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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
Executive Summary
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
Company Description
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
Market Analysis
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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How to Write a Business Plan for an Outpatient Medical Practice
You probably have many good reasons to open a private practice. Private practices can be lucrative, although it requires you to spend time building relationships with patients while also attending to all business processes that are part of running your practice .
Maybe you want more autonomy over your practice and your workflow. Or maybe you hope to expand your services to underserved areas or specific populations based on your expertise.
If you’re thinking about starting an outpatient medical practice, one of the first things you should do is write a business plan. Even if you’re able to self-fund your practice and don’t need outside investment, your business plan is a great tool for thinking through all the different aspects of building a profitable and sustainable practice.
There are a few different types of business plans , depending on how you intend to use it. If you’re seeking investment or business loans, you’ll need a traditional business plan . They tend to be lengthier and more detailed. A Lean Business Plan might be a better fit if you simply need to think through all the different aspects of your business. A Lean Plan will be shorter, and it lends itself to quick revisions, but both types follow the same general outline.
In the medical field, this Lean Plan idea is also sometimes called a proforma, though a proforma sometimes refers specifically to the financial part of the plan.
Ultimately, no matter which type of business plan fits your practice’s needs the best, remember: keep it short, know your audience, and don’t be intimidated.
Once you consider these factors, then it’s time to sit down and write your business plan. You should go into this thinking about your business plan as a living document, not something you do once and then file away forever. Use it as a tool, especially around your financials. Revisit and update it regularly by comparing your forecasts to your actuals and adjusting as necessary.
To help you get started, you can download our free traditional business plan template or our Lean Plan template . If you’ve never written a business plan before, Bplans also offers a library of sample medical business plans that you can review or even download to use as a model.
Executive summary
The first section that will appear in your business plan is the executive summary . But before you dive right in, it’s the section of your plan that you should actually write last. It’s a summary and an overview of your outpatient medical practice and your plans, so it will be easy to put together after you’ve written the rest of your plan.
Executive summaries are short—keep it to one to two pages. Keep in mind that if you’re using your plan to get funding, investors and banks tend to read your executive summary to get a sense of whether to read on and consider your request. Do not neglect it; just write it last.
Your executive summary will include the following sections:
- Who you are: Your business name, location, and contact information.
- What you offer and the problem your business solves: What does your practice offer and why is it needed? This is your value proposition .
- Target market: Who is your ideal patient? Do they self-pay or use insurance? Be specific.
- Competition: Who else is offering similar services?
- Team: Who is on your management team?
- Financial summary: Explain your business model, startup costs, revenues, and liabilities to the company. Mention your funding needs.
- Milestones and traction: How have you validated that there’s a need for your practice in your location?
Position your practice’s business opportunity
Now that you’re familiar with what’s included in your executive summary, tuck that information away, and get to work on the rest of your plan.
Think of the next few sections of your plan as the overarching description of your practice’s business opportunity. You’ll cover the problem you’ve identified and the solution that your practice offers. Then you’ll think through your ideal customer , your competition , and your opportunities for growth . This section area should describe the services you provide and how they benefit your patients.
Problem and solution
First, describe the problem that you’ve identified and how your practice solves that problem. Here’s a brief example:
The problem : There is a lack of affordable pediatric and gynecological care available in coastal areas of Lane County, Oregon. Many patients have to travel miles to the closest practice.
The solution : Dr. Gardner plans to open Ocean Lane Outpatient Care to serve smaller Oregon coastal communities scattered outside of major towns with major hospitals. Due to her focus on pediatric and gynecological care, Dr. Gardner’s particular services are especially valuable in this location due to the lack of available service providers in the area. Dr. Gardner’s practice will accept private insurance and Medicaid, as well as a sliding scale for patients in a certain income bracket.
The services section identifies what kind of medical practice you are opening. Restate who your practice serves and what kind of services you specialize in. Talk about how your practice approaches treatment and what goals you have in addition to providing quality care. Here’s an example from a sample business plan for a medical practice.
