HCS 567 UCLA Week 3 Foster Care for The Elderly Concept Statement

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The need for elderly foster care is supported by the fact that there are a lot of elderly individuals who are living alone and need full time additional support. Elderly foster care pros include providing on behalf of the resident as much independence as possible, without compromising the standard of care or safety. They allow for a more intimate level of treatment because elderly foster homes are smaller in size than most assisted living communities. For those with evolving health problems such as diabetes or Alzheimer’s disease, this may be particularly helpful. This opportunity is definitely a societal need as the growing population is constantly aging and baby boomers are approaching retirement age. There are currently only seven states allowing family members to be foster providers (“Paying for Senior Care”, 2020), this program will stand out as it will be able to be offered nationwide, allowing the elderly a chance to be cared for by familiar faces. Reference: Paying for Senior Care (2020). https://www.payingforseniorcare.com/adult-foster-care 1 Entrepreneurial Business Plan: Part 1 Team: Tiffany Bolden, Sady Ferguson, Sara McMillion, Ani Palezyan, Siria Rocha #038; Rosana Sanchez Rivera HCS/567: Entrepreneurship in Health Care October 26, 2020 Professor Jackie Lucas ENTREPRENEURIAL BUSINESS PLAN: Part 1 2 Entrepreneurial Business Plan Introduction Explanation of Why it is a Viable Opportunity Concept Statement – Service Description Adult foster care home is a facility that takes care of an adult in an at home-like environment. In this type of residence, the care provider lives and provides services such as food preparation, bathing assistance, recreation, laundry, housekeeping and transportation to medical appointments. Concept Statement –Target Market The approach taken to define a target market would primarily be made by finding the age population that uses this type of service the most and anticipate how many more would require these services as they continue to age. Another approach would be to find out how many adult foster homes are currently in the city we want to open the facility. Concept Statement – Profitability Adult foster homes services are covered by Medicare, Medicaid and private insurance. Depending on the age or disability of the individual, their services will be covered and therefore sustainability of an adult foster home is guaranteed. ENTREPRENEURIAL BUSINESS PLAN: Part 1 Conclusion 3 ENTREPRENEURIAL BUSINESS PLAN: Part 1 References 4

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