Do you want to start an anticoagulation clinic? If YES, here is a detailed sample anticoagulation clinic business plan template & FREE feasibility report. One of the specialty hospital related business that a medical doctor or lab scientist can comfortably launch in the United States of America and elsewhere in the world is to open a anticoagulation clinic.
It is important to note that any healthcare related business (anticoagulation clinic inclusive) requires that you first look at the existing laws in the country or the state you reside, before going all out to start the business. In essence, you would need to pay a visit to the health and medical regulatory body in your country (the department / ministry of health and medical services) to get all the needed information that is required before you can legally start your own anticoagulation clinic business in your city.
A Sample Anticoagulation Clinic Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
Anticoagulation clinic fall under the Specialty Hospitals Industry and this industry includes health care facilities that monitor and manage medication that prevent blood clots; it is a convenient way to monitor and assist patients taking Coumadin® or any other brand of anticoagulant or blood-thinning medication.
Specialty hospitals include hospitals that primarily provide long-term care for the chronically ill and those that offer rehabilitation, restorative and adjunctive services to physically challenged or disabled people.
At present, ACs manage patients chiefly on antivitamin K antagonists (AVKs), but patient population has already changed in the last few years, because of an increase of treatments with other anticoagulant drugs, such as low molecular weight heparin (LMWH) or pentasaccharides, which require different management systems.
The Specialty Hospitals industry that anticoagulation clinic is a part of is indeed a very massive industry in the U.S. Statistics has it that The Specialty Hospitals industry in the united states of America, is worth $52 billion, with an estimated growth rate of 3.6 percent.
There are about 1,003 registered and licensed specialty hospitals (anticoagulation clinic inclusive) in the United States and they are responsible for employing about 304,779 people. No single specialty clinic can boast of having the lion share of the available market shares in this industry.
If you are considering starting your own anticoagulation clinic in the United States, then you should try and work around the industry barriers. The truth is that, the barriers to entry in the Specialty Hospitals industry are high and this is due to the significant regulatory requirements and the experience and strength of incumbents. For example, medical licensure creates a barrier to entry in the healthcare sector.
As a matter of fact, it is absolutely compulsory for any investor who is looking towards starting an anticoagulation clinic to meet extensive federal, state and local laws and regulations. These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures.
Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with building codes and environmental protection laws. These regulations make it difficult and costly for aspiring entrepreneurs to enter the industry.
Aside from the fact that the United States of America is home to loads of people who suffer from blood clothing and related ailment, some of the factors that encourages entrepreneurs to start their own anticoagulation clinic could be that the business can easily get support from the government at all level and the business is indeed a profitable venture despite the legislature governing the industry.
Lastly, this line of business is not going into extinction anytime soon and no matter the location you choose to locate your anticoagulation clinic, with the right facility and publicity, you are sure not going to lack patients with blood clots and this is as a result of the food preference and eating habits of the average Americans.
2. Executive Summary
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is a standard, licensed and government approved specialist hospital cum anticoagulation clinic that will be located in the heart of Atlantic Avenue, Delray Beach – Florida, United States of America. We have been able to acquire a standard and well – located corner – piece facility that is highly suitable for the kind of business we want to operate.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is in the specialty hospital industry to provide services specialized in providing education, blood testing, and dosing instructions for patients taking anticoagulants (blood thinners) with the aim of preventing blood clots.
We will establish a section of a Thrombosis Center-multifunctional services with clinical and laboratory expertise, which provide diagnosis, treatment and prevention of thromboembolic diseases- or act as independent services to inpatients and outpatients with blood clothing or related ailments. We are well trained and equipped to service the market segments that require the healthcare services we will be offering.
We are in the anticoagulation clinic line of business to deliver excellent healthcare services to all those who will patronize our anticoagulation clinic. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in Florida and The United States of America. Our employees are well trained and qualified to handle the wide range of health care services.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will operate 24 hours 7 days a week service; our clinic facility will be opened round the clock to attend to clients (patients). We have a standard medical call center that is manned by trained health workers. Our employees are going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will ensure that all our patients cum customers are given first class treatment whenever they have cause to come to our anticoagulation clinic. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grow.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is a family business that is owned and managed by Dr. Denis Copperfield Jnr and his immediate family members. Dr. Denis Copperfield is going to be the Medical Director (Chief Executive Officer) of the anticoagulation clinic, He is a qualified and well – trained doctor with well over 25 years of experience.
3. Our Products and Services
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is in the anticoagulation clinic line of business of ensuring that our patients / clients are well treated and taken care of and our services will be carried out by highly trained professionals who know what it takes to give our highly esteemed customers (patients) treatment that will help them stay healthy and monitor and manage medication that prevent blood clots.
