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NOV.19, 2020

Medical Laboratory Business Plan

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    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.

    Medical Laboratory Business Plan - 3 Years profit Forecast

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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.

    Medical Laboratory Business Plan - Startup Cost

     

    Start-up Expenses  
    Legal $250,000
    Consultants $0
    Insurance $40,000
    Rent $25,000
    Research and Development $30,000
    Expensed Equipment $60,000
    Signs $4,000
    TOTAL START-UP EXPENSES $409,000
    Start-up Assets $320,000
    Cash Required $370,000
    Start-up Inventory $53,000
    Other Current Assets $200,000
    Long-term Assets $265,000
    TOTAL ASSETS $1,208,000
    Total Requirements $1,617,000
    START-UP FUNDING
    Start-up Expenses to Fund $409,000
    Start-up Assets to Fund $1,208,000
    TOTAL FUNDING REQUIRED $1,617,000
    Assets
    Non-cash Assets from Start-up $1,581,000
    Cash Requirements from Start-up $395,000
    Additional Cash Raised $50,000
    Cash Balance on Starting Date $34,000
    TOTAL ASSETS $2,060,000
    Liabilities and Capital
    Liabilities $32,000
    Current Borrowing $0
    Long-term Liabilities $0
    Accounts Payable (Outstanding Bills) $42,000
    Other Current Liabilities (interest-free) $0
    TOTAL LIABILITIES $74,000
    Capital
    Planned Investment $1,617,000
    Investor 1 $0
    Investor 2 $0
    Other $0
    Additional Investment Requirement $0
    TOTAL PLANNED INVESTMENT $1,617,000
    Loss at Start-up (Start-up Expenses) $369,000
    TOTAL CAPITAL $1,986,000
    TOTAL CAPITAL AND LIABILITIES $2,060,000
    Total Funding $1,617,000

    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.

    Any questions? Get in Touch!

    5.2 Marketing Segmentation

    Medical Laboratory Business Plan - Marketing Segmentation

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

    Business Plan for Investors

    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.

    Market Analysis
    Potential Customers Growth Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
    Senior Citizens 40% 40,000 41,000 43,000 48,000 52,000 10.00%
    Young & Adults 36% 26,000 27,000 28,000 30,000 32,000 10.00%
    Teens & Kids 24% 10,000 11,000 13,000 15,000 16,000 11.00%
    Total 100% 76,000 79,000 84,000 93,000 100,000 10%

     

    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.

    Any questions? Get in Touch

    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

    Medical Laboratory Business Plan - Seles Monthly

    6.4 Sales Yearly

    Medical Laboratory Business Plan - Seles Yearly

     

    6.5 Sales Forecast

    Medical Laboratory Business Plan - Unit Sales

    Sales Forecast      
    Unit Sales Year 1 Year 2 Year 3
    Wellness Checkups 45,000 47,700 50,562
    Clinical Laboratory Services 56,000 59,360 62,922
    Radiology Services 35,000 37,100 39,326
    Disease Checks & Vaccination 34,000 36,040 38,202
    TOTAL UNIT SALES 170,000 180,200 191,012
    Unit Prices Year 1 Year 2 Year 3
    Wellness Checkups $42.00 $48.72 $56.52
    Clinical Laboratory Services $63.00 $73.08 $84.77
    Radiology Services $37.00 $42.92 $49.79
    Disease Checks & Vaccination $35.00 $40.60 $47.10
    Sales
    Wellness Checkups $1,890,000.00 $2,323,944.00 $2,857,521.54
    Clinical Laboratory Services $3,528,000.00 $4,338,028.80 $5,334,040.21
    Radiology Services $1,295,000.00 $1,592,332.00 $1,957,931.43
    Disease Checks & Vaccination $1,190,000.00 $1,463,224.00 $1,799,180.23
    TOTAL SALES $7,903,000.00 $9,717,528.80 $11,948,673.41
    Direct Unit Costs Year 1 Year 2 Year 3
    Wellness Checkups $49.00 $55.00 $62.00
    Clinical Laboratory Services $60.00 $64.00 $68.00
    Radiology Services $32.00 $33.00 $36.00
    Disease Checks & Vaccination $24.00 $25.00 $26.00
    Direct Cost of Sales
    Wellness Checkups $2,205,000.00 $2,623,500.00 $3,134,844.00
    Clinical Laboratory Services $3,360,000.00 $3,799,040.00 $4,278,668.80
    Radiology Services $1,120,000.00 $1,224,300.00 $1,415,736.00
    Disease Checks & Vaccination $816,000.00 $901,000.00 $993,262.40
    Subtotal Direct Cost of Sales $7,501,000.00 $8,547,840.00 $9,822,511.20

    Any questions? Get in Touch!