Include a breakdown of all services furnished by the clinic, being as granular as possible. For example:
Gynecology:
- Annual women’s wellness exam
Pediatrics:
- Immunizations
- Youth eating disorder treatment
Target market
Next, talk about your ideal patients. If you’re in the earliest stages, you’ll want to do some research that verifies your hypotheses.
For example, Dr. Gardner would have needed to verify her assumption that people in coastal towns in Oregon are in need of pediatric and gynecological services—a need that isn’t currently satisfied by available resources.
A formal market analysis can help verify that there’s a need for your particular practice in your intended location.
Your target market section should include:
- TAM, SAM, and SOM: Total Available Market (TAM), Segment of the Available Market (SAM), Share of the Market (SOM). Here, you are looking at the difference between targeting everyone: TAM (all people who need medical care—so all humans in your area), versus your ideal clients: SAM (maybe this is those with certain insurance or ability to self-pay), versus the number of new patients you think you can realistically reach: SOM, especially within your first few years. The idea is that not everyone will be an ideal patient. It matters because you can waste a lot of money with marketing outreach to everyone, instead of targeting a specific population that is more likely to be looking for your services.
- Buyer persona : Imagine there’s one specific patient who represents your ideal patient. Be specific. Maybe she’s 34 years old, has private insurance, is relatively healthy, but needs more regular medical care and advice.
- Competition and competition matrix : List competitors and analyze what makes them competitive. For instance, your competitors might be large hospitals because of the wide range of services they offer. You might also be competing with local chiropractors or other alternative medicine practices that already have a foothold in local communities.
- Future products and services : Name the products/services you will offer as your practice grows and earns more money and as your patients develop new needs. Maybe you will want to open a second location when you gain enough patients. Or maybe you will want to extend your practice’s hours of operation.
Ideal patient profile
Your ideal patient profile identifies the type of patient whom you hope to attract and retain. To clarify, this does not mean you only serve your ideal patient type. Rather, focusing your outreach efforts on attracting your ideal patient will allow you to grow your practice more effectively than targeting a large number of patients who may or may not be in the market for your practice’s specialty.
When developing your ideal patient profile, consider:
- Who you enjoy working with
- Who needs the services you provide
- Who can and will pay your pricing (or have an insurance plan that you want to accept)
For instance, because Dr. Gardner specializes in preventive and curative care, a patient seeking palliative treatment for terminal cancer is not the ideal patient. This patient would not receive the best care for their needs from Dr. Gardner’s services.
Acquiring a new patient is six to seven times more expensive than retaining a current patient. In order to support and retain current patients, develop a strategy to proactively meet their needs and set benchmarks to measure the success of your strategy.
Execution: How your practice will respond to the opportunity
First, your business plan laid out the opportunity at hand. Now, the rest of your plan will focus on how to take advantage of that opportunity. Now is the time to lay out what you’ll do to attract patients and set up a viable business model with healthy financials.
Components of this section include:
- Your marketing and sales plan
- Strategic partnerships or alliances
- Your operations plan
- Your team and company information
Financial plan
- Milestones and metrics that you’ll need to hit to be viable
- Your key assumptions and risks
- Your funding ask and exit strategy, if applicable
Marketing and sales plan
The marketing and sales component of your plan should include how you plan to reach the patients in your target market, how you’ll bill for your services, and what you need to do to bring in the right number and type of patients.
- Positioning : Describe how you will present your company to your customers with your positioning statement . Think about answering these questions: What are you offering your patients that they can’t get elsewhere? Why should they pick you instead of another practice? Where do you see yourself in the competitive landscape? Use this model to help:
“For [target market description] who [target market need], [how our business offering meets the need]. Unlike [key competition], it [most distinguishing feature].”
For [coastal community members] who [require gynecological care], Ocean Lane Outpatient Care [provides both pediatric and women’s health services]. Unlike [other area medical practices], Ocean Lane Outpatient Care is [conveniently located near the communities it serves and can fill the gap between pure pediatric care and full-blown adult care for young women].
- Pricing and billing : Medical pricing is complex, especially if you plan to work with insurance companies. Practice Builders says that “a 10 percent increase in pricing can result in a much better return than a 10 percent reduction in costs—or even a 10 percent increase in patient volume.”
