family practice business plan

Medical Practice Business Plan Template

Written by Dave Lavinsky

Medical Practice Business Plan

You’ve come to the right place to create your Medical Practice business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Medical Practices.

Medical Practice Business Plan Example

Below is a template to help you create each section of your Medical Practice business plan.

Executive Summary

Business overview.

Fresno Medical is a new medical practice located in Fresno, California. Our goal is to provide affordable healthcare to individuals and families living in the area and surrounding communities. We offer general and preventative healthcare for all ages, including checkups, screening tests, and immunizations.

Our medical practitioners and supporting staff are well-trained and have a passion for improving the health and well-being of our clients. We serve our patients not just with our knowledge and skills but also with our hearts. We aim to help our patients experience the best healthcare possible while maintaining relationships that last a lifetime.

Service Offering

Fresno Medical practice will focus on providing primary care services to every family member, from infants to adults. Some of the general and primary care services we provide include:

• Immunizations: flu shots, COVID boosters, measles, mumps, polio, etc.
• Annual checkups
• Pediatrics: checkups, developmental screening, immunizations, etc.
• Health screenings: blood pressure, cholesterol, depression, diabetes, etc.
• General health counseling

Fresno Medical will work with local and national insurance companies to ensure that every patient can afford our services. If the patient’s insurance does not cover all of their medical costs, Fresno Medical will provide payment plan options so that they are not overwhelmed by their medical bills.

Customer Focus

Fresno Medical will primarily serve the community of Fresno, California. The community consists primarily of middle to lower income residents who need access to affordable medical care. Many of these residents are hesitant to go to hospitals or other medical facilities due to their costs. We will offer lower prices, flexible payment plans, and flexibility when working with insurance companies to accommodate this demographic.

Management Team

Fresno Medical is owned and operated by Jessica Wells, who has been working as a doctor at local hospitals for 15 years. Throughout her career, she has worked for hundreds of patients and families with all their general and preventative care needs. Though she has never run a medical practice herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

Fresno Medical will also employ nurses, expert medical staff, and administrative assistants that are passionate about helping the local community.

Success Factors

Fresno Medical will be able to achieve success by offering the following competitive advantages:

• Location: Fresno Medical’s location is in a high-traffic area that is easily accessible to thousands of residents. It’s visible from the street with many people walking and driving to and from work on a daily basis.
• Patient-oriented service: Fresno Medical will have a staff that prioritizes the needs of the patients and educates them on the proper way to take care of themselves.
• Management: Jessica Wells has a genuine passion to help the community. Because of her previous experience and reputation in the medical community, she is fully equipped to open this practice.
• Relationships: Jessica Wells has developed strong connections with her patients and fellow staff throughout her career. Many patients have expressed interest in following Jessica to her new practice, and some former colleagues have shown interest in working for the clinic. Jessica also has relationships with medical equipment suppliers and insurance companies.

Financial Highlights

Fresno Medical is currently seeking $400,000 to launch. The capital will be used for funding capital expenditures, staffing, marketing expenses, and working capital.

The breakdown of the funding may be seen below:

• Clinic design/build: $100,000
• Medical supplies and equipment: $130,000
• Three months of overhead expenses (payroll, rent, utilities): $100,000
• Marketing and advertising: $50,000
• Working capital: $20,000

The following graph below outlines the pro forma financial projections for Fresno Medical.

Company Overview

Who is fresno medical.

Fresno Medical is a medical practice located in Fresno, California. We offer general and preventative health care for all ages. We offer immunizations, pediatrics, health screenings, and more. Our medical practitioners and supporting staff are well-trained to improve the health and well-being of our patients.

Fresno Medical is run and owned by Jessica Wells, who has been a doctor in the local medical community for 15 years. She has helped hundreds of patients and families with their general healthcare needs throughout her career. She also has gained knowledge and experience in the operations and marketing aspects of the medical business, which will prove indispensable for this private practice.

Fresno Medical’s History

After years of working with patients in hospital settings, Jessica Wells decided to establish a private practice. She wanted to develop a closer relationship with her patients, which was difficult to achieve while working in a large hospital. With this goal in mind, Jessica incorporated Fresno Medical as an S-corporation on March 15th, 2023.

Since its incorporation, the medical practice has achieved the following milestones:

• Found a clinic space and signed a Letter of Intent to lease it
• Developed the company’s name, logo, and website
• Hired a contractor for the office build-out
• Determined equipment and fixture requirements
• Began recruiting key employees with previous healthcare experience
• Drafted marketing campaigns to promote the practice

Fresno Medical’s Services

Fresno Medical will focus on providing primary care services to every family member, from infants to adults. The costs will depend upon the materials used, the physician’s time, and the amount designated for each procedure. Some of the general and primary care services we provide include:

• Immunizations: flu shots, measles, mumps, polio, etc.

Fresno Medical will maintain privacy according to HIPAA regulations. All patients will be welcome, including those without insurance. However, we expect most patients to utilize their insurance plans to pay their costs. The medical practice will work with local and national insurance companies to ensure that every family can afford our services. After billing insurance, Fresno Medical will provide flexible payment plan options so that no patient is overwhelmed by their medical bills.

Industry Analysis

Healthcare is a human right that everyone deserves access to. The medical industry will always be a necessity as it is the industry keeping society alive and well. Therefore, the medical industry is expected to continue to grow as the population grows. This is especially true for private practices, as there is a rising demand for small, patient-focused clinics that provide top-tier medical services.

Furthermore, the demand for private physicians has been on the rise. Hospitals have been low on rooms and beds the past few years, and nurses and doctors have been overworked. This has led to an increased demand for more medical professionals and private practices that can help lessen the load of larger hospitals.

Moreover, the pandemic instilled the importance of quality healthcare and practices in the general population. We expect that people all around the world will now put in more effort towards taking care of their health and getting the care and screenings they need.

According to Facts & Factors, the global private medical market is expected to experience a compound annual growth rate (CAGR) of 12.5% over the next five years. This is enormous growth that is rarely seen in other industries. Furthermore, there is a growing demand for more primary care physicians as the general population aims to prevent developing chronic and preventable diseases. According to Grand View Research, the primary care market will experience a CAGR of 3.2% over the next 10 years, which is also moderate growth.

With such a demand for more medical practices and a greater emphasis on general health, we believe that Fresno Medical is starting at the right time and will see great success.

Customer Analysis

Demographic profile of target market.

Fresno Medical will serve the community residents of Fresno, California, and its surrounding areas. The community of Fresno, California has thousands of middle-class individuals and families seeking an affordable medical practice to take care of all their health concerns.

The demographics of Fresno, California are as follows:

Customer Segmentation

The company will primarily target the following customer segments:

• Middle-class individuals
• Hospital patients

Competitive Analysis

Direct and indirect competitors.

Fresno Medical will face competition from other companies with similar business profiles. A description of each competitor company is below.

City Metro Hospital

Founded in 1968, City Metro Hospital is one of the most popular hospitals in the area. Thousands of residents get all their primary care and emergency care needs taken care of with City Metro. It provides almost every service you can think of and enlists the help of thousands of doctors, nurses, and other expert medical professionals.

Though City Metro Hospital will continue to thrive, it does not foster an environment designed for long-lasting relationships. Since the pandemic, the hospital has been overwhelmed with patients and a staff shortage. This has led to doctors seeing thousands of patients and a tremendous increase in wait times. Fresno Medical will offer a more intimate setting where patients and doctors can create a long-lasting relationship that spans decades.

Quality Doctors

Quality Doctors is a private medical practice that provides highly personalized medical care. Quality Doctors includes a team of dedicated healthcare professionals with dual residency in emergency medicine and internal medicine. The practice offers same-day/next-day appointments, telemedicine, office visits, and home visits. Services offered by Quality Doctors include primary care, urgent care, and virtual visits.

Like City Metro Hospital, Quality Doctors is a large care system that cares for thousands of patients. This means that patients also do not get a close relationship with their doctor, which many crave. Furthermore, Quality Doctors has put much of its money and services toward emergency care in recent years and reduced its primary care services. Patients who want a lasting relationship with a primary care doctor will feel more welcome with Fresno Medical.

Johnson Community Care

Established in 1949, Johnson Community Care is a private medical practice with multiple locations. Patients all around the state can receive care at any location near them. Each site provides primary care services, emergency care, pharmacy services, and lab testing. Instead of heading to multiple locations to get all of these services, patients can get all their healthcare needs taken care of in one building.

Though Johnson is a highly successful medical practice, its major downfall is that it only provides services to those with its unique insurance plan. Therefore, anyone who has insurance through another company or plans provided by their employer cannot receive care at Johnson without paying out-of-network prices. Fresno Medical will partner with many insurance companies and provide flexible payment plans to help as many patients as possible.

Competitive Advantage

Fresno Medical enjoys several advantages over its competitors. These advantages include:

• Relationships: Jessica Wells has developed strong connections with her patients and fellow staff during her career. Many patients have expressed interest in following Jessica to her new practice, and some former colleagues have shown interest in working for the clinic. Jessica also has relationships with medical equipment suppliers and insurance companies.

Marketing Plan

Brand & value proposition.

The Fresno Medical brand will focus on the company’s unique value proposition:

• Client-focused healthcare services, where the company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-hospital expertise in a small-clinic environment
• Moderate pricing for all preventative and general health services

Promotions Strategy

The promotions strategy for Fresno Medical is as follows:

Fresno Medical understands that the best promotion comes from satisfied patients. The clinic will encourage its patients to refer their friends and family by providing healthcare benefits for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

We will maintain a social media presence to attract local clients looking for a new doctor or medical practice. We will post information about our team, services, and general health tips for better wellness. To create a genuine connection with our patients, we will also use social media to engage with them and answer any questions they may have about our practice.

Fresno Medical will have an informative and attractive website featuring all its services and referrals from other satisfied patients. The website will be highly informative and be designed in a way that is friendly and eye-catching.  

Fresno Medical will invest in a high SEO presence so that the clinic is listed at the top of the Google or Bing search engine when a potential patient is researching private medical practices in Fresno, California.

Fresno Medical’s pricing will be significantly lower than big hospitals. We will partner with as many insurance companies as possible to ensure that our patients’ medical care is covered. For services not fully covered by insurance, we offer a flexible payment program so patients are not overwhelmed by their medical bills.

Operations Plan

The following will be the operations plan for Fresno Medical.

Operation Functions:

• Jessica Wells will operate as the CEO of Fresno Medical. She will run all the general operations and executive functions of the company. She will also provide basic medical care for patients until she can hire a full medical staff.
• Jessica is joined by Mindy Keller, who will serve as the Marketing Manager and run all of the marketing and advertising efforts.
• Jessica is also joined by Rhonda Smith, who will work as the Receptionist of the clinic and the Administrative Assistant for the company.
• Jessica is also joined by Cindy Nguyen who will be the company’s Head Nurse. She will manage and train incoming nurses and provide medical treatment to patients.
• Jessica will continue to hire a team of medical staff to treat the medical practice’s growing patient list. The team will consist of doctors, nurses, physicians, and other necessary medical staff.

Milestones:

Fresno Medical expects to achieve the following milestones in the following six months:

• 4/202X Finalize lease agreement
• 5/202X Design and build out Fresno Medical
• 6/202X Hire and train initial staff
• 7/202X Kickoff of promotional campaign
• 8/202X Launch Fresno Medical
• 9/202X Reach break-even

Fresno Medical is owned and operated by Jessica Wells, who has been working as a doctor at local hospitals for 15 years. Throughout her career, she has worked with hundreds of patients and families and taken care of all their general and preventative care needs. Though she has never run a private medical practice herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

The medical practice will also employ nurses, expert medical staff, and administrative assistants that are passionate about helping the local community.

Financial Plan

Key revenue & costs.

The revenues for the medical practice will come from the fees it will charge the patients and their insurance for the health care services it provides.

The cost drivers for the company will include the payroll of the staff, lease on the office building, medical supplies and equipment, and marketing costs.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

• Year 4: 100
• Year 5: 125
• Annual lease costs: $40,000

Financial Projections

Income statement, balance sheet, cash flow statement, medical practice business plan faqs, what is a medical practice business plan.

A medical practice business plan is a plan to start and/or grow your medical practice business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Medical Practice business plan using our Medical Practice Business Plan Template here .

What are the Main Types of Medical Practices?

There are a number of different kinds of medical practices , some examples include: Group medical practice, Private medical practice, and Hospital-based medical practice.

How Do You Get Funding for Your Medical Practice Business Plan?

Medical Practice businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

A well-crafted medical practice business plan is key to securing any type of funding.

What are the Steps To Start a Medical Practice Business?

Starting a medical practice business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Medical Practice Business Plan - The first step in starting a business is to create a detailed medical practice business plan that outlines all aspects of the venture. This should include market research on the medical industry and potential target market size, information the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your medical practice business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your medical practice business is in compliance with local laws.

3. Register Your Medical Practice Business - Once you have chosen a legal structure, the next step is to register your medical practice business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your medical practice business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Medical Practice Equipment & Supplies - In order to start your medical practice business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your medical practice business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful medical practice business:

• How to Open a Medical Practice

Family Physician Business Plan Template

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

Starting or expanding your family physician practice can be a daunting task. Crafting a solid business plan is the key to attracting investors, securing funding, and ensuring long-term success. ClickUp's Family Physician Business Plan Template is here to guide you every step of the way!

With this template, you can:

• Define clear goals and strategies to grow your medical practice
• Create detailed financial projections to attract potential investors
• Develop operational plans for seamless day-to-day clinic management

Ready to take your family physician practice to the next level? Get started with ClickUp's comprehensive business plan template today!

Family Physician Business Plan Template Benefits

Crafting a comprehensive business plan is crucial for family physicians striving to build a successful medical practice. The Family Physician Business Plan Template streamlines this process by:

• Outlining clear goals, strategies, and financial projections for the medical practice
• Providing a roadmap for operational efficiency and effective resource allocation
• Attracting potential investors and securing necessary funding to kickstart or expand the practice
• Ensuring long-term success and sustainability by setting a solid foundation for the healthcare business

Main Elements of Family Physician Business Plan Template

To help family physicians kickstart their healthcare business planning, ClickUp's Family Physician Business Plan Template offers:

• Custom Statuses: Track progress with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring clear visibility on the completion status of each section of the business plan
• Custom Fields: Utilize fields like Reference, Approved, and Section to input essential data such as references, approval status, and specific sections of the plan for detailed organization and easy reference
• Custom Views: Access different perspectives with views like Topics, Status, Timeline, Business Plan, and Getting Started Guide to effectively organize, track, and visualize your business plan progress
• Financial Planning: Seamlessly integrate financial projections, ROI calculations, budget tracking, and revenue forecasts to create a comprehensive business plan

How To Use Family Physician Business Plan Template

Creating a comprehensive family physician business plan is crucial for ensuring the success of your practice. By utilizing the Family Physician Business Plan Template in ClickUp and following the steps outlined below, you can set clear goals, identify strategies, and establish a roadmap for growth and sustainability.

1. Define your practice vision and mission

Start by defining the vision and mission of your family physician practice. What values do you want to uphold, and what goals are you aiming to achieve? Having a clear vision and mission will help guide all your future decisions and actions.

Use Goals in ClickUp to outline your practice's vision statement and mission statement.

2. Analyze the market and competition

Conduct a thorough analysis of the market in which your family physician practice operates. Identify key trends, patient demographics, competitors, and potential opportunities for growth. Understanding the market landscape will help you position your practice effectively.

Utilize the Table view in ClickUp to create a competitive analysis and market research summary.

3. Define your services and target patient population

Clearly outline the services your family physician practice will offer and identify your target patient population. Consider the specific healthcare needs of your community and how your practice can best serve them. Tailoring your services to meet patient demands is vital for success.

Create custom fields in ClickUp to detail your services and patient demographics.

4. Develop a marketing and patient acquisition strategy

Create a detailed marketing plan that outlines how you will attract new patients to your family physician practice. Consider strategies such as online marketing, community outreach, referral programs, and partnerships with other healthcare providers. Building a strong patient base is essential for practice growth.

Use Automations in ClickUp to schedule and track your marketing initiatives and patient acquisition efforts.

5. Establish financial projections and operational goals

Develop financial projections that outline your expected revenue, expenses, and profitability over a specific period. Set operational goals related to patient volume, staff hiring, technology investments, and quality of care. Having clear financial and operational targets will help you track your progress and make informed decisions.

Create tasks in ClickUp to monitor your financial performance and operational milestones regularly.

Get Started with ClickUp’s Family Physician Business Plan Template

Family physicians can utilize the Family Physician Business Plan Template in ClickUp to strategically plan and organize their medical practice for success.

To get started, click on “Add Template” to incorporate the Family Physician Business Plan Template into your Workspace. Ensure you select the appropriate Space or location within your Workspace for this template.

Afterward, invite relevant team members or stakeholders to collaborate on your business plan.

