starting a medical practice business plan

Medical Practice Business Plan Template

Written by Dave Lavinsky

Medical Practice Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical practices. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a medical practice business plan template step-by-step so you can create your plan today.

Download our Ultimate Medical Practice Business Plan Template here >

What is a Medical Practice Business Plan?

A business plan provides a snapshot of your medical office as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Medical Office

If you’re looking to start a medical practice, or grow your existing medical practice, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your medical practice in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Medical Practices

With regards to funding, the main sources of funding for a medical office are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for medical practices.

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How to write a business plan for a medical business.

If you want to start a medical private practice or expand your current one, you need a business plan. Below we detail what should be included in each section of your business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of medical office you are operating and the status. For example, are you a startup, do you have a practice that you would like to grow, or are you operating practices in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the industry. Discuss the type of practice you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of medical office you are operating.

For example, you might operate one of the following types of medical practices:

• Group medical practice : this type of medical practice consists of two or more physicians providing medical care in the same facility. The physicians typically have different specialties, which allow them to collaborate and consult with each other.
• Private medical practice: this type of medical practice involves only one physician working along. A private practice usually serves a limited number of patients and operates with a small staff.
• Hospital-based medical practice: this type of medical practice is an ancillary medical office that is owned by a nearby hospital. The hospital will manage the practice and employ the doctors and nurses to work in their facilities and ancillary clinics.

In addition to explaining the type of medical practice you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What is your business model?
• What is your mission statement?
• What milestones have you achieved to date? Milestones could include the number of patients served, number of positive reviews, reaching X amount of patients served, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your business structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the medical industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the medical industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

• How big is the medical industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your medical office? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, seniors, and anyone needing a type of medical service.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of medical office you operate. Clearly, families would respond to different marketing promotions than seniors, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other medical offices. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes hospitals, clinics, teledocs, and online health forums.

With regards to direct competition, you want to describe the other practices with which you compete. Most likely, your direct competitors will be other practices located very close to your business location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of medical services do they provide?
• What areas do they serve?
• What types of patients do they serve?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide services that your competitors don’t offer?
• Will you provide faster patient waiting time?
• Will you provide better patient service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a medical office, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of practice that you documented in your Company Analysis. Then, detail the specific services you will be offering. For example, in addition to medical services, will you provide nutrition and diet guidelines, insurance claim processing, family and loved one communication, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your practice. Document your location and mention how the location will impact your success. For example, is your medical office located near a school, a busy neighborhood, an office complex, or an urban setting, etc.? Discuss how your location might be the ideal location for your patients.

Promotions : The final part of your marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Commercials
• Social media marketing
• Local radio advertising
• Word-of-mouth

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. It should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your practice, including patient and family communication and scheduling, managing appointments, inventory of medical supplies, accounting, billing, payroll, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your medical practice to a new location.  

Management Team

To demonstrate your practice’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your management team members have direct experience in managing medical practices. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a medical practice or a physician or nurse in the local medical field.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new patient at a time or multiple new patients offering a variety of medical services ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your medical practice, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

: Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a medical practice:

• Cost of furniture and build-out
• Cost of medical supplies and equipment
• Payroll or salaries paid to staff
• Business and medical malpractice insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your list of medical services your practice will offer, types of patients you will be targeting, and the areas your practice will serve.  

Putting together a business plan for your medical practice is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful medical practice.  

Medical Practice Business Plan FAQs

What is the easiest way to complete my medical practice business plan.

Growthink's Ultimate Medical Practice Business Plan Template allows you to quickly and easily complete your Medical Practice Business Plan.

Where Can I Download a Medical Clinic Business Plan PDF?

You can download our medical clinic business plan PDF here. This is a business plan template you can use in PDF format.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of medical practice business you are operating and the status; for example, are you a startup, do you have a medical practice business that you would like to grow, or are you operating a chain of medical practice businesses?

Don’t you wish there was a faster, easier way to finish your Medical Practice business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan advisors can give you a winning business plan.

Other Helpful Business Plan Articles & Templates

Medical Practice Business Plan Template

Written by Dave Lavinsky

Medical Practice Business Plan

You’ve come to the right place to create your Medical Practice business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Medical Practices.

