Do you want to start a wound care clinic and need to write a plan? If YES, here is a sample wound care clinic business plan template & feasibility report.
Wound care professionals are all too familiar with the disheartening stories of wound centres that began with significant fanfare, only to become a result of any number of excuses and pitfalls.
To succeed in this business, you need to possess the genuine love of providing exceptional and evidence-based wound care services. Wound care mandates that its practitioners be willing to get down, dirty and their initial motivation must be and should remain to help patients heal as quickly as possible.
Ensure that you meet the guidelines for providing wound care services and that your services can be reimbursed by Medicare, Medicaid and private insurance. Identify your competitors. Analyse their strengths and weaknesses. Prepare your own promotional campaigns, which could describe your various strategies and plans to attract and retain customers.
A Sample Wound Care Clinic Business Plan Template
Table of Content
- 1 Industry Overview
- 2 Executive Summary
- 3 Our Products and Services
- 4 Our Mission and Vision Statement
- 5 Job Roles and Responsibilities
- 6 SWOT Analysis
- 7 MARKET ANALYSIS
- 8 Our Target Market
- 9 Sales and Marketing Plan
- 10 Publicity and Advertising Strategies
- 11 Sales Forecast
- 12 Financial Projection and Costing
- 13 Sustainability and Expansion Strategy
The Wound Care Industry is divided into two types: traditional wound care (TWC) and advanced wound care (AWC). Advanced wound care (AWC) products are designed to treat acute & chronic wounds. These types of wounds take longer time to heal and are expensive to treat.
Advanced wound care is growing into the standard solution for treating chronic wounds. Traditional wound care products are however being increasingly replaced with advanced wound care products due to their efficiency & effectiveness in managing wounds by enabling faster healing.
Moreover, their advantages are to maintain a hydrated environment, keep temperature consistent, allow flow of oxygen, protect the site from exogenous infection, and ease pain associated with dressing changes. According to reports, the Global Wound Care Market is expected to reach$24.8 Billion by 2024 from $19.8 Billion in 2019, growing at a CAGR of 4.6% from 2019 to 2024.
The growth of the industry is propelled majorly by factors such as increasing incidences of road accidents & injuries, growing use of regenerative medicine, and increasing prevalence of conditions that impair wound healing capabilities.
Persistent research in the field of advanced wound care and the growing popularity of active wound care products will further provide opportunities in the wound care industry. Developing economies are projected to offer a wide range of growth opportunities for players in the market. In terms of product, the wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care products.
Advanced wound care products are projected by experts to be the fastest-growing segment owing to the rising incidence of hard-to-heal wounds and their growing adoption (due to their high efficacy). In terms of wound type, the wound care market is segmented into diabetic foot ulcers, pressure ulcers, surgical & traumatic wounds, venous leg ulcers, burns, and other wounds.
Of these, the diabetic foot ulcers segment is projected to account for the largest share of the wound care market due to increased emphasis on aggressive management to prevent diabetic foot ulceration and foot amputation, using advanced and active wound care products.
In terms of end-user, the wound care market is categorized into hospitals & clinics, long-term care facilities, and home care settings. Of all these end-user segments, home settings will grow at the fastest CAGR in the wound care market. This massive growth is attributed to the growing incidence of chronic diseases and the rising need for comfortable and convenient care services among the rapidly growing geriatric population worldwide.
Next Door Clinic is a community-based, for-profit, and outpatient wound care clinic that will offer a multidisciplinary approach to wound management for those who live with chronic wounds in Henderson Clark County, Nevada.
Our aims are to improve patient experience, enhance population health, and reduced healthcare costs. Our clinic will serve to offer the people of Henderson timely and appropriate wound care services. We will offer wound care that is evidence-based, cost-effective, safe, and painless.
Our clinic is to be a 750 square feet and will be well designed to accommodate 44 clients at full capacity. Our clinic will be a professional health clinic in both appearance and function and will offer the most recent, comprehensive, and recognised wound care and treatments.