Here are the steps to effectively use this template:

• Utilize the Topics View to categorize different sections of your business plan such as goals, financials, and marketing strategies
• Use the Status View to track progress of each section with statuses like Complete, In Progress, Needs Revision, and To Do
• Employ the Timeline View to set deadlines and milestones for key tasks in your business plan
• Utilize the Business Plan View to see an overview of your entire plan and ensure all aspects are cohesive
• Use the Getting Started Guide View to access helpful resources and tips for creating a comprehensive business plan
• Implement custom fields like Reference, Approved, and Section to add specific details and categorize information effectively
• Update statuses as tasks progress to keep all team members informed
• Monitor and analyze your business plan to ensure alignment with your goals and objectives.

Related Templates

• Fashion Model Business Plan Template
• Pulmonologist Business Plan Template
• Probate Lawyer Business Plan Template
• Baritone Business Plan Template
• Marketing Specialist Business Plan Template

Template details

Free forever with 100mb storage.

Free training & 24-hours support

Serious about security & privacy

Highest levels of uptime the last 12 months

• Product Roadmap
• Affiliate & Referrals
• On-Demand Demo
• Integrations
• Consultants
• Gantt Chart
• Native Time Tracking
• Automations
• Kanban Board
• vs Airtable
• vs Basecamp
• vs MS Project
• vs Smartsheet
• Software Team Hub
• PM Software Guide

Get the newsletter

Insights for those starting, managing, and growing independent healthcare practices

Get expert tips, guides, and valuable insights for your medical practice

July 26, 2023

10 min read

Practice Growth

Starting a Practice

Free template: How to create a business plan for your new practice

Your medical practice business plan is a living document that evolves as your practice grows. Here’s how to build it from scratch.

Most Popular

At a glance.

• A medical practice business plan is crucial for establishing direction, estimating finances, and evaluating competition.
• Creating an effective business plan involves gathering relevant data, making conservative financial projections, seeking expert input, and planning for risks.
• The 8 essential sections of a thorough medical practice business plan include the executive summary, business model details, market research, staffing model, 12-month budget, and more.

Medical schools and residencies prepare doctors to provide quality patient care but not to create a medical practice business plan. Yet a business plan is a key part of reaching new patients and supporting existing ones.

An effective medical practice business plan will:

• Establish a roadmap for your practice
• Estimate your revenue and expenses
• Evaluate the competition

Creating a thorough business plan may feel like an onerous roadblock to moving forward. However, plotting your direction in advance will keep you on track later on, and will set you up to effectively serve your patients.

Why you need a business plan for your medical practice

Whether you plan to start your own practice or take over someone else’s, a robust business plan is necessary. When you develop a comprehensive business plan full of intention, clear thought processes, and fine details, you demonstrate your commitment to your practice, community, and discipline.

A solid business plan effectively positions you to prevent surprises that could completely derail your practice and reputation.

“ A solid business plan effectively positions you to prevent surprises that could completely derail your practice and reputation.  ”

If you plan to seek investors or business partners for your practice, a thorough business plan demonstrates that you have both a vision and the empirical data and financial goals required to back it up. It also establishes and communicates the direction you intend to take your practice.

If you do not plan to seek outside investors, your medical practice business plan is still a key tool for the most important investor: you. Working through the 8 parts of a plan will help you evaluate the landscape, establish your foundation, and move forward with your practice.

That said, writing your business plan is not the same as establishing your budget. However, you will need to create a detailed budget so you can incorporate some of that information into your comprehensive business plan.

What is involved in developing a healthcare business plan?

As you develop your medical practice business plan, think of how you approach diagnosing a patient: a systematic process. While it may vary by practitioner, you typically:

• Get to know your patient
• Ask about symptoms and history
• Dig deeper into factors that are relevant to the current issue
• Collect data from tests
• Develop an initial diagnosis
• Seek additional counsel when appropriate
• Revisit the diagnosis if needed
• Discuss the findings and prognosis with your patient
• Schedule treatment and follow-up

The business plan creation process is similar.

Translating the process to your medical practice’s business plan

Getting to know your patient translates into defining your mission and vision. What do you want to accomplish? What is your role in your community?

Asking about symptoms and history will lead you to gather relevant documents, certifications, and professional memberships; research other local practitioners; and investigate why your practice’s focus is needed. Just as you need to know how the body’s systems fit together, you need to know how your practice will fit into the market.

Digging deeper into factors relevant to the current issue involves getting into the numbers. Evaluate:

• Your selected location
• Fee structure
• Insurance company partners, if any
• Target patient volume
• Staffing needs
• Services, whether legal, financial, or practice growth
• Equipment, medical, and office
• Maintenance and upkeep cost estimates
• Ongoing costs, including rent or property taxes

Collecting data requires gathering facts. Avoid using more lucrative or optimistic numbers. Build your plan based on conservative estimates to set your practice up for success. Determine what benchmarks to establish and measure success.

Develop an initial diagnosis by evaluating whether you’ve made inaccurate assumptions or missed key components. Revisit areas you need to and gather new information.

Seek additional counsel in this process. Your legal and financial advisors are an important resource as you create your plan, not just as you execute it. You may also consult your staff about parts of your plan in which they have expertise. Finally, partnering practitioners should agree with the plan’s approach and direction.

“ Your legal and financial advisors are an important resource as you create your plan, not just as you execute it.  ”

Revisit the diagnosis. Consider the input and adjust your assumptions, numbers, and benchmarks.

Discuss the diagnosis and prognosis with your investor(s). In this step, share your completed business plan with the individual(s) with whom you are working.

Set a follow-up plan to evaluate your progress after certain periods of time.

How to build your medical practice business plan document

It’s one thing to theoretically know how to approach your medical practice business plan and another to sit down and create it. This 8-section outline will give you an idea of the crucial parts of your document.

Make a copy of this sample business plan template that you can customize and use for your practice.

1. Executive summary

In the executive summary, summarize your business model. Incorporate the information you developed while getting to know your practice.

Include an overview of information such as the practice location, services, target patient, local demographics overview, any relevant business history associated with the practice, and your mission and vision for your practice and its community impact. This is also where you will define any existing barriers to moving forward.

“ Your executive summary is an understanding and compelling argument for why the community needs your services.  ”

Your executive summary is an understanding and compelling argument for why the community needs your services. It will highlight how you will fill a need that is not met in the current environment.

This is the section that will get you invited to the investor’s table, as it were. It is the bait on the hook of your argument.

Pro tip: Save the executive summary for last. Once you have the information from the other areas you will research and develop, it will quickly come together.

2. Detailed business model

Define your services and how you’ll manage prospects who fall within and outside those services. Specify your hours of operation. Define and describe your physical office space.

If you intend to offer telehealth , describe how. Define the number of staff you’ll employ, their roles, and how you plan to add staff as your practice grows. Detail the equipment you’ll use and why it’s essential.

Determine which vendors you’ll use for a variety of functions, including office cleaning; non-office hours emergency call management; office, medical, and exam equipment and furniture; office and medical supplies, software; marketing; and physical and digital security .

3. Comprehensive market research and positioning

Provide hard data on the demographics of your local geographic area and how they support your practice. For example, do enough people in your area need your services? What is the median income in the area, and how has that influenced your target fee structure?

“ Define your insurance partners, how their fee structures align with yours, and how competitive your proposed fees are.  ”

Define your insurance partners , how their fee structures align with yours, and how competitive your proposed fees are.

Outline your local competition, the reasons you can be sure there is enough market availability for your new practice, and why your practice is positioned for success above your competition.

4. Detailed staffing model

Even if you plan to be the only provider in your practice, you will still need a plan to answer calls, file insurance claims, maintain files, manage billing , process payroll, and order supplies, among a host of other tasks to keep your practice running smoothly.

In this section of your medical practice business plan, list what positions you will fill and how many people you will need in each. Include compensation, along with any budgeted overtime, as well as benefits and tax considerations. Also, note when you will target hiring each throughout the year.

5. Projected 12-month income and budget

Show the math regarding how many patients you will serve for each service you will offer, your projected fee for each service, and your anticipated overhead expenses.

Your overhead will include items such as:

• Staffing expenses based on the total number of staff and projected salaries.
• All office-related expenses for equipment, supplies, maintenance, utilities, software, marketing, staff recruitment, and temporary services.
• Anticipated vendor expenses such as off-hours call service, telehealth subscriptions, lab processing fees, janitorial services, etc.
• Maintaining licensure, subscribing to professional journals, and attending conferences to stay current.

Make sure to account for one-time or short-term expenses, such as an extra administrative position to cover a known busy month, as well as for ongoing expenses.

6. Potential risks and mitigation

What risks can you anticipate as you open your practice? This is the section where you will think of worst-case scenarios and what you would do were they to become a reality.

Consider scenarios such as:

• A patient sues you. The United States is a very litigious society. What sort of malpractice insurance or bonds do you need to obtain?
• A staff member gets injured at work. In addition to the mandatory worker’s comp, how else would you support them? And what does your insurance cover?
• You get injured at work. How can you protect the longevity of your well-being and that of your practice?
• Another global pandemic hits. How will you staff and maintain patient treatment protocols, what specialized supplies will you need to purchase, what type of insurance rate hikes could you anticipate based on the last pandemic’s model, etc.
• A natural disaster hits. Depending on your geography, are you likely to experience a flood, fire, earthquake, tornado, hurricane, or blizzard? Are there emergency supplies you can keep on hand? Are there specific ways you can shore up your facility to make it more stable — and when would you make those changes? What specialized insurance do you need to purchase?

Talk to a seasoned physician who can provide some mentorship. Ask what they’ve faced during their years of practice and what you need to know to be prepared. Then take that information into meetings with your lawyer and insurance broker.

7. Implementation plan

In your project implementation plan, outline the steps you need to take to open your practice, what milestones you will hit, and an associated date for each major and sub-task. Whether you use formal project management software or create a project plan in a spreadsheet or other document, include that detailed information in this section.

8. Exit strategy

You’re just opening or growing your practice — why would you plan to leave it? Plans change, retirement becomes attractive, large conglomerates buy smaller practices, or a host of other scenarios could happen.

“ Just as you worked through the risks section, there is value in thinking ahead to determine your plan when you are ready for something different.  ”

Just as you worked through the risks section, there is value in thinking ahead to determine your plan when you are ready for something different. Will you sell your practice? How will you transition your patients? What will happen with valuable equipment and supplies?

Identifying these items and addressing what you feel will be the best way to step away from what you are currently creating will make the process more manageable later.

How detailed is an effective business plan?

You know what process to use and the broad sections to include in your business plan, but how detailed should you get?

While you don’t want your business plan development goal to be a target length, a solid business plan typically ends up being somewhere between 30 to 40 pages. This information will include graphs and charts that demonstrate your demographic research, specific equipment needs for positive community impact, budget numbers, etc.

Your business summary and exit strategy sections should not exceed 20% of your overall business plan. Both will provide a high-level overview; neither is the section where you will get into excruciating details.

However, the other 6 sections of your business plan will get into the fine details. Each section should provide narrative information as well as specific numbers that are itemized by topic and category.

Keep your business plan alive

Even though your medical practice business plan can provide information for potential investors, partners, and financiers, it is ultimately the mirror of what you want your business to become. This should be a living document you update and change as your priorities and focus evolve.

“ As you move forward and grow your practice, set yourself up for a larger vision.  ”

As you move forward and grow your practice, set yourself up for a larger vision. Adding 3- and 5-year projections to your 12-month business plan will help refine your sense of your purpose and direction.

By creating a medical practice business plan, you create confidence in not only your ability to attract patients, but also your ability to run the business that serves them long term.

Further Reading

You Might Also Be Interested In

Optimize your independent practice for growth. Get actionable strategies to create a superior patient experience, retain patients, and support your staff while growing your medical practice sustainably and profitably.

Subscribe to The Intake: A weekly check-up for your independent practice

Karmin Gentili

Karmin Gentili has been a freelance writer and editor since 2016. She has over 25 years of experience in corporate HR and compliance consulting. She has worked to further elevate her skills by pursuing and receiving multiple certifications, including copywriting, video scriptwriting, effective content positioning, case study writing, and SEO. Her love of writing motivates her to use those skills to develop content for the medical field that ensures others can work toward achieving their goals.

Reviewed by

Lauren Wheeler, BCPA, MD

Dr. Lauren Wheeler, MD, BCPA, is a former family medicine physician who currently works as an independent healthcare advocate as well as a medical editor and writer. You can get in touch with her about anything writing or advocacy at her website www.lostcoastadvocacy.com .

Suggested for you

Licenses you need to start your own medical practice

Strategic tips for naming your healthcare practice

How choosing a location for your medical office can ensure practice growth

What to know about insurance credentialing when starting your own practice

Get expert tips, guides, and valuable insights for your healthcare practice, subscribe to the intake.

A weekly check-up for your independent practice — right in your inbox

• 10 Steps to Create...

10 Steps to Create Your Medical Practice Business Plan

#4. Perfect Your Business Operations

Business operations is how your practice functions day-to-day. While a plan allows you to come up with strategies, business success is mostly an outcome of quality execution. The scope of business operations span across every function like finance, marketing, HR, and so on. Even though business operations can only begin post launch, you can start learning about operations.

Best organizations aim for process-driven and result-oriented operations. — For instance, you can use methods like  Objectives and Key Results  (OKRs) — a collaborative goal-setting process that helps you improve organizational performance.

While a general management experience allows you to deal with many scenarios, you can also list down and think how to go about the critical ones. For example:

• What should your staff do to deliver the best experience?
• How can you resolve patient issues quickly?
• How will you conduct monthly performance reviews?

#5. Bring a Financial Discipline

Working capital, billing, rent, mortgage, taxes, insurance, utilities,… there are too many things to account for. Unlike other areas like operations and marketing, you may not be able to make quick decisions for finances. So the earlier you get involved in financial planning, the better is your ability to control the outcomes.

If you don’t have any financial expertise, use basic calculations including investments, recurring expenses, and income. You can consider financial projection for upto three years to get an approximate idea about your finances. To bring financial discipline to your practice, you must use budgeting. Budgeting ensures that you will have enough money for the things you need and reduce overspending on unnecessary things.

#6. Don’t Ignore Marketing

Marketing is more than advertising and brand building. It includes several other things like getting feedback from customers, doing competitor analysis, and pricing correctly. So marketing is not a gimmick, but an important process for growth of any business. If you are not marketing, you could be leaving the growth of your practice to chance.

Even when you don’t want to advertise, there are a few other great ways of promoting your practice. For example, asking your patients for reviews on Google Maps will improve your visibility in local searches. Another great way is to post content like blog articles, videos, podcasts, etc that your patients find useful and get to know about you.

Since every practice has its own unique factors like demographic, location, etc, marketing requirements differ. So the marketing has to adapt to your unique situation rather than going for mainstream ideas. For example, if your patients are of an older demographic in a rural area, radio ads could be the best way to get the word out about your practice.

Marketing deserves special attention in your business plan. Your plan can focus on gaining maximum exposure to your potential patients. Even if that requires additional investments. By prioritizing growth over recouping investments early, you create a long-lasting traction for your practice.

#7. Check Government Laws & Regulations

The US federal, state, and local authorities have rules to protect the public, promote access to care, and to ensure that medical providers adhere to the rules. Laws and regulations are complex. So you need to have a thorough understanding of them before starting your practice.

This is a list of a few important laws and regulations for healthcare providers in the US:

• Healthcare Quality Improvement Act (HCQIA)
• Children’s Health Insurance Program (CHIP)
• Hospital Readmissions Reduction Program (HRRP)
• Health Insurance Portability and Accountability Act (HIPAA)
• Patient Safety and Quality Improvement Act (PSQIA)
• Affordable Care Act

You can learn more about US healthcare laws and regulations  here .

#8. Hire the Best

People are the heart of any organization. Having the right staff relieves you from everything else and let’s you focus more on providing better healthcare. It’s almost like putting everything else on auto-pilot. However, recruiting is not easy. You may have to put more effort than you planned for hiring. Additionally, you must research and plan for competitive salaries, work schedules, and training.

Here are a few websites to find experienced staff for your practice:

• Healthcare eCareers
• JAMA network
• Medical Jobs

#9. List Down Equipment and Other Requirements

The most straightforward part of your business plan is to list down all the equipment and essentials. Here’s a short list you can use:

• Clinic Equipment:  Stethoscopes, exam tables, otoscopes, blood pressure monitors, and other monitors
• Office Equipment:  Computers, printers, network equipment, phones and payment machines
• Supplies:  General medicine, disinfectant, anaesthetic, gloves, scalpels, syringes, gauze, and bandages
• Network Services:  Phone networks, internet, utilities
• Clothing:  Lab coats, uniforms, and name tags
• Furniture:  Tables, chairs, and decor

#10. Perform a SWOT Analysis

SWOT is an abbreviation for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis allows you to have a clear overview of your practice. It will force you to look at your practice from new perspectives. This final step is one of the most crucial ones.

