Are you about starting a medical clinic and practice? If YES, here is a complete sample medical clinic and practice business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a medical clinic and practice company.
We also took it further by analyzing and drafting a sample medical clinic and practice marketing plan template backed up by actionable guerrilla marketing ideas for medical clinic and practice companies. So let’s proceed to the business planning section.
Why Start a Medical Clinic and Practice?
All over the world, the medical industry is one of the most revered industries. As a medical doctor or a player in the healthcare industry, if you are interested in starting a business in this industry and you don’t have the financial requirements to start a standard hospital, then you should opt for a medical clinic and practice business.
It is imperative to note that any healthcare related business requires that you should first look at the existing laws in the country or the state you reside before starting the business. This is so because there is hardly any country that does not pay serious attention on their healthcare sector. Healthcare related businesses are usually highly regulated to guard against the infiltration of quacks or substandard medical clinics, hospitals or health facilities.
In essence, if you want to start your own medical clinic and practice business, then you would need to pay a visit to the health and medical regulatory body in your country to get all the required information before you can legally start your own medical practice.
So, if you are enthusiastic about starting your own medical clinic, then you should ensure that you carry out thorough feasibility studies and market survey. Business plan is yet another very important business document that you should not take for granted when launching your own medical clinic and practice business.
Below is a sample medical clinic and practice business plan template that can help you to successfully write your own with little or no difficulty.
A Sample Medical Clinic and Practice 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
The hospital and healthcare industry that medical clinic and practice business is a subset of, is perhaps one of the fastest growing and largest industries in the world because the wealth of any nation depends on the health of the nation.
There is hardly any country where the health care and medical industry is not handled with all seriousness. As a matter of fact, the healthcare industry is known to gulp over 10 percent of gross domestic product (GDP) of most developed countries.
A healthcare provider is a health professional such as nurse or doctor et al or an establishment such as a hospital or a medical clinic or a healthcare center/facility that provides preventive, curative, promotional, rehabilitative or palliative healthcare/medical services in a systematic way to individuals, families or communities.
The hospital and healthcare industry comprise of operators who are licensed as general medical and surgical hospitals that provide surgical, nonsurgical diagnostic and medical treatment to inpatients with medical conditions. In general, medic clinics maintain inpatient beds and usually provide other services such as outpatient services, operating room services and pharmacy services.
There is indeed a very large market for healthcare service providers in the united states and of course in most parts of the world. For instance, the World Health Organization (W.H.O) estimated that there are about 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers worldwide. This goes to show that the health care industry is indeed one of the largest segments of the workforce of any nation.
It is on record that in 2011, healthcare costs paid to hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies, medical device manufacturers and other players in the health care system business value chain, consumed an estimated value of 17.9 percent of the Gross Domestic Product (GDP) of the United States. This indeed is the largest of any country in the world. As a matter of fact, experts project that the healthcare share of the GDP of the United States will continue to grow, reaching 19.6 percent of GDP by 2016.
The hospital and healthcare industry is indeed a very massive industry in the U.S. Statistics has it that in the United States of America, the industry is worth $986bn, with an estimated growth rate of 3.4 percent. There are about 3,184 registered and licensed hospital and medical clinic businesses in the United States and they are responsible for employing about 5,513,669 people that comprise of doctors, nurses, pharmacists, dentists, opticians, surgeons and other health and non-health workers. It is important to state that there is no medical clinic with a lion share of the available market in the United States.
If you are considering starting your own medical clinic and practice business in the United States, then you should try and work around the industry barriers. The truth is that the barriers to entry in the hospital and healthcare industry are high because of the significant regulatory requirements and the experience and strength of incumbents.
It is absolutely compulsory for any investor who is looking towards starting a medical business 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.
Some of the factors that encourage entrepreneurs to start their own medical clinic and practice is that the business can easily get support from government at all level and the business is indeed a profitable venture despite the legislature governing the industry.
If you are determined and you are ready to go all the way, you will surely succeed in establishing your medical practice in the United States of America and you will be glad you did because it is indeed a profitable line of business.