These are the health care services that Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will be offering;
- We will offer four different management models (routine medical care (RMC), AC, patient self – testing (PST), and patient self-management (PSM).
- Inpatient management
- Outpatient management
- State-of-the-art medical care
- Lifelong management program
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to providing treatment and monitoring and managing medication that prevent blood clots and related ailments in the whole of Florida and also to be amongst the top 20 anticoagulation clinics in the United States of America.
- Our mission statement is anchored on the fact that we are geared towards helping revolutionize the diagnosis, treatment and monitoring and managing medication that prevent blood clots, most notably by improving the survival rate of people with blood clots.
Our Business Structure
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals to man various job positions in our organization. We are quite aware of the rules and regulations governing the specialist hospital cum anticoagulation clinics which is why we decided to recruit only well experienced and qualified employees as foundational staff of the organization.
We hope to leverage on their expertise to build our anticoagulation clinic business brand to be well accepted in Atlantic Avenue, Delray Beach – Florida and the whole of the United States.
When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. These are the positions that will be available at Denis Copperfield® Anticoagulation Memorial Clinic, Inc.;
- Chief Medical Director / Chief Executive Officer
- Nurses / Nurse’s Aides
- Information Technologist (Contract)
- Admin and Human Resources Manager
- Sales and Marketing Executive
- Accountant / Cashier
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Medical Director / Chief Executive Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Responsible for providing education, blood testing, and dosing instructions for patients taking anticoagulants (blood thinners).
- Responsible for offering four different management models (routine medical care (RMC), AC, patient self – testing (PST), and patient self-management (PSM).
- In charge of inpatient management
- In charge of outpatient management
- Handles lifelong management program.
- Collects and tags specimens exactly as outlined in each medical requisition
- Develops effective collection techniques as they relate to groups such as pediatric and geriatric patients
- Properly package each specimen and ensure that every specimen is delivered to the laboratory on time
- Maintains an organized and clean work area based on state health laws and the guidelines of our medical organization
- Answers patient questions regarding collection techniques and offer additional resources on the collection process if a patient request them
- Responsible for managing the daily activities in the hospital (dispensary store)
- providing advice about bone related health issues, symptoms and medications in response to customer enquiries
- Responsible for recruiting, training and managing staff
- Responsible for processing prescriptions and dispensing medication
- Responsible for ordering, selling and controlling medicines and other stock
- Responsible for meeting medical representatives
- Responsible for managing the organizations’ budgets
- Responsible for keeping statistical and financial records
- Responsible for preparing publicity materials and displays
- Handles marketing services
- Interfaces with third – party providers (vendors)
- Handles any other duty as assigned by the Medical Director.
Nurses / Nurse’s Aides
- Assist in providing education, blood testing, and dosing instructions for patients taking anticoagulants (blood thinners).
- Handles personal injury case management
- Responsible for offering medication management services
- Assists the doctors and surgeons in treating patients and carrying out surgeries
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Creates new markets cum businesses for the organization
- Empower and motivates the sales team to meet and surpass agreed targets
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization.
Client Service Executive
- Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the creative director in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Responsible for washing and ironing bedsheets and clothes for patients and staff members
- Responsible for cleaning the wards and anticoagulation clinic at all times
- Ensures that toiletries and supplies don’t run out of stock
- Handles any other duty as assigned by the admin and HR manager.
6. SWOT Analysis
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is set to become one of the leading anticoagulation clinics in the whole of Florida which is why we are willing to take our time to conduct due diligence as it relates to our business.
We want our anticoagulation clinic to be the number one choice of all residence of Atlantic Avenue, Delray Beach and other cities in Florida. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process as it relates to setting up the business cum specialist clinic.
Even though our Chief Medical Director (owner) has a robust experience in the specialist hospital industry, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business to indeed become a leader in the specialist hospital industry.
This is the summary of the SWOT analysis that was conducted for Denis Copperfield® Anticoagulation Memorial Clinic, Inc.;
Our strength lies in the fact that we have a team of well qualified healthcare professionals manning various job positions in our anticoagulation clinic. As a matter of fact, they are some of the best hands in the whole of Atlantic Avenue, Delray Beach – Florida.
Our location, the Business model we will be operating on, opening 24 hours daily and 7 days in a week, multiple payment options, well equipped medical call center, ambulance services and our excellent customer service culture will definitely be part of what will make us stand tall amongst our competitors.
Perhaps, our perceived weakness lies in the point that we are just starting out and we may not have the required finance to attract topflight specialists and doctors and also the finance needed for the acquiring some of the latest medical and lab equipment et al.
The opportunities that are available to anticoagulation clinics are unlimited considering the fact that there is fewer private run specialist cum anticoagulation clinics in the Atlantic Avenue, Delray Beach – Florida and we are going to position our anticoagulation clinic to make the best out of the opportunities that will be available to us in Atlantic Avenue, Delray Beach – Florida.