To create a SWOT analysis, you can critically analyse all areas of your practice and list down your conclusions in columns with S, W, O, and T. While strengths and weaknesses are internal factors, the opportunities and threats are external factors to your practice. The conclusions must be simple, objective, and short.

Towards Launching Your Practice

A business plan allows you to define, strategise, and gain clarity through all areas of your medical practice . Remember that a business plan is not set in stone. Planning is a continuous activity, and needs periodic reviews and updates. You are always moving through the plan-execute-review cycles. Though it may seem complicated, investing time for thoughtful planning can make your practice successful.

Be the first to know the latest on EHR technology and ways of improving your practice!

More related topics, have any further questions about nexus ehr or interested in scheduling one on one demo, please email us at [email protected] or call @ 239-204-4643.

304 Indian Trace #162 Weston, FL. 33326

Get in Touch

Sales: (239) 204-4643

Support: (239) 204-4642

EHR by Specialty

MIPS/MACRA Ready

© 2023 Nexus Clinical LLC      |      Privacy Policy

Medical Clinic Business Plan PDF Example

• February 28, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful medical clinic. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your medical clinic’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a medical clinic business plan but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the healthcare industry, this guide, complete with a business plan example, lays the groundwork for turning your medical clinic concept into reality. Let’s dive in!

Our medical clinic business plan is carefully designed to cover all the important parts needed for a good strategy. It explains how the clinic will run, how we’ll take care of patients, how we’ll tell people about our services, what the healthcare situation is like, who our competitors are, who’s in charge, and how much money we expect to make.

• Executive Summary : Provides an overview of the Medical Clinic’s business concept, healthcare market analysis , management structure, and financial strategy.
• Facility & Location: Describes the clinic’s physical setup, including its architectural design, medical equipment, patient amenities, and the strategic choice of its location to maximize accessibility for its target patient base.
• Treatments & Pricing: Enumerates the healthcare services the clinic will provide, from general medical consultations to specialized treatments, alongside a transparent pricing model .
• Key Stats: Shares industry size , growth trends, and relevant statistics for the healthcare market.
• Key Trends : Highlights recent trends affecting the healthcare sector, such as technological advancements, patient care innovations, and regulatory changes.
• Key Competitors : Analyzes the main competitors in the vicinity and differentiates the clinic based on services, patient care quality, and operational efficiency.
• SWOT: Strengths, weaknesses, opportunities, and threats analysis tailored to the healthcare context.
• Marketing Plan : Strategies for attracting and retaining patients, including digital marketing, community health programs, and patient service excellence.
• Timeline : Key milestones and objectives from the clinic’s establishment through the first year of operation, including licensing, staff recruitment, and service launch.
• Management: Information on the healthcare professionals managing the medical clinic and their roles, emphasizing their medical expertise and healthcare management experience.
• Financial Plan: Projects the clinic’s 5-year financial performance, including revenue from medical services, operational costs, profits, and expected expenses, ensuring a sustainable and profitable healthcare service model.

Medical Clinic Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces our medical clinic’s business plan, offering a concise overview of the clinic and its healthcare services. It details our market positioning, the comprehensive medical services we provide, its location, size, and an outline of our day-to-day operations. 

This section will also delve into how our clinic will integrate into the local healthcare market, including an assessment of the direct competitors in the area, identifying who they are, and highlighting our clinic’s unique selling points that set us apart. 

Additionally, it includes information about our management and co-founding team, outlining their roles and contributions to the clinic’s success. A summary of our financial projections, including expected revenue and profits over the next five years, will also be presented to offer a clear view of our clinic’s financial outlook.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

For a medical clinic, the Business Overview section can be concisely structured into 2 main components:

Facility & Location

Briefly describe the clinic’s facilities, highlighting the state-of-the-art medical equipment, patient-centric design, and a welcoming atmosphere that ensures comfort and privacy.

Mention the clinic’s strategic location, emphasizing its accessibility and conveniences such as proximity to main transit routes and ample parking. Explain how this location was selected to serve the clinic’s target patient demographics effectively.

Treatments & Pricing

Detail the comprehensive range of medical services provided, from routine health check-ups to specialized treatments in areas like cardiology, pediatrics, or orthopedics.

Describe your pricing model, ensuring it mirrors the high standard of care offered and is competitive within the healthcare market. Highlight any health plans, membership options, or loyalty programs designed to offer added value to patients, fostering long-term relationships and patient loyalty.

Make sure to cover here _ Clinic & Location _ Treatments & Pricing

Market Overview

Industry size & growth.

Start your medical clinic business plan by looking at how big the healthcare world is, especially for the services you provide like general health, special treatments (skincare, children’s health), or quick care. Think about how this area is growing and where you might find new chances to grow.

Key market trends

Then, talk about what’s new in healthcare, like how people want care that’s just for them, using tech to help patients (like video doctor visits or digital health records), and focusing on keeping people healthy before they get sick. Point out that people are looking for services that meet their specific health needs and that there’s a growing interest in clinics that care for the whole person.

Key competitors

Lastly, look at who you’re up against, which could be big hospitals, small clinics that focus on one area of health, or even online health services. Think about what makes your clinic different and better, maybe because of the great care you give, the wide range of services you have, or new ways you’re bringing health care to people. This part should clearly say why people need medical services, who else is providing them, and how your clinic can stand out and do well in this busy world.

Make sure to cover here _ Industry size & growth _ Key market trends _ Key competitors

Dive deeper into Key competitors

First, conduct a SWOT analysis for the medical clinic , identifying Strengths such as a team of expert medical professionals and a comprehensive suite of healthcare services. Weaknesses might include factors like high operational costs and the complexity of insurance processes. Opportunities can arise from the growing emphasis on health and wellness and the potential for telemedicine services. Threats could stem from increased competition and the impact of economic downturns on discretionary healthcare spending.

Marketing Plan

Next, develop a marketing strategy aimed at attracting and retaining patients. This strategy should focus on targeted advertising to reach specific demographics, offering promotional incentives for referrals, maintaining an active and engaging presence on social media, and fostering community ties through health education and events.

Finally, create a detailed timeline that marks essential milestones for the clinic. This includes the initial setup and opening phase, followed by the launch of marketing initiatives, efforts to expand the patient base, and strategies for broader service offerings, all designed to ensure the clinic progresses with a clear and defined purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The management section focuses on the medical clinic’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the medical clinic toward its financial and operational goals.

For your medical clinic business plan, list the core team members, their specific responsibilities, and how their expertise supports the medical clinic’s mission.

Financial Plan

The Financial Plan section is a comprehensive analysis of the medical clinic’s financial strategy, including projections for revenue, expenses, and profitability. It lays out the clinic’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your medical clinic business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your main assumptions (e.g. prices, customers, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Related Posts

Optician Business Plan PDF Example

• May 10, 2024

Executive Summary of an Optician: Template & Example

• May 9, 2024
• Business Plan , Executive Summary

Competitive Analysis for an Optician (Example)

• Business Plan , Competitive Analysis

Privacy Overview

How to Start Your Own Practice as a Nurse Practitioner

You may be thinking, “What do I need to do to open my own business as a nurse or nurse practitioner (NP)? How hard is it going to be? What support will I need?”

Opening your own business is not quite like nursing school or your first nursing job. It’s similar in that you will:

• Still need to put in a lot of work
• (Potentially) pull all-nighters
• Need a great support network

But like nursing school and that new job: In the end, it’s worth it.

We spoke with business owners Wendy Jules, RN, BSN, and Peggy Roberts, DNP, WHNP-BC, who know a thing or two about nurse entrepreneurship. Both opened their businesses during the COVID-19 pandemic!

8 Pandemic-Proof Steps to Opening Your Healthcare Business

As registered nurses (RNs), Jules and her cofounder Carla Nelson knew they had the skill set to open a healthcare business. Their education and nursing experiences gave them confidence.

Being passionate about the services or products you are offering is key, they say. If your passion doesn’t shine through, your clients won’t be passionate either.

Roberts also notes the importance of taking your time. Due to the pandemic, it took Roberts almost a year to open the doors to Trust Women’s Healthcare. Although this was a long time, starting a business is a huge responsibility. There are many risks involved, and you want to do it right.

“This isn’t a race; it’s a marathon,” Roberts says.

Ready to take the next step? Here are eight essential steps you need to take when opening up a new business.

1. Know Your ‘Why’

Although opening a business can be profitable, knowing your ‘why’ is even more important than making money. If you want to have a successful, scalable business, take some time and write down exactly why you want to be a business owner.

For both our nurse entrepreneurs, the ‘why’ behind their businesses hit home in personal ways, including representation, accessibility, and giving back to their communities.

Jules and Nelson noticed a major lack of representation of Black skin care providers in their community. This was when they came up with the idea of opening Fleur De Lis Beauty & Esthetics, a medical spa in Brooklyn, New York.

“Our goal was to provide easy access to corrective skin care,” Jules says. “We also wanted to create a beautiful space where clients can come, relax, and make self-care a priority.”

Roberts penned Trust Women’s Healthcare as a way to give back to her community. After completing her doctoral studies, she was astounded to learn the overwhelming healthcare disparities Black women face in the United States. Black women are 3.5 times more likely to die from complications from pregnancy than white women, prompting a need for advocacy for patients of color .

After seeking other leadership roles and talking to colleagues, Roberts decided opening a women’s health clinic was the best way to give back to her community. She also hopes to decrease women’s health disparities among women of color.

“I always believed if you are not invited to the table, you create your own,” Roberts says.

2. Have Your Paperwork in Order

You need paperwork to get your business off the ground. According to Jules, this includes:

• Choosing a name for your practice
• Figuring out how to structure your business (e.g., limited liability company, sole proprietorship, partnership)
• Getting an Employer Identification Number

There are many types of business structures you can choose from. First, you should decide which type of business will work best for you and your company.

Three Common Types of Business Structures

• Limited liability company : An LLC lets you take advantage of both a partnership and a corporate business structure. You must file your LLC with the state where you practice.
• Sole proprietorship : A sole proprietorship is when one person owns and runs the daily operations of the business.
• Partnership : A partnership is when two or more people own and run the business’s daily operations.

These business structures have pros and cons, so remember to research to find the best fit for your goals.

3. Know How You’ll Fund Your Business

You want to open your nursing business, but how will you fund it? There are many ways to fund your business. You can use the money you’ve saved up, or you can borrow from a bank.

Since Jules and Nelson opened their business during the pandemic, they encountered hurdles while securing funds. Many banks were not willing to support their business.

“We initially relied on our family, friends, and ourselves, emptying out our 401ks to fund the business,” Jules says.

Luckily, they partnered with Carver Bank, the largest African American managed bank in the United States, who helped them navigate the banking system through the pandemic.

To secure funds, it’s important to gather enough information to make informed decisions. This includes:

• Speaking to family and friends
• Calling several banks to find out which ones will work with you
• Consulting a certified public accountant (CPA)

Speaking with a CPA can save you a lot of time and prevent mistakes. The benefits of consulting with an accountant can help set up your business successfully, Roberts says.

4. Speak to a Healthcare Attorney

When opening a business, you may think all attorneys are created equal. They aren’t. A healthcare business is specialized. Roberts suggests seeking out attorneys who are fully versed in healthcare law.

“Really do your research and interview your attorney,” Roberts advises. This will help with any unforeseeable issues.

Also, make sure to budget for an attorney. They can be expensive. Roberts is based in New York, so her attorney came with a hefty price tag.

Make sure to do your research before meeting an attorney. Have your questions ready. The more prepared you are, the lower the price tag.

5. Obtain Certifications Your Practice Requires

If you want to open a medical spa, getting certifications will allow you to provide various services and attract more clients. Jules suggests getting the certifications your practice is going to require.

“For myself, we decided to do intravenous (IV) hydration, so I undertook certifications in IVs and injectables,” Jules says.

Build as much outside knowledge as you can to bring value to your clients and wealth into your practice.

6. Understand Your Business Partner’s Role

Opening up a business can be confusing and emotional if you have a partner. Personalities can clash. That can be draining and take away from your business goals.

Jules and Nelson are sisters, roommates, and business partners. “We saw each other every day,” Jules says.

To combat possible roadblocks, Jules suggests understanding your partner’s business language.

For Jules and her sister-turned-business partner, this meant separating their personal relationship from their business relationship. By doing this, there is less room for role confusion.

“If everyone is doing everything, it’s difficult to keep track of your success or your failures,” Jules says.

7. Research and Find Resources

You can’t start a business without doing research. You should use your resources for advice.

If you are an NP, research the practice authority in your state first.

Note that an NP’s scope of practice varies from state to state. Some states have full authority; some have restrictive authority. Be sure to know which level your state offers.

8. Network, Network, Network

In the age of social media, finding resources to help guide your path of nurse entrepreneurship shouldn’t be too difficult. Roberts suggests leveraging social media platforms like Instagram or LinkedIn to network and access resources available to you. You can get a lot of information from nurses and NPs who are opening similar businesses, too.

With endless access to advice on social media, it’s important to separate reputable sources from misleading ones.

If you are suspicious, Roberts suggests checking out the website or LinkedIn profile for the businesses or business owner you’re looking to take advice from. Follow them for awhile and see who else they follow. Finally, make a decision based on your findings.

Remember that you have many transferable skills as a nurse that can lend to successful entrepreneurial adventures. It takes making the first step to get to where you want to be.

Other beneficial resources to support you along the way include:

• Reaching out to your local Small Business Association
• Attending networking events for nurses and business owners
• Taking advantage of professional nursing organizations by becoming a member of a nursing or an NP association

Meet Our Contributors

Peggy Roberts, DNP, WHNP-BC

Peggy Roberts, DNP, WHNP-BC, is a doctoral-prepared, board-certified New York licensed women’s health nurse practitioner . She has extensive experience in preventative medicine for women, high risk pregnancies, and sexual medicine. Roberts’ passion and dedication to providing the utmost care to women has led her to her own practice, Trust Women’s Healthcare , which provides comprehensive and holistic care to women of all ages.

Wendy Jules, RN, BSN

Wendy Jules is a passionate aesthetic registered nurse and co-owner of Fleur De Lis Beauty & Esthetics nestled right in the heart of Brooklyn, New York. Before working in skin care, Jules traveled the world as a crisis nurse assisting people during natural disasters and casualties. Jules’ top goal at Fleur De Lis Beauty is to engineer skin care and wellness that will take center stage in the lives of her clients by providing a focus on beauty, self-care, and a healthy lifestyle.

You might be interested in

20 Entrepreneur and Business Ideas for Nurses

Are you looking for business ideas for nurses? Explore these 20 ideas for one that may reflect your interests and skills.

15 Nurse Blogs You Should Be Following

Blogs and podcasts teach you something new and often keep you entertained. These 15 nurse blogs answer many of the questions nurses ask each day.

#AsaNurse Campaign Highlights the Nursing Experience

The #AsaNurse campaign uses social media to bridge the gap between the general public and nursing, the most trusted profession for 19 years running.

• Sample Business Plans
• Medical & Health Care

Medical Practice Business Plan

Considering starting a new medical clinic? Great. Medical practice is one of the most rewarding and profitable entrepreneurial ventures for any medical professional.

You can easily start a medical clinic, but you need a detailed business plan when it comes to staying competitive in the market, raising funds, applying for loans, and scaling it like a pro.

Need help writing a business plan for your medical practice business? You’re at the right place. Our medical practice business plan template will help you get started.

Free Business Plan Template

Download our Free Business Plan Template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write a Medical Practice Business Plan?

Writing a medical practice business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your business:

• This section may include the name of your medical clinic, its location when it was founded, the type of medical practice (E.g., solo practice, group practice, multi-specialty practice.), etc.

Market opportunity:

Mention your services:, medical services:, marketing & sales strategies:, financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

2. Business Overview

The business overview section of your business plan offers detailed information about your clinic. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business description:

• Primary care practice
• Specialty practice
• Surgical practice
• Pediatrics practice
• Geriatrics practice, And more.
• Describe the legal structure of your medical practice, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.

Mission statement:

Business history:.

• Additionally, If you have received any awards or recognition for excellent work, describe them.

Future goals:

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

• For instance, a primary healthcare clinic may target individuals and families seeking routine health check-ups.

Market size and growth potential:

Competitive analysis:, market trends:.

• For instance, Artificial Intelligence (AI) and machine learning technologies are transforming the medical industry; explain how you plan on implementing these technologies in your business operations.

Regulatory environment:

Here are a few tips for writing the market analysis section of your medical clinic business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Medical treatment:

services: Mention the medical services your business will offer. This list may include services like,

• General medical care
• Specialty care
• Chronic disease management
• Wellness and preventive care
• Treatment and diagnosis of illness and injuries, And more.