2. Executive Summary
Borger Jasper Memorial® Medical Clinic, LLC is a standard, licensed and government approved healthcare services provider that will be located in the heart of Miami Beach, Florida – United States of America. We have been able to acquire a standard corner piece facility that is highly suitable for the kind of medical clinic we want to operate.
Borger Jasper Memorial® Medical Clinic, LLC is in the hospital and healthcare industry to provide health care services like inpatient care, outpatient care, anatomical pathology services, diagnostic X-ray services, clinical laboratory services, operating room services and other medical services and practice. We are well trained and equipped to service the market segments that require the healthcare services we will be offering.
We are in the medical clinic and practice business to deliver excellent healthcare services to all those who will patronize our medical clinic. We will also ensure that we will 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.
Borger Jasper Memorial® Medical Clinic, LLC will operate a 24 hours, 7 days a week medical clinic and practice service; our medical clinic will be opened round the clock to attend to patients. We have a standard 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 patients.
Borger Jasper Memorial® Medical Clinic, LLC will ensure that all our patients 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 customers no matter how large the number of our customer base grows.
Borger Jasper Memorial® Medical Clinic, LLC is a family business that is owned and managed by Dr. Borger Jasper and his immediate family members. Dr. Borger Jasper is going to be the Medical Director (Chief Executive Officer) of the medical clinic. He is a qualified and well trained Medical Doctor who has over 15 years’ experience working as a medical doctor and medical researcher with the United States’ government.
3. Our Products and Services
Borger Jasper Memorial® Medical Clinic, LLC is in the medical clinic and practice business of ensuring that our patients are well taken care of and our services will be carried out by highly trained professional doctors, dentists, surgeons, opticians, nurses, nurse’s aides, mental health counselors, chiropractors, medication management counselors, physical therapists and other health and non – health workers, who know what it takes to give our patients value for their money.
These are the health care services that Borger Jasper Memorial® Medical Clinic, LLC will be offering;
- Inpatient care
- Outpatient care
- Anatomical pathology services
- Diagnostic X-ray services
- Clinical laboratory services
- Operating room services
- Occupational, Physical, and Speech Therapy
- Personal Injury Case Management
4. Our Mission and Vision Statement
- Our vision is to become the number one choice when it comes to healthcare service delivery in the whole of Florida and also to be amongst the top 10 medical clinics in the United States of America within the next 10 years.
- Borger Jasper Memorial® Medical Clinic, LLC is in business is to establish a first class medical clinic that will take care of both highly placed clients and lowly placed clients as long as they can afford our services. We want to become one of the leaders in the hospital cum health care services industry in Florida, and in the United States of America.
Our Business Structure
Borger Jasper Memorial® Medical Clinic, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (doctors, dentists, surgeons, opticians, nurses, nurse’s aides, chiropractors, medication management counselors, physical therapists and other health and non – health workers) to man various job positions in our organization.
We are quite aware of the rules and regulations governing the hospital cum health care industry which is why we have decided to recruit only experienced and qualified employees as staff of the organization. We hope to leverage on their expertise to build our medical clinic and practice business to be well accepted in 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 our stakeholders. 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 five years or more.
These are the positions that will be available at Borger Jasper Memorial® Medical Clinic, LLC;
- Chief Medical Director/Chief Executive Officer
- Nurses/Nurse’s Aides
- Information Technologist (Contract)
- Admin and Human Resources Manager
- Sales and Marketing Executive
- Customer Care Executive
5. Job Roles and Responsibilities
Chief Medical Director/Chief Executive Officer:
- 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
- Attends to high profile clients and severe medical cases
- Accountable for fixing prices and signing business deals
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for providing professional medical services to our patients
- Responsible for offering occupational, physical, and speech therapy
- Responsible for handling medical emergencies
- Responsible for managing the daily activities in the dispensary store
- Provide advice about medications in response to customer inquiries
- In control of processing prescriptions and dispensing medication
- Responsible for ordering, selling and controlling medicines and other stock
- Handles any other duty as assigned by the Medical Director
- Responsible for managing our patients
- Handles personal injury case management
- Responsible for offering medication management services
- Assist the doctors in treating patients
Sales and Marketing Manager
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for 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
- 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
- Ensuring compliance with taxation legislation
- Handles all financial transactions for Borger Jasper Memorial® Medical Clinic, LLC
- Serves as internal auditor for Borger Jasper Memorial® Medical Clinic, LLC.
