The project is divided into 3 services: a permanent care center, an outpatient clinic and a healthy restaurant. Another option is the risk of a lower than expected consumption rate of 15%, the project will breakeven in 4.89 years, and the initial rate of return is 17% with a net present value of THB.
INTRODUCTION
- Purpose and Intention of the Project
- Scope of the Study
- Problem Statement
- Objective of the Study
- The Expected Benefits
- Flow Diagram of The Study
- Definitions
The data in this analysis is part of the decision-making process to invest in the continuing care center project. Continuing Care Facility: A facility that incorporates several types of institutional long-term care facilities.
PROJECT OVERVIEW AND CONCEPT OF THE INDUSTRY
- Secondary Data Review
- The Importance and Potential of The Business
- Elderly profile in Thailand
- Population
- Household Income and Saving
- The Family Unit and Care Ministration
- Understanding Elderly Care Industry
- Facility Type
Medical Caregiver - A caregiver who already has medical knowledge to care for the elderly and/or disabled. Community Care – A care provider is usually only trained to care for an elderly or disabled person in their daily living activities.
FEASIBILITY STUDY
Marketing and Demand Feasibility
- P-Political
- E-Economic
- S-Social
- T-Technological
- L-Legal
- E-Environment
The factor is a positive effect, since for long-term care for the elderly, the cost of long-term hospitalization will be high compared to the service as a nursing home. The demographic model has changed over the past decade; The number of aging populations is increasing dramatically. Dinsaw” or “DinsawSpond” is the elderly care technology as the medical support robot that collects the patient's information and alerts for nearby medical help in case of emergency.
However, no laws and regulations have been created specifically for the nursing home business that adversely affects the business. it is a defense for the rights of the elderly as well as the need for the nursing home to physically and mentally accommodate the elderly. Positive for the financial support of family members who can create more demands on the business and can deprive the players of the lack of qualification for the benefit of the consumer.
Operation Feasibility
- Five Forces Model
- Evaluating the Market for Services
- Qualitative Information: In-Depth Interview
Sawanganives living space - The project initiated by Her Royal Highness Princess MaHa Chakri Sirinthorn and managed by Thai Red Cross. Two needs are satisfied when the community can meet the needs of the elderly and bring them closer to the caregiver. The proportion of the elderly living with a spouse to the total elderly, not including those living alone, is 20.6% in 2014).
This could mean that if the trend continues, it will cause serious implications for elderly care. Most of the group of interviewees are acceptable if the service charge is high and the service quality is biased. Potential users, middle aged 35 -55 years old, are aware of elderly services and have no negative ambitions towards nursing home service.
Technical Feasibility
- Choice of Services by Location
- Comparison for Business Opportunity
The location is easily accessible by Bangna-Trad Highway, Bang-Pakong Expressway and main road of King Rama IX Road. Location #1 is also located near 2 public natural parks of The King Rama IX Park and ChaleamPrakieat Mahat Thai Park and the PTT Reforest station, 4 department stores of Mega Bangna, Paradise Park, Seacon Square and Central Bangna. The location was identified by supporting healthcare facility, competitors and size of location.
It takes an above-average amount of time to start business, as site No. 2 is finished with a building that only needs renovation. The characteristic that is below average is accessibility, potential users and public transport, as the location is far from a potential user group, a near low to middle income community and not quite close, and transport is a is a two-lane road with limited public transport. After assessing, considering and comparing two locations, the location would be the best location for the aged care facility.
Demand Evaluation for Nursing Home Industry
The location must be in a quiet area, nearby supporting facilities and close to social activities and retail. Therefore, ranking #1 gets the highest score of 56 and the only one below average is time to start a business. Mostly family members and seniors considering a care facility if seniors were already at risk, got injured or the members cannot provide care assistance to them.
Most seniors prefer to stay at home on their own, but if medical assistance is required, then they are more preferable in an aged care facility if left alone compared to nursing care at home, but if family members are with them, the elderly prefer nursing care at home in the familiar environment. Adult children are willing to pay financially for elder services as opposed to being a caregiver themselves. The benefit of being able to contact their family members who live far away made them happy.
In Conclusion
The most important financial support for the elderly is their adult children, and the elderly are mostly concerned about their adult children's feelings. In addition, the research showed that the acceptance of communication technology by the elderly is high. These reflect an opportunity to expand elderly care businesses in the future, while the government is the important support factor for this industry with the support policy to ensure a good quality of life for the elderly, which also reflects a positive signal for the industry.
But elderly care with the adaptive technology gains more interest and trust from patients and family members. For the sustainable potential of elderly care, it is necessary for the company to adapt and study the changing structure and behavior of an aging population and apply appropriate business strategies. In addition, PMA for the elderly market cannot focus on Thai elderly alone, but with the government's supportive policy, the company should also consider the medical tourism industry.
BUSINESS STRATEGY
Business Concept
- Service for Direct Users
- Additional Services for Convenience of our customers
The service is designed to maintain a positive environment and attitude of patients and to relieve the responsibility and anxiety of adult children. The service consists not only of assistance with daily activities, but also of planning nutritional needs, cheerful activities to maintain and develop physical and mental strength. The strength of this service is that we offer the product with the same quality of freshness and purity for consumption by patients, but in a cheerful and tasty way.