Medical Practice Business Plan Example

Below is a template to help you create each section of your Medical Practice business plan.

Executive Summary

Business overview.

Fresno Medical is a new medical practice located in Fresno, California. Our goal is to provide affordable healthcare to individuals and families living in the area and surrounding communities. We offer general and preventative healthcare for all ages, including checkups, screening tests, and immunizations.

Our medical practitioners and supporting staff are well-trained and have a passion for improving the health and well-being of our clients. We serve our patients not just with our knowledge and skills but also with our hearts. We aim to help our patients experience the best healthcare possible while maintaining relationships that last a lifetime.

Service Offering

Fresno Medical practice will focus on providing primary care services to every family member, from infants to adults. Some of the general and primary care services we provide include:

• Immunizations: flu shots, COVID boosters, measles, mumps, polio, etc.
• Annual checkups
• Pediatrics: checkups, developmental screening, immunizations, etc.
• Health screenings: blood pressure, cholesterol, depression, diabetes, etc.
• General health counseling

Fresno Medical will work with local and national insurance companies to ensure that every patient can afford our services. If the patient’s insurance does not cover all of their medical costs, Fresno Medical will provide payment plan options so that they are not overwhelmed by their medical bills.

Customer Focus

Fresno Medical will primarily serve the community of Fresno, California. The community consists primarily of middle to lower income residents who need access to affordable medical care. Many of these residents are hesitant to go to hospitals or other medical facilities due to their costs. We will offer lower prices, flexible payment plans, and flexibility when working with insurance companies to accommodate this demographic.

Management Team

Fresno Medical is owned and operated by Jessica Wells, who has been working as a doctor at local hospitals for 15 years. Throughout her career, she has worked for hundreds of patients and families with all their general and preventative care needs. Though she has never run a medical practice herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

Fresno Medical will also employ nurses, expert medical staff, and administrative assistants that are passionate about helping the local community.

Success Factors

Fresno Medical will be able to achieve success by offering the following competitive advantages:

• Location: Fresno Medical’s location is in a high-traffic area that is easily accessible to thousands of residents. It’s visible from the street with many people walking and driving to and from work on a daily basis.
• Patient-oriented service: Fresno Medical will have a staff that prioritizes the needs of the patients and educates them on the proper way to take care of themselves.
• Management: Jessica Wells has a genuine passion to help the community. Because of her previous experience and reputation in the medical community, she is fully equipped to open this practice.
• Relationships: Jessica Wells has developed strong connections with her patients and fellow staff throughout her career. Many patients have expressed interest in following Jessica to her new practice, and some former colleagues have shown interest in working for the clinic. Jessica also has relationships with medical equipment suppliers and insurance companies.

Financial Highlights

Fresno Medical is currently seeking $400,000 to launch. The capital will be used for funding capital expenditures, staffing, marketing expenses, and working capital.

The breakdown of the funding may be seen below:

• Clinic design/build: $100,000
• Medical supplies and equipment: $130,000
• Three months of overhead expenses (payroll, rent, utilities): $100,000
• Marketing and advertising: $50,000
• Working capital: $20,000

The following graph below outlines the pro forma financial projections for Fresno Medical.

Company Overview

Who is fresno medical.

Fresno Medical is a medical practice located in Fresno, California. We offer general and preventative health care for all ages. We offer immunizations, pediatrics, health screenings, and more. Our medical practitioners and supporting staff are well-trained to improve the health and well-being of our patients.

Fresno Medical is run and owned by Jessica Wells, who has been a doctor in the local medical community for 15 years. She has helped hundreds of patients and families with their general healthcare needs throughout her career. She also has gained knowledge and experience in the operations and marketing aspects of the medical business, which will prove indispensable for this private practice.

Fresno Medical’s History

After years of working with patients in hospital settings, Jessica Wells decided to establish a private practice. She wanted to develop a closer relationship with her patients, which was difficult to achieve while working in a large hospital. With this goal in mind, Jessica incorporated Fresno Medical as an S-corporation on March 15th, 2023.

