WEBVTT - Study Hall: HOW TO START A HEALTHCARE STAFFING AGENCY 0:00:00.400 --> 0:00:04.280 You just realized your business needed to hire someone yesterday. 0:00:04.800 --> 0:00:09.520 How can you find amazing candidates fast? Easy? Just use Indeed. 0:00:09.960 --> 0:00:12.680 Stop struggling to get your job posts seen on other 0:00:12.760 --> 0:00:16.439 job sites. With Indeed sponsored jobs, your post jumps to 0:00:16.480 --> 0:00:19.000 the top of the page for your relevant candidates, so 0:00:19.120 --> 0:00:22.119 you can reach the people you want faster. According to 0:00:22.160 --> 0:00:26.120 Indeed data, sponsored jobs posted directly on Indeed have forty 0:00:26.120 --> 0:00:30.040 five percent more applications than non sponsored jobs. Don't wait 0:00:30.080 --> 0:00:33.519 any longer, speed up your hiring right now with Indeed, 0:00:33.960 --> 0:00:36.200 and listeners of this show will get a seventy five 0:00:36.280 --> 0:00:39.440 dollars sponsored job credit to get your jobs more visibility 0:00:39.600 --> 0:00:45.320 at indeed dot com slash pod Katz thirteen. Just go 0:00:45.360 --> 0:00:50.120 to Indeed dot com slash pod Katz thirteen right now 0:00:50.479 --> 0:00:53.040 and support our show by saying you heard about Indeed 0:00:53.080 --> 0:00:57.400 on this podcast. Terms and conditions apply. Hiring Indeed is 0:00:57.440 --> 0:00:58.040 all you need. 0:00:59.080 --> 0:01:00.560 So can you talk about that As far as your 0:01:00.600 --> 0:01:04.160 backstory into coming into the health field and what made 0:01:04.200 --> 0:01:08.320 you transition your family's trajectory from being a healthcare worker 0:01:08.640 --> 0:01:10.119 to being a healthcare. 0:01:12.040 --> 0:01:14.960 The trajectory was started with my mom. 0:01:16.040 --> 0:01:18.040 Wait, she was the first one to make the pivot 0:01:18.200 --> 0:01:23.600 into doing something entrepreneurial in healthcare. She started a nurse 0:01:23.640 --> 0:01:27.720 staffing firm or what they call nursing agencies, so I 0:01:27.840 --> 0:01:30.880 was helping her out with that, and that's what got me. 0:01:31.000 --> 0:01:35.800 Like that early exposure to, you know, being entrepreneurial in healthcare, 0:01:36.319 --> 0:01:38.880 my mind was still on, Okay, I got to get 0:01:39.080 --> 0:01:42.119 go into a healthcare profession. They were thinking that all 0:01:42.120 --> 0:01:43.920 of our kids were going to become doctors. My brother 0:01:44.000 --> 0:01:47.480 is a physician, and another one of my brothers as 0:01:47.960 --> 0:01:51.200 an MRI technologist as well. So a lot of us 0:01:51.920 --> 0:01:54.880 went straight into healthcare because that's what was drilled into 0:01:54.880 --> 0:01:58.560 our heads. But as I was going through school, I 0:01:58.640 --> 0:02:01.360 started to focus more and more on the business side 0:02:01.360 --> 0:02:05.960 of things, eventually opening up an expansion of the healthcare 0:02:06.000 --> 0:02:10.160 company in Long Island. And I was using school and 0:02:10.240 --> 0:02:14.240 using that experience to kind of build and improve the business. 0:02:14.840 --> 0:02:17.920 She was working at a nursing home and they were 0:02:18.040 --> 0:02:21.320 using what they'd call agency nurses, and she was like, well, 0:02:21.320 --> 0:02:23.959 why don't I just start when I want to start 0:02:23.960 --> 0:02:26.640 an agency and get my friends from other hospitals to 0:02:26.680 --> 0:02:29.440 work for me and be one of your providers. 0:02:29.960 --> 0:02:32.200 And that's where that company started. 0:02:33.120 --> 0:02:36.840 But my mom has like zero computer skills, So when 0:02:36.840 --> 0:02:38.880 it was time to create the documents, it was me 0:02:38.960 --> 0:02:39.720 making the documents. 0:02:39.760 --> 0:02:40.520 When it was time to. 0:02:40.520 --> 0:02:44.400 Create spreadsheets, to do the invoicing, to manage quick books, 0:02:44.440 --> 0:02:47.640 anything that was on a computer was me, right because 0:02:47.680 --> 0:02:51.359 I was the kind of computer geek of my household. 