Physiotherapy Service: The Physiotherapy Service is for both inpatients and outpatients, to maintain and produce physical strength. Hydrotherapy service: Hydrotherapy service is also for inpatients and outpatients, to maintain and produce physical strength. Religion Related Service: Religion related room for Islamic, Buddhist, Christian is available for all patients.
Marketing Strategy
- Market Segmentation
- Target Market
- Market Positioning
- Internal Factor Analysis: SWOT Analysis 1. Strengths
- Marketing Mix Strategy: 4P’s
The target group of this service is divided into a priority target group: the population within the service area and the office worker around the area. From the perceptual mapping, the marketing position of The Continuing Care Center (CCC) is between Asia Nursing Home and Kluay-Nam Thai 2 Hospital. Provide the individualized senior care plan through the team of a physician, registered nurse, nutritionist and physical therapist.
The project's pricing strategy is medium to medium high, which aimed at service quality. The price strategy is also for our positioning, as the location of the project is located in medium to high society area, the service is offered with hospital standard, safety and security at a reasonable price. Direct marketing strategy: Main marketing channel is the location of the project, ready to provide information with showroom as an example of our offered equipment.
Operation Strategy
- Operation Plan
- Operation Team
Provide brand positioning with information on hospital standard services at a reasonable price. For social recognition, PR needs to promote in private hospitals and exhibitions related to the elderly. In case of emergency, maintain connection with nearby hospital for business liaison and medical purposes.
We decide to maintain lean management and effective staff numbers because the main product of the business is service which requires communication and teamwork. The medical service can be divided into the elderly care and activity department and the nursing and medical information department. Note: In the beginning, part of the duty staff will be combined with responsibility, and part of the position will function as contract staff.
Financial Forecast
- Financial Structure
- Income Estimation
- Cost Estimation
- Financial Statement Analysis
- Financial Analysis 1. Break-Even Analysis
The income of the project is from the 3 main services of continuing care, the medical clinic and the restaurant. Financial assumption: From the feasibility study, the project is able to establish the financial assumption with the expectation of a growth rate of 15% per year. The last level of the project is when the project uses the elderly care facility of 438 units, with the Payback Period of 3.9 years.
The project plans to launch the service by June 2018, which means that in April 2022 the project will break even. Rate of return on this investment = weighted average cost of capital (WACC) WACC = Rd + Re. Means that the return for this project is more than the cost of capital, which means that this project is profitable.
RISK MANAGEMENT
Operation Plan for Risk Management The challenge of operation
- The labor pool situation, the shortage of medical staff
- Emergency Case (Life Threatening Situation)
The risk of acute life-threatening situations must be assessed and planned well. Standard operating procedure will require employees to maintain their knowledge of equipment location, emergency response drills, and situational awareness at all times.
Contingency Plan
The organization's strength is religious-related service, as the meal preparation and service already follow the Islamic standard of Halal. Marketing plan will adapt to emphasize more on medical tourism and daily service, by creating an attractive program and adjustable price for membership should be able to perform. However, if management is lower than expected for 15%, the project will still break even within 4.89 years, and the initial return is 17% with the present value of THB.
Add wellness and aesthetics service, as wellness service is able to capture users in different ways. Plan and manage cash flow and budgeting ahead of time to be able to forecast income. Also, prepare the short-term loan from the bank to be ready at a certain time.
APPENDICES
Appendix A: The Average Monthly Income, Thailand 1998 - 2015
Appendix B: Name of the members in Thai Elderly Promotion and Health Care Association
เนชั่นแนล หนองแขม
เนชั่นแนล สมุทรสาคร
คลองเตย กทม
กทม. 10210
โฮม
086-995-9166 7 Smart Healthy Care
บางขุนเทียน กรุงเทพ 10150
ไทย) จํากัด
หลวง กทม. 10250
แขวงหนองแขม เขตหนองแขม กทม. 10160
กทม
ปทุมธานี 12140
งโฮม จํากัด
เนิรสซิ่งโฮม)
ปทุมธานี 12120
เซอรวิส จํากัด
87/414 หมู6 ถนนบางกรวย-ไทรนอย บางรักใหญ
บางบัวทอง นนทบุรี 11110
นนทบุรี 11000
เอเชียเฮลทแคร
ขอนแกน 40000
กทม. 10160
สายไหม เขตสายไหม กทม. 10220
ประเวศ กรุงเทพ 10250
กทม. 10240
จํากัด
เมื่ยมโฮมแคร)
จ.สมุทรสาคร 74130
ปากเกร็ด จ.นนทบุรี 11120
สซิ่งโฮม
39 เพชรเกษม 51 เเขวงหลักสอง เขคบางเเค กทม
บางพลี สมุทรปราการ
ราชบุรี 70000
นนทบุรี
เกียรติ กทม
บริบาล
ธัญบุรี จ.ปทุมธานี
อินเตอรกรุป
450 ซอย บางบอน 3 ซอย 8 ถนนบางบอน แขวงบาง บอน เขตบางบอน กทม. 10150
พราน นครปฐม
131 แขวง บางบอน เขต บางบอน กทม.10150
อําเภอเมือง นครสวรรค 60000
ดูแลและการบริการ
สมุทรสาคร 74000
ปทุมธานี 12130
แคเหนือ เขตบางแค กรุงเทพ 10160
7 วัดบุญยประดิษฐ บางแคเหนือ บางแค กรุงเทพ 10160
Appendix C: Name of the villages near Location #1 and Location #2