Our proposed city, Henderson, was selected for the following reasons: office location, projected community growth rates, opportunity for patient growth, population demographics and limited health care competition. Our location selected offers convenient and easy access, encouraging high traffic volumes, excellent exposure, ample parking and a professional appearance.
Our services will be referred from physicians, research and other hospital services. We will utilize hyperbaric and wound care physical therapy, while patients often seen around the clinic will be treated with adequate care and attention.
Despite significant dedication by health care professionals, community leaders, and government officials in tackling health care deficiencies, Nevada faces issues of high morbidity and continues to rank among the lowest states in the nation in access to affordable, quality healthcare.
Fortunately, Nevada has both the resources and the will to improve its national ranking. Addressing these deficits requires substantial focus on projects and services with proven transformational ability. At Next Door Clinic, our plan is to offer innovative wound care services in our own efforts to improve health and preventive healthcare.
A mechanical adjusting device will be used occasionally for certain patients and conditions. Therapy modalities will include electrical therapy, cryotherapy, and soft tissue work. Postural education, nutritional advice, rehabilitative programs and appropriate referrals will make up the balance of the comprehensive treatment program we offer at our clinic.
This rehabilitative program will accelerate patient recovery and/or decrease patient need for future care. It will consist of stretching and strengthening programs, performed by the patient under the direction of the doctor. Ice packs, hot packs, supports, braces and orthotics will be available for patient convenience.
We will continuously develop innovative projects, programs and ideas as additional gaps, needs, and opportunities in Henderson health care system are identified. Everyone in this modern America should have access to quality, affordable healthcare. We at Next Door Clinic are committed to better understanding our location’s healthcare challenges and collaborating to find the most innovative solutions for the people of Henderson.
Our Products and Services
The wound treatment approach offered to our patients will be more thorough that what is currently being offered at most healthcare clinics in the area.
At Next Door Clinic, patients will receive a comprehensive treatment plan specifically designed to suit their conditions. This will include adjustment/manipulation, electrical therapy, ultrasound, cryotherapy, soft tissue work, postural education, nutritional advice, rehabilitative programs and appropriate referrals.
By offering this complete treatment package we will maintain and retain our patient base and gain increased patient referrals. In our clinic scheduling of appointments happen in thirty minute increment for initial visits and fifteen minutes increment for subsequent from patients. We will make sure there will be no double booking on any time slots.
This we believe will respect the patient’s time, minimize any waiting and improve patient satisfaction. Next Door Clinic will be open evenings and weekends, these are additional hours when competitors are closed. We believe this will attract patients who schedules normally will not allow visit clinics or patients who need immediate evening or weekend services.
Our Mission and Vision Statement
- Our mission is to enhance the lives and health of our clients and those who live and visit Henderson through improved access to and quality of affordable and innovative wound care services.
- At Next Door Clinic, our vision is to provide services that will exceed the expectations of our patients, resulting in a successful and profitable business.
Our Business Structure
Next Door Clinic will initially be set up as a sole proprietorship. Dr Sampson Mach will be the sole proprietor and pay personal income tax on the net taxable income generated by the clinic. The reason Next Door Clinic will initially be set up this way are:
- It is easier and affordable
- It’s is not expensive to maintain
- Tax benefits Next Door Clinic will have from the losses in the first year. They can be applied against other or future taxable incomes.
However, as Next Door Clinic becomes profitable in its second year, our business structure will be adjusted to a professional cooperation, a legal entity that can engage in contracts and own properties, separately and distinctly from its owners who are the stakeholders.
Dr Sampson Mach will remain the Corporation 100% shareholder in the corporation. The reasons Next Door Clinic will adjust to a professional corporation are:
- Preferential tax rates to corporation for taxable income
- Tax exemptions on sale of clinic, if sold later in the future
- Limited financial liability of the owners
The professional corporation was not initially formed because:
- The clinic would have a net loss initially and there were financial benefits
- It is costly and complicated to form and maintaiN
Our employee structure will include:
- Clinical Director (Physician)
- Care Specialist
- Admin and Personnel Manager
- Hyperbaric Technician
- Security Officers
Job Roles and Responsibilities
- Oversees all other employees within the clinic.
