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Medical Practice Business Plan Template

Written by Dave Lavinsky

medical practice business plan template

Medical Practice Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical practices. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a medical practice business plan template step-by-step so you can create your plan today.

Download our Ultimate Medical Practice Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your medical office as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a medical practice, or grow your existing medical practice, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your medical practice in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Medical Practices

With regards to funding, the main sources of funding for a medical office are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for medical practices.

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How to write a business plan for a medical business.

If you want to start a medical private practice or expand your current one, you need a business plan. Below we detail what should be included in each section of your business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of medical office you are operating and the status. For example, are you a startup, do you have a practice that you would like to grow, or are you operating practices in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the industry. Discuss the type of practice you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of medical office you are operating.

For example, you might operate one of the following types of medical practices:

  • Group medical practice : this type of medical practice consists of two or more physicians providing medical care in the same facility. The physicians typically have different specialties, which allow them to collaborate and consult with each other.
  • Private medical practice: this type of medical practice involves only one physician working along. A private practice usually serves a limited number of patients and operates with a small staff.
  • Hospital-based medical practice: this type of medical practice is an ancillary medical office that is owned by a nearby hospital. The hospital will manage the practice and employ the doctors and nurses to work in their facilities and ancillary clinics.

In addition to explaining the type of medical practice you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What is your business model?
  • What is your mission statement?
  • What milestones have you achieved to date? Milestones could include the number of patients served, number of positive reviews, reaching X amount of patients served, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your business structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the medical industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the medical industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

  • How big is the medical industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your medical office? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, seniors, and anyone needing a type of medical service.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of medical office you operate. Clearly, families would respond to different marketing promotions than seniors, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other medical offices. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes hospitals, clinics, teledocs, and online health forums.

With regards to direct competition, you want to describe the other practices with which you compete. Most likely, your direct competitors will be other practices located very close to your business location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of medical services do they provide?
  • What areas do they serve?
  • What types of patients do they serve?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide services that your competitors don’t offer?
  • Will you provide faster patient waiting time?
  • Will you provide better patient service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a medical office, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of practice that you documented in your Company Analysis. Then, detail the specific services you will be offering. For example, in addition to medical services, will you provide nutrition and diet guidelines, insurance claim processing, family and loved one communication, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your practice. Document your location and mention how the location will impact your success. For example, is your medical office located near a school, a busy neighborhood, an office complex, or an urban setting, etc.? Discuss how your location might be the ideal location for your patients.

Promotions : The final part of your marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Commercials
  • Social media marketing
  • Local radio advertising
  • Word-of-mouth

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. It should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your practice, including patient and family communication and scheduling, managing appointments, inventory of medical supplies, accounting, billing, payroll, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your medical practice to a new location.  

Management Team

To demonstrate your practice’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your management team members have direct experience in managing medical practices. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a medical practice or a physician or nurse in the local medical field.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new patient at a time or multiple new patients offering a variety of medical services ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your medical practice, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

: Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a medical practice:

  • Cost of furniture and build-out
  • Cost of medical supplies and equipment
  • Payroll or salaries paid to staff
  • Business and medical malpractice insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your list of medical services your practice will offer, types of patients you will be targeting, and the areas your practice will serve.  

Putting together a business plan for your medical practice is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful medical practice.  

Medical Practice Business Plan FAQs

What is the easiest way to complete my medical practice business plan.

Growthink's Ultimate Medical Practice Business Plan Template allows you to quickly and easily complete your Medical Practice Business Plan.

Where Can I Download a Medical Clinic Business Plan PDF?

You can download our medical clinic business plan PDF here. This is a business plan template you can use in PDF format.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of medical practice business you are operating and the status; for example, are you a startup, do you have a medical practice business that you would like to grow, or are you operating a chain of medical practice businesses?

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How to Write a Business Plan for Medical Practice

How to Write a Business Plan for Medical Practice

Last updated: 04 / 08 / 22

You learn a lot in medical school, but business planning isn’t a focus. However, many health care practitioners go on to run their own businesses where developing a business plan becomes essential.

If you’re planning to start your own practice, or you’re taking over someone else’s medical business and want to run it effectively, it’s a good idea to spend some time working out the details and putting together a formalised plan first. You may also want to get professional advice on your business planning, and any other aspects of running your medical practice you’re not sure about. In the meantime here are a few business planning basics to get you started.

writing business plan

Why have a business plan for your medical practice?

While it can be tempting to just dive right in and start setting up your new medical practice, a business plan can help you get prepared and make sure you stay on the right track as your practice grows.

A solid business plan is the foundation of any successful medical practice. With a business plan you can identify potential issues upfront and devise a strategy to avoid them. You can also set realistic goals for your business to help you keep moving in the right direction. If you’re looking for funding at any stage, you’ll also need to have a business plan. Most medical practices will struggle to get a business loan without a solid business plan in place.

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What to include in your medical practice business plan

Your business plan should include the following:

  • A summary of your business, including the medical services you provide, your location, and the history of the business.
  • Financial information including projected cash flow, outgoings like medical equipment, marketing and practice management software costs and projected turnover.
  • Operational factors like trading hours, fees, staffing and potential suppliers
  • Risk identification and management – details of how you will manage the biggest potential risks, e.g. malpractice insurance, other insurances, data security and your credentialing process.
  • Marketing – how you will get new patients and retain the existing ones.

As well as all the information about your medical practice and strategy, it’s also important to set goals and targets for your new venture. These should be in your business plan so you can keep track of them and make sure you’re working towards them consistently.

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Making sure you have a solid business plan

So how do you make sure your medical practice business plan is solid? It’s very easy to have your plan in your head, but if you don’t get it out, it’s going to be hard for anyone else, especially the other providers and support staff in your practice to implement it. So the first step is to put it down on paper, or in a word document.

Once you’ve got a detailed plan on paper, don’t just put it in a drawer and leave it. Business planning should be a regular task for you and your business partners. Once you have your business plan in place, make sure you review it at least once a year, preferably more and update it as your business priorities change.

writing business plan

Writing a business plan for your medical practice might seem like a time consuming task, but it’s well worth the effort. With a strong business plan, you can grow your practice, achieve your goals and avoid many of the pitfalls that can trip up practice owners who haven’t taken the time to plan ahead.

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July 26, 2023

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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.

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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.

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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.

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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.

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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.

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Karmin Gentili

Karmin Gentili has several years of freelance writing and editor experience. After over 25 years in corporate management roles, she has further elevated her skills by receiving multiple certifications, including copywriting and SEO specializations. Her love of writing motivates her to use those skills to develop content so others can work toward achieving their goals.

Lauren Wheeler, BCPA, MD

Dr. Lauren Wheeler is a former family medicine physician who currently works as a healthcare advocate and medical editor. She is now and has always been a writer. You can get in touch with her about anything writing or advocacy at her website: www.lostcoastadvocacy.com.

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Cyclist Repair Center is a start-up sports therapy clinic, offering massage therapy, physical therapy, and personal training, specifically geared for competitive and recreational bicyclists.

Home Health Care Business Plan

CaringCompanion provides high-quality, personalized home health care services to seniors and individuals with disabilities, letting them maintain independence and comfort within their own homes.

What do you get when you take your dedication to helping people and combine it with a good business plan? Success! Here’s a collection of sample business plans for medical practices, dental offices, and clinics, that should help you on your way.

If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

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How To Write a Business Plan for Opening a Medical Practice

How To Write a Business Plan for Opening a Medical Practice

After you have finalised (or semi-finalised) your decisions from the  first six steps , it’s time to put it all together in your business plan.

Your business plan should articulate your short and long term strategy, and have details on marketing, staffing, and patient retention plans, as well as how you will get your practice up and running and meet your financial forecasting.

This document demonstrates your organisational and planning skills to key stakeholders, and is essential to have if you intend to secure finance for your practice.

To complete everything you will most likely need to enlist some specialist input from accountants, financial planners, and legal advisors. Our suggestion is to surround yourself with subject matter experts, and reach out to other people in your network who have started and ran successful medical businesses for advice.

