Are you about starting a heart failure clinic? If YES, here’s a complete sample heart failure clinic business plan template & feasibility report you can use for FREE to get started. Okay, so we have considered all the requirements for starting a heart failure clinic. We have analyzed and drafted a sample heart failure clinic marketing plan backed up by actionable guerrilla marketing ideas for heart failure clinics. So let’s proceed to the business planning section.

Below is a sample heart failure clinic business plan template that can help you to successfully write your own with little or no hassles.

A Sample Heart Failure Clinic Business Plan Template

1. Industry Overview

Heart failure clinic business falls under the Cardiologists industry and Cardiologists are doctors that specialize in the diagnosis and treatment of conditions of the heart and blood vessels. Cardiologists also specialize in heart disease prevention and management.

If you are a close observer of happenings in the cardiologists industry, you will agree that the number of cardiac procedures performed increased steadily over the five years to 2017, providing overwhelming demand for operators in the Cardiologists industry.

The growing burden of cardiovascular disease fostered increased demand. In addition, increasing rates of obesity and an aging baby-boomer population have resulted in an uptick in heart-related conditions, and the early onset of chronic health conditions, such as heart disease, hypertension and diabetes, bolstered demand for industry services.

Improving economic conditions through 2022 are expected to underpin steady growth for cardiologists, though profit pressures will encourage consolidation in the industry.

A recent report published by IBISWorld shows that the Cardiologist industry has a low level of concentration. The industry is fragmented, with over 115,000 establishments offering cardiology services in 2017. The report shows that the industry’s six largest firms hold less than 10.0 percent market share collectively. Close to half of practices are non – employer operators, which have minuscule market share.

On the other hand, the number of non – employer operators have declined over the past five years as the once dominant sole practitioner Business model continues to give way to group practices, managed care organizations and hospital affiliated practices. Such practices offer physicians increased financial security and a more controlled lifestyle. As such, market share concentration remains very low but is gradually increasing.

The Cardiologists industry is indeed a very massive industry in the united states. Statistics has it that the Cardiologists industry is worth $44 billion, with an estimated growth rate of 2.1 percent between 2013 and 2018. There are about 12,637 registered and licensed heart failure clinics cum practicing cardiologists scattered all across the United States and they are responsible for employing about 240,001 people. Please note that no player in this industry can boast of having the lion share of the available market in this industry.

As a cardiologist, if you are considering starting your own heart failure 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 Cardiologists industry are high due to the significant regulatory requirements.

The truth is that it is absolutely compulsory for any investor who is looking towards starting a heart failure 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.

Due to the increase number of people with heart related diseases in the United States of America and people who are willing to travel from other countries of the world to receive treatment in the United States of America, then you are not going to get it wrong if you establish your heart failure clinic in the United States of America.

2. Executive Summary

Dave Davenport® Heart Failure Clinic, LLC is a registered and licensed cardiologist center. It is registered under the law of the United States of America. Our clinic facility is located in Newburgh –  New York. Dave Davenport® Heart Failure Clinic specializes in diagnosing and treating conditions of the heart and blood vessels. We are also going to offer heart disease prevention and management services.

We are in the cardiologists industry to deliver excellent heart related healthcare services. We will also ensure that in the line of carrying out our duty, we comply with the laws and health regulations in the United States of America.

Our heart failure clinic will be opened round the clock to attend to clients and we will also offer home services as requested by our clients. Our work force will be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our customers (patients). We have put structures in place that will enable us accept insurance payments as well as private – party payments from our clients.

At Dave Davenport® Heart Failure Clinic, LLC, we will ensure that all our clients are given first class treatment whenever they visit our clinic. We have a CRM software that will enable us manage a one on one relationship with our patients no matter how many they are.

Dr. Dave Davenport, a native of Poughkeepsie, New York is the founder of Dave Davenport® Heart Failure Clinic, LLC. He is a cardiologist consultant at the University of Tulsa. He started his career at the United States Department of Health. He has over 25 years’ experience and he will be bringing the experience and expertise to help build Dave Davenport® Heart Failure Clinic.

3. Our Products and Services

Dave Davenport® Heart Failure Clinic, LLC is a health facility that is designed with the mandate to treat and manage people with heart related ailments in the United States of America. These are the health care services that Dave Davenport® Heart Failure Clinic, LLC will be offering;

  • Heart problem diagnosis
  • Heart disease prevention and treatment
  • Cardiac catheterization
  • Pacemaker insertion and management
  • Clinic follow-ups with telephone monitoring
  • Educational programs on nutrition, exercise and medications
  • Office-based infusions by trained nurses
  • Monitored ACEI and beta blocker initiation

4. Our Mission and Vision Statement

  • Our vision is to be amongst the top 20 heart failure clinics in the United States of America; we want to be the destination for people all over the world who visit the United States for medical tourism especially as it relates to heart ailments.
  • The vision of the Dave Davenport® Heart Failure Clinic, LLC is to ensure that each patient receives the optimal standard of care for chronic congestive heart failure, increasing the quality of life and decreasing hospital stays. We want our patients with heart failure to receive individualized care in a warm and friendly environment.