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 provide 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 cleaning the medical clinic facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Handle any other duty as assigned by the admin and HR manager
6. SWOT Analysis
Borger Jasper Memorial® Medical Clinic, LLC is set to become one of the leading medical cum healthcare service providers in Florida which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business.
We want our medical clinic to be the number one choice of all residents of Miami 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 in setting up the business.
Even though our Chief Medical Director has robust experience in health management services, public health and medical research, 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 to structure our business to become a leader in the hospital and health care industry.
This is the summary of the SWOT analysis that was conducted for Borger Jasper Memorial® Medical Clinic, LLC;
Our strength lies in the fact that we have a team of well qualified healthcare professionals manning various job positions in our medical clinic. As a matter of fact, they are some of the best hands in the whole of Miami 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 and our excellent customer service culture will definitely count as a strong strength for us.
Our perceived weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business and also to acquire some of the latest medical and surgical equipment.
The opportunities that are available to medical clinics cum healthcare service providers are unlimited considering the fact that medical clinics are not only meant for those who are sick and need treatment; people who are not sick may be required to conduct routine medical checkups from time to time and we are going to position our medical clinic to make the best out of the opportunities that will be available to us in Florida.
Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies. Another threat that may likely confront us is the arrival of a bigger medical clinic or hospital or healthcare brand in the same location where our medical clinic is located.
7. MARKET ANALYSIS
- Market Trends
The hospital cum health care industry is indeed a thriving and dynamic industry; with the aid of technology, it is becoming easier to treat, manage and cure some ailments that before now are not easy to handle. No doubt there are many ways of providing healthcare services in this changing era since the place of delivery may be in the patient’s home, the community, the workplace, or in health facilities.
The hospital cum healthcare industry has recently begun consolidating, largely due to the pressures of healthcare reform. The truth is that the demand for hospital cum health care services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage.
As an investor in the hospital cum health care industry, in order to maintain an advantaged position in this competitive industry, you should source for the most skilled and specialized healthcare professionals.
One thing about this industry is that labor costs are on the high side. However, medical 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 home healthcare industry will continue to grow and become more profitable because the aging baby-boomer generation in the United States are expected to drive demand for health care services.
8. Our Target Market
Borger Jasper Memorial® Medical Clinic, LLC is in business to service a wide range of customers in Miami Beach, Florida – United States of America and other cities such as Green – acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al. We will ensure that we target both 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 hospital cum health care 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 medical clinic is located
- Expectant Mothers
- Injured Sports Men and Women
- Corporate organizations such as banks, insurance companies, manufacturing companies, oil and gas companies et al
- Health Management Organizations (HMOs)
Aside from the competitions that exist amongst various medical clinics, they also compete against other healthcare services providers such as home health care services providers, health centers and standard hospitals et al.
To be highly competitive in the hospital cum healthcare industry means that you should be able to deliver quality patient service and should be able to meet the expectations of your patients at all times; they should experience improvement in their health when they patronize your medical clinic.
Borger Jasper Memorial® Medical Clinic, LLC is coming into the market well prepared to compete in the industry. Our medical clinic facility is well positioned and visible, we have enough parking space with good security. Our staff are well groomed in all aspects of healthcare service delivery.
Our services will be carried out by highly trained professionals (doctors, dentists, surgeons, opticians, nurses, nurse’s aides, chiropractors, medication management counselors, physical therapists and other health and non – health workers) who know what it takes to give our patients value for their money.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category 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
Borger Jasper Memorial® Medical Clinic, LLC 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 Borger Jasper Memorial® Medical Clinic, LLC;
- Inpatient care
- Outpatient care
- Anatomical pathology services
- Diagnostic X-ray services
- Clinical laboratory services
- Operating room services
- Occupational, Physical, and Speech Therapy
- Personal Injury Case Management
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 health care 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 Miami – Florida.