Make sure you price your services at what they are worth and explain your pricing to your patients. Consider the demographics your practice serves when you choose your pricing. Research other practices in the area and learn more about how you can choose the best prices for your patients and your practice.Also, consider how you will get patients to keep coming back to your practice. Sometimes you can increase sales by upselling and cross-selling , or offering complementary services.
If you accept insurance, the contracts you set up with insurance companies for reimbursement will probably dictate your pricing, so this is a good place to talk about your negotiation strategy as well.
- Update your website and social media frequently and ensure your website is mobile-friendly and share-friendly with credible links added.
- Make sure all communications with and about patients are HIPAA-compliant . Download a HIPAA Compliance Guide to ensure you are following regulations.
- Maintain a positive online reputation for your practice as a key management technique. You can do this by claiming your profile on any third-party sites that list it. Encourage your patients to review you online, too.
- Strategic alliances : List any people or organizations with whom you are working. You will most likely need to partner with a regional lab for medical testing. Opening an on-site lab can be costly for a smaller practice. You will most likely need to partner with a nearby hospital as part of a referral system or to share select services and equipment.
The operations section of your business plan covers how your business works, from the logistics to the technology.
- Technology: Describe how your technology works, but do not go into too much detail. Investors can ask for more information if they want to. Will you rent or buy equipment ? The technology you need ranges from simple items like thermometers to more complex items like centrifuges.
- Billing and information storage: Provide a brief overview of how you will manage information technology and patient records to promote safety, efficiency, and compliance with HIPPA regulations and industry standards. Explain your usage of Electronic Medical Record (EMR) software in this section.
- Payment types you accept: Consider payment types such as private pay, private insurance, Medicaid/Medicare, etc. What kind of referrals can you offer to the uninsured or those who cannot afford your services?
Milestones and metrics
In this part of your plan, you set measurable, achievable milestones, such as the number of new patients added per month in the first year of operations. Milestones can be about any aspect of your medical practice as long as they emphasize growth. For metrics , decide which numbers to check regularly to track your company’s health. This area should also include information about traction (past successes) and risks:
- Traction: Look back at major milestones you have achieved. Hopefully, they demonstrate that your business model works and that you are filling a need for your market. If you’re looking to attract private funders, this section is important since it shows your initial success .
- Key assumptions and risks : Acknowledge the assumptions you are basing your business on. Set out to prove them right if you can. Also, discuss risks so that investors know you have considered what could go wrong and that you have a plan for dealing with challenges. Malpractice suits and changing healthcare regulations are risks specific to the healthcare field. Malpractice insurance is a must for addressing the former. Changing healthcare regulations can affect the volume of patients who are able to afford your services.
Your team can be more important than your product or service. Describe your team here, even if it is just you and a receptionist who answers the phone in your office building.
- 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.
Company overview
The company overview tells about who you and your staff are and appeals to potential investors. Keep it short—it should be the shortest chapter of your business plan but is still very important.
It needs to include these elements :
- Mission statement : Your mission statement articulates your goals for what your company does for its customers, employees, and owners. It will read something like this: “Our mission is to provide X (services) for Y (customers) by Z (methods).” For instance, Ocean Lane Outpatient Care is dedicated to providing quality care for all the inhabitants of coastal Lane County by providing affordable and versatile services.”
- Intellectual property : List any patents you have or have pending, and mention any core technology you are licensing from another company.
- Legal structure and ownership : Explain your business structure and who owns how much of it. More on considerations for physicians and legal structure here.
- Business location : Describe the company’s location and any facilities it owns.
- Company history if it’s an existing company
Having a solid financial plan is critical, whether you’re seeking funding or not. A typical financial plan includes projections by month for the first year and annual projection for the next three to five.
Include these key elements :
- Profit and loss statement : this explains how your business made a profit or incurred a loss in a given amount of time (typically three months) by listing all revenue and expenses, then documenting the total amount of net profit or loss.
- Cash flow statement: documentation of how much cash the business brought in, how much it paid out, and the amount of its ending cash balance (on a monthly basis).