- Align with the board of directors and other health workers to determine if the clinic is in accordance with goals and policies.
- Charged with encouraging business investment.
- Promotes economic development within communities.
- In charge of directing the clinic’s financial goals, objectives, and budgets.
- Implement the clinic’s guidelines on a day-to-day basis.
- In charge of hiring, training, and terminating employees.
- In charge of developing and implementing strategies and set the overall direction of a certain area of the clinic
- Provide visionary and strategic leadership for the clinic.
- Collaborate with professionals to develop the policies and direction of the clinic.
- He makes sure that the PROFESSIONALS have the information necessary to perform their fiduciary duties and other governance responsibilities.
- Provide adequate and timely information to PROFESSIONALS to enable it to effectively execute its oversight role.
- Direct staff, including clinical structure, professional development, motivation, performance evaluation, discipline, compensation, personnel policies, and procedures.
- Demonstration of complete knowledge of the 3M ordering process which includes understanding of all major departments within the clinic
- Utilizing independent problem-solving skills to develop streamlined processes to limit contact with Wound Care Clinics while staying within the confines of Acelity process and procedure rules.
- Analysing and prioritize orders based on initial assessment of documentation and customer and/or business urgency.
- Verify third party payer benefits and eligibility (online or telephonically).
- Reviewing and analyse payer specific requirements and coverage criteria to determine required documentation and accurate billing criteria.
- Conducting in depth review of clinical documentation (medical records, prescriptions, operative reports, history and physicals) based on billing criteria.
- Calling Wound Care Clinics or field personnel to obtain missing documentation required for placement and/or billing.
- Providing a high level of customer service in a competitive market.
- Acting as a resource for Sales and other cross functional departments to provide order status and any other information.
- Participating in any and all reasonable work activities as may be deemed suitable and assigned by management.
- Building support and maintain patient, physician, and third-party payer loyalty and to increase the number of orders through enhanced customer services, customer relationship management, and technology utilization.
- Monitors any wound problems that the patients may have and treat as ordered by physician.
- Administers and records all treatment medications.
- Charts information regarding patient’s progress, ailments, medication, symptoms and observations.
- Performs monthly wound assessments on patients.
- Stocks and prepares treatment cart.
- Complies with current federal, state, and local regulations governing nursing care in the execution of assigned duties.
- Administers and records medications following physician orders and established clinic policy; takes and records patient vital signs and collects laboratory specimens as directed.
- Provides emotional support to patients and their families.
Admin and Personnel Manager
- In charge of overseeing the running of HR and administrative tasks for Next Door Clinic
- Monitor clinic supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Stay updated on job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional clinics.
- Builds the reputation of Next Door Clinic by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- State job positions for recruitment and managing interviewing process
- Organise staff induction for new team members
- In charge of training, evaluation and assessment of employees
- In charge of arranging travel, meetings and appointments
- Oversee the smooth running of the daily office activities.
- Actively participates in team development, achieving dashboards, and in accomplishing department goals and objectives.
- Assist in patient preparation for treatment. Reinforces education as it relates to hyperbaric therapy.
- Keep complete and accurate patient records as they pertain to treatment documentation. Performs hyperbaric chamber operations and system maintenance as required.
- Support clinical hyperbaric facility accreditation. Participates in the safety program.
- Maintains competencies, continuing education and certifications as appropriate.
- Utilizing data software for wound management. Makes appropriate entries for daily hyperbaric treatments and wound care clinic visits including photo uploading.
- Need to be able to hear patients and staff. Also, listen to equipment for malfunctions
- The Hyperbaric Technologist provides a high quality and safe standard for patient care. Communicates with physicians and staff. This position is ultimately responsible for courteous, efficient customer care and safe operations of the hyperbaric chambers and supporting equipment.
- Ensures timely adherence to the treatment schedule to minimize patient inconvenience.