0:02:51.760 --> 0:02:53.280 So I was like, Oh, Carl, I need this, Can 0:02:53.360 --> 0:02:55.200 you know how to make this? Could you get get 0:02:55.200 --> 0:02:58.040 it out of the computer. So it was always me 0:02:58.080 --> 0:03:00.840 and my mom working on that side of the business. 0:03:01.800 --> 0:03:06.639 So when I went to college, I ended up expanding 0:03:06.840 --> 0:03:12.440 the business into Long Island, and every lesson that I 0:03:12.480 --> 0:03:14.720 took that I could kind of like learn from to 0:03:15.520 --> 0:03:18.000 bring that knowledge back to the business, I did, and 0:03:18.600 --> 0:03:21.960 I ended up studying health technology and management with the 0:03:21.960 --> 0:03:28.200 concentration in radiology radiological studies, and that was to become 0:03:28.200 --> 0:03:31.640 an X ray tech and a cat scan technologist and 0:03:31.639 --> 0:03:35.680 an MRI technologist. And I chose that path because I 0:03:35.760 --> 0:03:40.240 wanted to have flexibility in when I worked, right, because 0:03:40.680 --> 0:03:43.480 there's certain positions in healthcare that are twenty four seven 0:03:43.960 --> 0:03:45.600 and there's some of them that are only like nine 0:03:45.600 --> 0:03:48.000 to five, and I didn't want to choose a career 0:03:48.040 --> 0:03:51.760 path within healthcare that would narrow me down to work 0:03:51.760 --> 0:03:53.520 in nine to five, because I knew I needed to 0:03:53.600 --> 0:03:56.960 have the nine to five the business hours free to 0:03:57.040 --> 0:04:00.360 expand on my business. So that was kind of the 0:04:00.360 --> 0:04:02.520 reason why it chose x Ray because it's you know, 0:04:02.640 --> 0:04:06.280 their x ray techs are working all shifts, they're doing 0:04:06.360 --> 0:04:10.600 cascaing at night, or they could flex into MRI. So 0:04:10.640 --> 0:04:12.520 I thought that that was going to be the best 0:04:12.520 --> 0:04:14.480 fit for me. And plus I knew that I would 0:04:14.720 --> 0:04:17.719 have work as well. And I never you know, and 0:04:17.760 --> 0:04:20.360 this is a message to anybody who's thinking about going 0:04:20.400 --> 0:04:24.640 the entrepreneurial I never like to not have. 0:04:24.880 --> 0:04:26.960 A guaranteed income from somewhere. 0:04:27.520 --> 0:04:30.240 And I felt like, if I'm if I can work 0:04:30.360 --> 0:04:33.480 nights and I could work weekends and use all of 0:04:33.480 --> 0:04:36.480 my free time during the day to folks in the business, 0:04:36.480 --> 0:04:38.240 then I'm going to do that. But I'm never going 0:04:38.320 --> 0:04:41.919 to sacrifice the potential to earn. And that's one of 0:04:41.920 --> 0:04:45.159 the things that is pretty special about about healthcare is 0:04:45.160 --> 0:04:48.800 because you know, a nurse could work, you know, three 0:04:49.000 --> 0:04:51.800 three days a week, three thirteen hour shifts or three 0:04:51.839 --> 0:04:55.320 twelve hour shifts, be full time, and then have four 0:04:55.400 --> 0:04:58.400 days a week you know, on a nurse'ssalia at that 0:04:58.800 --> 0:05:01.279 four days a week to focus on whatever else. 0:05:01.279 --> 0:05:03.920 It is that focused on whatever else they want to 0:05:03.960 --> 0:05:05.200 do in life. So it's like you can be a 0:05:05.200 --> 0:05:08.719 real estate entrepreneur, you can work another job if you want. 0:05:08.760 --> 0:05:10.880 It's like, you know, it's pretty flexible out and so 0:05:10.920 --> 0:05:12.839 let me ask you this. As far as the healthcare 0:05:12.920 --> 0:05:16.560 industry is something that pretty much is recession proof, there's 0:05:16.560 --> 0:05:18.720 a shortage just like the only especially nurses, there's the 0:05:18.800 --> 0:05:23.760 only profession I think that is extremely on demand