Describe each service:

• For instance, the process of chronic disease management may include treatment planning, patient education, medication management, patient engagement, care coordination, regular monitoring, and follow-up appointments.

Insurance & payment options:

• In addition to these payment options, describe if your medical practice offers regular patients discounts or any membership plans.

Additional services:

In short, this section of your medical practice plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique selling proposition (USP):

• For example, advanced technology, specialized services, and emergency medical care could be some of the great USPs for a general medical clinic.

Pricing strategy:

Marketing strategies:, sales strategies:, patient retention:.

Overall, this section of your medical practice business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your medical clinic, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training:

Operational process:, safety and infection control:.

• These protocols may include waste management, disinfection, sterilization, infection surveillance, etc.

Equipment & Technology:

• In addition, provide details on the sourcing and maintenance of these instruments and equipment. Explain how these technologies benefit your patients and help you stand out as a medical service provider.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your medical practice’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founder/CEO:

Key managers:.

• It should include, Medical director, department/division heads, committees, and other doctors involved in the medical operations, including their education, specialization, professional background, and years of experience in the medical industry.

Organizational structure:

Compensation plan:, advisors/consultants:.

• So, if you have any advisors or consultants, include them with their names and brief information about roles and years of experience.

This section should describe the key personnel for your medical practice services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

• This exercise will help you understand how much revenue you need to generate to sustain or be profitable.

Financing needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more.These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the medical practice industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your medical practice business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample medical practice business plan will provide an idea for writing a successful medical practice plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our medical practice business plan pdf .

Related Posts

Medical Lab Business Plan

Medical Billing Business Plan

Write a Appendix Section for Business Plan

Telemedicine Business Plan

How to Create Business Plan

Top 10 AI Tools for Startup

Frequently asked questions, why do you need a medical practice business plan.

A business plan is an essential tool for anyone looking to start or run a successful medical practice. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your medical practice.

How to get funding for your medical practice business?

There are several ways to get funding for your medical office, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your medical practice business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your general practice business plan and outline your vision as you have in your mind.

What is the easiest way to write your medical practice business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any medical practice business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Plan your business in the shortest time possible

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Create a great Business Plan with great price.

• 400+ Business plan templates & examples
• AI Assistance & step by step guidance
• 4.8 Star rating on Trustpilot

Streamline your business planning process with Upmetrics .

How To Create A Business Plan For Your Medical Practice

• Benefits Of Creating A Business Plan For Your Medical Practice
• What Goes into Making a Great Medical Practice Business Plan?
• What to Include in a Business Plan
• Ready to take the next step?

A medical practice business plan is like a roadmap. You can go on your journey without one, but you’re more likely to get lost along the way.

If you’re embarking on a solo practice, looking to open a medical clinic or exploring partnering in a group practice, a business plan can help you not only make sound financial decisions, but maximize your potential for job satisfaction.

Practically speaking, lenders are likely to require a business plan if you need startup cost funding to finance your medical practice or clinic. However, securing financing is only the beginning of the list of reasons to create a business plan. 

A solid medical practice business plan can also help you:

• Build a fulfilling and right-sized roster of patients through geographic, demographic and competitive research
• Plan for appropriate space that also takes growth projections into account
• Determine the people and skills you will need to run an efficient practice 
• Make educated income and expense projections
• Allow all stakeholders to collaborate in shaping the future of the practice
• Create an exit plan (even if that exit might be decades down the road)

A solid plan starts with preparation. Here are some essential to-dos to complete before sitting down to write your medical practice business plan:

1. Get all your credentials and licensing in order

We recommend starting paperwork early, since some licensing requirements can take several weeks or months. The specific requirements may vary depending on the type of practice you’re operating and its geographical location. 

A few of these items may include:

• Medical certifications and licenses for your province
• Professional association memberships
• Credentialing and Hospital Privileges

2. Conduct Preliminary Market Research

Conducting market research can help you create a profitable and personally rewarding practice. Before writing your medical practice business plan consider the following: 

• The volume and types of practices in your geographical location
• The demographics and health of the local population (E.G. Are there any prevalent or underserved chronic diseases? Is the population growing?)
• The average cost to lease or buy space and transportation/parking surrounding available options 
• The proximity of complementary services, such as diagnostic facilities, hospitals, etc.

With preliminary details carved out, you’ll be in a better position to assess viability before creating a more detailed plan.

3. Assess costs and make projections

With rising overhead costs, physicians should spend time to get an accurate idea of the typical costs associated with opening a medical practice or clinic. 

An estimate at this stage might include:

• Rent and utilities
• Renovations, if necessary
• Furniture, medical equipment, office equipment, etc. 
• Licensing and association dues
• Technology, such as an EMR, Practice Management Software and billing software  
• Advisors such as lawyers, accountants, bookkeepers, etc.
• Service needs, if applicable, such as janitorial, laundry, maintenance, sharps disposal, landscaping and snow removal, etc.
• Miscellaneous costs such as staff training, periodicals, office supplies and stationery, signage, etc.

Once you have most of these details at hand, you’re ready to create a business plan for your practice or clinic. A template can provide an excellent guide, however, a simple document containing the following sections is typically sufficient:

Executive Summary

Write a brief overview that covers the important points of your business plan at a glance. The executive summary should not exceed 10% of your plan’s length (e.g. one page for a ten page plan). It can be helpful to think of this section as your brief pitch—and even though this section appears first, many entrepreneurs like to write this section last. 

Participants

Include a description of the people who will be involved in the practice, such as yourself and any other care providers or partners.

Your Practice Profile

Describe the services your practice will provide in brief. If a growth model is relevant, you may include it here.

Market Research

Include what you have discovered about the current marketplace, including what you know about competing providers, any relevant underserved needs, patient demographics and population growth. You can also include a profile for your typical or ideal patient here.  

Implementation Plan

Create a timeline starting from creating your business plan to opening your doors. Describe how you intend to build your patient roster (e.g. marketing plan).

Projections & Budget

Outline your expected expenses and revenue in as much detail as you currently can. Try to predict at least the first 12 months.

An exit strategy is the one part of your plan you will likely not share with investors. However, it’s important to consider how you will transition, retire or recoup your investment, even if it’s years down the road. 

Starting a medical practice or buying out an existing practice can be both challenging and rewarding. A detailed business plan can act as your GPS as you navigate the journey. 

Don’t forget to factor in your own fulfillment as you create your plan. What works for the business should also work for you personally in terms of location, risk tolerance, nearby professional and personal networks, roster makeup and more. If your practice fulfills you both professionally and personally, it’s all the more likely to be successful.

Related posts:

Doctor starting salary in canada by specialty.

• 6 Tips For Physicians On How To Calm your Nerves Before Starting A New Job
• Preventing Professional Burnout: 8 Tips for Doctors

Read Our Latest Blog Post

Related Blog

This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBCx. or its affiliates.

Article Contents

Share this post, learn more about, why dr.bill is helping canadians say #thankyoudoctors on national physicians’ day.

Pros and Cons of Being a Rural/Remote Physician in Canada

Why Doctors Should Choose to Practise Medicine in Canada

Get the latest industry updates, billing tips and more direct to your inbox.

We use cookies to improve your website experience.

Same MDBilling.ca you know. Now part of the Dr.Bill suite.

Already an MDBilling.ca client?

It’s business as usual and you’ll still be using the same product you’ve come to know and trust for your medical billing. Click here to sign in to your MDBilling.ca account as you normally would.

Looking for MDBilling.ca?

You’re in the right place! Dr.Bill and MDBilling.ca have come together to make it even easier to find the right codes, submit claims and get paid.

Sample Medical Practice Business Plan

Writing a business plan is a crucial step in starting a medical practice business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring medical practice business owners, having access to a sample medical practice business plan can be especially helpful in providing direction and gaining insight into how to draft their own medical practice business plan.

Download our Ultimate Medical Practice Business Plan Template

Having a thorough business plan in place is critical for any successful medical practice venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A medical practice business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The medical practice business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your medical practice as Growthink’s Ultimate Medical Practice Business Plan Template , but it can help you write a medical practice business plan of your own.

Medical Practice Business Plan Example – MediTrust Clinic

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

MediTrust Clinic, located in the heart of Omaha, Nebraska, is a groundbreaking healthcare facility dedicated to providing comprehensive medical services with a focus on preventive care and wellness. Our mission is to offer accessible, high-quality healthcare services to our community, emphasizing the importance of preventive measures to maintain and improve health. By integrating cutting-edge technology and evidence-based medical practices, we aim to deliver personalized care that meets the unique needs of each patient. As a new entrant in the healthcare industry, we are committed to building a trusted and efficient healthcare environment that supports the well-being of our patients and the community at large.

Our clinic’s success is driven by several key factors that set us apart in the healthcare industry. Firstly, our commitment to incorporating the latest medical technologies and evidence-based practices ensures our patients receive the most advanced care available. Additionally, our focus on preventive healthcare and wellness has positioned us as a leader in promoting health and preventing disease, distinguishing us from traditional healthcare providers. To date, we have accomplished significant milestones, including the development of a comprehensive service offering that meets a wide range of healthcare needs and the establishment of a skilled and dedicated team. These achievements have laid a solid foundation for our future growth and success in the healthcare sector.

The healthcare industry is undergoing significant transformation, driven by technological advancements, changing patient expectations, and evolving healthcare needs. The demand for accessible and high-quality healthcare services is increasing, particularly in urban areas like Omaha, Nebraska, where diverse populations seek comprehensive healthcare solutions. In response to these trends, the industry is witnessing a shift towards preventive care and wellness, with an emphasis on personalized healthcare services. Additionally, the integration of technology in healthcare delivery is becoming increasingly important, offering opportunities for innovation in patient care and operational efficiency. MediTrust Clinic is well-positioned to capitalize on these trends, offering a modern approach to healthcare that addresses the current and future needs of our community.

MediTrust Clinic primarily serves the residents of Omaha, Nebraska, catering to a diverse demographic that includes young professionals, families, and the elderly. Our target customers are individuals seeking not just immediate medical attention but also preventive care and wellness services to maintain and improve their health over time. We recognize the importance of personalized care and the role of technology in enhancing the healthcare experience. Therefore, our services are designed to meet the varied needs of our community, ensuring accessibility, convenience, and high-quality care for everyone.

• Nebraska Medicine Immediate Care Clinic – Midtown: Offers a range of urgent care services with competitive pricing, benefiting from its central location and extended hours.
• South Side Convenient Care: Provides urgent and primary care in a community-focused setting, with transparent pricing appealing to local families.
• Fred & Pamela Buffett Cancer Center: Specializes in oncology, offering advanced cancer treatment and research with a comprehensive approach.

MediTrust Clinic’s competitive advantage lies in our holistic approach to healthcare, focusing on preventive care and wellness, alongside the integration of technology for personalized patient care. This distinguishes us from competitors who may focus on specific healthcare needs or traditional care models.

Our marketing plan emphasizes the unique aspects of our healthcare services, focusing on preventive care, wellness, and the use of cutting-edge technology. We offer a wide range of medical services at competitive pricing, catering to the diverse needs of Omaha’s residents. Our promotions plan includes digital marketing strategies, community engagement initiatives, and partnerships with local organizations. By highlighting our clinic’s distinct approach to healthcare, we aim to attract patients seeking comprehensive, personalized medical services. Our promotional efforts will also emphasize the accessibility and affordability of our services, ensuring that quality healthcare is within reach for our community.

MediTrust Clinic’s operational strategy is meticulously designed to ensure the successful launch and growth of our medical practice in Omaha, NE. Key operational processes include securing a suitable location, obtaining necessary licenses, equipping the clinic with state-of-the-art medical technology, and hiring a qualified team. We have outlined several milestones, such as launching a comprehensive marketing campaign, implementing an Electronic Health Records (EHR) system, and achieving $15,000/month in revenue. These steps are critical for establishing a solid foundation, optimizing clinic efficiency, and ensuring high-quality patient care. Our commitment to continuous improvement and patient satisfaction will guide our operational decisions and adjustments.

Our management team consists of experienced healthcare professionals and business leaders with a shared vision for transforming healthcare delivery. With expertise in medical practice management, healthcare technology, and patient care, our team is uniquely qualified to lead MediTrust Clinic towards achieving its goals. We are united in our commitment to providing exceptional healthcare services and fostering a culture of innovation, excellence, and compassion within our clinic.

Welcome to MediTrust Clinic, a new medical practice dedicated to serving the community in Omaha, NE. As a local medical practice, we’re acutely aware of the lack of high-quality local medical services available in the area. Our mission is to fill this gap by providing top-notch medical care that our community deserves and needs. We’re here to make a difference in the lives of our patients, offering a comprehensive range of medical services tailored to meet their health needs.

At MediTrust Clinic, we offer a wide array of medical services designed to cater to the diverse healthcare needs of our community. Our offerings include Primary Care Services, where we serve as the first point of contact for patients seeking healthcare, addressing a wide range of health issues and ensuring continuous care. We also provide Specialized Medical Services, catering to patients with specific healthcare needs. Our Diagnostic Testing and Imaging services are equipped with state-of-the-art technology to aid in accurate diagnosis. For patients managing chronic diseases, our Chronic Disease Management program offers personalized care plans to help manage their conditions effectively. Furthermore, recognizing the growing need for accessible healthcare, we offer Telehealth and Virtual Consultations, allowing patients to consult with our healthcare professionals from the comfort of their homes.

Based in Omaha, NE, MediTrust Clinic is strategically located to serve the local community effectively. Our presence in Omaha enables us to reach out to and assist a wide range of patients, ensuring they have access to quality medical care close to home.

MediTrust Clinic is uniquely positioned for success for several reasons. Our founder brings invaluable experience from previously running a successful medical practice, ensuring that we’re built on a foundation of proven success. Moreover, our commitment to offering quality primary care and medical services sets us apart from the competition, making us the preferred choice for healthcare in Omaha, NE.

Since our founding on January 6, 2024, as a Sole Proprietorship, we’ve made significant strides in establishing our presence in the healthcare industry. Our accomplishments to date include the creation of our distinctive logo, the development of our unique company name, and securing a prime location for our clinic. These achievements mark the beginning of our journey towards becoming a leading healthcare provider in Omaha, NE.

The Medical Practice industry in the United States is a significant and growing market, with an estimated size of over $200 billion. This industry encompasses a wide range of healthcare providers, including physician offices, outpatient clinics, and urgent care centers, all of which play a crucial role in delivering medical services to patients across the country.

Market research projects a steady growth in the Medical Practice industry in the coming years, with an expected annual growth rate of around 5%. This growth can be attributed to factors such as an aging population, increasing prevalence of chronic diseases, and advances in medical technology, all of which are driving demand for healthcare services and creating opportunities for new providers like MediTrust Clinic.

Recent trends in the Medical Practice industry, such as the shift towards value-based care and the increasing use of telemedicine, are particularly favorable for new entrants like MediTrust Clinic. These trends emphasize the importance of providing high-quality, cost-effective care to patients, which aligns with MediTrust Clinic’s commitment to delivering personalized and accessible healthcare services to the residents of Omaha, NE.

Below is a description of our target customers and their core needs.

Target Customers

MediTrust Clinic will target a diverse range of local residents, encompassing individuals and families seeking primary healthcare services. This broad customer segment is characterized by a need for reliable, accessible healthcare solutions close to home. The clinic will tailor its services to meet the varied healthcare needs of this demographic, ensuring a comprehensive approach to wellness and preventive care.

Additionally, MediTrust Clinic will also focus on serving the elderly population within the community. This segment is in need of specialized care and frequent medical attention. By offering geriatric care and chronic disease management, the clinic will address the specific health concerns prevalent among senior citizens, thus establishing itself as a preferred healthcare provider in the area.

MediTrust Clinic will also cater to the needs of young professionals who often prioritize convenience and efficiency. By incorporating telehealth services and offering flexible appointment schedules, the clinic will attract this busy demographic. This approach is essential for accommodating the healthcare needs of working professionals who might otherwise neglect their health due to tight schedules.

Customer Needs

MediTrust Clinic fulfills a crucial need for high-quality primary care and medical services that residents in the area deeply desire. Patients can expect a comprehensive approach to their health, ensuring that both their immediate and long-term care needs are meticulously addressed. This focus on quality care not only meets but exceeds the expectations of those seeking reliable and thorough medical attention.

In addition to primary care, MediTrust Clinic recognizes the importance of accessibility and convenience for its patients. The clinic provides flexible scheduling options, including the availability of appointments outside of traditional working hours, to accommodate the busy lives of its patients. This commitment to accessibility ensures that individuals can receive the care they need when they need it, without having to compromise their daily responsibilities.

Furthermore, MediTrust Clinic places a strong emphasis on patient education and preventative care, empowering individuals to take an active role in their health management. Patients have access to resources and guidance that help them understand their health conditions and the steps they can take to maintain or improve their well-being. By fostering a partnership between the healthcare provider and the patient, MediTrust Clinic ensures that its patients are equipped with the knowledge and support necessary to achieve optimal health outcomes.