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There are many ways to create a business plan for your practice, and no two plans are the same. To get you started, we’ve collaborated with some of our practice owners to get their collective advice on assembling a business plan checklist for you. We have broken this checklist template down with the following segments:

Business Summary

Your business summary is something that is usually written last. It is a short overview of the information following in your business plan and should be no longer than one page. Many people write this piece last, after all the information in their business plan has been collated.

Here’s what should be included in your summary:

  • Brief business overview
  • Business owner/s biography
  • Products and/or services offered
  • Competitive advantage
  • Operational performance
  • Financial position

Business Profile

The Business Profile should include an overview of all the details about your clinic. It should include the why, where, and what.

  • Vision, mission, values
  • Trading Hours
  • Services: in-house/onsite/other
  • Service fees: Billing model, bulk billed/mixed pricing
  • Accreditation

This segment of the business plan outlines your practice location (either something you have already secured, or your ideal location. You might want to consider including floor plan and any other location based documents in your appendices section.

Outline the following:

  • Location address
  • Location description
  • Buy / Build / Lease (what have you done/what are your intentions)
  • Sub letting opportunities – are there any opportunities for allied, pathology, pharmacy
  • Fit out and design plans and costs
  • Parking: Patients, staff, practitioners
  • Access: Public transport, foot traffic, disabled, ambulance
  • Area demographics
  • Area-based future developments
  • Area competition

Marketing Strategy

The Marketing Strategy outlines everything from branding to advertising. How are you going to get new patients coming through your door? What is your branding strategy? Where do you sit in the market?

  • Practice name
  • Practice brand
  • Target market demographic (should tie in with segments of the area demographics)
  • Unique value proposition
  • Advertising and promotions (online, offers, affiliations)
  • Launch plan
  • Post-launch plan
  • Marketing goals

Competitive Analysis

The competitive analysis section needs to demonstrate the depth of your understanding of the environment you will be opening a practice in. Your competitive advantage should also outline how your clinic is different and why patients will choose you instead of your competitors.

  • Opportunity assessment
  • Demographic review
  • Supply vs demand
  • Direct competition list (include services offered, location, pricing etc)
  • Your competitive advantage

Business Structure

  • The Business Structure demonstrates how the business is/will be legally set up and should indicate that you have ongoing legal expertise to ensure the stability of your practice.
  • Growth flexibility (unit trust/partnership etc)
  • Exit and succession planning
  • Legal framework (Eg: Unit holder agreement)

Supplier Breakdown

In this section, outline the different suppliers you intend to form agreements with for your practice. Include an overview, details of goods, and basic pricing/contract arrangements.

  • I.T. hardware and support
  • Online booking system
  • Medical equipment
  • Medical consumables
  • Stationary and amenities

The Staffing section is an overview of the strategies you will use to attract and retain staff, practitioners, and list any key staff you already have on the team.

  • How will you attract practitioners
  • Practitioner remuneration (wages vs contractor and billing %)
  • How will sessions be rostered

Medical practices need very comprehensive insurance. In this section outline the cover you have for the piece of mind for your financiers and stakeholders.

  • Public liability
  • Professional indemnity
  • Directors liability
  • Workers compensation
  • General insurance

Financial Planning

The Financial Planning section should demonstrate that your business is financially viable. Include comprehensive outlines and numbers for the following:

  • Budgets: Setup and operating costs
  • Funding needed/secured and sources
  • Profit and loss modelling
  • Tax planning

Phew! Still with us after all that? There’s a lot that goes into creating a solid business plan. Fortunately we’re the experts, and we can help you get things right from the start. Download our Business Plan Checklist  or find out more about how HealthEngine’s suite of tools can help grow your new practice.

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Medical Practice Business Plan

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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.

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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.

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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.

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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 .

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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.

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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

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gp practice business plan

28 February 2017

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Creating a business plan for your practice

Anthony Brand advises on how to develop the perfect business plan

Every practice should be thought of as a business and it is vital that these businesses set a budget, especially in the current uncertain NHS economy. 

The first step is to understand that the business plan and the budget should be developed as separate processes. Here’s the difference. The business plan is a statement of strategic objectives and an outline for how these objectives will be met. The budget is an essential part of the business planning – it is an estimate of income, costs and cash flows over a specified period. It should reflect the objectives set by the business plan and other events that are forecast to occur.

The budget will be drafted ahead of the business plan so that the strategy can be formulated. Once the strategy and business plan are agreed the budget can be fine tuned.

Start planning

Another misconception is that business plans are primarily for new practices or for raising money. They are, however, important for all practices. Given the changes in contracts, government policy, the NHS labour market and the economy in general, a specific plan that confirms your key objectives is essential. It should outline how your practice will remain profitable, how many patients it will take to generate income at current contract rates, and how you are going to achieve your objectives.

It might help to look at what NHS England says about its own business plan for 2016/17.1 It sets out 10 priorities, organised under three headings:

1. Improving health – closing the health and wellbeing gap.

2. Transforming care – closing the care and quality gap.

3. Controlling costs and enabling change – closing the finance and efficiency gap.

NHS England chair Malcolm Grant says in the plan’s foreword: “Our responsibility is to allocate and invest these funds wisely to improve health and wellbeing, secure high-quality care, derive value for money for the public’s investment and create a sustainable future for the NHS.”

As a specialist medical accountant my responsibility is to help GP practices achieve the third point above.

Drafting the budget is the first step. Here are the main components.

1. Income and expenditure

Income and expenditure must be forecasted, broken down into the main elements, which should mirror the categories in your practice accounts.

  • Global sum.
  • Correction factor.
  • Enhanced services – in detail.
  • Notional rent.
  • Reimbursements.
  • Other NHS income.
  • Non-NHS income.

Expenditure:

  • Manpower costs (see below).
  • Administrative/office costs.
  • Medical expenses (drugs and subscriptions).
  • Bank charges and interest.
  • Depreciation.

2. Manpower costs

Manpower is the only cost where significant changes may be made by the partners. Getting the optimum level is crucial to efficiency and profitability.

The manpower budget should be broken down into:

  • Non-partner doctor costs – salaried GPs and locums.
  • Clinical non-doctor costs – nurses, healthcare assistants, pharmacists.
  • Administrative staff – management, secretarial, reception.

Don’t forget to include the cost of employer’s national insurance and superannuation contributions, both of which are significant.

3. Benchmarks 

Compare your income and expenditure per patient and per partner with other practices. Looking at local norms will give you an indication of whether your budget is realistic.

An accredited specialist medical accountant should be able to provide you with benchmarking figures.

4. Profit allocation

Having struck a realistic profit forecast you should allocate this among the GP partners as agreed between them. This is also a good time to check that you have an up-to-date, signed partnership agreement.

5. Partners’ drawings

The profit allocation will represent the projected drawings and will take account of:

  • Superannuation contributions.
  • Tax and national insurance contributions (if saved in the practice).
  • Loan repayments.
  • Specific items (for example notional rent or seniority).
  • An agreed amount to be retained.

With partner drawings calculated, it is now possible to feed all the above components into a month-by-month cashflow forecast. This also should take account of other changes such as:

  • Partner changes and capital repayments and introductions.
  • Changes in premises and loans.
  • Other likely circumstances dictating a financial impact.

Summary of two to three-year forecast

For the purposes of a business plan, your budget should include a summary profit and loss forecast for years two and three. Admittedly this will be educated guesswork based on the 12-month budget – but it will help the parties reviewing the business plan to focus.  

The business plan

The budgets will be a part of the business planning discussion and a revised budget may be created as a result. The following is how it might be created. 

What is it?

A consensus or agreement by the partners of how the practice should perform over a specified period – which I suggest is the year ahead and then the next two years in outline.

How is consensus reached?

All partners must be allowed to air their views and state their personal objectives and vision for the practice.

I like the idea of a partners’ away day or time-out meeting. A Saturday morning works well for GP practices. Here are some key points to consider when planning an away day:

  • Everyone who should participate does so, and is allowed to state their own objectives. If a GP is intending to retire in 12 months’ time, this is when they should tell everyone. 
  • A facilitator (perhaps independent of the practice) can help at the meeting to resolve conflicts and help put together the consensus. They are not there to lecture.
  • A written action plan is created.
  • A follow-up meeting is scheduled.

What should you talk about?

A SWOT analysis – strengths, weaknesses, opportunities and threats – should allow you to cover most issues. 