right 0:05:23.800 --> 0:05:27.359 now where everybody else is firing people and it's like 0:05:27.400 --> 0:05:29.640 they can't find enough nurses, especially where we're at in 0:05:29.680 --> 0:05:34.160 New York. So as far as that is concerned, right 0:05:34.760 --> 0:05:36.720 for an entrepreneur, because we don't get in the business 0:05:36.760 --> 0:05:39.520 model of it, how did you like, what was the 0:05:39.560 --> 0:05:44.080 steps for you to start your home is it? I 0:05:44.120 --> 0:05:46.760 don't a misquote. It's a home nursing service home long 0:05:46.839 --> 0:05:48.080 term nursing service. 0:05:48.040 --> 0:05:52.000 See licensed home care service agency and then New York 0:05:52.000 --> 0:05:52.599 they call them. 0:05:52.440 --> 0:05:55.120 Link says and chops. It's two types actually, But. 0:05:55.080 --> 0:05:58.960 It started first as a staffing firm, which is very simple. 0:06:00.040 --> 0:06:03.200 Our staffing firm just need to incorporate yourself. You need 0:06:03.240 --> 0:06:05.919 to have a contract that says that you're going to 0:06:05.960 --> 0:06:11.039 be providing you know, contracted services, a rate sheet that 0:06:11.040 --> 0:06:14.280 says how much you're charging, and you're in business literally 0:06:15.200 --> 0:06:17.000 for less than a thousand dollars. You could start out 0:06:17.520 --> 0:06:22.280 a nursing agency, right because and it's it's actually mislabeled 0:06:22.320 --> 0:06:25.640 as a nursing agency because you're not you're not taking 0:06:25.640 --> 0:06:29.160 a percentage of the wages of that employee. So like 0:06:29.160 --> 0:06:31.919 in New York City, you could get a license to 0:06:31.920 --> 0:06:37.320 be an agency through consumer Affairs, so and that's a 0:06:37.440 --> 0:06:40.000 very easy process, but that's because you're charging a fee 0:06:40.360 --> 0:06:43.359 to the person that you that you're getting the job for. 0:06:44.240 --> 0:06:44.400 Right. 0:06:44.960 --> 0:06:48.240 A staffing firm is different because those people work for 0:06:48.320 --> 0:06:51.919 your company and you're assigning them to work in a hospital, 0:06:52.000 --> 0:06:54.480 in a nursing home or something like that, and you're 0:06:54.600 --> 0:06:57.920 charging the hospital a fee, taking your cut, and then 0:06:57.960 --> 0:07:02.720 paying your employee. So it's not by definition an agency, 0:07:02.720 --> 0:07:05.400 but they just refer to them as agency nurses because 0:07:05.440 --> 0:07:07.359 that's what the terminology is. 0:07:07.720 --> 0:07:09.960 Where did the idea for the staffing agency come? Right, 0:07:10.000 --> 0:07:12.040 So you're doing X rays, you deviated from the plan 0:07:12.080 --> 0:07:15.840 of being a doctor. Was it from the influx of 0:07:15.840 --> 0:07:17.880 people coming into the hospital and seeing that there was 0:07:17.920 --> 0:07:18.400 a shortage. 0:07:18.480 --> 0:07:19.640 Where did the influence come from? 0:07:19.640 --> 0:07:20.320 It came from my mom. 0:07:21.160 --> 0:07:24.240 She just saw an opportunity for a money grab and 0:07:24.280 --> 0:07:27.440 she was like, well, if I know several nurses myself, 0:07:27.560 --> 0:07:29.680 and I'm a nurse, so if I could start this, 0:07:30.320 --> 0:07:33.600 then I could just pull my friends together and we 0:07:33.680 --> 0:07:37.200 could provide services to these you know, understaffed hospitals and 0:07:37.240 --> 0:07:39.880 nursing homes. So that's where the idea came from. I 0:07:40.160 --> 0:07:43.360 got to give her that. But being exposed to that 0:07:43.800 --> 0:07:47.400 at fourteen years old made and seeing what the numbers 0:07:47.440 --> 0:07:49.640 were made it like, okay, this is a no brainer 0:07:49.680 --> 0:07:52.760 for me to kind of expand on that. But while 0:07:53.000 --> 0:07:57.679 we were in the staff infirm business, she also was like, well, 0:07:57.720 --> 0:08:00.600 since we're doing