Medical Laboratory Business Plan

Medical Laboratory Business Plan for starting your own research center

Medical laboratories have always been in demand due to the continuous rise in population. If you are a person who wants to earn recognition in the medical and healthcare business, you must go for opening a medical laboratory. It will not only allow you to earn large sums of money but also to help the elderly and ill in diagnosing the problems with them.

To give an idea of what will be the financial, human resource and other requirements for starting a medical lab, we are providing here a business plan for a medical laboratory. This sample business plan written for the startup, MediChecks will cover all the aspects about how to start a medical laboratory.

Executive Summary

2.1 The Business

MediChecks will be a licensed and certified medical laboratory in Houston. The laboratory owned by Vanessa Smith will conduct wellness checkups, testing for various health conditions, and vaccinations.

If you are wondering how to start your own medical laboratory then keep reading this business plan. You can also get a guide on starting a medical laboratory business pdf format from this site.

2.2 Management of Medical Laboratory

Before you start a laboratory business you must ensure that you possess an excellent management structure.

MediChecks will be hiring a procurement manager, HR manager, and general manager for ensuring the long-term smooth running of the business. The managers will be provided a workforce for performing their respective tasks such as acquiring medical and chemical equipment, hiring the best-suited employees, and administering day-to-day cases.

2.3 Customers of Medical Laboratory

Though our customers will comprise of people of all ages, we expect the elderly to visit us more. Considering that senior people need attention, care, and consideration, we aim at making special arrangements for them.

2.4 Business Target

Our target is to become the most renowned medical lab facility in our hometown. Moreover, we aim at building long-lasting relations with our customers and earning profits by serving them.

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Company Summary

3.1 Company Owner

Vanessa Smith is a graduate of Baylor College of Medicine located in Houston. She has secured a degree in MBBS and has worked at Kindred Hospital Houston Medical Center for two years.

During the years of her service as a doctor, Smith gained experience in handling patients and managing her staff.

3.2 Why the medical laboratory is being started

Smith always wanted to be an entrepreneur in the medical domain. She had been exploring the options for initiating a startup even when she was a university student.

After years of service, she decided to open up a medical laboratory. She decided to do so as the medical laboratory was relatively easier to operate, unlike clinics that needed to be opened 24/7.

In this sample business plan for a medical laboratory we have explained how Smith successfully started and run her business. It can serve as an example for you if you are looking for the best medical business plan template to follow for your own startup.

3.3 How the medical laboratory will be started

Since Smith was a medical graduate, she hired a professional business advisor to write her a business plan for a medical laboratory. After getting a detailed laboratory business plan Smith decided to first hire the managers so that she could have an experienced guide for acquiring the right equipment and staffing the right people.

The second step was seeking the services of an advertising manager who was responsible for also carrying out the company’s campaign on social media. With his advice, Smith hired an IT worker to make sure the company was retaining a perfect website and database system.

For the setup, Smith rented a large ground floor shop and converted it into a medical facility after required renovations. The medical machinery was installed and seating arrangement for patients, doctors, and workers was established.

Products

Before starting your own research lab you must decide which services you would be providing. When you have a clear knowledge about what you will have to do, you can make the right decisions.

Besides, medical machinery is very expensive so you need to have a defined plan of your offered services as the purchases will be made accordingly.

In this laboratory development plan sample we have listed the services offered by MediChecks in their initial phase.

· Wellness Checkups

Regular checkups are an absolute necessity if you want to prevent diseases and chronic illnesses. To help adults as well as kids in diagnosing the conditions with them, we will conduct medical checkups.

Our package will include vision and hearing tests, urinalysis, hemoglobin test, ECG, renal and abdomen checks, and a blood pressure check.

· Clinical Laboratory Services

We will offer all sorts of blood tests, cholesterol tests, urinalysis tests, spinal fluid analysis, immunology and allergy tests, liver function tests, and thyroid tests.

· Radiology Services

In the beginning, we will offer X-ray, ECG, and ultrasound facilities. However, within a year, we expect to also include MRI in our radiology services.

· Disease Checks And Vaccination

We will offer diagnostics checks for various illnesses such as coronavirus, dengue, etc. Moreover, we will also provide immunology and vaccination services for children.

Marketing Analysis of Medical Laboratory Business

Like every other business, a laboratory startup also requires a detailed analysis of the target market. Before launching your diagnostic laboratory business you have to understand your market dynamics and your target customers.

Understanding the market before drafting your medical laboratory business plan is very important as it enables you to make timely and right decisions.

If you are looking for how to start a medical laboratory or how to create an effective marketing plan, you can take help from here. In this guide on starting a medical laboratory business pdf we have provided the detailed marketing analysis done by MediChecks.