- Balance sheet : snapshots how your company is performing at a given moment by including how much money you have in the bank, how much your customers owe you, and how much you owe your vendors.
- Sales forecast : projections of what you think you will sell in a given timeframe (one to three years).
- Business ratios : Comparisons of your company’s financials with numbers from the industry profile.
- Keep it brief. For example, Dr. Gardner will employ administrative aides and nurses.
- Use of funds : Needed if you’re seeking investment or a loan. This section explains how you will use investors’ money.
- Exit strategy : You only need this if you’re seeking outside investment. An exit strategy is a method by which entrepreneurs and investors, especially those that have invested large sums of money, transfer ownership of their business to a third party to recoup money invested in the business. Common exit strategies include being acquired by another company, the sale of equity, or a management or employee buyout.
When writing your financial plan, make sure to consider startup costs . For a medical practice, average startup costs can include initial fees, malpractice insurance, cost of renting or leasing office space, and the cost of any legal or tax advisors.
Consider submitting your plan to at least five to 10 banks if you need help financing your startup costs. Many banks have divisions designated to providing loans to new dental and medical practices , so submit your plan to that division if you can. Startup costs can be high in the medical field, so make sure not to underestimate them.
Finally, your appendix is the holder for any supporting information such as charts, images, graphs, and more. If you need to include large sets of data or pages of information, put it here. That way, it is available but does not distract from the plan’s most important pieces.
For instance, you can expand on your personnel plan with charts of each employee’s annual insurance costs. You can also include versions of your profit and loss statements and other financials that extend further into the future.
Don’t forget to go back to your executive summary! Remember to keep it brief and write it based on what you have written already.
When you’re ready to write your business plan, there are an array of resources available to you. Download our free business startup checklist to think about the next steps. Also, check out our free business plan template . Reviewing sample business plans in the medical field can help you get a better sense of the process and information you’ll provide. This one for a family medicine clinic will probably be most helpful if you’re setting up a primary care practice.
Remember that this plan is a living document. Schedule a regular business plan review meeting. You should review your trajectory and compare your financial projections to your actuals frequently to keep your practice on track.
Sarah Hovet
Sarah Hovet is a senior English and journalism major and creative writing minor at the University of Oregon Clark Honors College. Currently, she is a content marketing intern at Palo Alto Software, where she writes SEO-researched articles for Bplans. You can learn more about her research and skills at sarahhovet.weebly.com .
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Medical Practice Business Plans
Did you know each of these plans was created in LivePlan? Learn More
Chiropractic Business Plan
Betcher Chiropractic is a start-up business that treats every patient with the philosophical approaches of individualism and holistic medicine.
Chiropractic Clinic Business Plan
Accurate Chiropractic is the second start-up by a business-savvy chiropractor in Florida. The owner will leverage his medical acumen and financial know-how to produce high profits.
Chiropractic Services Business Plan
Sports Chiropractic Center will provide quality care to athletes with sports-related injuries.
Family Chiropractic Business Plan
Advanced Chiropractic Clinic will provide quality chiropractic services to people of all ages. The clinic will utilize new equipment and a trained staff, able to care for the individual needs of every
Family Medicine Clinic Business Plan
The mission of Park Square Family Medicine is to promote the health and well-being of the local population by providing accessible, high-quality medical care for people of all ages.
Occupational Health Business Plan
Workwell is a nonprofit, occupational medicine program designed to reduce health care costs.
Physical Therapy Massage Business Plan
Healing Touch Massage, an established in-home business, will open an office downtown, seeking to acquire clients in the medically-required, insurance-paid massage market niche.
Psychological Health Center Business Plan
Amesbury Psychological Center is a multidisciplinary behavioral health care facility that offers mental health and substance abuse services to the communities of the Merrimack Valley in Massachusetts.
Sports Therapy Business Plan
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.
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.
Plan, fund, and grow.
Easily write a business plan, secure funding, and gain insights.
Achieve your business funding goals with a proven plan format.
Medical Practice Business Plan Template
Written by Dave Lavinsky
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 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.