Our Business Structure

Dave Davenport® Heart Failure Clinic 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 heart failure clinics which is why we decided to recruit only experienced and qualified employees. We hope to leverage on their expertise to build our brand to be accepted in Newburgh –  New York 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. 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 Dave Davenport® Heart Failure Clinic, LLC;

  • Chief Medical Director/Chief Executive Officer
  • Cardiologists
  • Pharmacist
  • Phlebotomist
  • Nurses/Nurse’s Aides
  • Information Technologist (Contract)
  • Admin and Human Resources Manager
  • Sales and Marketing Executive
  • Accountant/Cashier
  • Customer Care Executive
  • Cleaners

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 and developing incentives
  • Accountable for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Makes, connects, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the organization’s strategy
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Reports to the board.

Doctor

  • Responsible for heart problem diagnosis
  • Handles heart disease prevention and treatment
  • Handles cardiac catheterization
  • Handles pacemaker insertion and management
  • In charge of clinic follow-ups with telephone monitoring
  • Carries out educational programs on nutrition, exercise and medications
  • Handles office-based infusions by trained nurses
  • Monitors ACEI and beta blocker initiation.

Phlebotomist

  • 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.

Pharmacist:

  • Accountable for processing prescriptions and dispensing medication
  • Responsible for ordering and controlling medicines
  • Handles any other duty as assigned by the Medical Director.

Nurses/Nurse’s Aides

  • Responsible for managing our patients
  • Responsible for offering medication management services
  • Assists the doctors in treating patients and carrying out surgeries

Sales and Marketing Manager

  • 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 sales
  • Creates new markets cum businesses for the organization
  • Empowers 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
  • 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

Cleaners:

  • Responsible for washing and ironing bedsheets and clothes for patients and staff
  • Responsible for cleaning the wards and hospital facility 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

Dave Davenport® Heart Failure Clinic, LLC is set to become one of the leading heart failure clinics in the whole of New York which is why we will take our time to conduct due diligence as it relates to our business. We want our clinic to be the number one choice of all residents of Newburg and other cities in New York.

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 clinic.

Notwithstanding that our Chief Medical Director has a robust experience in the cardiologist 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 help us to structure our business to become a leader in the industry.

This is the summary of the SWOT analysis that was conducted for Dave Davenport® Heart Failure Clinic, LLC;

  • Strength:

Our strength as a company revolves around our access to highly skilled workforce, having a loyal customer base and adequate understanding of government policies and their implications. We are not ruling out the fact that we have a team of qualified healthcare professionals in our clinic.

As a matter of fact, they are some of the best hands in the whole of Newburg – New York. Our location, the business model we will be operating on, 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.

  • Weakness:

A weakness that will standout against our organization is the inability to raise the finance that is needed to purchase the latest medical equipment without the burden of long – term debt.

  • Opportunities:

The opportunities that are available to heart failure clinics are unlimited considering the fact that there are loads of people battling one form of heart ailment or the other in Newburg – New York and we are going to position our heart failure clinic to make the best out of the opportunities that will be available to us in Newburg – New York.

  • Threat:

One of the major threats we are likely going to face is the presence of well – established heart clinics and of course other players in the Hospital and Healthcare industry in our target market location that also treat and manage heart related ailments. Other threats that we are likely going to face are mature markets, stiff competition, volatile costs, and rising medical care prices.

7. MARKET ANALYSIS

  • Market Trends

Healthcare reforms have expanded the pool of clients able to take advantage of industry services. The industry has benefited from substantial growth in the number of insured Americans and changing US demographics will drive the use of physician services. External factors such as the number of people with private health insurance and Federal funding for Medicare and Medicaid in the Cardiologists industry impact industry performance

Other notable trends in this industry is that heart failure clinics are expected to perform well due to the inelastic demand for their services, and the majority of heart failure patients are covered under Medicare, threatening profitability. As patients use Medicare as their primary insurer, repayments will be slow.

With the aid of technology, it is becoming easier to manage heart related ailments that before now are not easy to handle.

This industry has recently begun consolidating due to pressures of healthcare reform. The truth is that the demand for cardiologist services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage and the plummeting unemployment rate increased disposable income.

One thing about this industry is that labor costs are on the high side. Again, heart failure clinics have 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 heart failure clinic line of business will continue to grow and become more profitable because the aging baby-boomer generation in United States are expected to drive demand for heart failure related care services.

8. Our Target Market

Dave Davenport® Heart Failure Clinic, LLC plans to service a wide range of patients in and around Newburg – New York. 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 industry. 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 heart failure clinic is located
  • Medical tourists from other countries of the world seeking treatment for heart related ailments
  • Health Management Organizations (HMOs)

Our competitive advantage

Apart from the competition that exists amongst various heart failure clinics, they also compete against other healthcare services providers like general hospitals, teaching hospitals and health centers that also provide treatment for heart related ailments.

Access to highly skilled workforce, proximity to key markets and ability to quickly adopt new technology are part of our competitive advantages that we will be bringing to the table.