    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

    7.2 Average Salary of Employees

     Personnel Plan      
    Year 1 Year 2 Year 3
    General Manager $20,000 $22,000 $24,200
    HR Manager/ Procurement Manager $34,000 $37,400 $41,140
    IT Experts $16,000 $17,600 $19,360
    Medical Laboratory Professionals $36,000 $39,600 $43,560
    Pathologists $28,000 $30,800 $33,880
    Radiologists $26,000 $28,600 $31,460
    Cleaners $14,000 $15,400 $16,940
    Technicians $15,000 $16,500 $18,150
    Receptionist $10,000 $11,000 $12,100
    Security Guard $10,000 $11,000 $12,100
    Total Salaries $189,000 $207,900 $228,690

     

    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

    Medical Laboratory Business Plan - Brake-even Analysis

     

     Brake-Even Analysis  
    Monthly Units Break-even 5300
    Monthly Revenue Break-even $134,000
    Assumptions:
    Average Per-Unit Revenue $248.00
    Average Per-Unit Variable Cost $0.62
    Estimated Monthly Fixed Cost $165,000

     

    8.3 Projected Profit and Loss

     Pro Forma Profit And Loss      
    Year 1 Year 2 Year 3
    Sales $7,903,000 $9,717,529 $11,948,673
    Direct Cost of Sales $7,501,000 $8,547,840 $9,822,511
    Other $0 $0 $0
    TOTAL COST OF SALES $7,501,000 $8,547,840 $9,822,511
    Gross Margin $402,000 $1,169,689 $2,126,162
    Gross Margin % 5.09% 12.04% 17.79%
    Expenses
    Payroll $189,000 $207,900 $228,690
    Sales and Marketing and Other Expenses $128,000 $135,000 $143,000
    Depreciation $2,100 $2,200 $2,350
    Leased Equipment $0 $0 $0
    Utilities $3,100 $3,500 $4,100
    Insurance $1,800 $2,100 $2,400
    Rent $2,800 $3,100 $3,700
    Payroll Taxes $38,000 $41,000 $44,000
    Other $0 $0 $0
    Total Operating Expenses $364,800 $394,800 $428,240
    Profit Before Interest and Taxes $37,200 $774,889 $1,697,922
    EBITDA $37,200 $774,889 $1,697,922
    Interest Expense $0 $0 $0
    Taxes Incurred $7,440 $154,978 $339,584
    Net Profit $29,760 $619,911 $1,358,338
    Net Profit/Sales 0.38% 6.38% 11.37%

     

     

    8.3.1 Profit Monthly

    Medical Laboratory Business Plan - Profit Monthy

    8.3.2 Profit Yearly

    Medical Laboratory Business Plan - Profit Yearly

    8.3.3 Gross Margin Monthly

    Medical Laboratory Business Plan - Gross Margin Monthly

    8.3.4 Gross Margin Yearly

    Medical Laboratory Business Plan - Gross Margin Yearly

    8.4 Projected Cash Flow

    Medical Laboratory Business Plan - Projected Cash Flow

     Pro Forma Cash Flow      
    Cash Received Year 1 Year 2 Year 3
    Cash from Operations
    Cash Sales $53,000 $57,240 $61,819
    Cash from Receivables $12,000 $12,960 $13,997
    SUBTOTAL CASH FROM OPERATIONS $60,000 $65,400 $70,632
    Additional Cash Received
    Sales Tax, VAT, HST/GST Received $0 $0 $0
    New Current Borrowing $0 $0 $0
    New Other Liabilities (interest-free) $0 $0 $0
    New Long-term Liabilities $0 $0 $0
    Sales of Other Current Assets $0 $0 $0
    Sales of Long-term Assets $0 $0 $0
    New Investment Received $0 $0 $0
    SUBTOTAL CASH RECEIVED $61,000 $66,000 $71,000
    Expenditures Year 1 Year 2 Year 3
    Expenditures from Operations
    Cash Spending $33,000 $37,500 $40,000
    Bill Payments $17,000 $20,000 $22,000
    SUBTOTAL SPENT ON OPERATIONS $54,000 $57,000 $62,000
    Additional Cash Spent
    Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
    Principal Repayment of Current Borrowing $0 $0 $0
    Other Liabilities Principal Repayment $0 $0 $0
    Long-term Liabilities Principal Repayment $0 $0 $0
    Purchase Other Current Assets $0 $0 $0
    Purchase Long-term Assets $0 $0 $0
    Dividends $0 $0 $0
    SUBTOTAL CASH SPENT $55,000 $59,400 $64,152
    Net Cash Flow $14,000 $16,000 $19,000
    Cash Balance $26,000 $28,000 $31,000