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 Business Plan Template allows you to quickly and easily complete your Medical Practice Business Plan.
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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Writing a business plan for a healthcare involves preparing a document that outlines the services you plan to provide and how you intend to run your company. Health care businesses usually deal with reimbursement, fee schedules, billing systems, managed care contracts and operational issues. By describing how your company handles these challenges, you can prove to potential investors that your business strategy is sound and worthy of their investment.
Available Internet Resources
Use the resources provided by websites, such as the Business.gov and the Small Business Administration Small Business Planner websites, to get started writing your health care business plan. Use the self-assessment tool provided by the Small Business Administration website as well as other resources, such as free online courses, access to online mentoring and templates.
Description of Your Health Care Business
Write a description of your health care business. For example, list how your service offers elderly or disabled clients non-medical support at home. If you plan to purchase and run a franchise operation, the parent company typically provides information and training that describes the business.
For example, urgent care center businesses typically provide care by a certified physician, on-site lab services, prescription services and extended hours. Describe the skills and experience of your staff, such as technicians.
Marketing Strategy and Competitive Analysis
Use resources, such as the Plunkett Research website, to identify the industry outlook and trends in the health care industry. Identify your competitors. Analyze their strengths and weaknesses. Prepare your own promotional campaigns, which could mean describing your plans to develop a website to advertise your services or conduct an email marketing campaign to attract new customers.
Describe your community and how you intend to obtain referrals, such as making connections with doctors and hospital administrative personnel. These health care professionals frequently refer patients requiring home health care to local reputable agencies providing quality service to discharged patients.
Organization and Management
Add a section describing how you intend to organize your health care business. List the software programs you intend to use for charting and billing. Establish a mechanism for receiving payment and obtaining reimbursement for services. List the licenses required to operate a health care business in your state, using the resources provided by the Business.gov website.
Ensure that you meet the guidelines for providing health care services and that your services can be reimbursed by Medicare, Medicaid and private insurance.
Financial and Strategic Goals
Describe how you plan to finance your company and specify a multi-year plan. For example, state the number of patients you hope to serve by the end of the first year. Classify these patients by type, such as home health care or personal injury cases. Set success criteria, such as 80 percent customer satisfaction as reported by follow-up surveys you conduct with clients.
Use the resources provided by the Business.gov website to pay your taxes and ensure you adhere to all the required regulations.
- Bplans.com: Free Medical and Health Care Business Plans
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Tara Duggan is a Project Management Professional (PMP) specializing in knowledge management and instructional design. For over 25 years she has developed quality training materials for a variety of products and services supporting such companies as Digital Equipment Corporation, Compaq and HP. Her freelance work is published on various websites.
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How to Create a Profitable Healthcare Business Plan for Your Medical Practice
Marketing is crucial for any industry, and healthcare industry is no exception. Whether you are a big hospital or private practice, creating and implementing an effective marketing plan will help to attract new patients, retain the existing ones and maintain relationships with your staff and patients. An effective marketing strategy will play an integral role in increasing revenue, building patient trust, improving online reputation and expanding your reach.
A healthcare business plan can help you define and identify the target audience and key prospects. It can also assist in evaluating and comparing your practice data against your industry. Clearly, a business plan is necessary, so does your practice have one? Here are some more benefits of creating a strategic plan for your medical practice:
- Physician business plan provides clear direction to your marketing initiatives, preventing random activities that may work against each other.
- The process of developing a strategic plan offers an opportunity for everybody involved to collaborate in shaping the future of the practice. Active participation of all the stakeholders ensures the success of projects and priorities.
- A strategic healthcare business plan helps the physician set marketing goals and priorities for the medical practice.
- Clarity of aims and objectives can improve the quality of patient care.
Strategic business planning offers great long-term value. After the initial planning is done, a practice can use it as the benchmark for measuring progress and monitoring areas of improvement.
The process for preparing a strategic business plan is not clear-cut, but it is one of the most important things you should do for the strategic growth of your practice. A well-defined marketing plan will outline how you will retain existing patients and attract new patients, retain staff and communicate your message in the most efficient manner.