Our heart failure clinic facility is well positioned (centrally positioned) and visible, we have enough parking space with good security. Our employees are trained to provide customized customer service to all our patients. Our services will be carried out by highly trained cardiologists and other healthcare professionals.

We are going to be one of the few heart failure clinics in the whole of Newburg – New York that will run 24 hours a day and 7 days a week. We have enough 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 heart failure 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

Dave Davenport® Heart Failure Clinic 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 Dave Davenport® Heart Failure Clinic, LLC;

  • Heart problem diagnosis
  • Heart disease prevention and treatment
  • Cardiac catheterization
  • Pacemaker insertion and management
  • Clinic follow-ups with telephone monitoring
  • Educational programs on nutrition, exercise and medications
  • Office-based infusions by trained nurses
  • Monitored ACEI and beta blocker initiation

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 examine the cardiologists industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.

Below is the sales projection for Dave Davenport® Heart Failure Clinic. It is based on the location of our clinic, the wide range of our services and our target market;

  • First Year: $105,000 (From Self – Pay Clients / Patients): $180,000 (From Health Insurance Companies)
  • Second Year: $170,000 (From Self – Pay Clients / Patients): $550,000 (From Health Insurance Companies)
  • Third Year: $270,000 (From Self – Pay Clients / Patients): $950,000 (From Health Insurance Companies)

N.B: This projection was 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 Dave Davenport® Heart Failure Clinic will be based on generating long-term personalized relationships with customers (patients). In order to achieve that, we will ensure that we offer top notch heart failure related health care services at affordable prices compared to what is obtainable in New York.

Our employees will be well trained to provide excellent services. We know that if we are consistent with offering high quality services and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 35 percent subsequently.

Prior to choosing a location for our heart failure clinic, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents of Newburg – New York.

We hired experts who have good understanding of the heart failure clinic 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 Newburg – New York.

In summary, Dave Davenport® Heart Failure Clinic, LLC Services will adopt the following sales and marketing approach to win customers over;

  • Introduce our heart failure clinic and the services we offer by sending introductory letters to residents, health management organizations, medical insurance companies, etc
  • Advertise our heart failure clinic in community based newspapers, local TV and local radio stations
  • List our heart in yellow pages’ ads (local directories)
  • Leverage on the internet to promote our 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 expos with the aim of networking and marketing our heart failure clinic business.

11. Publicity and Advertising Strategy

Dave Davenport® Heart Failure Clinic, LLC has a long – term plan of opening heart failure clinics in key cities around the United States of America which is why we will deliberately build our brand to be well accepted in Newburg – New York before venturing out.

Here are the platforms we intend leveraging on to promote and advertise Dave Davenport® Heart Failure Clinic, LLC;

  • 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 billboards in strategic locations all around Newburg – New York.
  • 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

We will ensure that all our services are offered at highly competitive prices compared to what is obtainable in the United States.

Heart failure clinics 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 heart failure clinics and health care service providers to bill their clients based in their discretion.

However, in some cases, these clinics adopt the hourly billing cum per visit billing method, and it is easier for heart clinics to bill heart failure treatment and management services by the hour as against a fixed price.

  • Payment Options

The payment policy adopted by Dave Davenport® Heart Failure Clinic, LLC 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 Dave Davenport® Heart Failure Clinic, LLC 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

In view of the above, we have chosen banking platforms that will enable our clients make payment for our treatments without any stress on their part.

13. Startup Expenditure (Budget)

If you want to start a heart failure clinic, then you should be ready to 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 heart failure clinic facility, acquire cardio related medical equipment and supply and pay your workforce and bills for a while until the revenue you generate from the business becomes enough to pay them.

The items listed below are the basics that we would need when starting our heart failure 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 Dave Davenport® Heart Failure Clinic, LLC 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 – $150,000
  • Storage hardware (bins, rack, shelves,) – $10,720
  • The total cost for Nurse and Drug 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 $1.5 million to successfully set up our heart failure clinic in Newburg – New York.

Generating Startup Capital for Dave Davenport® Heart Failure Clinic, LLC

Dave Davenport® Heart Failure Clinic, LLC is a private business that will be owned and managed by Dr. Dave Davenport. He decided to restrict the sourcing of the startup capital for the business to just three major sources. These are the areas we intend generating our startup capital;

  • Generate part of the startup capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from the bank

N.B: We have been able to generate about $500,000 (Personal savings $300,000 and soft loan from family members $200,000) and we are at the final stages of obtaining a loan facility of $700,000 from our bank. All the papers and documents have 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 number of loyal customers they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Dave Davenport® Heart Failure Clinic, LLC is to build a business that will survive off its own cash flow without 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 offer our heart failure treatment and management a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

Dave Davenport® Heart Failure Clinic, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are taken care of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

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 heart failure 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
  • Printing of 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
  • Establishing business relationship with Private medical insurance companies, Medicare and Medicaid, vendors (wholesale pharmaceutical companies): In Progress.
Joy Nwokoro