MediTrust Clinic’s competitors include the following companies:

Nebraska Medicine Immediate Care Clinic – Midtown offers a wide range of urgent care services, including treatment for illnesses, minor injuries, and preventative care. Their price points are competitive within the market, aiming to provide affordable care options for individuals without insurance or with high deductibles. The clinic generates substantial revenue by serving a broad customer base, including residents of Omaha and surrounding areas. Key strengths of Nebraska Medicine Immediate Care Clinic – Midtown include its central location, extended hours of operation, and the backing of the Nebraska Medicine network, which ensures access to a wide range of medical specialties. However, a potential weakness is the clinic’s dependency on the larger Nebraska Medicine infrastructure, which could impact flexibility in services and pricing.

South Side Convenient Care caters to urgent and primary care needs, offering services from routine check-ups to treatment for minor emergencies. Their pricing strategy is designed to be transparent and accessible, appealing to families and individuals seeking cost-effective healthcare solutions. The clinic enjoys a steady stream of revenue through a mix of insurance reimbursements and out-of-pocket payments from patients. Located in a residential area of Omaha, South Side Convenient Care primarily serves the local community, providing a convenient healthcare option for those living in the southern part of the city. A key strength is its community-focused approach, which includes personalized care and patient education. However, a limitation is its single location, which may restrict access for patients living further away or in neighboring cities.

Fred & Pamela Buffett Cancer Center specializes in oncology services, offering cutting-edge cancer treatment, research, and support services. Their pricing reflects the specialized nature of their services, with treatments potentially running high due to the use of advanced technologies and therapies. The center generates significant revenue, supported by its reputation as a leading cancer treatment and research facility in the region. It serves a wide geographic area, attracting patients from across Nebraska and neighboring states seeking specialized cancer care. The center’s strengths include its comprehensive approach to cancer treatment, access to the latest research, and a multidisciplinary team of experts. However, the high cost of services and the focus on cancer care exclusively could be seen as limitations for individuals seeking more generalized healthcare services.

Competitive Advantages

At MediTrust Clinic, we pride ourselves on offering quality primary care and medical services that surpass those of our competition. Our commitment to excellence ensures that each patient receives personalized and comprehensive healthcare tailored to their specific needs. By integrating the latest medical technologies and employing highly skilled healthcare professionals, we can diagnose and treat a wide range of conditions more effectively and efficiently. This emphasis on quality and innovation not only enhances the overall patient experience but also significantly improves health outcomes, setting us apart in the competitive healthcare landscape.

Furthermore, our strategic location and flexible scheduling options provide unparalleled convenience to our patients. We understand the importance of accessibility in healthcare, which is why we have made it easier for patients to receive care without the hassle of long wait times or restrictive appointment schedules. Additionally, our holistic approach to healthcare, which combines preventative care, education, and lifestyle support, empowers our patients to take an active role in their health journey. These competitive advantages, coupled with our unwavering dedication to patient satisfaction, position MediTrust Clinic as a leader in the Omaha healthcare market.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

MediTrust Clinic offers a comprehensive range of healthcare services designed to cater to the diverse needs of its clientele. Among the key offerings are Primary Care Services, which form the foundation of the clinic’s healthcare provision. Patients can expect to receive general health check-ups, treatment for acute illnesses, and preventive care. The average cost for a visit under Primary Care Services is around $150, depending on the nature and complexity of the patient’s needs.

In addition to primary care, MediTrust Clinic specializes in offering Specialized Medical Services. These services cater to patients requiring attention in specific medical fields such as cardiology, dermatology, and endocrinology, among others. The cost for these specialized consultations typically starts at $250, varying by specialty and the required level of care.

Understanding the importance of accurate diagnosis, the clinic is equipped with state-of-the-art Diagnostic Testing and Imaging facilities. Services range from routine blood tests to more complex imaging procedures like MRIs and CT scans. Prices for diagnostic tests start at $100, while imaging services begin at $500, reflecting the clinic’s commitment to providing accessible, high-quality diagnostic care.

Chronic Disease Management is another pivotal service offered by MediTrust Clinic. This program is designed for patients with long-term conditions such as diabetes, hypertension, and heart disease. The clinic provides personalized care plans, regular monitoring, and adjustments to treatment as necessary. Patients enrolled in this program can expect to pay an average of $200 per month, which includes ongoing consultations and management plans.

Recognizing the growing need for flexible healthcare delivery, MediTrust Clinic also provides Telehealth and Virtual Consultations. This service allows patients to consult with healthcare professionals via video conferencing, ensuring timely medical advice without the need to visit the clinic physically. The average price for a virtual consultation is set at $100, making it a convenient and cost-effective option for patients seeking quick and professional medical advice.

Overall, MediTrust Clinic is committed to offering a wide range of high-quality medical services at competitive prices, ensuring that patients in Omaha, NE, have access to the care they need when they need it.

Promotions Plan

To attract customers, MediTrust Clinic employs a comprehensive promotional strategy, emphasizing online marketing while incorporating additional effective methods. Online marketing stands as a crucial pillar, with a strong focus on social media platforms such as Facebook, Instagram, and LinkedIn. Through these channels, MediTrust Clinic engages with potential patients by sharing health tips, clinic updates, and patient testimonials. This approach not only builds a community but also establishes trust and credibility among the target audience.

Furthermore, MediTrust Clinic utilizes search engine optimization (SEO) techniques to enhance its visibility in search engine results. This ensures that when potential patients search for medical practices in Omaha, NE, MediTrust Clinic appears among the top results, significantly increasing the likelihood of attracting new patients. Email marketing campaigns also play a vital role in the clinic’s promotional efforts. By sending out regular newsletters that include health advice, service updates, and promotional offers, the clinic maintains ongoing communication with its audience, fostering a strong and loyal patient base.

In addition to online marketing, MediTrust Clinic invests in community engagement initiatives. Participating in local health fairs and sponsoring community events allow the clinic to establish a presence within the community, directly engaging with potential patients in a meaningful way. Networking with other healthcare professionals and local businesses also provides referral opportunities, further expanding the clinic’s reach.

Traditional advertising methods, such as local newspaper ads and radio spots, complement the clinic’s digital marketing efforts. These mediums target a broader audience, ensuring that information about MediTrust Clinic reaches individuals who may not be active online. Moreover, offering an excellent patient experience remains at the core of MediTrust Clinic’s promotional strategy. Word-of-mouth referrals from satisfied patients are invaluable, serving as a testament to the clinic’s quality of care and customer service.

Overall, MediTrust Clinic employs a multifaceted promotional strategy that combines the strengths of online marketing with community engagement and traditional advertising. This approach ensures a broad and effective reach, attracting a diverse patient base to the clinic.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of MediTrust Clinic, there are several key day-to-day operational processes that we will perform.

• Appointment Scheduling: Efficiently manage patient appointments through an online booking system to ensure patients can easily schedule, reschedule, or cancel appointments.
• Patient Check-In and Registration: Streamline the check-in process with digital forms and ensure all new patients complete their registration paperwork, including medical history and insurance information.
• Insurance Verification: Verify insurance coverage and benefits for each patient before their appointment to streamline billing and minimize claim denials.
• Medical Record Management: Maintain accurate and up-to-date electronic health records (EHR) for all patients, ensuring privacy and compliance with HIPAA regulations.
• Inventory Management: Regularly monitor and restock medical supplies and medications to ensure availability for patient care without overstocking or wastage.
• Financial Management: Manage daily billing operations, including processing patient payments, submitting insurance claims, and following up on unpaid claims.
• Patient Communication: Provide clear and timely communication with patients regarding their appointments, treatment plans, and any necessary follow-up care.
• Quality Control: Implement regular checks and audits to ensure that all clinic operations meet health and safety standards, as well as regulatory compliance.
• Staff Scheduling: Efficiently schedule medical and administrative staff to meet patient demand while optimizing workload and minimizing overtime costs.
• Professional Development: Encourage continuous learning and professional development for all staff to keep up with the latest medical practices and technologies.
• Feedback Collection: Collect and analyze patient feedback to identify areas for improvement and enhance patient satisfaction.
• Cleanliness and Maintenance: Ensure the clinic environment is clean, safe, and well-maintained to provide a comfortable and welcoming atmosphere for patients and staff.

MediTrust Clinic expects to complete the following milestones in the coming months in order to ensure its success:

• Secure a Suitable Location : Identify and acquire a clinic location that is accessible and visible to the target population in Omaha, NE. This location should also comply with zoning laws for medical practices.
• Obtain Necessary Licenses and Permits : Ensure compliance with local, state, and federal regulations by obtaining all necessary licenses and permits required to legally operate a medical practice in Omaha, NE.
• Build Out and Equip the Clinic : Complete the build-out of the clinic space to include patient examination rooms, a waiting area, and office space. Purchase and set up essential medical equipment and technology systems for patient care and records management.
• Hire Qualified Staff : Recruit and hire a team of qualified healthcare professionals (doctors, nurses) and support staff (receptionist, administrative assistants) who share the vision of MediTrust Clinic for providing high-quality patient care.
• Implement an Electronic Health Records (EHR) System : Deploy an EHR system to efficiently manage patient records, appointments, and billing. This system will improve operational efficiency and patient care management.
• Launch Marketing Campaign : Initiate a comprehensive marketing campaign to build awareness of MediTrust Clinic in the Omaha, NE area. This should include digital marketing, community engagement, and partnerships with local organizations.
• Launch Our Medical Practice : Officially open MediTrust Clinic to the public, welcoming patients and beginning to provide medical services.
• Monitor and Adjust Operational Processes : Continuously monitor operational processes and patient feedback to identify areas for improvement. Adjust processes as necessary to improve patient care and clinic efficiency.
• Achieve $15,000/Month in Revenue : Implement strategies to grow the patient base and increase services offered to reach the financial milestone of $15,000 in monthly revenue. This may involve expanding clinic hours, adding new specialties, or enhancing marketing efforts.
• Establish a Patient Retention Program : Develop and implement a patient retention program to encourage repeat visits and long-term relationships with patients. This could include patient education, follow-up care programs, and loyalty incentives. These milestones are designed to systematically address the critical areas of location, legal compliance, clinic setup, staffing, technology implementation, marketing, operational efficiency, revenue growth, and patient retention. Achieving these milestones will significantly mitigate risks and pave the way for the success of MediTrust Clinic in Omaha, NE.

MediTrust Clinic management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Owen Evans, CEO

Owen Evans brings a wealth of experience and a proven track record of success to his role as CEO of MediTrust Clinic. His background in running a medical practice stands as testament to his deep understanding of the healthcare industry, its challenges, and opportunities. Owen’s leadership skills, combined with his experience in healthcare management, equip him to steer MediTrust Clinic towards achieving its objectives. His ability to navigate the complex landscape of medical services, while ensuring operational excellence and patient satisfaction, makes him an invaluable asset to the clinic. Owen’s vision for the clinic is not only to provide exceptional care but also to innovate and set new standards in the healthcare field, ensuring the clinic’s lasting success.

MediTrust Clinic requires significant funding to achieve our growth goals and establish ourselves as a leading healthcare provider in Omaha, NE. This funding will be allocated towards clinic setup, technology implementation, staffing, marketing, and operational expenses. Our financial strategy is designed to ensure sustainability and profitability, enabling us to reinvest in our services and continue to meet the evolving healthcare needs of our community.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Medical Practice Business Plan Example PDF

Download our medical practice business plan pdf here. This is a free medical practice business plan example to help you get started on your own medical practice plan.  

How to Finish Your Medical Practice Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your medical practice business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Medical Clinic and Practice Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Hospital and Clinic

Are you about starting a medical clinic and practice? If YES, here is a complete sample medical clinic and practice business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a medical clinic and practice company . We also took it further by analyzing and drafting a sample medical clinic and practice marketing plan template backed up by actionable guerrilla marketing ideas for medical clinic and practice companies. So let’s proceed to the business planning section .

All over the world, the medical industry is one of the most revered industries. As a medical doctor or a player in the healthcare industry, if you are interested in starting a business in this industry and you don’t have the financial requirements to start a standard hospital, then you should opt for a medical clinic and practice business.

It is imperative to note that any healthcare related business requires that you should first look at the existing laws in the country or the state you reside before starting the business.

This is so because there is hardly any country that does not pay serious attention on their healthcare sector. Healthcare related businesses are usually highly regulated to guard against the infiltration of quacks or substandard medical clinics, hospitals or health facilities.

In essence, if you want to start your own medical clinic and practice business, then you would need to pay a visit to the health and medical regulatory body in your country to get all the required information before you can legally start your own medical practice .

So, if you are enthusiastic about starting your own medical clinic, then you should ensure that you carry out thorough feasibility studies and market survey. Business plan is yet another very important business document that you should not take for granted when launching your own medical clinic and practice business.

Below is a sample medical clinic and practice business plan template that can help you to successfully write your own with little or no difficulty.

A Sample Medical Clinic Business Plan Template

1. industry overview.

The hospital and healthcare industry that medical clinic and practice business is a subset of, is perhaps one of the fastest growing and largest industries in the world because the wealth of any nation depends on the health of the nation.

There is hardly any country where the healthcare and medical industry is not handled with all seriousness. As a matter of fact, the healthcare industry is known to gulp over 10 percent of gross domestic product (GDP) of most developed countries.

A healthcare provider is a health professional such as nurse or doctor et al or an establishment such as a hospital or a medical clinic or a healthcare center/facility that provides preventive, curative, promotional, rehabilitative or palliative healthcare/medical services in a systematic way to individuals, families or communities.

The hospital and healthcare industry comprise of operators who are licensed as general medical and surgical hospitals that provide surgical, nonsurgical diagnostic and medical treatment to inpatients with medical conditions. In general, medic clinics maintain inpatient beds and usually provide other services such as outpatient services, operating room services and pharmacy services.

There is indeed a very large market for healthcare service providers in the united states and of course in most parts of the world.

For instance, the World Health Organization (W.H.O) estimated that there are about 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers worldwide. This goes to show that the healthcare industry is indeed one of the largest segments of the workforce of any nation.

It is on record that in 2011, healthcare costs paid to hospitals, physicians, nursing homes , diagnostic laboratories, pharmacies, medical device manufacturers and other players in the healthcare system business value chain, consumed an estimated value of 17.9 percent of the Gross Domestic Product (GDP) of the United States.

This indeed is the largest of any country in the world. As a matter of fact, experts project that the healthcare share of the GDP of the United States will continue to grow, reaching 19.6 percent of GDP by 2016. The hospital and healthcare industry is indeed a very massive industry in the U.S. Statistics has it that in the United States of America, the industry is worth $986bn, with an estimated growth rate of 3.4 percent.

There are about 3,184 registered and licensed hospital and medical clinic businesses in the United States and they are responsible for employing about 5,513,669 people that comprise of doctors, nurses, pharmacists, dentists, opticians, surgeons and other health and non-health workers.

It is important to state that there is no medical clinic with a lion share of the available market in the United States. If you are considering starting your own medical clinic and practice business in the United States, then you should try and work around the industry barriers.

The truth is that the barriers to entry in the hospital and healthcare industry are high because of the significant regulatory requirements and the experience and strength of incumbents.

It is absolutely compulsory for any investor who is looking towards starting a medical business to meet extensive federal, state and local laws and regulations. These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures.

Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with building codes and environmental protection laws. These regulations make it difficult and costly for aspiring entrepreneurs to enter the industry.

Some of the factors that encourage entrepreneurs to start their own medical clinic and practice is that the business can easily get support from government at all level and the business is indeed a profitable venture despite the legislature governing the industry.

If you are determined and you are ready to go all the way, you will surely succeed in establishing your medical practice in the United States of America and you will be glad you did because it is indeed a profitable line of business.

2. Executive Summary

Borger Jasper Memorial® Medical Clinic, LLC is a standard, licensed and government approved healthcare services provider that will be located in the heart of Miami Beach, Florida – United States of America. We have been able to acquire a standard corner piece facility that is highly suitable for the kind of medical clinic we want to operate.

Borger Jasper Memorial® Medical Clinic, LLC is in the hospital and healthcare industry to provide healthcare services like inpatient care, outpatient care, anatomical pathology services, diagnostic X-ray services, clinical laboratory services, operating room services and other medical services and practice.

We are well trained and equipped to service the market segments that require the healthcare services we will be offering. We are in the medical clinic and practice business to deliver excellent healthcare services to all those who will patronize our medical clinic.

We will also ensure that we will comply with the laws and health regulations in Florida and the United States of America. Our employees are well trained and qualified to handle the wide range of healthcare services.

Borger Jasper Memorial® Medical Clinic, LLC will operate a 24 hours, 7 days a week medical clinic and practice service; our medical clinic will be opened round the clock to attend to patients. We have a standard call center that is manned by trained health workers.