well here, there's an another side to 0:08:00.640 --> 0:08:04.160 this business, which is home healthcare. And I see those 0:08:04.160 --> 0:08:06.080 companies and she worked. She would work, and that's my 0:08:06.720 --> 0:08:09.360 mom is I guess pretty genius. She would have worked 0:08:09.400 --> 0:08:13.320 for them to kind of learn how they maneuver and 0:08:13.360 --> 0:08:15.960 get exposed to like where they get their contracts from, 0:08:16.160 --> 0:08:19.040 how what's the money flow. And then she was like, 0:08:19.040 --> 0:08:21.720 all right, let's look into getting a license. So while 0:08:21.720 --> 0:08:23.280 we're in high school, we were working with a license. 0:08:23.320 --> 0:08:26.080 A license didn't hit until two thousand and one. But 0:08:26.160 --> 0:08:29.560 the staffing firm business was going well. I had expanded 0:08:29.640 --> 0:08:33.000 to Long Island. We didn't do anything with the nursing agency, 0:08:33.120 --> 0:08:35.040 I mean with the home healthcare agency. It was just 0:08:35.040 --> 0:08:38.679 sitting there dormant. But something cool happened, which is New 0:08:38.760 --> 0:08:42.199 York State stopped issuing the licenses, right, They capped out 0:08:42.240 --> 0:08:42.880 the licenses. 0:08:43.320 --> 0:08:45.720 So we start getting phone calls to buy our license. 0:08:45.920 --> 0:08:48.040 And the phone call first was fifty thousand dollars, then 0:08:48.040 --> 0:08:49.480 it was one hundred thousand dollars, then it was two 0:08:49.520 --> 0:08:52.520 hundred and fifty thousand, there was four hundred thousand, and. 0:08:52.520 --> 0:08:56.079 We thought about selling it just to fuel the staffing firm. 0:08:56.080 --> 0:08:59.520 But it was like, wait, if we're getting offered four 0:08:59.559 --> 0:09:02.280 hundred care for this license. 0:09:01.920 --> 0:09:04.160 To operate, there's money here. 0:09:04.320 --> 0:09:05.840 So what was What was the reason that New York 0:09:05.880 --> 0:09:07.839 State decided to stop issuing. 0:09:07.679 --> 0:09:09.520 Ze same reason why they're trying to scale back the 0:09:09.559 --> 0:09:13.480 agencies now. It's just too much oversight. Right, So there's 0:09:13.880 --> 0:09:17.439 more than two thousand agencies in New York, right, every 0:09:17.480 --> 0:09:19.959 three years, we get surveyed by the state and they 0:09:20.000 --> 0:09:23.400 have to send three nurses to your agency to review 0:09:23.440 --> 0:09:27.040 your medical records. So to do that to two thousand agencies, 0:09:27.080 --> 0:09:31.120 you need a lot of you know, personnel, So it 0:09:31.160 --> 0:09:32.920 gets out of control every now and then where it's 0:09:32.960 --> 0:09:36.000 just too many people to monitor. So they're actually trying 0:09:36.040 --> 0:09:40.000 to force a consolidation within the industry, shrinking the number 0:09:40.040 --> 0:09:41.360 of licenses that are out there. 0:09:41.240 --> 0:09:44.640 So it's easier for them to maintain oversight. 0:09:45.040 --> 0:09:49.280 So all right, so in a sense you have the 0:09:49.960 --> 0:09:52.440 company where it's like a middleman. In a sense, staffing 0:09:52.480 --> 0:09:54.160 is actually really big. We haven't even to talk about 0:09:54.200 --> 0:09:57.439 staffing on this podcast before. But so you recruit, you 0:09:57.520 --> 0:10:01.240 recruit people for job pretty much, and staffing you could 0:10:01.240 --> 0:10:03.920 do any you could do staffing in any type of it, staffing, 0:10:04.160 --> 0:10:07.000 naf staff and stuff like that. And then you you 0:10:07.120 --> 0:10:10.200 charged the hospital and they pay you and then you 0:10:10.240 --> 0:10:11.880 paid a difference. How lucretive can that make? 0:10:12.040 --> 0:10:12.240 Is there? 