- First Year: $100,000 (From Self-Pay Clients/Patients) and $250,000 (From Health Insurance Companies)
- Second Year: $250,000 (From Self-Pay Clients/Patients) and $500,000 (From Health Insurance Companies)
- Third Year: $500,000 (From Self-Pay Clients/Patients) and $1,500,000 (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 of Borger Jasper Memorial® Medical Clinic, LLC will be based on generating long-term personalized relationships with our customers. In order to achieve that, we will ensure that we offer all – round health care services at affordable prices compared to what is obtainable in Florida.
We know that if we are consistent in offering high quality health care service delivery 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 40 percent subsequently.
Before choosing a location for our medical clinic and medical practice, 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 Miami Beach, Florida and other cities in the United States where our services will be available. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.
We hired experts who have good understanding of the hospital cum health care industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Florida.
In summary, Borger Jasper Memorial® Medical Clinic, LLC Services will adopt the following sales and marketing approach to win customers over;
- Introduce our medical clinic by sending introductory letters to residents, business owners and corporate organizations
- Advertise our medical clinic and practice in community based newspapers, local TV and radio stations
- List our medical clinic and practice on yellow pages ads (local directories)
- Leverage on the internet to promote our medical clinic and practice
- Engage in direct marketing
- Leverage on word of mouth marketing (referrals)
- Enter into business partnership with health management organizations, government agencies and health insurance companies
11. Publicity and Advertising Strategy
We are in the medical clinic and practice business to become one of the market leaders and also to maximize profits hence we are going to explore all available means to promote our medical clinic. Borger Jasper Memorial® Medical Clinic, LLC has a long – term plan of opening medical clinics in key cities around Florida which is why we will deliberately build our brand to be well accepted in Miami Beach 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 Borger Jasper Memorial® Medical Clinic, LLC;
- Place adverts on both print 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 Miami Beach Florida
- Engage in roadshows 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
Borger Jasper Memorial® Medical Clinic, LLC 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, hospitals 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 hospitals and health care service providers to bill their clients based in their discretion.
In some cases, hospitals and health care service providers also adopt the hourly billing cum per visit billing method. It is easier and preferable for medical clinic and healthcare services providers to bill personal injury case management services by the hour as against a fixed price.
- Payment Options
The payment policy adopted by Borger Jasper Memorial® Medical 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 Borger Jasper Memorial® Medical Clinic, LLC will make available to her clients;
- Payment via bank transfer
- Payment via credit cards
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
If you are looking towards starting a medical clinic, then you should ensure that you raise enough capital to cover some of the basic expenditures 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 medical clinic facility, acquire medical equipment and supply, pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them. Also it is expensive to acquire a standard and well – equipped ambulance.
The items listed below are the basics that we would need when starting our medical 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 Borger Jasper Memorial® Medical Clinic, LLC – $3,580
- Cost for hiring Business Consultant – $2,500
- 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
- Cost for payment of rent for 12 months at $1.76 per square feet in the total amount of – $105,600
- Cost for clinic remodeling – $20,000
- Other start-up expenses including 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 startup inventory (stocking with a wide range of products) – $150,000
- Storage hardware (bins, rack, shelves,) – $10,720
- Cost for Drugs and Supplies (Injections, Bandages, Scissors, et al) – $3,000
- Cost for medical equipment – $300,000
- 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 $1.2 million to successfully set up our medical clinic and practice business in Miami Beach – Florida.
Generating Startup Capital for Borger Jasper Memorial® Medical Clinic, LLC
Borger Jasper Memorial® Medical Clinic, LLC is a private business that will be owned and managed by Dr. Borger Jasper 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 startup capital for the business to just three major sources.
These are the areas we intend generating our startup capital;
- Generate part of the start – up 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 the 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 Borger Jasper Memorial® Medical Clinic, LLC 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 offer our health care services 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.
Borger Jasper Memorial® Medical Clinic, LLC 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.
- 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 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 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 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
Frequently Asked Questions
How Do You Start A Medical Clinic?