Our employees are going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our patients.

Borger Jasper Memorial® Medical Clinic, LLC will ensure that all our patients are given first class treatment whenever they visit our clinic. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the number of our customer base grows.

Borger Jasper Memorial® Medical Clinic, LLC is a family business that is owned and managed by Dr. Borger Jasper and his immediate family members.

Dr. Borger Jasper is going to be the Medical Director (Chief Executive Officer) of the medical clinic. He is a qualified and well trained Medical Doctor who has over 15 years’ experience working as a medical doctor and medical researcher with the United States’ government.

3. Our Products and Services

Borger Jasper Memorial® Medical Clinic, LLC is in the medical clinic and practice business of ensuring that our patients are well taken care of and our services will be carried out by highly trained professional doctors, dentists, surgeons, opticians, nurses, nurse’s aides, mental health counselors, chiropractors, medication management counselors, physical therapists and other health and non – health workers, who know what it takes to give our patients value for their money.

These are the healthcare services that Borger Jasper Memorial® Medical Clinic, LLC will be offering;

• Inpatient care
• Outpatient care
• Anatomical pathology services
• Diagnostic X-ray services
• Clinical laboratory services
• Operating room services
• Occupational, Physical, and Speech Therapy
• Personal Injury Case Management

4. Our Mission and Vision Statement

• Our vision is to become the number one choice when it comes to healthcare service delivery in the whole of Florida and also to be amongst the top 10 medical clinics in the United States of America within the next 10 years.
• Borger Jasper Memorial® Medical Clinic, LLC is in business is to establish a first class medical clinic that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. We want to become one of the leaders in the hospital cum healthcare services industry in Florida, and in the United States of America.

Our Business Structure

Borger Jasper Memorial® Medical Clinic, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (doctors, dentists, surgeons, opticians, nurses, nurse’s aides, chiropractors, medication management counselors, physical therapists and other health and non – health workers) to man various job positions in our organization.

We are quite aware of the rules and regulations governing the hospital cum healthcare industry which is why we have decided to recruit only experienced and qualified employees as staff of the organization. We hope to leverage on their expertise to build our medical clinic and practice business to be well accepted in Florida and the whole of the United States.

When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more.

These are the positions that will be available at Borger Jasper Memorial® Medical Clinic, LLC;

• Chief Medical Director/Chief Executive Officer

Nurses/Nurse’s Aides

• Information Technologist (Contract)
• Admin and Human Resources Manager
• Sales and Marketing Executive

Accountant/Cashier

• Customer Care Executive

5. Job Roles and Responsibilities

Chief Medical Director/Chief Executive Officer:

• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
• Attends to high profile clients and severe medical cases
• Accountable for fixing prices and signing business deals
• Responsible for payment of salaries
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Responsible for providing professional medical services to our patients
• Responsible for offering occupational, physical, and speech therapy
• Responsible for handling medical emergencies
• Responsible for managing the daily activities in the dispensary store
• Provide advice about medications in response to customer inquiries
• In control of processing prescriptions and dispensing medication
• Responsible for ordering, selling and controlling medicines and other stock
• Handles any other duty as assigned by the Medical Director
• Responsible for managing our patients
• Handles personal injury case management
• Responsible for offering medication management services
• Assist the doctors in treating patients

Sales and Marketing Manager

• Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Model demographic information and analyze the volumes of transactional data generated by customer
• Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Develops, executes and evaluates new plans for expanding sales
• Creates new markets cum businesses for the organization
• Empowers and motivates the sales team to meet and surpass agreed targets
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for Borger Jasper Memorial® Medical Clinic, LLC
• Serves as internal auditor for Borger Jasper Memorial® Medical Clinic, LLC.

Client Service Executive

• Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients provide the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the creative director in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
• Responsible for cleaning the medical clinic facility at all times
• Ensure that toiletries and supplies don’t run out of stock
• Handle any other duty as assigned by the admin and HR manager

6. SWOT Analysis

Borger Jasper Memorial® Medical Clinic, LLC is set to become one of the leading medical cum healthcare service providers in Florida which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business.

We want our medical clinic to be the number one choice of all residents of Miami and other cities in Florida. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.

Even though our Chief Medical Director has robust experience in health management services, public health and medical research, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support to structure our business to become a leader in the hospital and healthcare industry.

This is the summary of the SWOT analysis that was conducted for Borger Jasper Memorial® Medical Clinic, LLC;

Our strength lies in the fact that we have a team of well qualified healthcare professionals manning various job positions in our medical clinic.

As a matter of fact, they are some of the best hands in the whole of Miami Florida. Our location, the Business model we will be operating on, opening 24 hours daily and 7 days in a week, multiple payment options, well equipped medical call center and our excellent customer service culture will definitely count as a strong strength for us.

Our perceived weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business and also to acquire some of the latest medical and surgical equipment.

• Opportunities:

The opportunities that are available to medical clinics cum healthcare service providers are unlimited considering the fact that medical clinics are not only meant for those who are sick and need treatment; people who are not sick may be required to conduct routine medical checkups from time to time and we are going to position our medical clinic to make the best out of the opportunities that will be available to us in Florida.

Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies . Another threat that may likely confront us is the arrival of a bigger medical clinic or hospital or healthcare brand in the same location where our medical clinic is located.

7. MARKET ANALYSIS

• Market Trends

The hospital cum healthcare industry is indeed a thriving and dynamic industry; with the aid of technology, it is becoming easier to treat, manage and cure some ailments that before now are not easy to handle. No doubt there are many ways of providing healthcare services in this changing era since the place of delivery may be in the patient’s home, the community, the workplace, or in health facilities.

The hospital cum healthcare industry has recently begun consolidating, largely due to the pressures of healthcare reform. The truth is that the demand for hospital cum healthcare services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage.

As an investor in the hospital cum healthcare industry, in order to maintain an advantaged position in this competitive industry, you should source for the most skilled and specialized healthcare professionals.

One thing about this industry is that labor costs are on the high side. However, medical clinics have also faced nurse and physician shortages and have struggled to recruit qualified personnel. Industry profitability has generally risen over the past five years due to increases in service prices.

No doubt the home healthcare industry will continue to grow and become more profitable because the aging baby-boomer generation in the United States are expected to drive demand for healthcare services.

8. Our Target Market

Borger Jasper Memorial® Medical Clinic, LLC is in business to service a wide range of customers in Miami Beach, Florida – United States of America and other cities such as Green – acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al.

We will ensure that we target both customers who do not have health insurance cover, and those who have health insurance cover. The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the hospital and healthcare industry in the United States.

Our staff are well – trained to effectively service our customers and give them value for their monies. Our customers can be categorized into the following;

• The whole residents within the area where our medical clinic is located
• Expectant Mothers
• Injured Sports Men and Women
• Corporate organizations such as banks, insurance companies, manufacturing companies, oil and gas companies et al
• Health Management Organizations (HMOs)

Our Competitive Advantage

Aside from the competitions that exist amongst various medical clinics, they also compete against other healthcare services providers such as home healthcare services providers, health centers and standard hospitals et al.

To be highly competitive in the hospital cum healthcare industry means that you should be able to deliver quality patient service and should be able to meet the expectations of your patients at all times; they should experience improvement in their health when they patronize your medical clinic.

Borger Jasper Memorial® Medical Clinic, LLC is coming into the market well prepared to compete in the industry. Our medical clinic facility is well positioned and visible, we have enough parking space with good security. Our staff are well groomed in all aspects of healthcare service delivery.

Our services will be carried out by highly trained professionals (doctors, dentists, surgeons, opticians, nurses, nurse’s aides, chiropractors, medication management counselors, physical therapists and other health and non – health workers) who know what it takes to give our patients value for their money.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Borger Jasper Memorial® Medical Clinic, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Borger Jasper Memorial® Medical Clinic, LLC;

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.

We have been able to critically examine the healthcare market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Miami – Florida.

• First Year: $100,000 (From Self-Pay Clients/Patients) and $250,000 (From Health Insurance Companies)
• Second Year: $250,000 (From Self-Pay Clients/Patients) and $500,000 (From Health Insurance Companies)
• Third Year: $500,000 (From Self-Pay Clients/Patients) and $1,500,000 (From Health Insurance Companies)

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

The marketing and sales strategy of Borger Jasper Memorial® Medical Clinic, LLC will be based on generating long-term personalized relationships with our customers. In order to achieve that, we will ensure that we offer all – round healthcare services at affordable prices compared to what is obtainable in Florida.

We know that if we are consistent in offering high quality healthcare service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.

Before choosing a location for our medical clinic and medical practice, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents of Miami Beach, Florida and other cities in the United States where our services will be available.

We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the hospital cum healthcare industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Florida. In summary, Borger Jasper Memorial® Medical Clinic, LLC Services will adopt the following sales and marketing approach to win customers over;

• Introduce our medical clinic by sending introductory letters to residents, business owners and corporate organizations
• Advertise our medical clinic and practice in community based newspapers, local TV and radio stations
• List our medical clinic and practice on yellow pages ads (local directories)
• Leverage on the internet to promote our medical clinic and practice
• Engage in direct marketing
• Leverage on word of mouth marketing (referrals)
• Enter into business partnership with health management organizations, government agencies and health insurance companies

11. Publicity and Advertising Strategy

We are in the medical clinic and practice business to become one of the market leaders and also to maximize profits hence we are going to explore all available means to promote our medical clinic. Borger Jasper Memorial® Medical Clinic, LLC has a long – term plan of opening medical clinics in key cities around Florida which is why we will deliberately build our brand to be well accepted in Miami Beach before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Borger Jasper Memorial® Medical Clinic, LLC;

• Place adverts on both print and electronic media platforms
• Sponsor relevant community health programs
• Leverage on the internet and social media platforms like Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
• Install our billboards in strategic locations all around Miami Beach Florida
• Engage in roadshows from time to time
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles and ambulances are well branded with our company’s logo et al.

12. Our Pricing Strategy

Borger Jasper Memorial® Medical Clinic, LLC will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.

On the average, hospitals and healthcare service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for hospitals and healthcare service providers to bill their clients based in their discretion.

In some cases, hospitals and healthcare service providers also adopt the hourly billing cum per visit billing method. It is easier and preferable for medical clinic and healthcare services providers to bill personal injury case management services by the hour as against a fixed price.

• Payment Options

The payment policy adopted by Borger Jasper Memorial® Medical Clinic, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Borger Jasper Memorial® Medical Clinic, LLC will make available to her clients;

• Payment via bank transfer
• Payment via credit cards
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

If you are looking towards starting a medical clinic, then you should ensure that you raise enough capital to cover some of the basic expenditures that you are going to incur. The truth is that starting this type of business does not come cheap.

You would need money to secure a standard medical clinic facility, acquire medical equipment and supply , pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them. Also it is expensive to acquire a standard and well – equipped ambulance.

The items listed below are the basics that we would need when starting our medical clinic in the United States, although costs might vary slightly.

• The total fee for registering the Business in the United States – $750
• Legal expenses for obtaining licenses and permits – $1,500
• Marketing promotion expenses for the grand opening of Borger Jasper Memorial® Medical Clinic, LLC – $3,580
• Cost for hiring Business Consultant – $2,500
• Cost for computer software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400
• Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of – $105,600
• Cost for clinic remodeling – $20,000
• Other start-up expenses including phone and utility deposits – ( $2,500 )
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $500,000
• The cost for startup inventory (stocking with a wide range of products) – $150,000
• Storage hardware (bins, rack, shelves,) – $10,720
• Cost for Drugs and Supplies (Injections, Bandages, Scissors, et al) – $3,000
• Cost for medical equipment – $300,000
• Cost of purchase of ambulance and other vehicles – $100,000
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al) – $4,000
• The cost of launching a website – $700
• Miscellaneous – $10,000

We would need an estimate of $1.2 million to successfully set up our medical clinic and practice business in Miami Beach – Florida.

Generating Startup Capital for Borger Jasper Memorial® Medical Clinic, LLC

Borger Jasper Memorial® Medical Clinic, LLC is a private business that will be owned and managed by Dr. Borger Jasper Jnr. and his immediate family members.

They are the financier of the business, but may likely welcome partners later which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources. These are the areas we intend generating our startup capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $500,000 (Personal savings $300,000 and soft loan from family members $200,000) and we are at the final stages of obtaining a loan facility of $700,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Borger Jasper Memorial® Medical Clinic, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our healthcare services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Borger Jasper Memorial® Medical Clinic, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check: Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the facility: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of Medical Equipment and Ambulances et al: In Progress
• Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party/launching party planning: In Progress
• Compilation of list of products that will be available in our pharmacy store: Completed
• Establishing business relationship with Private medical insurance companies, Medicare and Medicaid, vendors (wholesale pharmaceutical companies): In Progress

Related Posts:

• Hospital Business Plan [Sample Template]
• How to Start a Medical Clinic Business
• Weight Loss Clinic Business Plan [Sample Template]
• Acupuncture Clinic Business Plan [Sample Template]
• Naturopathy Clinic Business Plan [Sample Template]

General practice tool kit

Becoming an owner of a general practice

• Your business plan
• Introduction
• First decision – buy or start?
• Choosing the type of business structure you want
• Starting a new practice
• Buying all or some of an existing practice
• Your obligations as a business owner
• Financial planning
• Other business planning
• Deciding on a location
• Deciding on premises
• Designing your practice
• Furniture and equipment
• Clinical equipment
• Lighting, heating, cooling and ventilation
• Your practice’s website
• Greening up – Environmental sustainability in general practice
• Safety and security
• Co-located services
• Waste management
• Outsourcing services
• Accreditation against the RACGP’s Standards

Advertising

• Social media
• Online reviews
• Achieving your financial goals
• Identifying the cost of providing services
• Patient fees
• Patient payments and insurance
• Maximising your use of Medicare
• Other revenue streams
• Your practice team
• Managing employees’ performance
• Your obligations as an employer
• Staff safety, wellbeing and development
• Relocating your practice
• Patient considerations
• Your practice’s team
• Service providers
• Business considerations
• Toolkit resources
• Useful links
• Case studies

Last revised: 24 Oct 2019

Why develop a business plan?

Creating a business plan is one of the most important steps towards owning a successful practice that not only thrives but helps you achieve your personal and professional goals. If you are seeking a loan from a financial organisation or investor, they will want to see your business plan so they know you have completed the necessary financial analysis and long-term planning.

What does a good business plan contain?

Your business plan needs to:

• articulate your goals and vision for your business
• analyse your business environment and market
• identify potential risks and how to mitigate them
• describe your current and planned financial position, along with your business structure and financial control
• set out what you will be accountable for
• describe how you will measure your business’s success
• identify aspects of your business you want to give high priority to, so that you increase the likelihood of your business being successful.

The specific areas that your business plan needs to focus on are:

• The finances : start-up costs, forecasted costs, profits and losses, cash flow and break-even point.
• The operations : your premises, key personnel, services, insurance, risk management and legal considerations.
• The market : your customers, competitors, and industry, so you can determine marketing and advertising.
• The future : your vision, mission, goals and objectives.

Developing a business plan

There are several tools and resources you can use to develop a business plan. These include:

• the Australian Government’s free comprehensive guide and template
• external parties (individuals or organisations) that help businesses create business plans.

Using an external party might result in a more objective plan, because they will question your assumptions and ask for evidence to back up what you are claiming. However, select an organisation or person who understands the medical sector, and can provide advice that is specific to general practices.

Setting business goals and objectives

What’s the difference between a goal and an objective.

• Goal: The outcome you want to achieve
• Objective: The actions taken to achieve the desired outcome.

Setting SMART goals and objectives

Most organisations set SMART goals and objectives that are:

• M easurable
• A chievable
• Ti me-based

Non-SMART goal:   “ To increase the number of flu shots given in our region. ”

SMART goal:   “ To increase the number of our active patients who receive the flu shot by 25% by June 2021 .”

Non-SMART goal:   “ To have the best-trained admin staff of any practice. ”

SMART goal:   “ To have each member of our admin staff complete at least two professional development programs each year.”

Planning your practice’s use of emerging technologies

Online technologies (such as apps, pre-consult questionnaires, wearable devices, and decision support tools) are effective ways of helping patients manage their health, and are increasingly common in general practices.

So that your practice uses these and other emerging technologies effectively, include a section in your business plan that sets out:

• which of these you intend to use, and how
• how you will keep abreast of emerging technologies, and assess their usefulness for your practice and your patients.

 Useful resource

Recommending health apps

Succession planning

Even while you’re in the early days of setting up your business, you need to consider what you’d like to happen with the practice when you decide to reduce your commitment as an owner. For example, what will you do if/when you decide to retire, take extended leave, make changes to your lifestyle, or move?