You do not need to hire expensive consultants to create a marketing plan for your healthcare practice. All that you need is the willingness to put in time and effort. An ideal healthcare marketing plan should address every aspect related to promoting your practice, and to effectively plan, you must do some research.
Identify your target audience
The first step in any business plan is to figure out who is going to seek your service. If you have a specialty practice, you probably know the answer. According to industry experts, your marketing efforts will be effective only if they are targeted. So to identify your potential patients, start by defining the common characteristics of your current patients. Always remember, your marketing plan is all about reaching your target audience and adjusting your approach to fit their preferences. Beyond demographics, try to learn the reasons why your potential patients will come to your practice, know your competition and understand your competitors’ approach in reaching the target audience. Examine how your competitors market their practice and then compare their approach, services and marketing strategies with yours. You must also determine your unique selling proposition and understand what makes you different from your competition.
Marketing is all about keeping up-to-date. So make sure while doing your research, you stay updated on current affairs. The idea is to keep up-to-date with financial, political and marketing trends that influence the medical community so you can create an effective business plan that responds to changing market conditions.
Time for some brainstorming sessions
After you have identified your potential market and patients, you will need to categorize and address critical operational questions about your medical practice. You may need to set up brainstorming sessions with people you trust, including family, friends, team members or other professionals. During these sessions, try to find answers to these basic but critical questions:
Question: Which marketing platforms will make be most suitable for promoting your services?
Pro tip: You will need to think regarding how to present or sell your services. For instance, consider offering packages that are generic in nature and offer value for money.
Question: What is the best time and frequency of marketing your service?
Pro tip: Too much promotion can create a negative brand image in the minds of potential patients. Too much advertising tends to make patients suspicious. So depending on your target audience, determine the best time for promoting your practice.
Question: What are you trying to achieve from your business plan? How do you plan to measure these goals?
Pro tip: According to experts, your marketing plan should include basic tasks that have short-term goals so that you do not end up compromising on the patient experience. You can consider using big data to evaluate and measure results and their impact on ROI.
Penning the business plan
Now that you have completed the groundwork, it is time to put all your facts and figures into words. Here are some basic steps for creating a business plan for your medical practice:
- Define your mission and vision: This is where you need to determine your goals. You have to understand where you want your practice to be in five to seven years. You will need to prepare a list of all the marketing techniques and tactics and determine what options will work best for your practice. Some of the effective marketing tactics are networking, direct marketing, print advertising, training sessions, media, open houses, social media, blogs, third-party websites and much more.
- Identify your team: In order to build support and generate enthusiasm, you should determine the outgoing personalities in your organization. Find people who will help support your marketing efforts by hosting open houses, patient training sessions, interviews and other public relations initiatives.
- Market segmentation: Consider potential patients think outside the box. Look within your organization first – you may find some of your best customers and marketers there. You must understand where your patients come from and dive deeper into your business model. Is your practice mainly run by physician referrals, or do patients refer directly? You need to create an extensive list of potential patients and categorize them.
- Create patient personas: Patient personas are representations of your ideal patients. You must create patient personas based on your research and reflect on their needs and issues. For instance, if one of your buyer personas is a diabetic, his or her needs will be different from a flu patient.
- SWOT analysis: SWOT matrix is another important component of the business plan. You can use this analysis to assess your practice’s strengths, weaknesses, opportunities and threats. This study will help you understand your market situation better and discover growth opportunities. For a successful SWOT analysis , you must be specific, realistic, compare different situations and keep your business plans and goals updated.
- Prepare a budget: Now that you have all the market information you need and have established the best way to reach your potential patients, focus on your budget to support your marketing campaign. To begin with, it is advisable to stick with the 80/20 rule. According to this rule, 80 percent of your business volume will often come from 20 percent of your patients.
- Share your vision: The first step is to make sure the plan is received and understood by your organization’s leadership. Next, make sure your plan becomes a part of the organizational culture. You must encourage employees to come up with ideas that will support your idea. Always share your plans with physicians, volunteers, employees, board members and top leadership.