- Performs safe and effective operation of the hyperbaric oxygen chambers and system components such as back up gas supply, TCPO2 monitor, and compressed air cylinders. Administers hyperbaric oxygen therapy to patients as prescribed by the hyperbaric physician.
- In charge of preparing financial reports, budgets, and financial statements for Next Door Clinic
- Provide management with financial analyses, development budgets, and accounting reports; analyses financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- In charge of financial forecasting and risks analysis.
- Understand cash management, general ledger accounting, and financial reporting
- In charge of developing and managing financial systems and policies
- In charge of administering payrolls
- Ensuring compliance with taxation legislation
- Take care of all financial transactions for Next Door Clinic
- Serves as internal auditor for the clinic
- Performs cleaning functions in various areas of the clinic.
- Maintains the assigned area in a clean and orderly fashion, in accordance with departmental and hospital policies and procedures.
- Includes cleaning in patient areas, critical care areas, offices, procedure rooms, labs, and surgical suites. Includes refinishing hard surface floors, advanced carpet cleaning techniques and jobs involving continuously heavy lifting.
- Works with minimal supervision.
- Performs other tasks as directed.
- Trains and mentors staff; responsible for shift changes and performs associated task necessary for the smooth transition of the shift, assigns staff to assigned areas; in the absence of the manager.
- Monitor bed board and Teletracking XT ; run bed board application report and delegate daily unit census to employees at beginning of shift, monitor incoming calls for department on 24/7 phone, delegate weekend trash tech assignment to appropriate personnel, perform End Of Day and Between Procedure Cleaning in OR, L&D, Spine & Total Joint
- Any other duty as assigned by manager.
- Provide protection to all Next Door property, employees, patients and visitors.
- Respond to requests for service and assistance.
- Proactively seek to assist guests and demonstrate an outgoing and friendly demeanour.
- Monitor alarms and access information.
- Complete written reports by recording observations, information, occurrences, and surveillance activities.
- Use a computer to search for patient information.
- Restrain patients and de-escalate potentially violent situations.
- Communicate effectively with patients, the facility community and visitors.
- Take initiative request and offer to assist when needed.
- Enforce all applicable policies, rules and regulations.
- Be an ambassador for the organization and the patients we serve, and exhibit a positive customer service attitude.
- Prevent any loss and damage by reporting irregularities; inform violators of policy and procedures.
- Demonstrate appropriate communication techniques to de-escalate tense or hostile situations; listen carefully and respond in an appropriate and professional manner.
- Act responsibly when an incident occurs.
- Be required to regularly – stand, walk, reach with hands and arms, and talk or hear.
- Exhibit high standards and monitor own work to ensure quality.
- Follow instructions, respond to management direction; Complete tasks on time.
- Consistently observe and enforce safety and security procedures.
- Work around moving objects or vehicles, when posted outdoors (cars, buses and trucks).
- Be adaptable to frequent changes, delays, or unexpected events.
- Have impeccable attendance and be punctual.
- Use equipment and materials correctly.
- Possess a high aptitude to learn.
- Have an ability to work with potentially combative patients.
- Respond to requests in a timely manner.
- Contribute to the team effort by accomplishing related results, as needed.
- Maintain the integrity and confidentiality of information pertaining CMMC employees, including clinical and patient information.
- Work various shifts, as needed (weekends and overnight).
The primary objective is to propel Next Door Clinic into the leading market position in the Clark County area of Nevada and gain financial independence. To accomplish this goal we have developed this comprehensive business plan to serves as a business guide and monitor the clinic success.
We have also taken time, with help from notable experts, to make sure we utilise our strengths and work on our weaknesses. Below is the summary of our SWOT Analysis;
Our strength at Next Door Clinic will be our enthusiasm to provide our clients with the highest quality of Conservative (no drugs and surgeries) patient wound treatment available. We will improve our patients’ quality of life with Conservative treatment techniques and strategies. We will establish an excellent reputation for quality patient treatment, integrity and professionalism.
Our weakness in this market will be the time it will take to make people understand the roles of wound care clinics. Most people believe that any other facility other than a well pronounced hospital is below par. We plan to remedy this weakness with the connection we have already with health care professionals.
