Do you own/run a nursing home?

Fantin Nodar

Hi,

I've been considering building a nursing home, and I would like to talk to some people already in the business about the costs involved and the feasibility of my idea.

I live in the west of the country, and I would love the opportunity to shadow somebody already in the business, or simply to run some questions by them....

hopefully somebody out there can help me!

thanking you,

niceirishfella

You know, this is an area of business I thought about recently too with an aging population.
Have you called the HSE and posed the question to them about whats involved/required from their point of view?

Xanthippus

If i had any capital i would definitely be getting into this area.
I would approach a GM of an existing home, offer more money to help you make yours a success. Would be my method of going about things.

Maviscat

HIQA is now the body to contact as the HSE no longer overlooks/inspects nursing homes now.
You would really need to make an appointment to speak to an owner of your nearest nursing home & have your list of questions ready. Also try nursing home ireland & see what you come up with.
Have you got nursing home experience?

finisklin

Make sure you fully research this before you allocate any capital towards it. After the Leas Cross report and the new body to regulate/manage the industry it has become very bureaucratic with very strict rules and guidelines. These are not only from a building layout perspective but from the healthcare/caring side. In short, it means a bigger investment.

Some older type nursing homes have been affected by the new regulations and were closed down. Be prepared to have your t's crossed and i's dotted!

I recollect hearing somewhere that the opportunity with nursing homes wasn't as good as it sounds becuase of the payback. A good starting place would be to talk to your accountant in relation to it.....he/she will fill you in pretty quick on if it is a good oppourtnity or not.

I have visited one in the US and theya re more centred on retirement villages suited for elderly people that are not necessarily incapacitated. They have their own apartments and share communcal facilties like restaruant etc. They also have different classes etc organised every day and have a hair dressers etc on site as well.

It was very well organised and the scale was nothing like you would see in Ireland. There may be some big foreign companies setting up these type facilities in Ireland, and the key to it is scale, IMO.

I am not involved in the healtcare profession so make sure you do your own research etc.

Look at the following links to see whats happening in the marketplace...

http://www.activeretirementvillagesltd.ie/

http://www.kilmainhamwoodretirementvillage.com/

http://www.havenbay.ie/

Hope this helps....

TheWaterboy

mikemac wrote: »

I think you're onto a good idea OP but do your research.

Duncan Bannatyne from the Dragons Den was big in this area though that's the UK
I've the book
Well audiobook and it's worth a listen. Sure pm your email address and I'll forward it, I got it off itunes

I'd recommend it. That and James Caan's book

Yes there is a chapter in Duncan Bannatynes book related to his nursing homes. If I was you id try contact him either through his website or twitter. One of the things he mentioned was building the nursing homes as big as possible as economies of scale helps cut the price per room. In the UK there were big tax breaks at that time to build homes so not sure what the story is in Ireland. Not sure if retirement villages would work though in Ireland.

JohnThomas09

Sounds like a great idea OP but how much research have you done?is there a need for a nursing home in your area?there is currently 445 Nursing Homes in Ireland.

antoinolachtnai

This is a tax-break based business. There were a lot of tax breaks. I don't know what the situation is now.

My anecdotal view is that there is capacity in this industry at the moment. I know of a retirement village with plenty of space. Presumably the better located places fill easily, and the less well located take longer.

Culchie

and a fair percentage of hotels are going to bite the dust. I can see NAMA etc.... using these as nursing homes of the future.