In looking at SWOT consider questions such as:

  • What do we do well? l What do we do badly or inefficiently? l What are our neighbours doing? Should we talk to them?
  • What forthcoming events do we need to plan for?
  • Are we paid for everything we do?
  • Are we sure that all services turn a profit?
  • How will contract changes impact on us?
  • Do we pay ourselves too much?
  • Are our financial controls strong enough?
  • What feedback do we get?
  • Do we need more patients? 
  • How will contract changes impact on them?
  • Have we got the right staff mix?
  • How good is staff morale?
  • When was the last time we took notice of staff suggestions?
  • Have we got the right partner/GP mix? 
  • Are our premises up to scratch?
  • Are we using our premises as much as we could be?

Inevitably the practice’s budget will scrutinised as part of this review. Benchmarking of performance against similar practices is of great value in pinpointing strengths and weaknesses.

Strategic planning pitfalls

Common pitfalls practices encounter in strategic planning are:

  • Not involving everyone. 
  • Being unable to reach a consensus – not being able to write down the plan will result in failure. 
  • Failure to implement the plan – this is the biggest mistake.

Creating the plan

Once the budget has been prepared and the strategy agreed, the next step is to create a written plan. How long should the plan be? Well, it’s a plan, not a work of art – so be concise so that everyone is inspired, not bored into inaction. Points to include:

  • An executive summary of action points.
  • Where the practice is now.
  • SWOT analysis.
  • Partners’ personal objectives.
  • Practice objectives and goals.
  • Forthcoming challenges in meeting those objectives.
  • Proposed action and responsibilities.
  • Financial implications (budgets).
  • Procedures for monitoring and review.

A business plan is only a plan, but it provides specific goals to work towards and can be a simple way for practice managers and their GP partners, even those with limited business knowledge, to take control of issues and reduce them to manageable tasks and ideas. But everyone must buy into it. As Stephen Hawking said: “Intelligence is the ability to adapt to change”.

1. NHS England Business Plan 2016/17. www.england.nhs.uk/publications/business-plan/

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Your medical practice's secret to success: The 4 essentials of a profitable business plan

As a young fellow or a seasoned practitioner, opening your own medical practice is a compelling aspiration that you want to make a reality. Make no mistake: being a great doctor is not enough to create a successful business. Today’s medical practice owners must blend business know-how with their medical expertise to champion a profitable organisation around their unique vision.

Your first step? Writing a medical practice business plan . Why? Because this living, breathing document will serve as the blueprint for your next few years.

If you want to thrive, grow, and offer exceptional care for your patients, the journey begins with a healthcare business plan like we’re about to outline. Here’s what’s involved.  

First and foremost, a profitable business plan evolves.

Your medical practice business plan is more than notes on a spare piece of paper. It’s a roadmap of the goals and strategies you’ll need to turn your idea into a reality – and importantly, a long-term success.

The plan isn’t something to hash out and leave to gather dust, it is a document that will evolve as your practice does. Getting it right will safeguard your business against unexpected expenses and challenges that can cripple an otherwise unprepared young practice.

“Just like paying the bills, making appointments or managing staff within the practice, planning should be part of a continuous business system.”   —   Adam Basheer , Managing Director, Fit 4 Market

Naturally, there is a significant financial component to any business plan, as demonstrating your profitability is what will help you secure funding from banks and potential investors. The document should clearly illustrate why anyone should invest in your practice over and above others. In addition, your business plan will educate all stakeholders as to your long-term goals for growth. 

What makes a winning medical practice business plan? Start with these essentials.

1. put success in sight.

Every viable medical practice begins as goals outlined in a business plan. This part is exciting as you’re about to set the parameters for how you’re going to  build a profitable practice .

To start, map out a simple forecasting model. For example:

  • How many patients will visit your practice per week?
  • What is your fee per consult?
  • What’s your desired weekly income?
  • Your number of referrers and referrals per month?
  • How many doctors and support staff will you have?

Nathan Marris, relationship manager at Medfin Finance says, “Contracting doctors pay about 30% of their income to the practice owner to cover administration, staffing, and other costs.”

Knowing this, it simply makes economic sense to have to a few practitioners working with you. Conversely, if your practice only has room for one or two doctors at most, you’re potentially going to limit future income. “Finding the right balance can be a challenge,” says Nathan.

It pays to research. Set your goals and parameters on what’s realistic based on what’s happening around you.

  • Can you conduct research on the volume of practices nearby?
  • What are their fees?
  • What’s the health of the local population?
  • Are there particular chronic diseases afflicting the demographic?

Knowing where demand lies will help you decide which specialists you’ll hire for your practice.

Now you know what you’re aiming for, identify the key strategies and infrastructure that will enable you to achieve these goals.  Consider the technology  you’ll use to efficiently run the day-to-day. Adopting a system that scales as you do is the best investment for securing your path to success and avoiding common growing pains. We recommend cloud-based systems that are able to evolve and innovate as your practice grows – and furthermore, don’t require the ongoing investment of an IT support person.

With your financial goals mapped out and costs estimated, you will then be able to forecast your projected profit margins. A skillful business owner is proactive in their approach. They have a process for gathering any relevant data, analysing it, planning, forecasting the coming years and, importantly, tracking their progress moving forward. Your practice’s profit margin will be industry-specific, so establish a rough guide for your first few years of business, and tend to this figure as your business grows.

2. Expect the unexpected

As a new business owner, you’ll also need to address financial questions such as:

  • What costs will your practice incur in getting off the ground?
  • What are your outgoings versus prospective incomings?
  • What does a profitable practice look like exactly?

To determine this, calculate all expenses, including initial expenses like medical equipment, technology and furniture, as well as any ongoing costs, such as staff salaries, licensing money management software and practice management software, monthly mortgage repayments or rent, and medical indemnity insurance.

To be financially intelligent, become attuned to potential challenges and opportunities regarding your practice. Think about things like whether your location has high foot traffic, as this will result in greater awareness of your practice in the local community. By the same token, a high-traffic locale might also incur substantial rent which can impact cash flow in the initial stages of your practice.

3. Map the marketplace

Your aspirations for your practice are no doubt to deliver high-quality, cost-efficient and smart healthcare. To do so, you’ll need to closely consider what the marketplace is doing on a local, national and international level. A  2018 Deloitte study  on global healthcare sector issues outlined that, “public and private health systems have been experiencing revenue pressures, rising costs and stagnating or declining margins.”

This is expected to continue due to increasing demand, infrastructure upgrades and therapeutic and technology advancements which strain resources.

It’s true that certain locations are easier to achieve success in than others. In an overcrowded marketplace, one must consider how to stand apart from the competition. Savvy business owners are able to see what’s missing, pinpoint demand, and create a compelling argument for why patients ought to visit their practice instead of someone else’s.

“I wanted somewhere local with easy access throughout the day, and I also wanted room to expand. I was confident that the people who work here would appreciate having a medical practice close by. As I’d done a lot of research I felt comfortable taking on the loan.”   — Dr Prema Joseph  

4. Put patients first (most of all)

In the present healthcare environment,  the value-based care model  is being favoured for increasing efficiency and relieving pressure on a practice’s bottom line.

"A successful transition to value-based care requires that market players and consumers move beyond transaction-based treatment to the holistic health of populations." – Deloitte

To achieve this goal and provide better care, many practices have begun reducing the range of services they provide, since a broader offering is not cost-effective nor does it deliver the quality of care patients expect. Instead, the practice will work closely with a network of trusted partners to deliver what’s called ‘high-value care’.

A patient-centric care model sees patients as owners of their medical data and active partners in their health. This means they’re engaged in their healthcare journey, and through the use of patient-first technology, different care providers are able to unite in a connected care ecosystem. These ‘patient portals’ simplify onboarding, minimise inefficiencies, streamline information flow, and minimise unpaid invoices – everything needed to improve profitability.

Packaging your plan for getting buy-in.

Finally, once you've filled out your medical practice business plan template, write a brief overview (otherwise known as an executive summary) of the key points featured in it. Position this at the beginning of your plan, so readers can absorb the key points of your private practice business plan before reading it in full. This concise distillation of your overall strategy ensures potential investors and stakeholders who are challenged for time can absorb the core plan quickly and easily.