Current healthcare services in Henderson are largely concentrated near or within Siena and Rose de Lima areas, suggesting that other parts of the city are left disadvantaged. Henderson with an estimated population of 310,390 in 2018, boost of just two major hospitals to attend to the needs of this growing population. We provide specific health services not currently offered in a more pronounced environment anywhere around Henderson.
We will be competing against already existing businesses in Henderson. These businesses include small and private owned health care facilities. Although it won’t be easy for a new entrant in the industry, the services we offer are specific and currently in demand in the area.
- Market Trend
A lot of patients need continued treatment after a hospital stay, causing an increase in demand for outpatient services. Interest in the on-demand, affordable care of wound care clinics has been rising rapidly. The key factors propelling the wound management market include the growing demand for faster recovery of wounds, increase in the number of surgeries, and the rising incidences of chronic diseases, such as diabetes.
For instance, diabetes is found to be the major wound causing disease along with other chronic diseases. In adults who are aged over 65 years, the population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers is increasing among the diabetic population.
While more than 80,000 adults are expected to undergo a lower extremity amputation, it is also projected that patients with diabetes are 10 times more likely to undergo amputation at some point in their life. Therefore, the number of diabetic patients is expected to increase with the increasing geriatric population, which, in turn, will drive the growth of the wound care management.
As illnesses evolve and become more complex, wound care clinics become even more valuable. Interdisciplinary skills are quickly becoming a must-have in the healthcare industry, and as a result, medical professionals are learning many valuable skills from areas such as the physiotherapy to social disciplines as well.
North America dominates the wound care management market due to the increasing incidence of chronic wounds, favourable reimbursement policies, and rise in the ageing population.
Nonetheless, Asia-Pacific is projected to experience the highest CAGR, with the growth in this market centred on Japan, China, and India. However, there are factors, such as the increasing focus of the major players in the emerging Asian countries and government support that is driving the growth of the wound care management device market in this region.
Businesses in this industry are committed to developing innovative healing solutions for customers and patients across the care continuum, generating proven clinical outcomes. The companies are also showing continuous growth and are developing new and differentiated products and services, which address the evolving healthcare needs among patients, providers, and consumers.
Our Target Market
Our business location, Henderson, boosts of many advantages that will propel our business to success. It is the second-largest city in Nevada, after Las Vegas, with an estimated population of 310,390 in 2018. It is ranked as one of the safest places in Nevada and also one of the best places to raise a family in Nevada.
Next Door Clinic will focus all our energy on providing wound care services to the entire population. Below are the reasons why we believe Henderson is the best location for us.
- The people of Henderson rarely have the patience, and often cannot, wait more than 30 minutes to see a doctor. They would rather “wait it out” on all but urgent matters.
- Also the rate of development in the city due to its ever increasing tourist rate. Henderson is always booming with tourists coming in to enjoy the city’s diverse resources or passing through to other big cities like Las Vegas.
- Next Door Clinic is a wound care centre, and will treat patients of all ages, incomes, physical abilities, races, and ethnicities. As a wound care clinic, there is no need to create marketing materials targeted at only one or two of these groups, but we can appeal to all with a similar message.
Our Competitive Advantage
In our clinic scheduling of appointments happen in thirty minute increment for initial visits and fifteen minutes increment for subsequent visits. We will make sure there will be no double booking on any time slots. This we believe will respect the patient’s time, minimize any waiting and improve patient satisfaction. Next Door Clinic will be open evenings and weekends, these are additional hours when competitors are closed.
We believe this will attract patients who schedules normally will not allow visit clinics or patients who need immediate evening or weekend services. Based on a forty-three hour workweek, we believe our approach will allow the doctor a capacity of 10 new patient visits per week, and 152 subsequent visits per week. Based on a fifty-week year, this would allow for annual revenue of $490,560.
Sales and Marketing Plan
Businesses or clinics venturing into a new market have to spend a fairly high amount of marketing cash in relation to expected revenue levels in the hope of building their patient base or market share. With that in mind, Next Door Clinic will spend $3500 for the pre-marketing and for opening of the clinic.