One of the major threats we are likely going to face is the presence of well – established anticoagulation clinic and of course other players in the Hospital and Healthcare industry in our target market location that also treat and manage blood clots and related ailments.
Some other threats that we are likely going to face when we start our anticoagulation clinic are mature markets, stiff competition, volatile costs, and rising medical care prices. So also, unfavorable government policies.
7. MARKET ANALYSIS
- Market Trends
A recent trend shows that at present, ACs manage patients chiefly on antivitamin K antagonists (AVKs), but patient population has already changed in the last few years, because of an increase of treatments with other anticoagulant drugs, such as low molecular weight heparin (LMWH) or pentasaccharides, which require different management systems.
AVKs, that until few months ago were the only oral available anticoagulant agents, are life-saving therapies that can effectively prevent cardioembolic strokes related to atrial fibrillation and heart valve replacements and treat venous thromboembolism. Because of their characteristics AVKs need a strict laboratory and clinical control to ensure efficacy and safety.
The specialist hospital industry has recently begun consolidating, largely due to the pressures of healthcare reform. The truth is that, the demand for specialist health care services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage and the plummeting unemployment rate increased disposable income.
As an investor in the specialist hospital industry cum anticoagulation clinic, in order to maintain an advantaged position in this competitive industry, you should source for the most skilled and specialized medical professionals. One thing about this industry is that labor costs is on the high side.
However, anticoagulation clinics have also faced nurse and physician shortages and have struggled to recruit qualified personnel. Industry profitability has generally risen over the past five years due to increases in service prices.
No doubt the specialist hospital industry cum anticoagulation clinic line of business will continue to grow and become more profitable because the aging baby-boomer generation in Unites States are expected to drive increasing demand for anticoagulation related health care services.
8. Our Target Market
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is in business to service a wide range of customers / patients in and around Atlantic Avenue, Delray Beach – Florida, United States of America. We will ensure that we target both self – pay customers (who do not have health insurance cover), and those who have health insurance cover.
The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the specialist hospital industry in the United States. Our staff are well – trained to effectively service our customers and give them value for their monies.
Our customers can be categorized into the following;
- The whole residents within the area where our anticoagulation clinic is located who are likely going to develop blood clots
- Injured patients
- Pregnant patients
- Health Management Organizations (HMOs)
Our Competitive Advantage
Aside from the competitions that exist amongst various anticoagulation clinics, they also compete against other healthcare services providers such as general hospitals, teaching hospitals, health centers and standard hospitals et al that also provide treatment for blood clots and related ailments.
To be highly competitive in the specialist hospital industry cum anticoagulation clinic line of business means that you should be able to deliver consistent quality blood clot treatments and managements, patient service and should be able to meet the expectations of your patients at all time; they should experience improvement in their health when they patronize your anticoagulation clinic.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is coming into the market well prepared to favorably compete in the industry. Our anticoagulation clinic is well positioned (centrally positioned) and visible, we have enough parking space with good security.
Our staff are well groomed in all aspect of healthcare service delivery and all our employees are trained to provide customized customer service to all our clients (patients). our services will be carried out by highly trained healthcare professionals who know what it takes to give our highly esteemed customers value for their money.
We are going to be one of the few anticoagulation clinics in the whole of Atlantic Avenue, Delray Beach – Florida that will offer 4 different management models: routine medical care (RMC), AC, patient self – testing (PST), and patient self-management (PSM).
The four models for AVK control are variously developed in different countries. We also run a standard medical call center for 24 hours a day and 7 days a week. We have enough trained health workers that are ready to run a shift system.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups anticoagulation clinics in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Denis Copperfield® Anticoagulation Memorial Clinic, Inc.;
- Offer four different management models (routine medical care (RMC), AC, patient self – testing (PST), and patient self-management (PSM).
- Inpatient management
- Outpatient management
- State-of-the-art medical care
- Lifelong management program
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. We have been able to critically examine the anticoagulation clinic and specialist hospital market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Atlantic Avenue, Delray Beach – Florida. Below is the sales projection for Denis Copperfield® Anticoagulation Memorial Clinic, Inc. it is based on the location of our anticoagulation clinic and of course the wide range of our services and target market;
- First Fiscal Year (FY1): $75,000 (From Self – Pay Clients / Patients): $150,000 (From Health Insurance Companies)
- Second Fiscal Year (FY2): $150,000 (From Self – Pay Clients / Patients): $350,000 (From Health Insurance Companies)
- Third Fiscal Year (FY3): $200,000 (From Self – Pay Clients / Patients): $650,000 (From Health Insurance Companies)
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing and sales strategy adopted by Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top notch all – round anticoagulation related health care services at affordable prices compare to what is obtainable in Florida.