Over to you

Successful business owners are constantly working on their  healthcare business plan . Invest time and care into creating and updating yours, as it will form the basis of your strategy for the upcoming years.

Once you’ve developed your business plan, your practice will be better poised to approach banks and potential investors for financing. Your plan will even distil the succinct business mission that inspires your team. If you’re still in early stages, it will simply serve as a roadmap for the vision and growth of your practice.

The formative years of your career is the prime time to establish yourself as a leader in your field and set yourself up for long term success. For more must-have insights, download our complimentary guide.

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gp practice business plan

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Business Plan For GP Practice

Congratulations on taking the first step in creating a business plan for gp practice. This is an essential step towards entrepreneurial success and a well-crafted business plan will provide a solid foundation for your business venture!

Whether you're a budding entrepreneur with a brilliant idea or a seasoned business owner looking to expand, a thoughtfully constructed business plan will help you plan and navigate towards business prosperity.

In this comprehensive guide, we will walk you through the essential elements of creating a business plan for gp practice that captures your vision as well as attracting investors, partners, and customers alike. From defining your mission and identifying your target market to formulating financial projections and developing a robust marketing strategy, our aim is to empower you with the knowledge and tools needed to turn your aspirations into a reality.

So whether you're just starting out or you're looking to revamp your existing business plan, read on for everything you need to know.

Why is a business plan important?

A business plan will help you think about your gp practice business like you’ve never done before. This thinking will help you clarify important elements like your long-term goals and objectives. You can then work backwards from your goals to develop strategies and marketing campaigns to help make these objectives a reality.

A business plan will also help you think about your customers in great detail. You will be able to understand their wants and needs, where they hang out, and exactly how you will target them. This clarity will enable you to focus on developing the products or services they want.

Finally, if you are seeking outside capital such as investment or a bank loan, a well-thought-out business plan will show them you are serious about your business and you have developed a clear and thorough plan of action to achieve success.

A Business Plan For Gp Practice - The Key Parts

The executive summary, your company description, market analysis, products and services.

  • Marketing Strategy
  • Operational Plan
  • Financial Projections

Risk Analysis

  • Funding Request and Use of Funds (if applicable)
  • Additional Information

An executive summary of your business plan for gp practice is a brief overview of your business plan.

This is the first thing that potential investors or lenders will see, so it is crucial that you make a good impression. Keep this section short and highlight the key points of your plan.

What should an executive summary include?

  • Overview of the Business
  • Mission Statement
  • Key Objectives
  • Summary of Products/Services
  • Financial Highlights and Funding Requirements (if applicable)

Remember potential investors don’t always have huge amounts of time to read your document so make sure that you condense the critical information, enabling the reader to make quick and well-informed judgments. Tips for the Executive Summary

Wait until you’ve written the whole business plan and then come back and complete the executive summary. This way you will know your business plan for gp practice inside and out so you can highlight the key elements of the document. Remember the Executive Summary will shape the reader's initial perception of the business and whether they continue reading the document.

If you are looking for any tips on how to improve any section of your business plan, check out our Learning Zone , which has several in-depth guides on each section of the business plan.

The Company Description section of your gp practice business plan is crucial as it offers a comprehensive overview of your business. This section provides essential information about your company's history, mission, vision, legal structure, location, and key milestones. It allows readers to gain a clear understanding of your company's fundamental characteristics and the context in which it operates.

When crafting your company description, make sure to include the following key elements:

  • Business Name and Legal Structure: Clearly state the legal name of the company and its legal structure.
  • Business History: Provide a brief overview of how the business came into existence. Highlight key milestones or events that shaped the company's growth and development.
  • Mission and Vision Statements: Present the company's mission statement, which outlines its purpose and primary goals. Additionally, share the vision statement, which describes the long-term vision and objectives for your business.
  • Products and Services: Briefly explain the products or services your business offers, emphasising their unique selling points and how they address customer needs.
  • Competitive Advantages: Clearly state the competitive advantages that differentiate your business from others in the market. This could include unique features, patents, proprietary technology, or a strong brand presence.
  • Location and Facilities: Provide details about the physical location of your business and any facilities required to operate successfully.

business-plan-for-gp-practice-include-strong-visuals

Tips for writing the company description section:

  • Interweave storytelling into the company's history, tell the reader about your passion for the business and the journey you’ve been on to get to this point.
  • Include strong visuals and infographics.
  • Avoid jargon and keep the writing style clear and concise.
  • Focus on your company's unique selling point (USP) and how that makes you stand out in the marketplace.
  • Back up this information with customer testimonials if possible.

The market analysis section of your gp practice business plan is essential for understanding the competitive landscape and the overall business environment. It is crucial to execute this section effectively as it demonstrates your in-depth knowledge of the market dynamics. This process will enable you, as an entrepreneur, to identify opportunities, mitigate risks, and develop strategies for success.

To conduct a good market analysis, it is important to have a deep understanding of the industry you are operating in. This information will help you make informed decisions about your product or service offerings, marketing strategies, and pricing.

Key elements to include in your market analysis section:

  • Industry Overview: Provide a general overview of your industry. Describe the industry's size, growth rate, major players, and key trends. Include relevant statistics and data to support your claims.
  • Target Market and Customer Segmentation: Clearly define your target market and outline the specific customer segments you aim to serve. Identify the needs, preferences, and behaviours of each segment.
  • Competitor Analysis: Identify direct and indirect competitors in the market. Analyse their strengths, weaknesses, market share, and strategies. Highlight areas where your business differentiates itself from competitors.
  • Market Trends and Opportunities: Explore current and future trends in the industry and market. Assess how these trends can impact your business positively and identify potential opportunities for growth.
  • SWOT Analysis (optional): Consider including a SWOT analysis specific to your market. This can help you understand your business's strengths, weaknesses, opportunities, and threats in the context of the market.

How to nail the market analysis section?

  • Differentiation: Focus on highlighting how your business differentiates itself from competitors, really try to drum home this point.
  • Market Surveys or Interviews: Adding surveys or interviews and adding the key findings and quotes in the Market Analysis to support your claims will help reinforce the plans in your document.
  • Competitive Matrix: a competitive matrix visually comparing your business against key competitors based on factors such as price, features, and customer service. This matrix is a great visual method highlighting your competitive advantages.
  • Emerging Technologies or Trends: Identifying potential disruptions and how your company is prepared for them shows a great understanding of market dynamics and trends.

Looking for more inspiration on how to make your market analysis section even better, then check out our in-depth business market analysis guide.

In this section, we will highlight the core products and services that make your gp practice business unique and valuable. It is essential to showcase what sets you apart from the competition and why your offerings are exceptional. This information is especially important for potential investors, partners, and customers who are keen to understand what sets your business apart in the market.

When describing your products and services ensure you include the following information:

  • Description of Products/Services: Provide a clear and concise description of each product or service your business offers. Explain their primary function and how they address customer needs.
  • Unique Selling Proposition (USP): Highlight the unique features or benefits that make your products or services stand out from competitors. Clearly state why customers should choose your offerings over alternatives.
  • Product/Service Life Cycle: Describe where each product or service stands in its life cycle (e.g., introduction, growth, maturity, decline) and outline plans for updates or new offerings in the future.
  • Intellectual Property (if applicable): If your business has any intellectual property (e.g., patents, trademarks, copyrights) related to your products or services, mention them in this section.

Extra elements to make this section stand out:

  • Customer Use Cases: Present real-life customer use cases or success stories that illustrate how your products or services have solved specific problems for customers. Use compelling narratives to engage readers.
  • Product Roadmap: If applicable, include a product roadmap that outlines future updates, enhancements, or new offerings. This showcases your business's commitment to innovation and continuous improvement.
  • Quality and Testing Standards: Discuss the quality standards your business adheres to and any testing processes you conduct to ensure the reliability and performance of your offerings.
  • Pricing Strategy: Integrate your pricing strategy into this section. Explain how you've determined the pricing of your products or services, considering factors like production costs, competition, and value to customers.
  • Environmental and Social Impact: If your products or services have positive environmental or social implications, highlight them in this section. Increasingly, customers appreciate businesses that contribute positively to society.