Since its incorporation, the medical practice has achieved the following milestones:

• Found a clinic space and signed a Letter of Intent to lease it
• Developed the company’s name, logo, and website
• Hired a contractor for the office build-out
• Determined equipment and fixture requirements
• Began recruiting key employees with previous healthcare experience
• Drafted marketing campaigns to promote the practice

Fresno Medical’s Services

Fresno Medical will focus on providing primary care services to every family member, from infants to adults. The costs will depend upon the materials used, the physician’s time, and the amount designated for each procedure. Some of the general and primary care services we provide include:

• Immunizations: flu shots, measles, mumps, polio, etc.

Fresno Medical will maintain privacy according to HIPAA regulations. All patients will be welcome, including those without insurance. However, we expect most patients to utilize their insurance plans to pay their costs. The medical practice will work with local and national insurance companies to ensure that every family can afford our services. After billing insurance, Fresno Medical will provide flexible payment plan options so that no patient is overwhelmed by their medical bills.

Industry Analysis

Healthcare is a human right that everyone deserves access to. The medical industry will always be a necessity as it is the industry keeping society alive and well. Therefore, the medical industry is expected to continue to grow as the population grows. This is especially true for private practices, as there is a rising demand for small, patient-focused clinics that provide top-tier medical services.

Furthermore, the demand for private physicians has been on the rise. Hospitals have been low on rooms and beds the past few years, and nurses and doctors have been overworked. This has led to an increased demand for more medical professionals and private practices that can help lessen the load of larger hospitals.

Moreover, the pandemic instilled the importance of quality healthcare and practices in the general population. We expect that people all around the world will now put in more effort towards taking care of their health and getting the care and screenings they need.

According to Facts & Factors, the global private medical market is expected to experience a compound annual growth rate (CAGR) of 12.5% over the next five years. This is enormous growth that is rarely seen in other industries. Furthermore, there is a growing demand for more primary care physicians as the general population aims to prevent developing chronic and preventable diseases. According to Grand View Research, the primary care market will experience a CAGR of 3.2% over the next 10 years, which is also moderate growth.

With such a demand for more medical practices and a greater emphasis on general health, we believe that Fresno Medical is starting at the right time and will see great success.

Customer Analysis

Demographic profile of target market.

Fresno Medical will serve the community residents of Fresno, California, and its surrounding areas. The community of Fresno, California has thousands of middle-class individuals and families seeking an affordable medical practice to take care of all their health concerns.

The demographics of Fresno, California are as follows:

Customer Segmentation

The company will primarily target the following customer segments:

• Middle-class individuals
• Hospital patients

Competitive Analysis

Direct and indirect competitors.

Fresno Medical will face competition from other companies with similar business profiles. A description of each competitor company is below.

City Metro Hospital

Founded in 1968, City Metro Hospital is one of the most popular hospitals in the area. Thousands of residents get all their primary care and emergency care needs taken care of with City Metro. It provides almost every service you can think of and enlists the help of thousands of doctors, nurses, and other expert medical professionals.

Though City Metro Hospital will continue to thrive, it does not foster an environment designed for long-lasting relationships. Since the pandemic, the hospital has been overwhelmed with patients and a staff shortage. This has led to doctors seeing thousands of patients and a tremendous increase in wait times. Fresno Medical will offer a more intimate setting where patients and doctors can create a long-lasting relationship that spans decades.

Quality Doctors

Quality Doctors is a private medical practice that provides highly personalized medical care. Quality Doctors includes a team of dedicated healthcare professionals with dual residency in emergency medicine and internal medicine. The practice offers same-day/next-day appointments, telemedicine, office visits, and home visits. Services offered by Quality Doctors include primary care, urgent care, and virtual visits.

Like City Metro Hospital, Quality Doctors is a large care system that cares for thousands of patients. This means that patients also do not get a close relationship with their doctor, which many crave. Furthermore, Quality Doctors has put much of its money and services toward emergency care in recent years and reduced its primary care services. Patients who want a lasting relationship with a primary care doctor will feel more welcome with Fresno Medical.

