Medical Staffing Agency Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Medical Staffing Agency 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 Staffing Agency 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 staffing agencies operate in a unique capacity in that they are able to generate a significant amount of income by the placing medical professionals and related staff with homes and medically focus businesses. Given that these companies operate in a healthcare capacity, these companies are wholly immune from negative changes in the economy. In fact, the revenues of medical staffing agencies has increased significantly over the past 10 years as hospitals and practices have shifted their business model towards using independently contracted physicians, nurses, nurse practitioners, and physicians assistants rather than hiring them directly. The industry has experienced 10% annual growth in each of the last five years. Startup costs are associated with a medical staffing agency are considered to be moderate. Typically, these businesses can be started for as little as $100,000 all the way up to about $250,000 depending on whether or not the medical staffing agency is going to directly pay out payroll to contractors prior to when invoices are being paid. This is one of the biggest challenges as relates to operating a medical staffing agency is the management of cash flow given that medical professionals are very well paid and these firms must wait on the receipt of an invoice before they get paid for placing a doctor or nurse with a practice or hospital. The demand for these services is expected to increase significantly over the next two decades as more people enter the baby boomer years and require a greater degree of medical care. One of the things that should be discussed off the bat and is that a medical staffing agency should have a qualified attorney on retainer in order to make sure that the business is complying with all employment laws at all times. These laws are highly complex and they are frequently changing given the constantly changing landscape of healthcare. As such, a medical staffing agency does need to allocate a significant portion of their operating expenses towards professional fees and licensure especially as it relates to receiving competent legal advice.
Almost all private investors and financial institutions are willing to provide a significant amount of capital support for the development of a new medical staffing agency. This is due to the fact that these businesses are able to generate their revenues in any economic climate. Usually, most entrepreneurs looking to get into the medical staffing agency industry will seek to acquire a working capital line of credit in order to finance the ongoing contractor expenses that are associated with this type of business. Provided that the businesses specializing in providing physician, nurse practitioner, nursing, or physician assistant labor then it these businesses are an excellent candidate for this type of financing. Usually, a entrepreneur is going to be required to make a 10% to 20% capital infusion in order to start this type of business. It is important that the entrepreneur also have a significant amount of experience in the medical staffing agency or employment agency industry. Of course, a medical staffing agency business plan is going to be required. This business plan should include a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page that features industry-standard statistics that are on par with that of third-party employment agencies. Beyond the anticipated financial results over a three-year period, a medical staffing agency business plan should offer also focus significantly on the number of hospitals and medical practices within any given market. Given that many people do not stay in the same place for their for their lives, it is important for these businesses to have an understanding of the number of medical professionals that live within any given market, or employment status, and the number of positions that are open at any given time. Given the revolving door nature of employment these days this is something that needs to have special attention paid to at all times.
A medical staffing agency marketing plan should focus significantly on developing ongoing relationships with recruiters and human resources departments within major hospitals, hospital systems, and large-scale group practices. This is the type of business that does not need to market its services to the general public so any type of print or general marketing campaign can be to a minimum. Of course, if a medical staffing agency is going to be providing nurses for in-home care and a modest amount of localized marketing should be carried out. This includes maintaining a website that showcases the business, the types of medical professionals employed by the company, per hour pricing information, and contact information. Presence on social media is not needed for a medical staffing agency unless, again, there are going to be home health aides being placed directly with individual patients or families.
A medical staffing agency SWOT analysis should be produced as well. As it relates to strengths, these businesses are always able to remain profitable and they will have access to capital on an ongoing basis given the economically secure nature of their operations. The barriers to entry are considered to be moderately high once a business is established within any given market. For weaknesses, these businesses have a very high operating costs given that they must front the expenditures relating to providing services to a hospital or medical practice. As such, a large amount of capital needs to be held on hand at any given time in order to properly carry out the services. For opportunities, this is pretty simple given that most medical staffing agencies can aggressively expand their operations by developing satellite offices within any given regional market. Again, there is going to be ongoing and continued demand for these types of services over the next two decades and the opportunities for aggressive expansion are significant. Beyond establishing additional locations and offices, a medical staffing agency can specialize in providing medical professionals that have highly unique specialties. This includes placing surgeons, orthopedists, specialized nurse practitioners, and specialized physicians assistants with large hospital systems. For threats, this is going to be one of the most challenging aspects of developing the business plan and marketing plan specific for a medical staffing agency. There are ongoing changes to the regulations regarding healthcare reimbursement – via both private insurance and publicly funded health systems – that must be addressed on a daily basis. There are highly political aspects to the United States economy and have such an entrepreneur that is looking to enter this field to have a complete understanding of how a potential reduction in publicly funded system reimbursements would impact the way that revenues from medical labor occurs. This is a risk that is being faced by all medical businesses and medical staffing agencies are no different.
In closing, a medical staffing agency can be a wonderful and highly profitable business investment provided that the owner has the appropriate understanding of the industry and the context necessary to develop placement for medical professionals at the onset of operations.