- Conduct your feasibility studies
- Learn Everything you need to learn about the medical clinic business
- Choose a name and register the business
- Draft a detailed Business Plan
- Secure the needed insurance, licenses, and permits
- Apply for an EIN (Employer Identification Number)/Federal Tax ID Number.
- Open a corporate bank account
- Lease or rent and furnish your clinic facility
- Acquire all the needed medical equipment gadgets
- Hire employees
- Market and promote your medical clinic
What Equipment Is Needed For A Medical Clinic?
- Patient monitor
- Infusion Pump
- Syringe Pump
- EKG/ECG machines
- Hematology Analyzer/Cell counter
- Biochemistry Analyzer
What Are Medical Equipment And Supplies?
Medical equipment and supplies are used in medical, dental, hospital, pharmacy, and clinical laboratories. Products range from simple bandages, tongue depressors, and syringes, to sophisticated diagnostic equipment and medical devices.
What Type Of Licenses Or Permits Is Needed To Start A Medical Clinic?
- A medical doctor, or M.D., is one of the most recognized medical license types.
- Physician Assistant License
- Miscellaneous State Board Licenses
- Zonal permits.
Can A Physician Assistant Open An Ideal Clinic?
No, a Physician Assistant cannot open an ideal clinic neither can physician assistants run their own practice. They have to work under the supervision of a physician. Many states allow physicians to determine exactly what constitutes supervision.
What Is The Cost Of Starting A Medical Practice?
Doctorly estimates that the cost of starting a medical practice range from $70,000 to more than $100,000, while Physician Practice Specialists (PPS) projects that the average monthly cost is $6,000. For daily, monthly, and yearly functioning, it is important to know how to categorize expenses.
Do You Need A Medical Degree To Own A Clinic?
Not really, but it is important to state that the “corporate practice of medicine” doctrine restricts the types of healthcare businesses non-physicians can own, but with MSO agreements and appropriate legal guidance, entrepreneurs have an opportunity to earn healthcare dollars without fines or possible jail time.
How Much Do You Make Owning A Clinic?
The total yearly gross salary for a primary care doctor who owns their own clinic is $321,552 per year.
How Do You Run A Medical Clinic Efficiently?
Here are 5 Steps for Managing a Clinic Efficiently;
- Track and observe.
- Offer Online Scheduling.
- Use Technology.
- Hold Staff Meetings.
- Send Intake Forms Prior to Appointments
How Much Does Equipment Cost For A Clinic?
Clinic equipment costs range anywhere from $150,000 to $200,000.
Can A Non Doctor Own A Practice?
All medical corporations must have one or more physician owners, and licensed doctors must hold the majority ownership. Non-physicians can own a minority share of the company.
What Education Do You Need To Become A Medical Insurance Specialist?
Becoming a medical insurance specialist will usually require education beyond a high school diploma or GED. Healthcare organizations prefer hiring insurance specialists with an associate degree from an accredited community college or vocational school.
How Can You Prevent Embezzlement In Your Practice?
In order to prevent embezzlement in your practice, you should digitalize your operations and make sure you make use of relevant health related software to run your practice.
How Much Does It Cost To Run A Mobile Clinic?
Mobile clinics cost about $300,000 initially and $375,000 annually to operate. Many are run with the help of donations and grants.
How Long Does It Take For A Medical Practice To Become Profitable?
It often takes at least two years before an established medical practice starts to see increasing profits. It is not uncommon for some physicians to lose money until a client base and steady referral network are established.
How Much Money Do You Need To Build A Clinic?
Considering the various startup costs—including buildout, equipment, supplies, startup services, and cash on hand—the average cost to open a clinic is estimated between $850,000 and $1 million. On the high end, the cost could be up to $1.5 million.
How Do You Attract More Patients To Your Medical Practice?
- Place adverts on healthcare and wellness related magazines and newspapers, radio stations, and TV stations.
- Encourage the use of word of mouth publicity from your loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+, and other platforms to promote your clinic.