Johnson Community Care

Established in 1949, Johnson Community Care is a private medical practice with multiple locations. Patients all around the state can receive care at any location near them. Each site provides primary care services, emergency care, pharmacy services, and lab testing. Instead of heading to multiple locations to get all of these services, patients can get all their healthcare needs taken care of in one building.

Though Johnson is a highly successful medical practice, its major downfall is that it only provides services to those with its unique insurance plan. Therefore, anyone who has insurance through another company or plans provided by their employer cannot receive care at Johnson without paying out-of-network prices. Fresno Medical will partner with many insurance companies and provide flexible payment plans to help as many patients as possible.

Competitive Advantage

Fresno Medical enjoys several advantages over its competitors. These advantages include:

• Relationships: Jessica Wells has developed strong connections with her patients and fellow staff during her career. Many patients have expressed interest in following Jessica to her new practice, and some former colleagues have shown interest in working for the clinic. Jessica also has relationships with medical equipment suppliers and insurance companies.

Marketing Plan

Brand & value proposition.

The Fresno Medical brand will focus on the company’s unique value proposition:

• Client-focused healthcare services, where the company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-hospital expertise in a small-clinic environment
• Moderate pricing for all preventative and general health services

Promotions Strategy

The promotions strategy for Fresno Medical is as follows:

Fresno Medical understands that the best promotion comes from satisfied patients. The clinic will encourage its patients to refer their friends and family by providing healthcare benefits for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

We will maintain a social media presence to attract local clients looking for a new doctor or medical practice. We will post information about our team, services, and general health tips for better wellness. To create a genuine connection with our patients, we will also use social media to engage with them and answer any questions they may have about our practice.

Fresno Medical will have an informative and attractive website featuring all its services and referrals from other satisfied patients. The website will be highly informative and be designed in a way that is friendly and eye-catching.  

Fresno Medical will invest in a high SEO presence so that the clinic is listed at the top of the Google or Bing search engine when a potential patient is researching private medical practices in Fresno, California.

Fresno Medical’s pricing will be significantly lower than big hospitals. We will partner with as many insurance companies as possible to ensure that our patients’ medical care is covered. For services not fully covered by insurance, we offer a flexible payment program so patients are not overwhelmed by their medical bills.

Operations Plan

The following will be the operations plan for Fresno Medical.

Operation Functions:

• Jessica Wells will operate as the CEO of Fresno Medical. She will run all the general operations and executive functions of the company. She will also provide basic medical care for patients until she can hire a full medical staff.
• Jessica is joined by Mindy Keller, who will serve as the Marketing Manager and run all of the marketing and advertising efforts.
• Jessica is also joined by Rhonda Smith, who will work as the Receptionist of the clinic and the Administrative Assistant for the company.
• Jessica is also joined by Cindy Nguyen who will be the company’s Head Nurse. She will manage and train incoming nurses and provide medical treatment to patients.
• Jessica will continue to hire a team of medical staff to treat the medical practice’s growing patient list. The team will consist of doctors, nurses, physicians, and other necessary medical staff.

Milestones:

Fresno Medical expects to achieve the following milestones in the following six months:

• 4/202X Finalize lease agreement
• 5/202X Design and build out Fresno Medical
• 6/202X Hire and train initial staff
• 7/202X Kickoff of promotional campaign
• 8/202X Launch Fresno Medical
• 9/202X Reach break-even

Fresno Medical is owned and operated by Jessica Wells, who has been working as a doctor at local hospitals for 15 years. Throughout her career, she has worked with hundreds of patients and families and taken care of all their general and preventative care needs. Though she has never run a private medical practice herself, she has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).

The medical practice will also employ nurses, expert medical staff, and administrative assistants that are passionate about helping the local community.

Financial Plan

Key revenue & costs.

The revenues for the medical practice will come from the fees it will charge the patients and their insurance for the health care services it provides.

The cost drivers for the company will include the payroll of the staff, lease on the office building, medical supplies and equipment, and marketing costs.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

• Year 4: 100
• Year 5: 125
• Annual lease costs: $40,000

Financial Projections

Income statement, balance sheet, cash flow statement, medical practice business plan faqs, what is a medical practice business plan.