Your business plan should therefore have a section on succession planning that addresses:

• What will happen to your patients and their records? How will continuity of care be achieved?
• What will happen to staff, including GPs, the practice manager, nurses, and administrative staff? To what extent will you consider their financial, professional and personal needs and goals?
• Who will move into your role, and who will move into their role, and so on?
• What will happen to the practice if you want to close the practice, or sell your share of the practice to someone else, or merge with another practice?
• What will happen to the practice’s goals?
• If the practice is not being closed, what needs to be done to protect the practice’s financial viability?

Closing, relocating, merging and selling your practice for more information about changes to your practice’s situation. 

Key resources

How do I write a succession plan? Succession planning for rural GPs

Developing an action plan

In addition to developing a business plan, you need to develop an action plan sets out how you are going to achieve your business objectives. For each objective, your action plan needs to explain the following.

• What – the steps (or tasks) needed to achieve that objective.
• Who – the responsible person for each task. Select someone with the knowledge, ability and availability to carry out the task, as well as the required level of interest or investment in the successful implementation. Explain how you will hold each person accountable for completing their nominated task.
• When – a realistic start and end date for each task and the overall objective. For each timeframe, include a buffer to allow for shifting priorities and unforeseen delays.
• How – the finance, people, space, and equipment that will be needed to achieve each task and the overall objective.
• Evaluation – when and how you will receive feedback and ideas from each person responsible for a task, monitor progress, and measure whether you have achieved your objective (if you’ve written SMART objectives, it will be much easier to measure and evaluate your success).

Useful link

Practice vision & values

Reviewing, evaluating and updating business plans

Reviewing your business plan allows you to assess:

• if you have achieved your goals
• if unrealised goals are still realistic
• if the plan needs to be changed and what effect these changes will have on other aspects of the plan, people’s time and responsibilities, the practice’s finances
• if your resources and finances could be better used.

When to review your business plan

You need to review and update your business plan at least annually, and whenever your business or the operating environment changes.

This means you should review your business plan:

• at pre-determined regular intervals (eg annually, twice a year)
• when the business structure changes (eg someone buys into the business, your partner retires, you form a company)
• when there are changes to the operating environment (eg a new competitor opens in the area)
• when the economic environment changes (eg interest rates go up or down significantly)
• when regulatory changes are likely to affect your business, positively or negatively (eg changes to MBS or the Practice Incentives Program).

Each time you review your business plan, identify:

• specific areas for improvement
• how you are going to communicate the changes to everyone so they understand the changes and the benefits of the changes.

RACGP standards

C3.1A Our practice plans and sets goals aimed at improving our services. C3.1B Our practice evaluates its progress towards achieving its goals. View the standards >

Did you know you can now log your CPD with a click of a button?

• Breaking News
• PLANADVISER Dash
• Sign in / Sign up

Small Business Plan Design in Practice

Advisers and recordkeepers discuss plan design for the burgeoning small business 401(k) market.

401(k) startup tax incentives from SECURE 2.0 and state mandates have prognosticators forecasting robust plan growth in coming years. But what kind of retirement plan design will most benefit these starts ups?

In a post by Employee Fiduciary LLC , which offers 401(k) plans for small businesses, CEO and President Eric Droblyen lays out six key features that small businesses should consider: participant eligibility, compensation, contributions, vesting, distributions and loans. How the plan sponsor addresses these plan elements could be the difference in “thousands of dollars in plan expenses,” Droblyen notes.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters. 

The objectives a small business has for setting up a 401(k) should always be the key driver of a plan design approach, says Andy Bush, partner and financial adviser with Horizon Financial group.

If a plan sponsor is small and looking for a tax shelter for savings, that will influence the setup toward being more basic. If the plan is a talent attraction and retention play, they’ll want to add more options and lean into an employer match.

“They need to first communicate what the objective is,” he says. “Then an adviser can decide from there what type of plan design to consider.”

Bush, whose practice advises in areas including health care, engineering and law firms, says the type of participant pool matters as well for design. The employer match, for instance, can be a major incentive for most plans, but the amount and style of match may vary depending on the workforce.

“They know their people,” Bush says. “They know who is going to participate and how to incentivize them to do so.”

Efficiency, Simplicity

Bush notes that, generally, small businesses are often focused on being “as efficient as possible,” so plan designs may veer toward the simplistic at least to start.

“The mega companies are usually more paternalistic than the smaller companies,” he says. The small business owner that “took a lot of risk to start the company wants to be rewarded for that; as they grow, they may become more culturally paternalistic.”

Chris Horne, vice president of customer success and operations at Human Interest, says the plan provider learned from working on small plan setup to focus on one key word: “simplicity.”

One result of that focus is its Fast Track 401(k), a retirement plan setup the firm rolled out in September of 2023 and that Horne says is designed to be “radically simple and efficient.”

“Plan sponsors are asking for simplicity,” he says. “They’re wondering what the minimum they need to know is to start a plan. We ask them if they want a match—yes or no—and give three types of safe harbor options at 4%, 5%, or 6% …. we’ve taken the analysis paralysis out of it.”

Horne, who came to Human Interest from the legacy recordkeeping space, compares the 15-minute process with Fast Track 401(k) to the other model of having a 2-hour plan design call, after which businesses “forget 90%” of what is said.

Today, he says, a “significant” number of customers go through Fast Track 401(k). Meanwhile, the call center—which Horne oversees—gets relatively few calls for questions compared to the legacy workflow, he says.

“In the grand scheme of things, support calls are fairly rare,” he says. When Fast Track 401(k) plan administrators do call for support, Human Interest prioritizes quick response so busy administrators and business owners who “wear many different hats,” can get the support they need immediately, Horne says.

Droblyen of Employee Fiduciary says his firm does plan design studies for clients on request for a fee—most commonly when they are considering a profit-sharing plan, as employer contribution expenses can vary widely depending on the plan design. 

Meanwhile, an employer might adjust the plan in other ways to keep fees low while meeting business needs, with methods such as:

• Choosing a 3% nonelective contribution if a “plan has high employee participation or a new comparability profit sharing contribution will be used to maximize owner contributions”;
• Choosing a 4% safe harbor or 3.5% qualified automatic contribution arrangement match if a plan has low employee participation;
• Using a “stretch formula” requiring employees to defer at a high rate to earn the full company match, which can also help a non-safe harbor 401(k) pass discrimination testing; and
• Raising the involuntary rollover limit to the legal maximum to keep participant headcount to a minimum.

Bush of Horizon Financial says that, in the end, the goal is for businesses to provide retirement plans that work for them and their employees—with the best results coming to those who treat their employees as best as they can.

“Ultimately we want people to embrace putting a plan together,” Bush says. “We’ve seen from observation that people that treat their employees well tend to thrive. It’s not just a retirement plan, but about embracing your people and getting them excited to be there.”

The Rothification of Retirement

Bechtel faces 401(k) suit over default managed accounts, investor shifts herald ‘irreversible decline’ for mutual funds, plan sponsors increasingly offer financial adviser services.

« Bechtel Faces 401(k) Suit Over Default Managed Accounts

Don't bother with copy and paste.

Get this complete sample business plan as a free text document.

Family Chiropractic Business Plan

Start your own family chiropractic business plan

Advanced Chiropractic Clinic

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Advanced Chiropractic Clinic will serve the St. Mary’s, Pennsylvania area. Dr. Jamey Azzato, a chiropractic doctor and recent graduate of Logan College of Chiropractic will be the owner and operator of the clinic. The clinic will specialize in the fastest growing alternative health care field, chiropractic.

The chiropractic approach to health care is holistic, stressing the patient’s overall health and wellness. It recognizes that many factors affect health, including exercise, diet, rest, environment, and heredity. Chiropractors provide natural, drugless, nonsurgical health treatments, and rely on the body’s inherent recuperative abilities.

The clinic will provide quality chiropractic services to people of all ages. The clinic will utilize new equipment and a trained staff, able to care for the individual needs of every patient that enters the clinic.

Our clinic’s keys to success are to put the patient’s health issues first and to treat each person as an individual, with individual health care needs.

Sales are projected to increase from $99K the first year to about $120K the third, and profits almost negligible for the start-up phase of this business. We show a break-even point after seven months of business.

The projected net profit for the first three years is approximately $5,000/yr. We are projecting very conservatively regarding gross margin. Our client base should grow much faster than the projections. We prefer to project conservatively so that we make sure we have enough cash for unexplained costs.

1.1 Objectives

• Gross revenues of $120,000 in year three.
• Net profits of $5,000 for each year in the plan.
• Average patients visits per month of 165 during first year and 195 visits per month by year three.
• Patient visit average of 20 visits per patient per year.
• Collections of 95% or more and missed appointments under 5%.

The above figures are very conservative for patient visit averages when compared to the national average of 135 visits per week or 540 visits per month. We are keeping our figures on the low side to show that even if our clinic only produces one third the national average for patient visits per month that the business model is still viable.

1.2 Mission

The mission of Advanced Chiropractic is to promote the well-being of people in the St. Mary’s community (and surrounding areas) by providing accessible, quality chiropractic care for people of all ages, utilizing a service system that emphasizes trust, respect, confidentiality, and compassion.

We are committed to quality chiropractic care that focuses on the overall health of every patient, including rehabilitation and exercise advise, continuing patient education, ergonomics training, and nutritional support. We are further committed to the philosophy that we exist for the patient.

1.3 Keys to Success

Referral Our internal marketing strategy emphasizes educating patients to the benefits of chiropractic care. This factor alone will provide referrals and build a solid patient base.

We will also network to obtain referrals from other professionals, such as lawyers, accountants, medical doctors, and other businesses in the area. Our educational procedures include patient focus groups, questionnaires, videos and mailings.

Systematic Procedures By setting up our office to run efficiently and systematically we will decrease chance of errors and increase the number of patients we can see per hour. This translates into greater revenue and less internal complications.

Moreover, we will institute electronic billing procedures, which will cut down on paperwork and will increase ease of patient tracking. Our office floor plan is set up in such a way to also decrease the time it takes to provide quality chiropractic care per individual visit.

Reputation Becoming well known in a community takes time, but once this trait is established it can increase the success of a clinic. Our clinic will accomplish this by going out into the community, church groups, high schools, and networking with other professionals in the area.

Location Location is less important once you have the above factors in place. In the early stages of building up a chiropractic practice, having an office front on a busy street will definitely increase the likelihood of random walk-in patients.

Having accessible parking and being located where traffic isn’t too heavy can also attract those patients that don’t want to have the stress of “finding a parking place” or “paying for parking on a busy city street.” Being located in an area with a high patient to doctor ratio can also be beneficial.

Our clinic will be located on North Michael Street, which is in close proximity to downtown St. Mary’s.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

The Advanced Chiropractic Clinic is a chiropractic practice started by Dr. Jamey Azzato in the newly opened clinic located at 252 North Michael Street, St. Mary’s, PA 15857.

2.1 Company Ownership

The Advanced Chiropractic Clinic will be created as a Pennsylvania sole proprietorship based in Elk County, Pennsylvania owned and operated by Dr. Jamey Azzato.

2.2 Company Locations and Facilities

The clinic will be established in a new remodeled two story home located at 252 North Michael Street, St. Mary’s, PA 15857. The office will consist of a reception area with bathroom, xray suite, Dr. Azzato’s office, two treatment rooms and an exam room. Total office area will be approximately 1,000 square feet.

The office location is in close proximity to downtown St. Mary’s. The clinic will have new equipment, furniture, signage, and a large parking lot which is easily accessible from Oilwell Street. Patients may also park on North Michael Street. In addition, the office will be utilizing a high speed Internet server that will facilitate fast, secure electronic billing and communication.

2.3 Start-up Summary

It is estimated that start-up costs will be $35,000. This amount of money will be used to remodel the clinic, purchase xray/chiropractic/office equipment, furniture, stationary, and other start-up expenses.

The start-up costs are to be financed partially by Dr. Azzato’s personal funds of $5,000 and a $30,000 small business loan. An additional amount of $15,000 will be requested in the form a line of credit to offset any business expenses that occur in the first six months of business until the clinic can sustain itself.

This interference will disrupt the way the body, organs, muscles, and other parts of the body function. It is the chiropractors job to remove these subluxations, thus removing the interference and returning the body to its normal functioning state.

3.1 Service Description

Dr. Azzato’s philosophy is that optimal health and performance can be attained through the proper balance of exercise, nutrition, and care of the body’s framework (skeleton).

In addition, maintaining a state of good health depends on a normally functioning nervous system. The most important and delicate organs of this nervous system are supported and protected by the skull and spinal vertebrae, when misaligned these structures can irritate and interfere with nerve impulses.

Chiropractors locate these points of interference and correct the spinal misalignments, so the body can reestablish its balance and heal itself to the best of its ability.

The Advanced Chiropractic Clinic offers treatment for various conditions including, but not limited to:

• Low back and leg pain.
• Neck and arm pain.
• Athletic and work-related injuries.
• Shoulder, knee, and foot pain.
• Asthma, ear infections, and many other problems that begin when we are children.

If treated early on, these problems can be suppressed or fully corrected before the symptoms of the disorder become debilitating.

It is our focus at Advanced Chiropractic to care for each individual case that enters the clinic. After treating the patient, we educate them in rehabilitation, nutrition, and exercise. Our ultimate goal is that they have the opportunity and knowledge to adopt the chiropractic philosophy of health and share their experience with others.

3.2 Competitive Comparison

In general competition among fellow chiropractors is small. There is an average of only 10% of the United States population currently seeking chiropractic care.

With an ever increasing demand for cost effective health care, the chiropractic field is the fastest growing alternative health care option available in the United States. Moreover, there is an increasing number of “baby boomers” entering early retirement, which only increases the demand of chiropractic.

These facts along with the current success rate of chiropractors in the field and chiropractic as a profession over the last 100 years gives strong support that a well run chiropractic clinic can and will flourish.

Our clinic will be located on North Michael Street, which is close to the downtown area, giving our clinic great exposure in the community. Being located in close proximity to other businesses will also facilitate professional networking.

There are currently five chiropractors located in the city of St. Mary’s with approximately 15,000 people living within the St. Mary’s area. Moreover, only one of these five chiropractors serves the Emporium area, which has a population of 5,200. This is a very good patient to doctor ratio, also a number of surrounding areas have a limited chiropractic presence and many of these people commute to St. Mary’s for work and chiropractic care.

There are advantages to starting a practice in a community that already has a chiropractic presence. First, the community as a whole accepts and understands chiropractic because they have already been introduced to it.

This helps any new chiropractor because they have something to compare your office to. Our clinic will utilize the most recently taught techniques and equipment available to our profession. As a new graduate of one of the top rated chiropractic colleges in the U.S., Dr. Azzato has been exposed to the most recent academic and philosophical issues in the chiropractic profession.

This one fact alone will give our clinic an advantage when compared to the clinics that have been around for 20 plus years. Although, these older clinics have experience, they may lack the cutting edge knowledge that an ever changing profession must deal with to survive. Our clinic will have this knowledge and training.

Our clinic will also have an advantage in that it will be setup near Dr. Azzato’s home town. The Azzato family currently has family members employed in four of the major powered metal factories in St. Mary’s.

Also located in St. Mary’s are two other family-run businesses. One of which is the car dealership named AutoEdge, Inc. and a flower shop by the name of Forget-Me-Not-Creations. These community ties will increase the likelihood of a recognizable market presence and also provide valuable co-marketing tools for the future.

Furthermore, our clinic will promote patient education as high priority. We feel that this is sometimes overlooked by other chiropractors and can give us a large advantage in patient referrals and retention.

3.3 Sales Literature

The clinic will have a strong business relationship with Patient Media Inc., a chiropractic management firm, that has a number of patient friendly brochures, videos, mailing, and other materials used to promote a chiropractic office.

Literature and mailings for the initial market will be very important, with the need to establish a high-quality look and feel in order to create and fulfill the right sense of professionalism. We feel that Patient Media Inc. will fully support our marketing and sales efforts.

3.4 Fulfillment

Fulfillment and delivery will be provided by Dr. Azzato. The core value in our clinic will be professional expertise, provided by a combination of experience, hard work, and education. A limited number of staff will also provide services to our patients, all of which is influenced by Dr. Azzato.

Our clinic will turn to qualified chiropractic support specialists to assist with marketing and patient education. These marketing tools include brochures, mailings, educations videos and nutritional supplements to name a few.

Services will include performing chiropractic adjustments and therapy to our patients, as well as nutritional supplement and chiropractic orthotic product sales.

3.5 Technology

Our clinic understands that technology, when used properly, can increase the systematic approach of daily activities within an office and at the same time decrease chances of mistakes.

One step to a systematic approach that isn’t utilized by all offices is the use of electronic claim filing and patient tracking software. Our clinic will utilize high speed Internet servers and software for billing electronic medical claims.

There are many advantages associated with electronic claim filing. Health insurance carriers provide incentives like faster payment for processing insurance claims electronically, time-in-transit is reduced to speed payment, and administrative costs are lower.

