you will need to adopt an online web or mobile platform. Furthermore, you also need to plan the capital cost required to build tech infrastructure.

Step #5: Draft compliance strategy

You become liable for healthcare compliance regardless of the type of healthcare business you are into. You have to address all applicable healthcare data privacy laws and other legal things to become compliance-ready.

Drafting a compliance strategy while being in the early stage of the business gives you a broad idea of what you need to achieve, what you need to document, the number of resources you would require and how much it cost to be compliant.

Step #6: Work on the marketing part

You must already be familiar with traditional marketing methodologies. So, let us give you a new perspective on marketing.

There is a fairly new concept of product-led marketing. In this, your product (website, online web or mobile app) attracts new customers by delivering an outstanding experience to initial or existing customers.

This is why you don't have to sell senior home care services. You have to sell experience! Because, users may forget your services, but they always remember how nicely you treat them!

Step #7: Launch it and then scale it up

Once you feel confident with all tech, business and compliance infrastructure and strategy, time to hit the market. But, always be flexible to adopt new changes. Serve each patient personally or at least be an active participant in his user journey.

This will help you understand what your business lacks. Based on this knowledge which you receive directly from your users, upgrade your platform, policies, and services and scale it up to the next level with the new learnings. This is an endless process!

Our these valuable resources will surely help you to plan and execute your senior home care business in Canada

We're an Ontario-based healthcare IT company. We always aim to create an easy path for healthcare providers and entrepreneurs with our resources and our healthcare tech, business and compliance expertise. 

Following are our some of the very useful resources for you. 

1) Home Care and Wellness Marketplace: What is it, How it Works, How to Build?

In this blog, we have talked about a French startup named Wecasa which is a home care and wellness marketplace. 

We have covered every little thing you need to know to build a similar marketplace platform including business models. 

2) Why Should Home Health Care Agencies Invest in Elderly Care Platform?

In this blog, we have explained the benefits of the elderly care platform for home care agencies along with its features and put forward an MVP approach idea to build such a feature-rich platform at a pocket-friendly price. 

3) Remote Patient Monitoring for LTC Homes 

In this blog, we’ve covered both non-technical and technical aspects of a remote patient monitoring system along with its working mechanism. 

Our these resources will surely solve your all doubts. 

If you still have any doubts, our healthcare IT experts are here to guide you through all technical, business and compliance requirements. 

(P.S. We have worked with a healthcare startup to build a platform that has been acquired by Jack Nathan Health!)