The Marketing Strategy Section

business-plan-for-gp-practice-make-data-driven-decisions

Key Information to Include Within the Marketing Strategy Section:

  • Marketing Goals and Objectives: Clearly state the marketing goals you aim to achieve. Focus on how you will increase brand awareness and drive customer conversions or leads.
  • Target Market Strategy: Describe the specific strategies you will use to reach and engage with your target customers. This could involve digital marketing, traditional advertising, or other channels.
  • Pricing Strategy: Explain how your pricing will attract the target market and how it compares to competitors' pricing.
  • Promotion and Advertising Plan: Outline the promotional activities and advertising campaigns you plan to execute. Include details about social media marketing, content marketing, email campaigns, and other promotional tactics.
  • Sales Strategy: Describe your sales process and how you plan to convert leads into paying customers. Mention any sales team structure and their responsibilities if applicable.
  • Customer Relationship Management (CRM) Approach: Discuss how you intend to build and maintain strong relationships with your customers to encourage repeat business and loyalty.

Getting Creative with the Market Strategy Section

  • Create a visual marketing timeline.
  • Outline influencer or brand ambassador partnerships if applicable.
  • Detail key metrics and KPIs.

By infusing creativity and innovative marketing ideas with sound fundamental marketing, you can really make this section stand out and impress potential investors and partners.

The Operation Plan Section

While marketing activities may seem more exciting, operational planning is essential for the success of your gp practice business. This section focuses on the day-to-day operations and internal processes that drive your business forward. By providing a comprehensive roadmap of your resources, workflows, and procedures, you can instill confidence in potential investors that your business is well-equipped for growth.

Here are some key items to include in your operational plan:

  • Organisational Structure: Describe the organisational structure of the company, including key roles and responsibilities.
  • Key Personnel and Team: Introduce key team members and their qualifications. Highlight how their expertise contributes to the success of the business.
  • Operational Workflow and Processes: Provide a high-level step-by-step overview of delivering your product or service, from production to delivery or distribution.
  • Resource Requirements: Outline the key resources required to run the business, such as equipment, technology, facilities, and human resources.
  • Quality Control and Assurance: Explain how the company ensures the quality and consistency of its products or services, and how it addresses any potential issues.
  • Supply Chain Management (if applicable): If the business involves sourcing materials or products from suppliers, describe the supply chain management process.
  • Legal and Regulatory Compliance: Discuss any legal or regulatory requirements specific to the industry and how the company ensures compliance.

business-plan-for-gp-practice-dont-forget-your-operational-plans

How to add value to the Operation Plan section:

  • Use visuals to outline organisation structures and workflows.
  • Outline contingency plans, for example how the company is prepared for supply chain shortages or price shocks.
  • Efficiency, efficiency, efficiency. Describe how you have driven efficiency gains for the business.
  • Have you considered your business's environmental impact? If so, mention within this section.

The operational section of a business plan does have the potential to be dryer than more exciting elements such as marketing, however, by incorporating creative elements and forward-thinking workflows you can help keep reader engagement high.

The Financial Projections

The Financial Projections section can make or break a business plan. Always include well-researched and accurate projections to avoid undermining your business plan and losing out on potential investment. What to include in the financial projections section:

  • Sales Forecast: Provide a detailed projection of the company's sales revenues for each product or service category over the forecast period.
  • Expense Projections: Outline the expected operating expenses, including costs related to production, marketing, salaries, rent, utilities, and any other significant expenses.
  • Profit and Loss (P&L) Statement: Present a comprehensive Profit and Loss statement that summarizes the business's revenue, cost of goods sold (COGS), gross profit, operating expenses, and net profit or loss for each year of the forecast.
  • Cash Flow Projection: Include a cash flow statement that outlines the inflows and outflows of cash over the forecast period. This will help identify potential cash flow gaps.
  • Break-Even Analysis: Perform a break-even analysis to determine the point at which the business's total revenue equals total costs, indicating when it becomes profitable.

business-plan-for-gp-practice-dont-make-claims-you-cant-backup

How to add value to your financial projections section:

  • Be prepared to defend your assumptions with data. If you are planning for a high-growth % make sure you can justify this assumption. If in doubt the more conservative the better.
  • Include visuals that help readers quickly grasp the trends and patterns in revenue, expenses, and profits.
  • Offer different scenarios based on varying assumptions. For example, present a conservative, moderate, and aggressive growth scenario.
  • Include key financial ratios like gross margin, net profit margin, and return on investment (ROI).

The Funding Request and Use of Funds Section

This section outlines the financial requirements of the company and how the requested funds will be utilised to support its growth and operations.  Providing potential investors or lenders with a clear picture of how their money will be used will improve the business case for the funds and provide further confidence to investors. What to include in this section?

  • Funding Request Amount: State the specific amount of funding you are seeking to obtain from investors, lenders, or other sources.
  • Use of Funds: Provide a detailed breakdown of how the requested funds will be allocated across different aspects of the business. Common categories include product development, marketing, operational expenses, hiring, equipment, and working capital.
  • Timeline of Funds Utilisation: Outline the timeline for utilising the funds. Specify when and how the funds will be disbursed and the expected milestones or deliverables associated with each funding phase.
  • Expected Return on Investment (ROI): If applicable, include information on the expected ROI for investors. Highlight the potential for financial gains or equity appreciation over time.
  • Repayment Plan (if applicable): If seeking a loan, provide a clear repayment plan that outlines the repayment period, interest rate, and the proposed schedule for repayment.

How to maximise this section?

  • Create a visual timeline for key milestones such as the initial investment and key payback periods.
  • Outline risk mitigation plans to instil confidence.
  • Reiterate the company's long-term vision and how the funds can help achieve these goals.

As you near the end of your gp practice business plan, it is crucial to dedicate a section to outlining potential risks. This section holds immense significance as it can greatly influence the confidence of potential investors. By demonstrating your market awareness and addressing challenges head-on, you can instill trust and credibility.

When conducting a risk analysis for your gp practice car rental business plan, consider including the following:

  • Identification of Business Risks: Enumerate the key risks and uncertainties that could affect the business. These risks can be internal (e.g., operational, financial) or external (e.g. market changes, regulatory changes, economic downturns).
  • Impact Assessment: Analyse the potential impact of each identified risk on the business's operations, finances, and reputation. Rank the risks based on their severity and likelihood of occurrence.
  • Risk Mitigation Strategies: Present specific strategies and action plans to mitigate each identified risk. Explain how you will proactively address challenges and reduce the negative impact of potential risks.
  • Contingency Plans: Describe contingency plans for worst-case scenarios, outlining how the business will respond and recover from significant risks if they materialise.

How to make your risk analysis stand out?

  • Add context with real-life examples. Are there similar businesses that have dealt with risks successfully in a similar manner to your strategy? This will add credibility to this section.
  • Create adaptive strategies that demonstrate your business’s flexibility and adaptability.
  • Outlining the responsible person for each risk and how they own it, giving further confidence in your risk management strategies.

Some additional information you may want to include in your business plan for gp practice:

  • Customer Surveys and Feedback
  • Letters of Support or Intent
  • Legal Documents (e.g., licenses, permits)
  • Resumes of Key Team Members

A Business Plan For Gp Practice Wrapping It All Up

A business plan is one of the most important documents that you will create about your business. It can literally be the difference between securing additional finance or missing out. Developing your business is not an easy task, however, the opportunity to think about your business in such detail will no doubt help you develop new and important insights along with new ideas and strategies. With all sections of your business plan and especially the financial plan, be prepared to defend your position to potential investors or lenders. This means that you should never publish anything that you can’t back up with additional data or rationale. Business Plans are not created overnight so take the time to research and think about each section properly, always try to support your claims and strategies with market insight and data. We hope you’ve enjoyed reading this guide, if you are looking for more tips on creating a business plan check out our learning centre .Good luck with your next business endeavour! Action Planr

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  • Tue. Mar 12th, 2024

GP PRACTICE MANAGER

GP PRACTICE MANAGER

www.gpsurgerymanager.co.uk.

BUSINESS PLAN TODAY – 2021

How to Write   a Business Plan ?

Writing a Business Plan from cold is almost impossible without some input and direction from those who want the “plan” written. So, who has asked for the ‘plan’? Is it simply for the Practice? Has the Care Quality Commission asked for a plan or is it the local Clinical Commissioning Group or Primary Care Network. The content of your plan should be what you are prepared to share publicly. This might not, therefore, include personal information, financial details and commercially sensitive data.