In conjunction with electronic billing, there will be a clinic website where potential patients can learn about our clinic before ever setting foot in our office. The website will have articles related to patient’s specific conditions and nutritional supplements and orthotics available to purchase.

We will also use a number of therapies in the office including ultrasound, electric stimulation and electronic acupuncture. Our new patients will view educational videos to further enhance their visit and overall knowledge of chiropractic.

The clinic will maintain a high standard of professionalism with new chiropractic equipment, including adjusting tables and an xray unit.

We feel that all of these technological enhancements will increase our chances of success.

3.6 Future Services

As our clinic grows, we plan on increasing the number of treatment rooms and also expanding our staff to meet the increasing needs of our patient base. This will include newly developed chiropractic therapies and techniques.

Market Analysis Summary how to do a market analysis for your business plan.">

Chiropractors emphasize the importance of healthy lifestyles and do not prescribe drugs or perform surgery. As a result, chiropractic care is appealing to many health-conscious Americans. Chiropractic treatment of back, neck, extremities, and other joint damage has become more accepted as a result of recent research and changing attitudes about alternative community practices.

The rapidly expanding older population, with their increased likelihood of mechanical and structural problems, also will increase demand in the chiropractic profession.

Demand for chiropractic treatment is also related to the ability of patients to pay, either directly or through health insurance. Although more insurance plans now cover chiropractic services, the extent of such coverage varies among plans.

Increasingly, chiropractors must educate communities about the benefits of chiropractic care in order to establish a successful practice.

In this occupation, replacement needs arise almost entirely from retirements. Chiropractors usually remain in the occupation until they retire; few transfer to other occupations. Establishing a new practice will be easiest in areas with a low concentration of chiropractors.

4.1 Market Segmentation

The Advanced Chiropractic Clinic will focus on the following market segments:

• Blue collar work force (age 18-44);
• Active baby-boomers (age 45-64);
• Retired (age 65 and up);
• Children (age 0-17);

4.2 Target Market Segment Strategy

Blue Collar Workforce St. Mary’s and the surrounding area has a high number of blue-collar workers in a number of different work places.

These workers are in stressful job settings with little or no on the job training in work-related ergonomics. Many of these jobs require repetitive movements and lifting that cause stress and injury over time.

Chiropractic has an outstanding track record when treating work-related injuries, like low back pain and carpal tunnel syndrome. Dr. Azzato will have the added help when reaching out to these workers because he has a number of friends and family members, which have long standing careers at these work places.

Baby Boomers The Baby Boomer age bracket is nearing the stage in their lives that demands chiropractic care to prevent many of the problems of aging. Many dysfunctions of the body occur as we age and this target market is a prime candidate for the services we provide.

Family oriented The clinic will have a family oriented patient base, this includes patients of any age, gender, race, educational status, or religion.

All persons in the community and/or surrounding area are eligible patients. Advanced Chiropractic will also strive to educate patients who are parents, so they can have their children, regardless of health status, benefit from chiropractic care.

Family/Friend Referrals A big advantage of starting a business near your hometown, where there is a large family base, is that in the early stages of building a patient base I expect to receive referrals and treat many of my family members.

I also have two family members who run small businesses in the area and I will be coordinating marketing projects through them to increase my presence in the area.

4.2.1 Market Needs

The need for chiropractic services is increasing in a dramatic fashion. More and more patients of the medical model are now looking for alternative cost-effective ways to prevent injury and remain in a state of health. This is even more important in the current recession economy where people more than ever many be facing employment and insurance problems. Chiropractic is a valuable tool that is very affordable for most people.

4.2.2 Market Trends

The aging of America is the single most dominant factor in the future of medicine, chiropractic, and the health industry. Today, one in ten Americans use chiropractic services; that will increase with the aging of the population.

The arithmetic is simple. Today there are approximately 33 million Americans over the age of 65. In 20 years – only a generation – there will be 60 million, almost doubling in size. By their sheer numbers, the elderly will propel the upward growth of all medical services across the spectrum of health care delivery.

Older Americans represent nearly 13 percent of the population today. Older Americans are surviving the acute episodes of chronic diseases – the heart attacks, strokes, mastectomies – and recovering to high-health lifestyles.

These age groups have substantial disposable income and will be investing in their own health. The aging of America will push demand upwards for medical and chiropractic services, and impel a closer working relationship between the DC and the MD for care of their older patients.

Chiropractic’s future is promising. Demand is rising; so are chiropractic expenditures and revenues. Growing health consciousness by American consumers is well-aligned with the chiropractic philosophy of fitness and natural treatment. The aging of the population should swell demand for chiropractic services.

4.2.3 Market Growth

Chiropractic is the fastest-growing and second-largest primary health care profession. There are approximately 60,000 doctors of chiropractic in active practice in the United States spread from rural areas to inner cities. More than 10,000 students are currently enrolled in chiropractic educational programs accredited by a federally recognized body (CCE).

Chiropractic services are in high demand. Tens of millions of Americans routinely opt for chiropractic services and this number is rapidly growing. In 1993, more than 30 million consumers made chiropractic a regular part of their health care program.

The “Fifth Annual Salary & Expense Survey Results” show a rise in chiropractic patient visits from 97 visits per week in 2000 to 117 visits per week in 2001 to 135 visits per week in 2002. The number of visits per week is a relatively good number to measure the strength of chiropractic as a business model. Also, the survey revealed a rising gross and net revenue over the past three years.

Job prospects are expected to be good for persons who enter the practice of chiropractic. Employment of chiropractors is expected to grow faster than the average, increasing 21 to 35%, for all occupations through the year 2010 as consumer demand for alternative health care grows.

Chiropractors emphasize the importance of healthy lifestyles and do not prescribe drugs or perform surgery. As a result, chiropractic care is appealing to many health-conscious Americans.

Chiropractic treatment of back, neck, extremities, and other joint damage has become more accepted as a result of recent research and changing attitudes about alternative fashion practices. The rapidly expanding older population, with their increased likelihood of mechanical and structural problems, also will increase demand.

Demand for chiropractic treatment is also related to the ability of patients to pay, either directly or through health insurance. Although more insurance plans now cover chiropractic services, the extent of such coverage varies among plans. Increasingly, chiropractors must educate communities about the benefits of chiropractic care in order to establish a successful practice.

4.3 Service Business Analysis

Chiropractors, also known as doctors of chiropractic or chiropractic physicians, diagnose and treat patients whose health problems are associated with the body’s muscular, nervous, and skeletal systems, especially the spine.

The chiropractic approach is holistic, stressing the patient’s overall health and wellness. It recognizes that many factors affect health, including exercise, diet, rest, environment, and heredity.

Chiropractors provide natural, drugless, nonsurgical health treatments, and rely on the body’s inherent recuperative abilities. They also recommend lifestyle changes – in eating, exercise, and sleeping habits, for example – to their patients. When appropriate, chiropractors consult with and refer patients to other health practitioners.

Like other health practitioners, chiropractors follow a standard routine to secure the information needed for diagnosis and treatment. They take the patient’s medical history, conduct physical, neurological, and orthopedic examinations, and may order laboratory tests. Xrays and other diagnostic images are important tools because of the emphasis on the spine and its proper function. Chiropractors also employ a postural and spinal analysis common to chiropractic diagnosis.

In cases in which difficulties can be traced to involvement of musculoskeletal structures, chiropractors manually adjust the spinal column. Some chiropractors use water, light, massage, ultrasound, electric, and heat therapy.

They also may apply supports such as straps, tapes, and braces. Chiropractors counsel patients about wellness concepts such as nutrition, exercise, lifestyle changes, and stress management, but do not prescribe drugs or perform surgery.

Some chiropractors specialize in sports injuries, neurology, orthopedics, pediatrics, nutrition, internal disorders, or diagnostic imaging.

Many chiropractors are solo or group practitioners who also have the administrative responsibilities of running a practice. In larger offices, chiropractors delegate these tasks to office managers and chiropractic assistants. Chiropractors in private practice are responsible for developing a patient base, hiring employees, and keeping records.

4.3.1 Business Participants

Chiropractors held about 50,000 jobs in 2000. Most chiropractors are in solo practice, although some are in group practice or work for other chiropractors. A small number teach, conduct research at chiropractic institutions, or work in hospitals and clinics.

Many chiropractors are located in small communities. There are geographic imbalances in the distribution of chiropractors, in part because many establish practices close to chiropractic institutions.

Strategy and Implementation Summary

The Advanced Chiropractic Clinic will focus on three fundamental business strategies, maintaining a professional business attitude when treating patients, using a systematic approach to manage patients, and educating patients and the community to the advantages of chiropractic care.

The target patient group will be blue collar workers and their families.

5.1 Value Proposition

The clinic will function under certain philosophies. These philosophies are set in place to maintain an ongoing committment to excellence. One such philosophy will be focused on business development.

Our clinic will constantly maintain a professional appearance and attitude. We will not deviate from patient treatment plans. We will track our business performance on a monthly basis with charting of patient visit averages, patient satisfaction surveys of our clinic and management team, and revenue streams to name of few.

Another step to our development will be to update our fee schedule to assure that our fees are in-line with our competitors.  Moreover, our business will continually update our strategies with regards to our target markets and how we will access and market to each of them.

5.2 Marketing Strategy

The following are the marketing strategies that our clinic will focus on.

5.2.1 Positioning Statement

For patients of the St. Mary’s area that are seeking the most comprehensive, cost effective health care available, the Advanced Chiropractic Clinic is ready to meet your needs. Unlike many other health care professions that have a narrow scope of focus, our clinic’s focal point is on the patient as a whole.

We concentrate not only on the symptoms that the patient has, but more importantly why those symptoms are present. Some of the areas we will concentrate on are nutrition, patient education, ergonomics in the workplace, and an overall healthy lifestyle.

5.2.2 Pricing Strategy

The below fee schedule will be used in our clinic and is in-line with our competitors and the national averages.

5.2.3 Promotion Strategy

When opening up a new business regardless of the sector it is important to have the business recognized by potential customers. This also holds true when opening a chiropractic clinic. As part of our promotional strategy, our clinic plans on getting our name recognized in the public eye in a number of ways.

First, we will meet with other business owners in the area and explain the importance of work related injuries and ergonomics. Furthermore, our clinic will setup a number of workshops and open houses to let patients come in and see our new clinic. We will also provide blood pressure and chiropractic screening.

Another way the our clinic will promote itself will be with meeting a set number of people each month. The initial goal is to meet 100 individuals in the first 30 days of having the clinic open. This will be accomplished by going out into the public and introducing the clinic.

Lastly, we will give public health talks to the community, but more importantly, each new patient will be asked to come to a health awareness workshop. These workshops will be given Tuesday nights of each week. All new patients will be asked to bring at least one other person to the workshop.

At each workshop, a brief talk will be given by Dr. Azzato. New patients will have time to ask important questions about chiropractic and individuals who accompany the new patient will be introduced to our clinic.

We feel that the most important way to become established in a community is to go out and meet as many people as possible. The above strategies will help us achieve that goal.

5.3 Competitive Edge

The Advanced Chiropractic Clinic will have a competitive edge based on hard work, organization, trustworthiness, and the knowledge of the most recently taught techniques and training available in the chiropractic profession. All of these factors will lead to high internal referral rates do to patient satisfaction.

Our clinic will maintain a professional atmosphere, yet be personal enough where our patients feel comfortable and get the most out of each visit. Our clinic will maintain privacy and security with electronic billing procedures, so our patients can rest assured that their claims will be processed in the proper manner.

Another edge that we feel will help our clinic make a long lasting impression is that we will network within the community. Our networking will focus on the communities workforce because this group has the highest number of potential patients.

5.4 Sales Strategy

The following are the sales strategies that our clinic will focus on.

5.4.1 Sales Forecast

The Sales Forecast table is broken down by how many patient visits occur per month. The sales/revenue per visit is set at $50 per visit with a 20% growth rate per month of patient visits. This formula is carried out to forecast three years into the future.

5.5 Strategic Alliances

We depend on our alliances with other professionals, like lawyers, medical doctors, and other business owners, to generate patients for us.

We need to make sure our patients understand exactly what we do as a chiropractor, so they can in turn explain it to their friends and family, thus producing internal referrals. To accomplish this we have made an affiliation with Patient Media, Inc. They will handle all of the patient educational marketing products that we will use in our clinic.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

The initial management team will consist of Dr. Azzato, a receptionist and/or a part-time clinician’s assistant. As we grow, we will take on additional personnel.

6.1 Organizational Structure

Our clinic will have two employees at its onset, yet the clinic has set some philosophies and strategies in place to maintain a proper organizational structure with regards to the clinic and its patients.

Our clinic will maintain a strict rule as to the privacy of our patients and their records. We hold a high standard of patient education and feel that this is very important to the management of our patients.

Each patient will be treated as an individual with specific needs that must be looked at in a unique and genuine way. Our clinic will not hold any prejudice towards any patient’s ethnic or economic status.

The employees of the clinic, including Dr. Azzato, will continually improve their skills and knowledge of the chiropractic business by reading trade journals and attending continuing education seminars. There will also be mandatory staff meeting held each Thursday to go over patient surveys and discuss issues to improve the clinic.

The staff of the clinic will have specific duties that they will perform on a daily basis. They will be responsible for their individual duties and must complete them in a systematic time-efficient manor. An annual bonus salary schedule will most likely be set in place for excellence in monthly performance reviews.

The clinic’s staff must also uphold a professional image when outside the clinic. The clinic will be involved in a number of activities to promote the business and chiropractic in general. During these events the staff will maintain a professional attitude.

All of these subtle strategies will put our clinic ahead of our competitors and give our patients the added assurance that they have received the best chiropractic care available.

6.2 Personnel Plan

The following table summarizes our personnel expenditures for the first three years, with compensation increasing from $60K the first year to about $79K in the third.

The increase is due to Dr. Azzato’s 20% pay increase each year. We believe this plan is a compromise between fairness and expedience, and meets the commitment of our mission statement.

An employee bonus pay structure will be developed after year three or the plan will be implemented during the first three years if there is a significant increase in sales/net profits.

Financial Plan investor-ready personnel plan .">

The following is the financial plan for the Advanced Chiropractic Clinic.

7.1 Important Assumptions

The financial plan depends on Important Assumptions, most of which are shown in the following table as annual assumptions. The monthly assumptions are included in the appendix.

From the beginning, we recognize that collection on services provided are critical, but not a factor we can influence easily. At least we are planning on the problem, and dealing with it. Interest rates, tax rates, and personnel burden are based on conservative assumptions.

Moreover, the patient visits per month that we used are very conservative. Our visit average is approximately one third that of the national average.

The national average according to the “Fifth Annual Salary & Expense Survey of 2002” was 135 patient visits per month or 540 visits per month. Our forecast for year one is only an average of 165 visits per month and year three shows approximately 200 patient visits per month.

Again this is well below the national average, we expect our business to be meeting or exceeding the national averages by year three, but we wanted to show that the business plan is still viable at these low numbers.

7.2 Break-even Analysis

The following chart and table summarize our Break-even Analysis. With fixed costs of $6,775 per month at the outset, our clinic will need to collect $6,775 of billings to cover our monthly costs.

Our average service charge collected will be $50, therefore we will need to have 136 patient visits per month (34 per week) to achieve a break-even point. We don’t expect to reach break-even until six months into the business operation, at which point our patient base will have expanded and internal referrals will be increasing each month.

7.3 Projected Profit and Loss

Our Projected Profit and Loss is shown on the following table, with sales increasing from $99K the first year to about $120K the third, and profits almost negligible for the start-up phase of this business. We show a break-even point after six months of business in December of 2003.

Our break-even point of sales per month is $7,395 or about 148 patient visits per month. Again this is about 1/4 the national average, but we would rather stay on the conservative side when forecasting, thus assuming little risk.

The projected net profit for the first three years is approximately $5,000/yr. These projections do not account for tax depreciation on equipment or deductions for a home office.

As with the break-even, we are projecting very conservatively regarding gross margin. Our client base should grow much faster than the projections. We prefer to project conservatively so that we make sure we have enough cash for unexplained costs.

The detailed monthly projections are included in the appendix.

7.4 Projected Cash Flow

Cash Flow projections are critical to our success. The monthly cash flow is shown in the illustration, with one bar representing the cash flow per month, and the other the monthly cash balance. The annual cash flow figures are included here and the more important detailed monthly numbers are included in the appendix.

The clinic’s negative net cash flow in the initial start up phase (first six months) will be offset by a $15,000 line-of-credit obtained from the bank. This credit line will be used for any other expenditures that are not yet accounted for in this plan.

7.5 Projected Balance Sheet

The Balance Sheet in the following table shows managed but sufficient growth of net worth, and a sufficiently healthy financial position by year three.

The net worth of the clinic remained negative in year one due to the $30,000 loan which appears as a liability on day one. The loan repayment is also shown in the monthly expense report. The monthly estimates are included in the appendix.

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software