0:10:12.280 --> 0:10:13.439 What's the profit margins on that? 0:10:13.960 --> 0:10:18.480 It could be as much as fifty percent because it 0:10:18.520 --> 0:10:21.120 depends on what the hospital is willing to pay. In 0:10:21.320 --> 0:10:24.720 home care, the profit margins about eleven to thirteen percent 0:10:25.000 --> 0:10:29.360 because it's getting Medicaid dollars and the margins are small there, 0:10:29.600 --> 0:10:33.839 just like the margin for a hospital is only eight percent, right, 0:10:33.880 --> 0:10:36.040 hospitals are a functioning on eight percent margin. Or with 0:10:36.160 --> 0:10:38.720 staffing itself, it could be as high as fifty because 0:10:38.760 --> 0:10:40.439 it's it's how desperate are they for. 0:10:40.400 --> 0:10:41.840 Staff and what are they willing to pay? 0:10:42.240 --> 0:10:45.520 But usually you're charging like a thirty percent markup over 0:10:45.760 --> 0:10:46.800 what you're paying your staff. 0:10:46.800 --> 0:10:49.720 That's kind of so fifty percent the best case scenario. 0:10:50.000 --> 0:10:52.600 If they give you two hundred, you give the employee 0:10:52.600 --> 0:10:53.480 one hundred. 0:10:53.440 --> 0:10:55.040 And you say, and you're taking one hundred. 0:10:55.679 --> 0:11:02.319 Yeah clean, it's like if if if that's what they negotiated, right, 0:11:02.559 --> 0:11:04.920 So with the nursing comp it's usually about thirty percent 0:11:04.960 --> 0:11:09.080 over because the hospital and the nursing facilities thinking well, 0:11:09.200 --> 0:11:10.760 what do we pay our nurses? 0:11:11.440 --> 0:11:13.920 What about matching their payroll taxes? 0:11:14.000 --> 0:11:17.319 Right, that's another expense their workers comp and their healthcare 0:11:17.360 --> 0:11:21.319 expenses plus PTL. So when you're trying to you want 0:11:21.360 --> 0:11:23.880 to come in as close to their price or their 0:11:23.920 --> 0:11:27.200 overtime price as possible because they're either going to mandate 0:11:27.240 --> 0:11:30.600 their staff to work overtime or they're going to use 0:11:30.600 --> 0:11:32.720 an agency, and if you come in for like a 0:11:32.840 --> 0:11:35.680 dollar or two less than what that figure is, it's 0:11:35.760 --> 0:11:39.560 now a saving to that facility and they'll be interested. 0:11:39.600 --> 0:11:42.760 So you could charge like thirty to fifty percent above 0:11:43.080 --> 0:11:45.160 because if it's at fifty percent, you know you're hitting 0:11:45.160 --> 0:11:48.120 the time and a half money, right, and they're still 0:11:48.160 --> 0:11:50.600 going to they still may be short, so they still 0:11:50.600 --> 0:11:52.280 may go with you, even though it's equal to their 0:11:52.280 --> 0:11:55.280 time in a half number, and that doesn't include the 0:11:55.360 --> 0:11:57.440 workers comp and taxes that they're going to have to 0:11:57.480 --> 0:11:59.040 pay as the employer. 0:11:59.120 --> 0:12:02.000 So undred thousand offer for the license, did you guys 0:12:02.080 --> 0:12:03.719 decide to sell? You decide, you know what, we got 0:12:03.720 --> 0:12:05.000 something great here, let's hold on to. 0:12:05.040 --> 0:12:07.120 It, hold on to it. And at the same time 0:12:08.080 --> 0:12:09.480 the market crashed. 0:12:10.200 --> 0:12:13.640 So in the staffing business, right you have a contract 0:12:13.760 --> 0:12:16.920 that says, all right, you're gonna pay me forty five 0:12:16.960 --> 0:12:20.880 dollars an hour for an LPN nurse, and I'm going 0:12:20.960 --> 0:12:22.880 to pay them and we're going to provide the service. 0:12:23.760 --> 0:12:28.040 But what ends up happening is that you have the 0:12:28.160 --> 0:12:31.640 terms that maybe every thirty days, every sixty, every ninety, 0:12:32.520 --> 0:12:36.560 so you're front running the payroll until you get reimbursed 0:12:36.679 --> 0:12:39.280 on your invoice, right, you're not getting paid weekly from 0:12:39.360 --> 0:12:40.200 the nursing facility. 0:12:40.520 --> 0:12:41.960 They don't pay out weekly. 0:12:42.600 --> 0:12:46.360 So right before the market crashed, we were growing pretty 0:12:46.360 --> 0:12:49.640 aggressively and we had line of credits to float that money. 