Structure of Plan

It has not been unusual for health authorities such as FPCs, FHSAs or Primary Care Trusts now CCGs to ask for an Annual Programme, or an Annual Plan or in more recent years a Business Plan, not to be confused with a Business Case. I recall being asked to write a Business Plan from cold with no suggestions of input from any others. I knew that It needed a ‘mission statement’ to open up the ‘Plan’. Then it needed ‘content’ from which derived aims and objectives. The aims were what the Practice wanted to do, and the objectives were how the Practice would get there. The objectives could then be passed down the line at Appraisals to individuals, groups of individuals or clearly defined teams to enact. At that point no one knew what would be in the plan or did they!

Planning Meeting – SWOT

As a starting point you will probably need a practice meeting for them to tell you what they want to do or stop doing and how it might be achieved. It might be a simple case of pooling ideas, analysing what the Practice is doing well or not so well and then deciding a way forward. One technique is to produce a SWOT analysis setting out the strengths and weaknesses of the Practice and looks for threats to the future of the Practice and opportunities for growth and development.

SWOT Exercise

Post It Notes, and a flip chart are useful tools for such an exercise. You could even design a form asking everyone what they think is good in the Practice and what they think is not so good. It might already be clear in the short term what challenges face the Practice, but it might not be so clear in the long term. But there again it might not be so obvious or clear cut.

Some examples might be:

  • Introduce an Electronic Prescriptions Service and more Online services for patients, such as Ask My GP. With the experience of the Covid Pandemic, you might want to extend online or telephone consultations.
  • With the support of the PCN, you might want to employ  Advanced Nurse Practitioners, a Community Pharmacist or a Social Prescriber
  • Appoint replacement doctors, partners or salaried doctors
  • Reduce the employment  of Locum GPs and other temporary staff
  • Employ an apprentice
  • Employ a Deputy Manager or a Finance Officer.
  • Introduce telephone consultations and same day appointment triage
  • Provide improved surgery facilities, notice boards, new chairs, furniture
  • Provide a defibrillator and new vaccine refrigerator
  • Introduce a pay structure for staff and terms and conditions of service handbook
  • Review Practice Policies including personnel, Protocols and Procedures for CQC purposes
  • Review the Scale of Charges for private non NHS work
  • Join a local Federation or merge with another practice or Practices or form a contracting alliance
  • Improve of replace existing surgery premises
  •  Review the content and look of the Practice web site and update the NHS Choices web site
  •  Review the arrangements for the Patient Participation Group
  •  Prepare a new Partnership Agreement
  • Prepare a Practice Management Manual

And so on, the list might just go on and on ……

EXAMPLE   BUSINESS PLAN

Mission Statement

The Mission Statement should encapsulate what the Business/Practice is about. Try around fifty words.

“The Practice intends to provide family medical services, under an independent NHS contract, with efficiency and effectiveness within the manpower and financial resources available”

Introduction :

Introduce the background to and the history of Practice, its doctors, the partnership, it’s location, the type of premises, neighbourhood, the Practice list size, number and type of doctors, along with the total number of sessions needed, Add in the staffing structure, type and number of nurses and staff. Hours worked.

What is the overall income of the Practice and what expenses drain the profit. (They might not want to go public here). Is the list rising or falling and for what reason? Are there any local housing developments.

To Develop the Plan :

Taking each ‘department’ (Practice Staff, Nursing Team, Administration etc) comment about whether it is running satisfactorily or needs improvement and if so, what so what needs to be improved?

Set out the aims of your Practice and develop objectives for each aspect as to how each aim/objective can be achieved.

The list might include:

• Premises – for existing premises, you might need more consulting space, close a surgery? For new premises you might be setting out your accommodation needs.

Aim – To improve the surgery accommodation to meet current and future needs. Objectives – To convert a store room to a consulting room and obtain funding for works to be carried out

• Computing – You might need more or new computers.  You might be aiming to become more paperless, scanning all Lloyd George Records. You might want to Start using EPS, online appointments, and access to record.

• Administration – facilities, services…. You might need more staff, a new switchboard, text services, dictation system, furniture, equipment etc

• Manpower – Doctors, Nurses, Staff…. You may be using too many Locums, want to provide more telephone consultations, introduce triage and a nurse practitioner etc.

• Training Culture – another often-overlooked area. You might need to ensure that Practice Nurse training is up to date and that training for practice staff covers safeguarding, life savings skills etc.

• Finance – Staff costs might be too high and inconsistent, locum costs too high, there may be no clarity about pay scales and no consistency of terms and conditions for staff.

• Extended Hours – You might be joining other practices to provide out of hours services and want to provide a ‘centre’ for such services. It may involve a CCG, PCN, Alliance or Federation.

• New Services – Your practice might be keen to offer new services, with a Federation or Alliance 

Financial Appraisal :

There is a cost to new ways of working and you might need to draw some conclusions about income and expenditure and suggest where does new money come from.  This might need a separate Business Case. This section might need to have limited circulation and be kept confidential.

Conclusions :

Summarise your conclusions in the form of objectives and set out a time table may be year by year to achieve it all.

Set a date for review and revision.

Business Case(s)

As a result of writing a general business plan you might end up writing individual business cases for each objective.

Robert Campbell Original November 2018 –

Revised November 2020 and March 2021

Ultimate GP Manager Checklist

Somethings new, new – policy manual, by how much is the face of general practice changing.

AGPAL - General Practice Accreditation

Business planning for general practices

Have you ever taken a wrong turn and ended up completely lost? Perhaps you kept going the way you were in an attempt to correct your error and get back on the right track, leading to even further confusion. It is likely turned to a GPS system to help you get back to where you needed to be.

Think of a business plan as your practice’s GPS system. A reassuring guide that identifies where you are, examines available options, and ultimately, calculates the best route to get you to where you want to be.

Whether your practice is brand new or has been running for decades, developing a business plan is more than RACGP Standards 5th edition requirement (Criterion C3.1 – Business operation systems). It can be a crucial part of your practice’s success. A business plan will support the future direction, sustainability and growth of your practice and is the key to a more efficient and productive practice.

Developing a business plan, particularly an initial one can be daunting and time-consuming. However, the task can also be extremely rewarding and provides an opportunity for you to take a big picture look at your practice to see what’s working and what could be improved.

AGPAL clients have access to a business planning package within their AGPAL accreditation hub, just search ‘Business plan’ in the Education & Resources Library! The plan contains ready-made, customisable template, Excel spreadsheets for a break even calendar, cash flow table and risk assessment table and information on how to market your practice.

Tips to consider

The importance of research in business planning is an immensely important process. It is useful to gain an understanding of your current position and to identify whether there are any opportunities available to you. To assist you in doing so, you can start by answering questions such as:

  • Who are our competitors?
  • Where does our practice fit in the marketplace?
  • What do we want to achieve?
  • Who are our clients?
  • Are there any members of our community we could better service?
  • What makes our practice stand out from the practice down the street?
  • Are we meeting the needs of your community members?
  • Are there any areas of our business we could be doing better?

If you are a newly opened practice, it is highly likely you covered these questions recently. But these are just as relevant for practices that have been operating for many years. New practices may have opened in your area, new housing developments could provide new opportunities, or the demographics of your patients may have changed. Ensuring your research is accurate and up-to-date will allow you to have a better understanding of your practice and where you should be heading.

Be realistic with time

Good business planning takes time and should be carefully undertaken to ensure you can create the best goals and outcomes for your practice. It’s an activity that needs dedicated effort and not something that can be completed in a couple of hours at the end of a busy day or when the practice has a lull in patients.

Developing a business plan includes looking at a wide range of areas including legal, financial, human resources, and services to name a few. Just like the range of issues present in your patient population, some parts of the plan will be easy to identify while others will need further investigation.

Once you’ve worked out which parts you are going to include don’t be afraid to jump between the sections of your business plan. Some sections will be easier to complete than others and you can always go back to the other sections later. If you are unable to complete the process yourself, you may like to get additional help from a business planning professional.

