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Medical Business Plan

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The medical industry is expected to rapidly expand due to an aging population and the implementation of new health care laws in the next five to 10 years. A medical business plan must address the same business components of every formal business plan, like staffing and marketing. However, there are special considerations associated with developing and operating a medical office, such as integration of the billing system with federal and state insurance systems, identifying patient referral sources, obtaining adequate medical malpractice insurance, and contracting for medical waste disposal.


Concept of Medical Business Plan

There is a large variety of medical services that can be offered so the business plan must be tailored to the specific type of medical office chosen, whether it is a general practice or a medical specialty office. In addition, the physician must determine if there will be partners at business start-up or added later because that influences the location and the size of the office. Other points the business plan will address include:

  • Which specific patient services will be offered?

  • What type of payment plans will be accepted (private pay, government plans, private insurance)?

  • What type of patient billing and accounts receivable system should be installed?

  • Will a manual or chartless patient tracking system be installed?

  • Will medical equipment be purchased or leased and how will it be funded?

  • What key staff will be hired (nursing, office, accounting)?

  • How will the startup or expansion be capitalized and initial operations funded for the first 3-5 years?

  • When will the practice breakeven?

The medical business must comply with ever-changing government laws, so it is important that the networked, electronic medical records system included in the business plan be capable of meeting requirements. The marketing plan will include an in-depth analysis of the population to be served and the number and type of competitive medical practitioners. Effective marketing and sales strategies always play a critical role in attracting and retaining patients.

Considering the health industry is in transition and the complexity of the business side of a medical practice, preparing a business plan can take hundreds of hours. OGS Capital has helped over 4,200 small to medium size businesses prepare professional business plans that include an in-depth market analysis and clear presentation of all information like goals and objectives and financial data. In addition, OGS capital helps businesses find necessary capital to get the operation up and running. The final business plan is precise, compelling and designed to attract investors, while serving as a plan for success for the entrepreneur.

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