0:12:50.120 --> 0:12:52.800 So just like what's happening right now in this crash, 0:12:53.200 --> 0:12:56.679 the banks pull back on those line of credits, so 0:12:57.040 --> 0:13:00.080 we couldn't even provide as much services anymore. So it's like, well, 0:13:00.080 --> 0:13:02.840 what are we going to do because now we can only. 0:13:02.679 --> 0:13:04.520 Provide like thirty percent of our services. 0:13:04.520 --> 0:13:06.679 And that's why we're even flirting with the idea of selling, 0:13:06.960 --> 0:13:09.120 because it's like, if we've sold this for four hundred K, 0:13:09.240 --> 0:13:11.400 that helps us, you know, have more buffer money. 0:13:12.960 --> 0:13:15.199 But then we thought like, well, the. 0:13:15.160 --> 0:13:18.680 Home healthy's get paid less than nurses, so let's just 0:13:18.720 --> 0:13:22.360 start spooling up that side of the business, making you know, 0:13:22.480 --> 0:13:27.360 smaller spread, but we can grow this beyond and people 0:13:27.400 --> 0:13:30.040 are thinking about paying you almost half a million dollars 0:13:30.040 --> 0:13:30.640 for the license. 0:13:30.800 --> 0:13:32.680 There's got to be some money here, and that's where 0:13:32.720 --> 0:13:33.679 that paper took place. 0:13:34.160 --> 0:13:35.920 Is that true just for New York State or was 0:13:35.960 --> 0:13:38.760 that something that was happening throughout the country where licenses 0:13:38.760 --> 0:13:39.840 were being ceased. 0:13:40.440 --> 0:13:42.160 Oh no, no, no, that's that's New York state. 0:13:42.280 --> 0:13:45.720 Like right now in Florida, where I am and expanding 0:13:45.760 --> 0:13:49.360 on my new venture, there isn't a moratorial licenses. I'm 0:13:49.360 --> 0:13:51.720 applying for a license right now. Some states, I think 0:13:51.760 --> 0:13:54.520 Michigan doesn't even have a license to operate. You could 0:13:54.559 --> 0:13:58.080 just start a home care agency without any oversight, which 0:13:58.080 --> 0:14:00.240 is kind of nuts to me because New York is 0:14:00.240 --> 0:14:05.720 heavily regulated. California, of course heavily regulated. So you know, 0:14:05.840 --> 0:14:08.360 short answer is that it depends on your state. 0:14:09.000 --> 0:14:12.160 So a friend of mine in Ohio, he has a 0:14:13.240 --> 0:14:16.240 health clinic and he was kind of explaining it to me, 0:14:16.280 --> 0:14:18.320 and it was it was crazy because he was saying, 0:14:18.360 --> 0:14:21.040 like with the healthcare industry, the common mistake that people 0:14:21.080 --> 0:14:22.960 make is that they think that they actually have to 0:14:23.000 --> 0:14:27.320 be in the field to actually be, you know, an 0:14:27.480 --> 0:14:30.920 entrepreneur and like open a type of business. But you 0:14:30.960 --> 0:14:32.720 don't have to be a doctor. You don't have to 0:14:32.720 --> 0:14:36.560 be a licensed doctor to have these type of business right, 0:14:36.600 --> 0:14:38.480 like that you have like you're not a licensed doctor, right. 0:14:38.520 --> 0:14:39.520 I'm not a licensed doctor. 0:14:39.640 --> 0:14:43.160 But in most states you have to have a licensed 0:14:43.160 --> 0:14:46.680 person like either a nurse, or a physician on your 0:14:46.720 --> 0:14:49.680 founding team if you're gonna if you're gonna do a 0:14:49.720 --> 0:14:51.960 license home care agency, but as a staff and firm, 0:14:52.320 --> 0:14:54.000 you could turn around and start one tomorrow. 0:14:54.160 --> 0:14:56.680 So your mom would Your mom filled that role, right, 0:14:56.760 --> 0:14:57.480 she was the nurse. 0:14:58.520 --> 0:14:59.960 So that's that's how it worked. 0:15:00.280 --> 0:15:02.920 So you know, if you're thinking about getting into this business, 0:15:03.320 --> 0:15:04.920 like I get increase. 0:15:04.600 --> 0:15:07.320 All the time on my channel where it's like how 0:15:07.320 --> 0:15:08.440 do I start? How do I start? 