Running Elderly Care Home Facility As A Business

With many young families moving abroad in search of greener pastures, many grand parents are being left without any of their children around to look after them. Some are left all alone or with househelps to take care of them.

In most cases, househelps are untrustworthy as there are cases in the news of househelps who had killed or harmed their elderly wards. It is a common fact that the elderly most of who are above 70 years of age should not be left on their own.

This is because they have become frail and are not able to care for themselves as they used to. Asides this, with old age comes many health and psychological issues, constant uses of medicines, and supervision for those with dementia.

The lack of functional national policy on the care and welfare of older persons in Nigeria, the changing demographics in the country as well as the breakdown in family structure and absence of a social security system, present unique challenges to the elderly in Nigeria.

All these have opened up a growing need for care homes for the elderly in the country. Many Nigerians who have travelled abroad are in need of these facilities to help care for their loved ones back home.

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In a report, titled ‘New Investment Opportunities’ Partner at Banwo & Ighodalo, Olumide Osundolire, noted that there is a general lack of adequate enclosed retirement communities for the elderly. Opportunities in the retirement/care homes which are largely untapped also arise from the 2014 reform in the Pension Fund Administration (PFA) scheme.

This scheme guarantees stable retirement income for the elderly and provides the necessary cash flow to fund this lifestyle. There are three basic types of retirement/care homes, each depending on the range of its services. They include independent living apartments; nursing homes and home health care.

Independent living apartments in elderly care are designed to provide seniors with a supportive and comfortable environment while allowing them to maintain their autonomy and active lifestyles. This type allows privacy alongside health and care facilites. It also offers community setting where the elderly are able to relate with people of their age bracket.

Another type of elderly care facility is the nursing homes which are residential facilities that provide around-the-clock nursing care for individuals who are unable to care for themselves due to illness, disability, or advanced age. These facilities cater to the needs of the elderly and often offer a range of services to support their physical, emotional, and social well-being.

Asides the 24 hour care which include medication management, wound care, physical therapy, and rehabilitation, nursing homes residents receive help with essential daily tasks such as bathing, dressing, grooming, eating, and mobility. They also provide recreational and social activities to promote mental and emotional well-being. This may include exercise programs, games, outings, and other group activities.

In starting an elderly care facility, one needs to consider first the location. Many states in the country has legislations on starting an elderly care facility and would require certifications before giving out the license.

Investing in this facility would require that you start with obtaining the necessary certifications and license from the relevant authorities. The next step is choosing the location. It is always advisable to choose a location that is accessible, safe, and meets the needs of the elderly.

Consider proximity to medical facilities and amenities.

Next is the design of the facility which must be tailored to the needs o the elderly. Non slippery floors, ramps amongst many others must be considered in the design of the facility.

Hire qualified and compassionate staff, including caregivers, nurses, and administrative personnel. Provide training on elderly care and cultural sensitivity. Asides these investors have to determine the services and amenities which will be offered, considering the cultural preferences and healthcare needs of the elderly population in Nigeria.

Due to the frail health of the elderly, the facility must have a partnership with with local healthcare providers, who must be within close range to ensure access to medical services and emergency care. Investors also need to build relationships with the local community, including families, healthcare professionals, and community leaders. This can help create a supportive network for the facility.

There is also need to obtain appropriate insurance coverage for the facility, staff, and residents.

Last but not the least of it, create a detailed and realist budget that accounts for startup costs, operating expenses, and potential income from residents.