Medical Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Medical Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Medical Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Medical practices are always able to remain profitable given the fact that people are always going to need to go to the doctor they do not feel well. A physician’s practice generally is one of the most stable entrepreneurial ventures in the United States. Additionally, one of the ongoing benefits of operating a medical practices that they are able to generate a substantial amount of their revenues from private insurance, co-pays, Medicare, and Medicaid. This trend is expected to continue in perpetuity as most people do have health insurance in the United States. Additionally, the gross margins generated from rendering medical services are very high. The biggest underlying cost for a medical practice as it relates to their cost of goods sold is the bad debt expense and costs relating to processing medical reimbursement claims. Barriers to entry for new medical practice are extremely high. This is given the fact that most states the individual that owns a majority of the practice or all the practice must be licensed as a physician. As such, there are very little competitive issues on an ongoing basis as the demand for quality healthcare currently exceeds the supply of positions practicing within the United States. The startup cost for new medical practice typically range anywhere from $100,000-$300,000 depending on the location, staffing requirements, whether or not surgery will be performed in an office, and the overall type of medical practice being started.
Within the medical practice business plan a full three year financial model should be completed. As with any business plan, the financial model should include a profit and loss statement, cash analysis, balance sheet, breakeven analysis, and relevant business ratios. One of the things that should be the focus of the medical practice business plan is cash flow given that most receivables take 90 to 120 days to be processed. As such, a new medical practice needs to be very aware of its underlying expenses and cash outflows at all times.
As it relates to the medical practice marketing plan, these businesses generally need to have a moderate sized marketing campaign. This is especially true the services that are being offered or being considered cosmetic or nonessential medical services. Usually, most physicians that want to start their practice have a substantial referral network in place so that they can begin taking patients right away. Usually, a doctor will only take a certain amount of patients and as such a very populated market – it is pretty easy to obtain new patients for the practice. A physician’s practice should also have a website that showcases the doctors credentials, hours of operation, location, and how to get an appointment.
A SWOT analysis should be completed for medical practice. For strengths, the gross margin generated from medical services are very high while concurrently having very high barriers to entry, again, given that the person owning the practice must be a physician. For weaknesses, there is ongoing uncertainty as it relates to reimbursement for publicly funded health systems. This uncertainty is expected to last for a significant period of time. For opportunities, most physicians will hire and associate doctors work with them in order to boost the billable hours of the business. Additionally, an associate physician can be the one that purchase of the practice when the owning position decides to retire or move. For threats, again, these are mostly surrounded with government policy changes to publicly funded healthcare reimbursement as well as other regulations pertaining to how the practice operates.
A physician can always find a job and operate a successful medical practice. As such, if an individual has licensure to practice as a physician they can develop the practice into a highly lucrative business. Given that people will always need healthcare, banks and lenders are always happy to provide the necessary capital in order to start these practices. This trend is expected to continue in perpetuity and advances in healthcare will only increase the billings of medical practices moving forward.