0:15:08.480 --> 0:15:10.840 So I started showing them step by step this is 0:15:10.840 --> 0:15:13.080 how you do it. So step one, if you're going 0:15:13.080 --> 0:15:16.080 to go and become a home care agency, you've got 0:15:16.120 --> 0:15:19.640 to just research your Department of Health website and find 0:15:19.640 --> 0:15:24.000 out are the issuing licenses, what is the application process, 0:15:24.400 --> 0:15:27.800 and what are the rules and regulations right, because those 0:15:27.840 --> 0:15:30.360 regulations are going to dictate what your policies are and 0:15:30.360 --> 0:15:32.960 how your policies need to be drafted, and you're going 0:15:33.000 --> 0:15:35.160 to need to develop your policies when you're applying. 0:15:35.640 --> 0:15:39.000 It's actually pretty a pretty. 0:15:38.680 --> 0:15:43.000 Grueling process because you're doing like man like four hundred 0:15:43.000 --> 0:15:45.480 pages of policies, your forms that you're going to be 0:15:45.560 --> 0:15:48.960 using to do your assessments. It's pretty intense, but you 0:15:48.960 --> 0:15:50.800 could also hire a consultant to help you with that. 0:15:50.920 --> 0:15:54.240 Like right now in Florida, since I'm in a much 0:15:54.280 --> 0:15:58.480 better financial position than when we started the home caurgency before, 0:15:59.640 --> 0:16:02.680 I'm just paying a consultant to handle the entire application 0:16:02.760 --> 0:16:07.200 process and working on building my team while while they're 0:16:07.240 --> 0:16:10.280 doing that piece, rather than physically typing. But from the 0:16:10.320 --> 0:16:13.360 staffing firm perspective, you just need a you can get 0:16:13.440 --> 0:16:17.920 like a boiler plate generic staffing firm contract. Pull that 0:16:18.040 --> 0:16:22.040 up on Google, determine what area you're going to focus on, 0:16:22.080 --> 0:16:24.840 if it's going to be healthcare or nursing, and then 0:16:25.000 --> 0:16:25.720 decide what your. 0:16:25.640 --> 0:16:26.280 Rates are going to be. 0:16:26.360 --> 0:16:28.960 Make sure you're you're cushioning in at least thirty percent 0:16:29.000 --> 0:16:35.160 spread because your payroll taxes are going to cost you 0:16:35.560 --> 0:16:38.400 close to like ten percent, and then your worker's comp 0:16:38.520 --> 0:16:41.520 is going to be around six to seven percent, so 0:16:41.560 --> 0:16:43.080 then you're only going to be left in like twenty 0:16:43.080 --> 0:16:46.000 So at least you charge your thirty percent markup if 0:16:46.000 --> 0:16:48.560 you're going to do that. But the process, you know, 0:16:48.840 --> 0:16:52.560 once you get licensed is all about what relationships you 0:16:52.920 --> 0:16:57.119 build and executing on your marketing strategy so that you're finding. 0:16:56.920 --> 0:16:58.000 Those those patients. 0:16:58.240 --> 0:17:01.840 But on the staffing firm side, the process is call 0:17:02.520 --> 0:17:05.720 the nursing home, called the hospital, speak with either the 0:17:05.760 --> 0:17:09.639 administrator or the director of nursing and say, I am 0:17:09.640 --> 0:17:10.399 a staff infirm. 0:17:10.640 --> 0:17:17.680 I'm looking to gride services. Do you need coverage? Best time? Summertime? Why? 0:17:17.760 --> 0:17:21.280 Because people are going on vacation. They're going to be short, right, 0:17:21.720 --> 0:17:24.240 So that's when people are going to be desperate. They'll say, hey, 0:17:24.240 --> 0:17:27.160 you know what, sure, you know, send us over your 0:17:27.280 --> 0:17:29.240 send us over your contract and we'll have a reviewed. 0:17:29.560 --> 0:17:31.760 The first contract that I got when I expanded in 0:17:31.760 --> 0:17:36.480 Long Island took me about maybe two weeks of phone calls. 0:17:36.960 --> 0:17:39.880 I just literally downloaded National County. 