- Ensure that you position your banners and billboards in strategic positions all around your city
- Distribute your fliers and handbills in target areas in and around our neighborhood
- Advertise your clinic in your official website and employ strategies that will help you pull traffic to the site
- Brand all your official cars and ensure that all our staff members and management staff wear your branded shirt or cap at regular intervals.
How Do Medical Clinics Make Money?
Medical clinics make money by providing health care services such as Inpatient care, Outpatient care, anatomical pathology services, diagnostic X-ray services, clinical laboratory services, operating room services, and other medical services and practice.
Is It Hard To Start A Clinic?
Yes, and if you are considering starting your own medical clinic and practice business in the United States, then you should try and work around industry barriers. The truth is that the barriers to entry in the hospital and healthcare industry are high due to the significant regulatory requirements and the experience and strength of incumbents.
Do Private Practice Doctors Make More Money?
A physician partner in a private practice earns a mean of $311,000, up slightly since the previous year but significantly more than employed doctors, who earned a mean of $220,000 — up about 13%.
What Is The Hardest Medical Specialty?
Medical specialties which are highly competitive and difficult to match in generally include cardiac surgery, dermatology, general surgery, neurosurgery, orthopedic surgery, ophthalmology, otolaryngology, plastic surgery, urology, radiology, and radiation oncology.
How Do Private Medical Practices Make More Money?
Here is a close look at six effective ways for making more money in your private practice in today’s competitive healthcare industry.
- See One Extra Patient Per Day.
- Hire Trustworthy Employees.
- Take Part in Clinical Trials.
- Get Rid of the Overtime Employees.
- Sell Cosmetic Products in the Office.
- Hire Medical Coding Specialists.
What Is The Easiest Medical Specialty?
Here is our list of the top 8 easiest specialties according to work-life balance and personality:
- Family Medicine.
- Diagnostic Radiology.
- Clinical Immunology/Allergy.
Are Doctors Paid Per Patient?
Well, it depends on the organization but it is important to state that there are two prevalent pay systems for physicians in the US—fee-for-service and volume-based reimbursement, where health care entities get paid a fixed amount per person based on a patient’s health and pre-existing conditions.
What Is The Insurance Credentialing Process?
Credentialing is a process that the insurance companies use to verify your education, training, and professional experience and to ensure that you meet their internal requirements for serving as an in-network provider on their panel.
What Does Texas Medical Association Do?
The Texas Medical Association, the nation’s largest and one of the oldest state medical societies, is the voice of more than 55,000 physician and medical student members across the state committed to improving the health of all Texans.
How Much Does It Cost To Open An Urgent Care?
Considering all the various startup costs—including buildout, equipment, supplies, startup services, and cash on hand—the average cost to open an urgent care clinic is estimated between $850,000 and $1 million. On the high end, the cost could be up to $1.5 million.
How Much Do Doctors Spend On Advertising?
Experts recommend 2% to 3% at a minimum to keep a consistent level of patient flow. 4% to 5% in a scenario where the practice is struggling or growth is starting to stall.
What Are The Different Types Of Clinic?
- Hospital clinics.
- Public health clinics.
- Private clinics.
- Health centers.
- Family planning clinics.
Medical SEO Vs. Medical Advertising Which One Is Better?
It depends, but I must say, if you start both at the same time, Medical Advertising will have a better ROI in the short term compared to Medical SEO. As time goes by and organic rankings increase, Medical SEO generally has a better ROI long term.
How Much Money Does the Urgent Care Industry Generate?
Experts are projecting that the entire urgent care industry will be worth more than $18 billion by the end of 2017. With industry growth expected to be 5.8% each year from 2016-2018, you can see that urgent care franchises have a lot of potentials.
How Does A Free Clinic Make Money?
Free clinics are non-profit facilities, funded by government or private donors, that provide primary, preventive, and additional health services to the medically underserved. To offset costs, some clinics charge a nominal fee to those whose income is deemed sufficient to pay a fee.
What Are The Advantages Of Healthcare SEO?
SEO can help you to establish some authority in your specialty and in your location. In general, people trust that the first result in Google search is a reputable source of information. In fact, if you’re ranking first in Google, it means you are considered a valuable resource.
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