Make your business plan specific to you

This may seem like an obvious tip but a lot of practices will look to competitors to find out what they’re doing rather than examining what they want to achieve and the best way to make this happen. Every practice is unique offering different services, professionals with different interests and specialties, and a patient population with its own individual needs. Your business plan should encompass all of these unique elements instead of simply copying what others are doing.

Identify the areas your business plan will address

The actual format of your business plan can take many forms but generally will include your practice’s vision, mission, values, objectives, strategy, governance structure, roles and responsibilities, reporting and monitoring systems, processes and timelines, financial status, and budget. Always leave your summary to last as you’ll be in a better position to write a concise overview once you are clear about the details.

Involve all staff members in the process

The amount of input from staff will depend on their position within the practice. However, involving everyone in some way will ensure greater commitment and dedication to the overall objectives identified. Staff may also be able to identify new issues, options, and opportunities that you hadn’t thought of previously. It also provides the opportunity for collective contributions, improving the morale demonstrated when working toward a common goal.

Presentation matters

Just like when meeting new patients, your business plan also needs to make a good impression so language and presentation should be professional. To minimise errors and make sure your business plan makes sense, it is also a good idea to have someone impartial proofread your document. The more thought-out, clear and concise your business plan is, the more likely decision-makers or those assisting in the implementation of the plan are going to be on board and support its success.

A business plan should be a living document rather than something you write then forget. Your practice, clients, market and competitors are constantly evolving and it is vital that your business plan does the same. Your business plan should be reviewed several times a year and when the circumstances of your practice change to ensure you are on track with your goals and provided with the opportunity to make updates, changes and improvements based on experiences, learnings and situations encountered along the way.

In addition to these seven tips, there is plenty of free advice available online. The Department of Industry, Innovation and Science has useful tips, templates and resources to support your team in better understanding this process and creating a winning business plan.

Meeting the 5th edition requirements

In addition to the benefits of business planning identified in this article, undertaking this process also supports you in meeting the new RACGP Standards 5th edition indicator requirements as part of your accreditation.

Indicators C3.1>A and C3.1B in the RACGP Standards 5th edition outline the following in regards to business planning:

C3.1>A Our practice plans and sets goals aimed at improving our services.

  • plan and set business goals.
  • write a statement of the practice’s ethics and values
  • maintain a business strategy
  • maintain an action plan.

C3.1B Our practice evaluates its progress towards achieving its goals.

  • maintain progress reports about the business strategy or action plan
  • create a strategy for continuous quality improvement
  • implement quality improvement initiatives.

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General Practice (GP) Business Plan Template

General Practice (GP) Business Plan Template in Word, Google Docs, Apple Pages

Download this General Practice (GP) Business Plan Template Design in Word, Google Docs, Apple Pages Format. Easily Editable, Printable, Downloadable.

Are you a general practitioner who’s looking for a business plan to successfully practice your profession? If so, then you are in the right place! We  offer you our General Practice (GP) Business Plan Template and get to practice more efficiently and productively. When you utilize this business template, it will help you achieve your business goals as well as anticipate any issues that may arise along the way. This template comes with a comprehensive suggestive content that you can make use of by just simply replacing highlighted texts with your own details. Save yourself the hassle and get more done by downloading this GP Business Plan template today!

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START UP: Writing a Concierge Medicine Practice Business Plan

gp practice business plan

Have you ever thought about starting a direct-pay medical practice or other variation of a private medical practice? Well, whether you are concerned about the Affordable Care Act, looming Medicare cuts or a board certified physician curious about what the next few years in your practice will look like, there are a few things to consider before investing the time, money and energy to bring your direct-pay or concierge medical practice to market.

While the conversion to a direct pay and concierge medicine practice may be timely, a common question we receive at Concierge Medicine Today (CMT) is how to attain capital for starting a direct-pay or concierge medical practice. The answer lies in your planning and relationships with the appropriate types of people that can help you.

Related Resource>> SELF-TEST: Are You Ready To Be A Concierge Doctor? The 5 Questions You Should Ask Yourself Before You Begin

“In today’s economy, many have drained their savings accounts, and maxed out their personal credit lines,” say one concierge healthcare consultant. “Because of this they [doctors] need to reach out to others to get this money. The solution lies in coming up with a well thought out and professional, private-pay business plan for your practice that can be submitted to healthcare consultants, your attorney and a trusted accountant. Unfortunately, many people [doctors] have never learned how to write a proper business plan and immediately look to the Internet to search for a concierge medical practice business plan sample or template they can purchase. In my opinion, this is the wrong solution.”

TIP #1: Don’t Buy a Concierge Medicine Business Plan “Sample”

When purchasing a business plan sample from the Internet, people often force their concept into the boilerplate template rather than creating a plan that highlights it. A friend of CMT had recently made this type of purchase. He filled in the blanks and talked about it with us. Our first question was how he had determined that within his first five years he would have 15% growth annually. His unsure answer, “it was in the business plan sample.”

CMT has put together several resources and outlined below a few steps that should set you on a path to finding new patients for your new private-pay medical practice and hopefully to higher annual sales as well.

TIP #2: Interview Several Healthcare Consultants

There are certain areas that healthcare consultants and industry experts focus on to help physicians change their business model from an insurance and managed care practice to a direct-pay, cash-only or retainer-based business model. For example, when assessing your practice for potential economic viability and success in the marketplace, your current patient-base makeup, local demographics, patient surveys and your bedside manner all factor into the review process. . Most available ‘canned’ business plan templates don’t cover these types of intangibles critical to your to success.

Recently, CMT attended a seminar in Florida that was designed to help physicians learn more about direct-pay medical business models. When the speakers explained to the attendees that this type of practice business model is highly relational, one physician raised his hand unapologetically and said, ”so you’re telling me I have to be nice to my patients.” Shockingly, there was nothing funny about it.

TIP #3: Set Realistic Expectations for Your Time

When you sit down to start writing your plan, you must remember that this is a business model based on service and fulfillment. If you are clear with your patients about what it is that you are going to deliver to them in the form of medical services, it will be much easier to introduce the program concept to your patients at the right time, with the right message.

A long-time reader of CMT based in Atlanta, GA (ranked number 5 as the most popular places for concierge medicine practices in the U.S.) told us that the reason she was leaving her concierge physician was because for nine months she was seen by her doctor only one time. Otherwise, every other visit she was treated by the nurse practitioner.

Those that use the excuse that they cannot write a business plan are the same people who have never thought out all of the aspects of starting a direct-pay, concierge or retainer-based practice. In other cases they may have thought out the service or business aspects, but have not taken the time to identify and understand information voids that exist in their planning process. Questions your private-pay business plan should answer:

  • What local alliances or relationships can you leverage with other businesses to help yours?
  • In terms of fees, what can the local market/demographic support?
  • How will the skills of your staff, their knowledge of the industry and track record of implementation support this shift?
  • What existing problem or problems exist that your practice is trying to solve simultaneous to the shift in practice and business model?
  • What solutions does your practice have in place to resolve the problem(s)?
  • How much will it cost to solve these problems now?
  • How will solving these problem(s) make your practice financials look in one, three and five years, when considered in the context of your shift toward a private-pay practice model?
  • How much cash do you need to find a path to profitability?

TIP #4: Choose Your Model. Then Define it and Make it Unique to You, Your Area and Your Patients.

This becomes another stumbling block doctors will run into. Doctors call CMT monthly and want to learn more about the various nuances of this industry. They quickly learn that there are several attractive business models that could be implemented and be suitable to a specific demographic and geography. But you must write a business plan with a practice model in mind that is suitable for your local area and demographic makeup.

The business plan you write for your future practice must make sense to those whom you will serve. Unfortunately, many consultants prefer one medical practice model over another, so it’s important to choose a consultant to with experience across various business models and knowledge of proven models that have been successful in similar locales. Be careful, there are a lot of companies out there that know nothing about this industry.

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TIP #5: Cash, Insurance, Medicare. What plans, if any, Will You Participate In?

Several years ago, CMT wrote a story that’s been published many times over and has become one of the most copied and popular reads online about the difference between direct primary care and concierge medicine. Direct primary care (DPC or sometimes called direct care) is a term often linked to its companion in health care, ‘concierge medicine.’ Although the two terms are similar and belong to the same family, concierge medicine is a term that fully embraces or ‘includes’ many different health care delivery models, direct primary care being one of them.