5.1 Market Trends

Medical and diagnostics laboratories are in demand these days. The reasons include a constant rise in population and an unexpected surge in coronavirus cases. Citizens have started caring about their wellbeing more than ever as they realize that any underlying health conditions can make them susceptible to COVID-19.

According to IBISWorld, nearly 27,000 diagnostic labs are running in the US in 2020. The number is expected to increase more. Statista forecasts a revenue generation of $54.7 billion by 2024 by all the medical labs in the US. All the facts suggest that it is the right time to invest in this business.

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5.2 Marketing Segmentation

The detailed marketing segmentation of our target audience is as follows:

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5.2.1 Senior Citizens: Our major target group will comprise of elderly people of our town. We expect the senior citizens of Houston to visit us for regular wellness checkups. Routine checkups and testing will enable them to prevent many diseases and severe conditions.

5.2.2 Young & Adults: Our second target group comprises of young people and adults. They are expected to avail our clinical laboratory services as well as radiology services.

Adults usually need to have blood or urine tests, X-rays, and other checkups. So we expect them to be our second largest group of target customers.

5.2.3 Teens & Kids: Teens and kids will also be coming to us for various tests, checkups, and vaccinations. To provide them with an unforgettable experience, we will be giving them small items as gifts along with their reports.

We realize that this group of our target customer is usually afraid of doctors and medical checkups. Therefore, by exchanging gifts we will make them feel like we are their friends and well-wishers.

5.3 Business Target

Our business targets are listed as follows:

• To maintain an average rating above 4.7 throughout the year
• To achieve a customer repeat rate of 35% by the end of the first year
• To earn a net profit margin of $10k per month by the end of the first year and $20k per month by the end of the second year

5.4 Product Pricing

Our prices are lower than those of our competitors. We will also be offering several discounts in the initial phase of our business so that we can attract more and more customers.

Marketing Strategy

Preparing a marketing plan for laboratory center requires special efforts and skills. In developing laboratory strategy for the advertisement you have to keep in mind that you are addressing the sufferers. Your tone and words must reflect that you are empathizing with them not for your gains but for theirs.

In this lab proposal format we are providing the marketing strategy adopted by MediChecks.

6.1 Competitive Analysis

Our biggest competitive edge is our customer-oriented approach. Since our topmost priority is to turn our customers into prospects, we have kept our rates slightly lower than others.

Secondly, we have the best medics of the town who are both professional and empathizing. All of our medical workers are highly knowledgeable and hold certifications in Anatomic and Clinical Pathology.

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6.2 Sales Strategy

• We’ll offer 40% discount on all of our services in the first two months
• We’ll ensure a strong social media presence to reach our target customers
• We’ll advertise our startup through billboards and posters
• We’ll offer small to medium sized gifts to our customers below the age of 13

6.3 Sales Monthly

6.4 Sales Yearly

 

6.5 Sales Forecast

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Personnel plan

Hiring the right staff is an integral part of any business especially when the work demands frequent interactions with people.

Before conducting strict testings and interviews, MediChecks prepared a list of required employees, their job descriptions, and expected salaries.

Keep reading this medical business plan sample to learn the detailed personnel plan of MediChecks.

7.1 Company Staff

Smith will be the CEO herself. For her laboratory, she’ll hire the following people

• 1 General Manager to manage the lab’s overall operations
• 1 Human Resource Manager to manage staff
• 1 Procurement Manager to acquire machinery, equipment, and chemicals
• 2 IT Experts to maintain lab’s database, website, and social media presence
• 4 Medical Laboratory Professionals to perform tests
• 2 Pathologists to examine test samples
• 2 Radiologists to operate radiology department
• 2 Cleaners to maintain the facility
• 2 General Employees/ Technicians for daily works
• 1 Receptionist to guide people
• 1 Security Guard

Financial Plan

A business cannot thrive without efficient financial planning. If you are setting up a laboratory you will have to purchase expensive equipment and machinery. Therefore, to use the available capital resources to the maximum, you must have a clear plan of which funds have to be spent where.

If you want to know how an effective financial plan looks like you can take help from here. In this sample business plan for a medical laboratory, we have provided the detailed financial plan of MediChecks.

8.1 Important Assumptions

General Assumptions
	Year 1	Year 2	Year 3
Plan Month	1	2	3
Current Interest Rate	8.10%	8.20%	8.37%
Long-term Interest Rate	8.30%	8.45%	9.05%
Tax Rate	23.50%	25.90%	27.50%
Other	0	0	0

 

8.2 Brake-even Analysis

8.3 Projected Profit and Loss

8.3.1 Profit Monthly

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

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