- Plan the rollout: To begin with, introduce your campaign internally. Your organization’s leadership and staff are often your best support. If they get the message, your marketing efforts will be successful.
- Measure and evaluate: You should regularly track new patients, physician referrals, leads, website hits and procedure volumes in order to assess the success of your business plan.
Don’t forget the 7Ps
Even the most insightful services, supported by the best business plan, will not survive on the market if they are unable to reach potential patients. That is why practices need to invest in strategies that will bridge the gap between them and the target audience. For your marketing initiatives to be successful, you must address the 7Ps in order to evaluate and measure your business activities. These seven Ps are product, price, promotion, place, packaging, positioning and people. These 7Ps will help you review and define key issues that impact your marketing activities.
- Product: When was the last time you took an unbiased look at your products, service, facility or value proposition? Do your products meet the needs of the patients? Do your products and services deliver value? Is your medical practice properly presented? The ‘product’ for your healthcare practice is the happiness and satisfaction of your patients, which is intangible and cannot be quantified. The only way is to know that customers receive value and comfort by way of your medical practice.
- People: Healthcare is all about people – your current patients, potential patients, staff and management – everyone delivers or receives a service plays a significant part in the product category. Your patients will evaluate the service and satisfaction based on assumptions and interactions. Usually, patients do not have much insight to your medical skills, but they will know if they are pleased based on how you deal with them. Your reputation and your image are not yours alone – it is teamwork.
- Price: It is the amount people pay in exchange for the product received. Therefore, the price must be competitive, enough to generate profit, but may vary when bundled with promotional offers. Sometimes, price is the biggest factor. Therefore, as a practice owner, you must take a serious look at those areas where there is flexibility and be open to adjusting and reducing prices to meet your patients’ needs.
- Promotion: This refers to all the direct and indirect ways of communicating about your product to your people or potential patients. This may include personal and mass interaction. In all instances, promotion should always be carried out in a professional manner. The objective of promoting your practice is to examine how, when, what and where you can offer your service to your target audience.
- Place: This points to presenting your products or services to your target audience in the right place and at the right time. Needless to say, the ‘place’ will be your office where the product will meet the user. However, in healthcare, a change in location can impact the user’s decision to buy.
- Packaging: Take an unbiased look at the appearance of your office, front office, waiting area, brochures and website and the appearance of your medical staff. You might be surprised to see what patients are observing when they walk through your front door.
- Positioning: This refers to the way your brand, products or service are perceived by your target customers. If you could get the opportunity to create the ideal impression in the minds of your patients, what would you want it to be?
For successfully growing their practice and attracting new patients, many practices are working with medical marketing agencies. As a medical marketing agency , Practice Builders knows what is suitable for different medical specialties. We can introduce you to the best marketing tactics that will draw new patients to your practice. Moreover, we know how to develop effective business plans that will lead to significant growth in your medical practice. To find out more, contact us today.
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Sharon has spent 25 years building teams and developing people to work together to help improve the client experience in the markets we serve. This ultimately benefits both customers and staff equally. Sharing best practices and ideas helps clients and team members envision new alternatives, which is quite fulfilling when positive change results. Sharon enjoys working closely with clients to understand the true drivers that are affecting their business environment. By engaging clients in meaningful exploration of their goals and challenges, she often discovers that an issue they asked for help in solving is merely a symptom of something else or something greater. Solving the real issue through truly listening and not just addressing the symptoms helps create true partnerships with clients.
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Medical Clinic Business Plan Template
Related documents, 2,600+ templates & tools to help you start, run & grow your business, document description, sample of our medical clinic business plan template:, all the templates you need to plan, start, organize, manage, finance & grow your business, in one place., templates and tools to manage every aspect of your business., 8 business management modules, in 1 place., document types included.
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Medical Clinic Business Plan Sample
OCT.12, 2016
Introduction
The demand for health care is constant in spite of changes in the economy across the globe. Starting a professional clinic will help promote the health and wellness of the community that you live. You also get the opportunity to make money doing what you love, providing quality health care services
To ensure that your plan succeeds, you need to hire a professional to write your business plan for a medical clinic . OGS Capital is a reputed company that specializes in providing medical clinic business plan writing services. Our professionals have vast hands-on experience and are members of professional bodies, so you can be sure that you will get value for the money and time that you invest in this project.