All our employees will be well trained and equipped to provide excellent and knowledgeable anticoagulation related health care services and customer service. We know that if we are consistent with offering high quality anticoagulation related health care service delivery and excellent customer service, we will increase the number of our customers by more than 20 percent for the first year and then more than 45 percent subsequently.
Before choosing a location for our anticoagulation clinic, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Atlantic Avenue, Delray Beach – Florida, United States of America. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the specialist hospital industry cum anticoagulation clinic line of business to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Atlantic Avenue, Delray Beach – Florida.
In summary, Denis Copperfield® Anticoagulation Memorial Clinic, Inc. Services will adopt the following sales and marketing approach to win customers over;
- Introduce our anticoagulation clinic and the services we offer by sending introductory letters to residence, health management organizations, medical insurance companies, sports clubs, business owners and corporate organizations
- Advertise our anticoagulation clinic in community – based newspapers, local TV and local radio stations
- List our anticoagulation clinic on yellow pages’ ads (local directories)
- Leverage on the internet to promote our anticoagulation clinic
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with health management organizations, sports clubs, government agencies and health insurance companies.
- Attend health care related exhibitions / expos with the aim of networking and marketing our anticoagulation clinic business.
11. Publicity and Advertising Strategy
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is in the anticoagulation clinic line of business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote our anticoagulation clinic.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. has a long – term plan of opening of anticoagulation clinics in key cities in and around Florida which is why we will deliberately build our brand to be well accepted in Atlantic Avenue, Delray Beach – Florida before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Denis Copperfield® Anticoagulation Memorial Clinic, Inc.;
- Place adverts on both print (community – based newspapers and health magazines) and electronic media platforms
- Sponsor relevant community health programs
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Atlantic Avenue, Delray Beach – Florida.
- Engage in roadshow from time to time
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles and ambulances are well branded with our company’s logo et al.
12. Our Pricing Strategy
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.
On the average, anticoagulation clinics and health care service providers usually leverage on the fact that a good number of their clients do not pay the service charge from their pockets; private insurance companies, Medicare and Medicaid are responsible for the payment. In view of that, it is easier for anticoagulation clinics and health care service providers to bill their clients based in their discretions.
However, in some cases anticoagulation clinics and health care service providers also adopt the hourly billing cum per visit billing method. For example, it is easier and preferable for anticoagulation clinics to bill personal blood clot management services by the hour of treatment required as against a fixed price.
- Payment Options
The payment policy adopted by Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for our treatment / services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for treatment / services rendered.
13. Startup Expenditure (Budget)
If you are looking towards starting an anticoagulation clinic, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard anticoagulation clinic facility, you will need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.
Besides it is expensive to acquire a standard well – equipped ambulance. The items listed below are the basics that we would need when starting our anticoagulation clinic in the United States, although costs might vary slightly;
- The total fee for registering the Business in the United States – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses for the grand opening of Denis Copperfield® Anticoagulation Memorial Clinic, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Business Consultant – $2,500.
- The total cost for computer software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
- The total cost for payment of rent for 12 months at $1.76 per square feet in the total amount of – $85,800.
- The total cost for clinic remodeling (construction of racks and shelves) – $50,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits – ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $500,000
- The cost for start-up inventory (stocking with a wide range of drugs and medical supplies) – $150,000
- Storage hardware (bins, rack, shelves,) – $10,720
- The total cost for Nurse and Drugs Supplies (Injections, Bandages, Scissors, et al) – $3,000
- The total cost for medical equipment – $300,000
- The cost of purchase of ambulance and other vehicles – $100,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al) – $4,000.
- The cost of launching a website – $700
- Miscellaneous – $10,000
We would need an estimate of eight hundred and fifty thousand dollars ($850,000) to successfully set up our anticoagulation clinic in Atlantic Avenue, Delray Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funds / Startup Capital for Denis Copperfield® Anticoagulation Memorial Clinic, Inc.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is a private business that will be owned and managed by Dr. Denis Copperfield Jnr and his immediate family members. They are the financier of the business, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $350,000 (Personal savings $300,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (anticoagulation clinic), then it won’t be too long before the business close shop.
One of our major goals of starting Denis Copperfield® Anticoagulation Memorial Clinic, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to provide education, blood testing, and dosing instructions for patients taking anticoagulants (blood thinners) and related health care services (treatments) a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Denis Copperfield® Anticoagulation Memorial Clinic, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the clinic facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for loan from the bank: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of medical Equipment and Ambulances et al: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Compilation of our list of products that will be available in our pharmacy store: Completed
- Establishing business relationship with Private medical insurance companies, Medicare and Medicaid, vendors (wholesale pharmaceutical companies): In Progress.