    8.5 Projected Balance Sheet

     Pro Forma Balance Sheet      
    Assets Year 1 Year 2 Year 3
    Current Assets
    Cash $270,000 $302,400 $332,640
    Accounts Receivable $24,000 $26,880 $30,213
    Inventory $4,100 $4,592 $4,800
    Other Current Assets $1,000 $1,000 $1,000
    TOTAL CURRENT ASSETS $298,000 $333,760 $375,146
    Long-term Assets
    Long-term Assets $10,000 $10,000 $10,000
    Accumulated Depreciation $18,400 $20,608 $23,184
    TOTAL LONG-TERM ASSETS $21,000 $23,520 $26,460
    TOTAL ASSETS $276,000 $309,120 $347,760
    Liabilities and Capital Year 4 Year 5 Year 6
    Current Liabilities
    Accounts Payable $15,000 $16,800 $18,883
    Current Borrowing $0 $0 $0
    Other Current Liabilities $0 $0 $0
    SUBTOTAL CURRENT LIABILITIES $11,600 $12,992 $14,603
    Long-term Liabilities $0 $0 $0
    TOTAL LIABILITIES $12,300 $13,776 $15,484
    Paid-in Capital $29,000 $30,000 $30,000
    Retained Earnings $61,000 $66,490 $73,139
    Earnings $182,000 $198,380 $218,218
    TOTAL CAPITAL $281,000 $306,290 $336,919
    TOTAL LIABILITIES AND CAPITAL $293,300 $309,120 $347,760
    Net Worth $280,000 $305,200 $335,720

    8.6 Business Ratios

     Ratio Analysis        
    Year 1 Year 2 Year 3 INDUSTRY PROFILE
    Sales Growth 7.10% 7.87% 8.72% 3.00%
    Percent of Total Assets
    Accounts Receivable 9.20% 10.19% 11.29% 9.80%
    Inventory 5.44% 6.03% 6.68% 9.90%
    Other Current Assets 2.33% 2.58% 2.86% 2.40%
    Total Current Assets 151.00% 152.00% 153.00% 158.00%
    Long-term Assets 11.60% 11.80% 12.20% 12.00%
    TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
    Current Liabilities 4.77% 4.81% 4.85% 4.34%
    Long-term Liabilities 0.00% 0.00% 0.00% 0.00%
    Total Liabilities 7.23% 7.29% 7.35% 7.38%
    NET WORTH 104.02% 104.85% 105.82% 110.00%
    Percent of Sales
    Sales 100.00% 100.00% 100.00% 100.00%
    Gross Margin 96.80% 99.41% 102.20% 99.00%
    Selling, General & Administrative Expenses 94.07% 96.61% 99.31% 97.80%
    Advertising Expenses 1.65% 1.69% 1.74% 1.40%
    Profit Before Interest and Taxes 41.00% 42.11% 43.29% 33.90%
    Main Ratios
    Current 38.7 39.8 41.6 32
    Quick 33.6 34.8 35.67 33
    Total Debt to Total Assets 0.29% 0.24% 0.17% 0.40%
    Pre-tax Return on Net Worth 76.02% 79.82% 83.81% 75.00%
    Pre-tax Return on Assets 91.04% 95.59% 100.37% 111.30%
    Additional Ratios Year 1 Year 2 Year 3
    Net Profit Margin 32.90% 33.92% 34.97% N.A.
    Return on Equity 58.63% 60.45% 62.32% N.A.
    Activity Ratios
    Accounts Receivable Turnover 7.6 7.8 7.9 N.A.
    Collection Days 100 100 100 N.A.
    Inventory Turnover 32.9 34.545 36.8 N.A.
    Accounts Payable Turnover 16.17 16.34 16.84 N.A.
    Payment Days 27 27 27 N.A.
    Total Asset Turnover 2.5 2.6 2.71 N.A.
    Debt Ratios
    Debt to Net Worth -0.03 -0.04 -0.05 N.A.
    Current Liab. to Liab. 1 1 1 N.A.
    Liquidity Ratios
    Net Working Capital $230,000 $242,880 $256,481 N.A.
    Interest Coverage 0 0 0 N.A.
    Additional Ratios
    Assets to Sales 0.83 0.88 0.95 N.A.
    Current Debt/Total Assets 1% 1% 0% N.A.
    Acid Test 27.6 29.9 31.1 N.A.
    Sales/Net Worth 2.1 2.1 2.3 N.A.
    Dividend Payout 0 0 0 N.A.

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    Akure Abednego 8:50 amMay 22, 2022
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    Very well, i've been meaning to mini medical laboratory esterblishment whuch u neddded such a small Medical laboratory business plan, that will take like 2 million naira

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    Jakub Babkins 8:12 amMay 23, 2022
    0

    Thank you for your comment. If you need assistance in writing your business plan please contact us by email: [email protected] or call us at USA +1-619-727-5304, UK +44-203-318-1069, Canada +1-613-699-7822, Australia +61-385-956-735.

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