Plan Summary
The plan summary is also referred to as an abstract. It should be placed at the start of the medical clinic business plan to give readers an idea of the clinic that you intend to establish even before they start perusing through the other pages.
It Is imperative to make sure that all facts that you include in this section are factual to paint a positive image to the target audience. Some of the details of your clinic that you should include in this section are clinic’s name, mission statement, and objectives.
Our team will help you create this section to give your business plan for a medical clinic an upper hand when you present it to potential investors . We will also give you additional facts to enable you set up the clinic successfully.
This includes;
- How to market your health care services
- How to hire employees
- How to build and retain your credibility and reputation
In certain businesses, the location is critical and to some extent this applies to a medical clinic. Easy access to the clinic is important, so being close to main highways is a consideration.
Car parking facilities for your clients and visitors will also need to be considered. This could be part of the business or a nearby private car park.
Another important consideration is visibility. Your medical center can act as a superb billboard in the right location.
Your business plan for a medical clinic should cover all these points and more.
Competitive Analysis
Health is a growing business and there are plenty of competitors. Your medical clinic business plan should describe your closet competitors and why they are successful.
The plan will also explain what your business will do differently to stand out from the competition. One easy way of doing this is by using a competitor matrix. Make a list of competitors and then columns for attributes. This is an easy way to compare your business to the competitors.
Business Structure
The business plan for a medical clinic needs to describe how your business is structured from the top down. If it’s an existing business, include a brief history of the company.
You should also describe the legal structure and ownership of your company, whether sole-trader, partnership or limited company.
You may also need to include information on the mission statement, intellectual property and the business location.
Marketing Strategy
Your marketing plan needs to consider several topics, including where your business is positioned in the market, your pricing structure and how you plan to promote the business.
Is the business focussed on offering value for money or is it aimed at the high-end of the market. There are many pricing strategies, and your medical clinic business plan pdf should identify which strategy you intend to implement and why.
Using our medical clinic business plan template , describe the products and services your business will offer.
How do your planned products and services meet the needs of your target market. Do your competitors offer similar products, and if so, why will your business stand out?
In the medical business there is constant change, so include how your medical clinic business plan will plan to find and offer new products and services.
The key members of the management team should be identified and their role described. This should also include details of why they are suitable for that particular role. Don’t forget to identify other important members of your team.
You can include brief bios with details of their experience and education.
Using our free sample business plan for a medical clinic to guide you.
Financial plan
The financial plan provides precise details on how you will get the capital to start the clinic. The financial plan also goes the extra mile to highlight how the money will be spent.
It is important to make sure that the plan is accurate as simple mistakes could cost your potential business investors. Our financial experts will work on this section to ensure that the medical clinic business plan is foolproof and capable of starting and safeguarding it from financial challenges down the road.
Registration Process
There are regulations that govern establishing of health care clinics. You need to adhere and follow the stipulated processes to get all the necessary accreditation documents.
The investors need to know that you have what it takes to start a health clinic, and so it is imperative to provide details of how you intend to complete the registration process.
We have professional business plan writers in the health care sector that can help you understand the registration process to overcome the challenges along the way. Our medical practice business plan template will ensure you produce the perfect medical clinic business plan .
How to order writing business plan medical clinic
Get in touch with us today for more details on how we can write a medical clinic business plan example for you by filling the contact us form. We look forward to working on your medical clinic business plan .
Download Clinic Business Plan Sample in pdf
Professional OGS capital writers specialized also in themes such as dental practice business plan , wellness business plan , senior center business plan , reiki practice business plan , pharmacy business plans , occupational therapy business plan and many others.
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.
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Healthcare business plan
Create a business plan for a medical office or any healthcare startup using this detailed business plan template. This healthcare business plan template includes an executive summary, company overview, market analysis, financial plan, and more. This accessible healthcare business plan template includes step-by-step instructions.
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