Coupled also with the clinic will budget $400 a month for marketing. Our marketing strategy will be designed to carry out the marketing aim of our clinic, to attract new patients to the clinic in order to meet the revenue forecasts predicted. Note that this will begin 45 days before clinic opening (pre-marketing) and will include the following:
- Almost immediately, meet with the phone company-advertising representative to create a professional ad in the Yellow pages and listings in the white pages.
- Almost immediately, meet with the sign company to design and install professional and visible sign over the front of the clinic.
- Before opening, visit all businesses in the area of the clinic to introduce Next Door Clinic and inform them of the specific services the clinic has to offer.
- Before opening, send a personalized letter to area professionals to introduce Next Door Clinic and inform them of the services the clinic has to offer. We will follow this up with a telephone call and hopefully a chance to meet and create a referral source. This will include local medical doctors, optometrists, neurologists, orthopaedic surgeons, athletic therapists and massage therapists.
- Before opening, investigate the various local service clubs and join a club that best suits our needs and where we can best network.
- Before opening, investigate which advertising source targets our potential patients most economically. Usually a weekly or bi-weekly local paper is very useful. Align with the paper advertising representative to and design ads for pre-opening, opening and subsequent times. Also, arrange volume discounts and reduce rate or free ad potentials, such as a regular health column.
- Before opening, visit the local health food stores to secure a discount for our patients and create a referral source.
- Immediately after opening, implement the internal publicity and advertising plan
- Immediately after opening, implement extended clinic hours to include weekend and evening appointments.
- Immediately after opening, rent a changeable mobile sign to be placed on the boulevard. The message can be changed bi-weekly to inform the drive by patients.
- Immediately after opening, investigate opportunities for speaking engagements.
- Immediately after opening, investigate opportunities to volunteer within the local community. Select areas where you have a special interest or knowledge.
Publicity and Advertising Strategies
At Next Door Clinic, we believe that internal publicity is the best method for generating new patients to the clinic. Internal patient referrals account for 59 % of all patient referral sources. We plan to implement this through increased patient education and patient satisfaction.
We believe that patient education will occur with an in depth report of findings and by having professional patient literature available to the patients. We can easily achieve patient satisfaction because of patient education, our comprehensive treatment plan and minimal waiting. Other form of publicity and advertising will include:
- An attractive sign on the building’s facade with the clinic’s name
- The name of clinic and doctor listed in the white and yellow pages of the telephone book. The clinic opening will be timed to coincide with the new phone book scheduled for August.
- Sending out introductory letters with follow-up calls to other health care providers to create a referral network.
- A weekly informative health column in the area newspaper, to create a brand image in the area.
- A membership in a local service or breakfast club,
- Professional speaking engagements to inform the public about the value of Health Care
- Volunteering within the local community
Sources of Income
Our primary source of revenue at Next Door Clinic will be the wound care services provided by our well conducted workforce. Next Door Clinic will provide treatment to patients suffering from wounds that require constant attention.
Our services will include adjustment/manipulation, electrical therapy, ultrasound, cryotherapy, soft tissue work, postural education, nutritional advice, rehabilitative programs and appropriate referrals. By offering this complete treatment package we will maintain and retain our patient base and generate adequate revenue.
All our pricing will be set according to Medicare, Medicaid and other insurance regulation so pricing is not a major factor of consideration. The projection below is a very conservative sales forecast for our business for the next three years.
- First Year: $870,000
- Second Year: $1,319,000
- Third Year: $3,028,000
Our Pricing Strategy
At Next Door Clinic, our pricing strategy will be competitive for the area and take the recommended state fee schedule into consideration. It is crucial not to undercut the recommended fees because we want to establish a reputation for a professional, high quality clinic. Our fee schedule includes:
- Initial Visit – $150
- Subsequent Visit: $65
- Reports: $350
- Orthotics – $400
At Next Door Clinic, we will be bringing payment options that are unique and will make the payment for the service we offer very easy for our customers.