A medical practice business plan is a plan to start and/or grow your medical practice business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Medical Practice business plan using our Medical Practice Business Plan Template here .

What are the Main Types of Medical Practices?

There are a number of different kinds of medical practices , some examples include: Group medical practice, Private medical practice, and Hospital-based medical practice.

How Do You Get Funding for Your Medical Practice Business Plan?

Medical Practice businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

A well-crafted medical practice business plan is key to securing any type of funding.

What are the Steps To Start a Medical Practice Business?

Starting a medical practice business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Medical Practice Business Plan - The first step in starting a business is to create a detailed medical practice business plan that outlines all aspects of the venture. This should include market research on the medical industry and potential target market size, information the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your medical practice business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your medical practice business is in compliance with local laws.

3. Register Your Medical Practice Business - Once you have chosen a legal structure, the next step is to register your medical practice business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your medical practice business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Medical Practice Equipment & Supplies - In order to start your medical practice business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your medical practice business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful medical practice business:

• How to Open a Medical Practice

How to create a business plan for a medical practice

Starting a medical practice is no small feat. You may consider it lucrative and the right step for your career but have you considered all that it takes to start and run a medical practice? This is what a business plan is for. 

A business plan is a strategic planning document that lays out in detail the objectives and goals of a company and also how the company plans to achieve its goals. A business plan can be considered a road map for any business that details a business’ profile, products and services, marketing, financials, operations and organizational structure.

Developing a business plan requires strategic planning to identify the mission and vision, target audience, operations and financials of your medical practice. This is a crucial step when starting your medical practice. In this article we will share about how to write a business plan for a new medical practice.

Why you need a business plan for a medical practice

Just like any other business, a business plan is very important before starting a medical practice. In a recent Sermo poll, 52% of respondents indicated it is important to get a business plan for your medical practice and we will share reasons why. 

• A business plan helps to define the core essence of your medical practice. With a medical practice business plan, you can properly define your practice’s vision, mission, goals and target audience.
• With a medical practice business plan, one can properly estimate the financial cost of starting up as well make financial projections for a time period. 
• A medical business plan can help define marketing for your practice and set SMART marketing goals.
• A medical business plan helps to strategically identify and define all the stakeholders relevant to your practice and their role in the success of your practice. 
• A SWOT analysis is a core part of any business plan. This will help the medical practice understand its strengths, its competitors, opportunities and the environment where it plans to operate in. 

Types of business plans for a medical practice

There are different types of business plans for different business types. For a medical practice, these two types of business plans are most common: traditional business plan and lean business plan. 

A traditional business plan is a more robust type of business plan that covers a wide range of topics regarding business planning. A traditional business plan usually covers areas such as products and services, financing, marketing and organizational structure. It is often used as a guide for business operations and an effective tool for communicating the medical office business plan to investors and business partners. 

A lean business plan on the other hand is a more succinct version of a traditional business plan. A lean plan is faster and easier to write. It focuses mainly on strategy, financials, important dates, milestones and activities. Think of a lean business plan as being more straight to the point. Some people use this business plan when trying to grow their business and achieve certain goals at specific timelines. 

How to create a medical practice business plan

There are different medical practice business plan templates but most cover four major key areas which are company profile, sales and marketing, operations and financials. 

Let’s take a look at what an ideal business plan template for medical practice should look like. 

1. Executive Summary 

The executive summary is usually the first section in a business plan. It should briefly describe the medical practice, products and service offerings, target audience, the organizational structure and financials. 

Executive summaries should be kept short and are usually no longer than a page. However, it should have as much important information as possible. The executive summary is usually the page of interest when your business plan is being reviewed by investors and business partners. 

2. Company description 

This section of the business plan allows you to define your medical practice in full detail. It should include the practice’s vision and mission statements, its goals and objectives and products and offerings. 

This section should detail the type of medical services your medical practice will be offering. If there are other medical experts who will be supporting your offerings, this is a good section to define that. This section should also describe your target patients. 

 By creating an ideal patient profile, medical practices can better describe their target patients. The ideal patient profile should describe patients best suited for the types of services you offer and who can afford to pay for your services. 