Similarities Direct care practices, similar in philosophy to their concierge medicine lineage, bypass insurance and go for a more ‘direct’ financial relationship with patients and also provide comprehensive care and preventive services for an affordable fee. However, direct care is only one branch in the family tree of concierge medicine.

Direct care, like concierge health care practices, removes many of the financial barriers to ‘accessing’ care whenever care is needed. There are no insurance co-pays, deductibles or co-insurance fees. Direct care practices also do not typically accept insurance payments, thus avoiding the overhead and complexity of maintaining relationships with insurers, which can consume as much as 40 cents of each medical dollar spent, according to CMT analysts.

Differences Direct care is a ‘mass-market variant of concierge medicine, distinguished by its low prices.’ Simply stated, the biggest difference between ‘direct primary care’ and retainer based practices is that direct care takes a low, flat rate fee whereas concierge medicine models (although plans may vary by practice) typically charge an annual retainer fee and promise more ‘access’ to the doctor.

Both health care delivery business models are providing affordable, cost-effective health care to thousands of patients across the U.S.

“This primary care business model [direct primary care] gives these type of providers the time to deliver more personalized care to their patients and pursue a comprehensive medical home approach,” said Norm Wu, CEO of Qliance Medical Management based in Seattle, Washington. “One in which the provider’s incentives are fully aligned with the patient’s incentives.”

One additional word of advice: once you have written your private-pay medical practice or concierge medicine business plan, do as many smart physicians have done, have it reviewed and read by a trusted friend in business or a relative. After they have read it, have them give you a verbal explanation as to how they think your new practice model will work, based on your plan. If they do not understand the plan or cannot explain the practice model concept from what you have provided, there is a very good chance that a patient in the coming months ahead will not understand the practice concept(s) either.

This article originally appeared in Concierge Medicine Today or The Direct Primary Care Journal , leading independent publications in their respective fields. Posts by the author and these publications do not represent an endorsement of FON or its services.

FON is a leading integrative health and medicine business development and strategy consulting firm. FON specializes in custom solutions for growing patient volume , developing programs , and increasing product sales . Our practical business models are driven by innovative marketing, clear messaging, and customer engagement via branded storytelling.

Contact us today to schedule a complimentary 30-minute consultation to discuss your business development or personal brand needs.

gp practice business plan

Michael Tetreault  serves as editor-in-chief of the award-winning publication,  Concierge Medicine Today   (CMT) and  The Direct Primary Care Journal   (DPCJ). Michael has many years of experience as a marketing, public relations, sales and brand manager. He is considered an expert in the field of concierge medicine and direct primary care. Michael has authored such titles as:  Branding Concierge Medicine ;  The Marketing MD ;  The Doctor’s Guide To Concierge Medicine  with co-author and publisher, Catherine Sykes;  The Five Entrepreneurial Laws of Marketing  and more. Michael’s latest book,  Branding Concierge Medicine , became a best-selling title in its category on Amazon.com and now ranks in the top 2% of all Amazon.com e-books sold.

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  4. General Practice (GP) Business Plan Template [Free PDF]

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  1. Medical Practice Business Plan Template & Guide [Updated 2024]

    Medical Practice Business Plan. Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical practices. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a medical practice ...

  2. General Practice Business Plan PDF Example

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

  3. How to Write a Business Plan for Medical Practice

    Your business plan should include the following: A summary of your business, including the medical services you provide, your location, and the history of the business. Financial information including projected cash flow, outgoings like medical equipment, marketing and practice management software costs and projected turnover.

  4. Executive Summary of a General Practice Clinic: Template & Example

    Concisely summarize your general practice clinic's financial goals, emphasizing revenue targets, growth strategies, and investment plans. Example: With a strategic financial plan, [Your General Practice's Name] aims to achieve $1.0 million in annual revenue and a 30% profit margin ( EBITDA margin) by 2028.

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

    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 ...

  6. How to Write a Business Plan for a Medical Practice

    Management team and qualifications: Address who works for you, what do they do, and how much you pay them. Compile the details of their relevant experience and education. Hiring plans: Outline who, if anyone, you need to hire to fill skills gaps in your management team and how much you plan to pay them.

  7. Medical Practice Business Plan Examples

    Here's a collection of sample business plans for medical practices, dental offices, and clinics, that should help you on your way. If you're looking to develop a more modern business plan, we recommend you try LivePlan. It contains the same templates and information you see here, but with additional guidance to help you develop the perfect ...

  8. How to Write a Business Plan for a General Practice

    In this article we go through, step-by-step, all the different sections you need in the business plan of your general practice. Use this template to create a complete, clear and solid business plan that get you funded. How to Start a General Practice in 12 Steps: Complete Guide. 1. Executive Summary.

  9. Write a Medical Practice Business Plan

    How To Write a Business Plan for Opening a Medical Practice. After you have finalised (or semi-finalised) your decisions from the first six steps, it's time to put it all together in your business plan. Your business plan should articulate your short and long term strategy, and have details on marketing, staffing, and patient retention plans ...

  10. Medical Practice Business Plan Template (2024)

    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 ...

  11. RACGP

    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 ...

  12. Creating a business plan for your practice

    The business plan is a statement of strategic objectives and an outline for how these objectives will be met. The budget is an essential part of the business planning - it is an estimate of income, costs and cash flows over a specified period. It should reflect the objectives set by the business plan and other events that are forecast to occur.

  13. Your medical practice's secret to success: The 4 essentials of a

    Start with these essentials. 1. Put success in sight. Every viable medical practice begins as goals outlined in a business plan. This part is exciting as you're about to set the parameters for how you're going to build a profitable practice. To start, map out a simple forecasting model.

  14. Business Plan For GP Practice

    The market analysis section of your gp practice business plan is essential for understanding the competitive landscape and the overall business environment. It is crucial to execute this section effectively as it demonstrates your in-depth knowledge of the market dynamics. This process will enable you, as an entrepreneur, to identify ...

  15. Business Plan Today

    The Mission Statement should encapsulate what the Business/Practice is about. Try around fifty words. Example -. "The Practice intends to provide family medical services, under an independent NHS contract, with efficiency and effectiveness within the manpower and financial resources available". Introduction:

  16. Business planning for general practices

    A business plan will support the future direction, sustainability and growth of your practice and is the key to a more efficient and productive practice. Developing a business plan, particularly an initial one can be daunting and time-consuming. However, the task can also be extremely rewarding and provides an opportunity for you to take a big ...

  17. RACGP

    A comprehensive general practice toolkit that GPs can use . Search. Education Become a GP Close ... (the Plan) Submission on the National Cervical Screening Program guidelines changes ... Helping you manage the business side of general practice General Practice Business Toolkit. General Practice Business Toolkit.

  18. General Practice (GP) Business Plan Template

    If so, then you are in the right place! We offer you our General Practice (GP) Business Plan Template and get to practice more efficiently and productively. When you utilize this business template, it will help you achieve your business goals as well as anticipate any issues that may arise along the way. This template comes with a comprehensive ...

  19. START UP: Writing a Concierge Medicine Practice Business Plan

    TIP #1: Don't Buy a Concierge Medicine Business Plan "Sample". When purchasing a business plan sample from the Internet, people often force their concept into the boilerplate template rather than creating a plan that highlights it. A friend of CMT had recently made this type of purchase. He filled in the blanks and talked about it with us.

  20. City Way Medical Practice Business Development Plan 2018

    As part of NHS England's "General Practice Forward View", Medway CCG is currently in the process of rolling out Wi-Fi to each of its member practices. This will be available for both staff and patients to use from the early part of 2018. NHS England's General Practice Forward View promises that a national framework is

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    The Wilsden Medical Practice is a long established GP practice dating back to the late 1880s. There are currently 10,500 patients, 5 GP Partners (1 male, 4 female), 2 salaried GPs (both female), and 1 Advanced Nurse Practitioner (female). ... Wilsden Medical Practice Business Plan 2018-2021. May 2018 Page 3 of 9 v01. Title: Evidence & Examples ...

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    This risk assessment can be a standalone corporate risk register or sit as part of the plan. The business continuity plan should ensure this is sign posted to if it is a separate document. An example is also given below. For example: - at flood risk - having a small staff base, - being in an old building with less resilient infrastructure

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