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
Next Door Clinic have partnered with a renowned bank in the country to enable us provide the above payment options. Our bank account numbers will be made available on our website and promotional materials so that it will be easier for clients to make payments when necessary.
Financial Projection and Costing
The following assumptions below are based on discussions with external management support, especially Concrete Consults. This consultancy firm has provided assumptions and figures based on actual research and recent clinic data from similar clinics they have consulted with and tracked.
- The Total Fee for Registering the Business in Henderson, Nevada: $750.
- Legal expenses for obtaining licenses and permits: $1,500.
- Marketing promotion expenses: $8,300
- Cost for hiring Consultant – $2,000.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- Cost of accounting software, CRM software and Payroll Software – $3,000
- Cost for leasing facility for the clinic: $48,000
- Cost for facility remodelling – $16,000.
- Phone and utility deposits – $1,200
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $80,000
- Storage hardware (bins, utensil rack, shelves, glasses et al) – $1,720
- The cost for counter area equipment (counter top, sink, ice machine, etc.) – $7,500
- Cost for medical equipment – $700,000
- The cost of Launching a Website: $600
- The cost for our grand opening party: $1,500
- Miscellaneous: $5,000
From our detailed analysis above, we will need approximately $800,000 to start up Next Door Clinic.
Generating Funding / Start up of Next Door Clinic
At Next Door Clinic, our fund generating is made up of two components:
- A term loan to pay for equipment, furniture, signage and leasehold. Equipment, furniture, signage and leasehold costs should be $780,000. Over a seven-year term at prime plus 1.5% interest (8.5), this loan will cost $562/month. The interest only portion of this loan in year 1 will cost $241/month.
- A line of credit to cover initial advertising and negative cash flow outlays will vary. It will increase monthly up to $25,000 until the end of the first fourteen months when a break-even position will be reached. Line of credits can be negotiated at prime plus 1-2%.
Sustainability and Expansion Strategy
Next Door Clinic is a community-based, for-profit, and outpatient wound care clinic that will offer a multidisciplinary approach to wound management for those who live with chronic wounds in Henderson Clark County, Nevada.
We will offer wound care that is evidence-based, cost-effective, safe, and painless. Our clinic is to be a 750 square feet and will be well designed to accommodate 44 clients at full capacity. Our clinic will be a professional health clinic in both appearance and function and will offer the most recent, comprehensive, and recognised wound care and treatments.
At Next Door Clinic, our plan is to offer innovative wound care services in our own efforts to improve health and preventive healthcare. A mechanical adjusting device will be used occasionally for certain patients and conditions. Next Door Clinic will be open evenings and weekends, these are additional hours when competitors are closed.
We believe this will attract patients who schedules normally will not allow visit clinics or patients who need immediate evening or weekend services. We will also collaborate with other entities in the city to build action plans to improve general healthcare needs in Henderson.
We will also create effective plans and services at our clinic using multiple data indices to serve the populations in the greatest need. We will analyse healthcare data to determine gaps in the Nevada healthcare system and identify priorities towards filling those gaps.
The defined objective of our clinic, aside from helping and serving mankind, is to specifically generate revenue for the clinic. Monthly revenue projections and clinic wound supply will be monitored for implemented success and increase in cost reduction. We will use patient satisfactory scores, cost reduction surveys, monthly revenue projections, and patient compliance rates to monitor clinic success.
On site management will consist of Dr Sampson Mach. Dr Sampson has also worked at and observed the operations of four health care practices over the last year. Selective input will come for the office staff, which will be hired based on previous health care experience.
Outside management support will provide a very valuable resource and will include a chartered accountant, a lawyer, and a practice consultant with a reputable health care business experience and training. To maximize office efficiency and make the office a pleasurable experience for the patience, an operations manual will be implemented at Next Door Clinic.
This manual will lay out job descriptions and office procedures with appropriate checks and balances such as checklists to ensure that proper procedures are followed. This will ensure that the patients will receive the same expected positive experience every time they attend the clinic.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Leasing, renovating and equipping our facility: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress
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