0:17:39.720 --> 0:17:43.080 Nursing Homes and I just picked up the phone two 0:17:43.240 --> 0:17:44.440 years old alone. 0:17:45.560 --> 0:17:47.399 Call it cold calling. 0:17:47.960 --> 0:17:50.080 You created the contrast yourself, or you sat down with 0:17:50.080 --> 0:17:51.480 a lawyer. How did that process work? 0:17:52.200 --> 0:17:53.280 Oh? 0:17:53.400 --> 0:17:57.440 She took my mom took a copy of the contract 0:17:57.560 --> 0:18:01.240 that her nursing home is using, and I just retyped 0:18:01.280 --> 0:18:02.160 it all right. 0:18:02.440 --> 0:18:04.240 Well, in the next segment, we want to talk more 0:18:04.240 --> 0:18:06.800 about the business and also about the acquisition that you guys. 0:18:07.560 --> 0:18:09.639 I know you were saying off camera that somebody had 0:18:09.680 --> 0:18:11.760 offered you some money and you looked at that, And 0:18:11.840 --> 0:18:13.560 because we'd like to talk about stories like that on 0:18:13.600 --> 0:18:15.800 EUYL because these are things that the general public does 0:18:15.880 --> 0:18:18.919 not know and isn't privy to. So yeah, we're going 0:18:19.000 --> 0:18:20.920 to talk some more in depth about the healthcare fail 0:18:20.960 --> 0:18:23.600 in the next segment. All right, So in this in 0:18:23.640 --> 0:18:25.640 this segment, we're gonna we're gonna talk some more about 0:18:25.680 --> 0:18:29.119 some actionable items. This is what everybody loves EYO for. 0:18:29.400 --> 0:18:31.720 So you have two different businesses with the staffing firm 0:18:31.720 --> 0:18:33.680 and the nursing But first I want to talk about 0:18:33.680 --> 0:18:36.720 staffing so for people, because you said that's that's probably 0:18:36.760 --> 0:18:40.280 like the more practical thing that really anybody can can 0:18:40.320 --> 0:18:43.000 do as a staffing firm. And like I said, staffing 0:18:43.040 --> 0:18:45.919 firms are big on a variety of different levels, not 0:18:46.000 --> 0:18:48.919 just the medical. All over, staffing firms extremely big and 0:18:48.920 --> 0:18:52.080 pretty much is just bridging the gap where somebody needs 0:18:52.119 --> 0:18:56.000 work and their employees that are skilled to work but 0:18:56.560 --> 0:18:59.920 they don't. They got to come together. So the staffing 0:19:00.080 --> 0:19:03.280 firm job is to find the qualified employees and match 0:19:03.320 --> 0:19:06.479 them with good employers. So what are some steps if 0:19:06.520 --> 0:19:08.720 somebody wants to start their own staffing firm? 0:19:08.960 --> 0:19:10.800 I'm going to try to break it down as simple 0:19:10.800 --> 0:19:13.439 as possible. If you're going to be starting a staffing firm, 0:19:13.760 --> 0:19:15.200 the first thing that you're going to need to do 0:19:15.480 --> 0:19:19.560 is get your hands on just a basic staffing contract. 0:19:19.800 --> 0:19:22.080 Okay, get a contract. 0:19:22.200 --> 0:19:25.479 Review that contract, and part of that contract is going 0:19:25.560 --> 0:19:27.920 to have a feed schedule, right, This is what you're 0:19:28.000 --> 0:19:31.719 charging for the positions. Right, So if you're starting with nursing, 0:19:32.640 --> 0:19:36.440 start with a feed schedule for urns, a feed schedule 0:19:36.520 --> 0:19:39.760 for LPNs, which are licensed practical nurses, and then for 0:19:39.840 --> 0:19:43.720 nurse aids, because those are the most utilized workers in 0:19:43.760 --> 0:19:45.359 a nursing home or in a hospital. 0:19:45.520 --> 0:19:48.080 Right. So that's one thing that you want to have. 0:19:49.480 --> 0:19:50.960 But you're going to do your market. 0:19:50.720 --> 0:19:54.720 Research next to know what is a nurse commanding as 0:19:54.720 --> 0:19:57.439 far as salary, what is an LPN commanding as far 0:19:57.440 --> 0:19:58.000 as salary? 0:19:58.440 --> 0:20:01.000 And the nurse aid right, so that you know what 0:20:01.080 --> 0:20:02.560 you're supposed to be paying. 0:20:02.320 --> 0:20:05.320