3. Market Analysis

Your medical practice is most likely not the only medical practice in your location and there may be alternative options where your patients may go for treatment or medical services. The market analysis section in a medical business plan should describe the current market for your services and present competitors. 

The market analysis section may require conducting a market research to understand the patient demographic and your competitors. 

4. Marketing and Sales

The importance of marketing in a business cannot be overemphasized. In a Sermo poll, 64% of physicians indicated attracting and retaining patients as the biggest factor in the success of a new practice. The marketing and sales section of a medical business plan should describe how the medical practice intends to attract and retain its target patients. It should describe the marketing plan, marketing activities and the marketing goals of the medical practice. 

When describing this section, keep in mind the 7Ps of marketing. This includes the product, people, price, promotion, place, packaging and positioning. Each of these must be considered when developing a successful marketing strategy. 

The marketing and sales section is also a good place to include a SWOT analysis. A SWOT analysis is a critical analysis of the Strength, Weakness, Opportunities and Threats of the medical practice. 

5. Operations

The Operations section is a very important part of the business plan. It describes how the medical practice will work. Things to cover include, working hours, staff strength, location, technology, outsourcing and logistics. 

The operations of a medical practice is very sensitive and it would help if a lot of things are defined before starting the business. For instance, the location and layout of your medical practice should be well captured and defined in the medical business plan. You should also consider outsourcing. Are you handling medical billing in-house or will it be outsourced? Will you be handling recruitment or it will be outsourced to a staffing agency? 

Also supplies and logistics of medical materials should be considered and defined. If your medical practice will have a pharmacy, how will the drugs be sourced? These are some of the important questions that should be answered in this section. 

6. Milestones and Timelines

This section involves setting and defining achievable milestones and corresponding deadlines. This way it is clear what needs to be done and by when it needs to be completed. 

For setting up a medical practice, milestones can include major events like renting a place, purchase of medical equipment, recruitment of staff and set up of medical devices. 

7. Organizational structure

A business plan is not complete without defining the organizational structure and/or team that will carry out business operations. In this section, define the management team and their required qualifications. It is also important to define roles of the management team and projected salaries. 

At this point, one can also add in the hiring plan for other members of the organization. Define the other roles, how they will be recruited, skill set of interest and how much they will earn.

8. Financial plan

A solid financial plan must be included in every business plan. For a start up medical practice, the financial plan should include start up costs. The financial plan should also include a cash flow forecast that shows projections of cash inflow and outflow over a time period. This is usually broken down on a monthly basis. 

A good financial plan should tell a story of how the business will grow income-wise. If your medical practice has already been established, other financial statements like income statements, balance sheets and cash flow statements will help give a better picture of the financial stability of your medical practice. 

9. Appendix

This is a section reserved for miscellaneous topics. Other supporting documents such as pictures, charts, reference letters that may be of interest can be added in this section.

Building a successful medical practice starts with writing a good medical business plan. Start by strategically thinking about your medical practice. Using the guide above of a private practice business plan template, you can think through all the important aspects of starting your medical practice and write an effective business plan that will help the process. 

Don’t do it alone, get help from other physicians

For more useful tips that will help you start up your medical practice, sign up on Sermo today. Engaging with more than 1 million physicians across 90 specialties and 150 countries, Sermo offers a unique physician-first online community that allows clinicians to communicate about issues that are important to them and their patients.

More physician resources

A complete guide to paid physician surveys

10 best medical specialties for physicians needing a change of pace

Identifying and navigating ethical issues in healthcare

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Medical Practice Business Plan

Considering starting a new medical clinic? Great. Medical practice is one of the most rewarding and profitable entrepreneurial ventures for any medical professional.

You can easily start a medical clinic, but you need a detailed business plan when it comes to staying competitive in the market, raising funds, applying for loans, and scaling it like a pro.

Need help writing a business plan for your medical practice business? You’re at the right place. Our medical practice business plan template will help you get started.

Free Business Plan Template

Download our Free Business Plan Template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write a Medical Practice Business Plan?

Writing a medical practice business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your business:

• This section may include the name of your medical clinic, its location when it was founded, the type of medical practice (E.g., solo practice, group practice, multi-specialty practice.), etc.

Market opportunity:

Mention your services:, medical services:, marketing & sales strategies:, financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your clinic. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business description:

• Primary care practice
• Specialty practice
• Surgical practice
• Pediatrics practice
• Geriatrics practice, And more.
• Describe the legal structure of your medical practice, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.

Mission statement:

Business history:.

• Additionally, If you have received any awards or recognition for excellent work, describe them.

Future goals:

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

• For instance, a primary healthcare clinic may target individuals and families seeking routine health check-ups.

Market size and growth potential:

Competitive analysis:, market trends:.

• For instance, Artificial Intelligence (AI) and machine learning technologies are transforming the medical industry; explain how you plan on implementing these technologies in your business operations.

Regulatory environment:

Here are a few tips for writing the market analysis section of your medical clinic business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Medical treatment:

services: Mention the medical services your business will offer. This list may include services like,

• General medical care
• Specialty care
• Chronic disease management
• Wellness and preventive care
• Treatment and diagnosis of illness and injuries, And more.

Describe each service:

• For instance, the process of chronic disease management may include treatment planning, patient education, medication management, patient engagement, care coordination, regular monitoring, and follow-up appointments.

Insurance & payment options:

• In addition to these payment options, describe if your medical practice offers regular patients discounts or any membership plans.

Additional services:

In short, this section of your medical practice plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique selling proposition (USP):

• For example, advanced technology, specialized services, and emergency medical care could be some of the great USPs for a general medical clinic.

Pricing strategy:

Marketing strategies:, sales strategies:, patient retention:.

Overall, this section of your medical practice business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your medical clinic, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training:

Operational process:, safety and infection control:.

• These protocols may include waste management, disinfection, sterilization, infection surveillance, etc.

Equipment & Technology:

• In addition, provide details on the sourcing and maintenance of these instruments and equipment. Explain how these technologies benefit your patients and help you stand out as a medical service provider.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your medical practice’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founder/CEO:

Key managers:.

• It should include, Medical director, department/division heads, committees, and other doctors involved in the medical operations, including their education, specialization, professional background, and years of experience in the medical industry.

Organizational structure:

Compensation plan:, advisors/consultants:.

• So, if you have any advisors or consultants, include them with their names and brief information about roles and years of experience.

This section should describe the key personnel for your medical practice services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

• This exercise will help you understand how much revenue you need to generate to sustain or be profitable.

Financing needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more.These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the medical practice industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your medical practice business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

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This sample medical practice business plan will provide an idea for writing a successful medical practice plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our medical practice business plan pdf .

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Frequently asked questions, why do you need a medical practice business plan.

A business plan is an essential tool for anyone looking to start or run a successful medical practice. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your medical practice.

How to get funding for your medical practice business?

There are several ways to get funding for your medical office, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your medical practice business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your general practice business plan and outline your vision as you have in your mind.

What is the easiest way to write your medical practice business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any medical practice business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

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Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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10 Steps to Create Your Medical Practice Business Plan

#4. Perfect Your Business Operations

Business operations is how your practice functions day-to-day. While a plan allows you to come up with strategies, business success is mostly an outcome of quality execution. The scope of business operations span across every function like finance, marketing, HR, and so on. Even though business operations can only begin post launch, you can start learning about operations.

Best organizations aim for process-driven and result-oriented operations. — For instance, you can use methods like  Objectives and Key Results  (OKRs) — a collaborative goal-setting process that helps you improve organizational performance.

While a general management experience allows you to deal with many scenarios, you can also list down and think how to go about the critical ones. For example:

• What should your staff do to deliver the best experience?
• How can you resolve patient issues quickly?
• How will you conduct monthly performance reviews?

#5. Bring a Financial Discipline

Working capital, billing, rent, mortgage, taxes, insurance, utilities,… there are too many things to account for. Unlike other areas like operations and marketing, you may not be able to make quick decisions for finances. So the earlier you get involved in financial planning, the better is your ability to control the outcomes.

If you don’t have any financial expertise, use basic calculations including investments, recurring expenses, and income. You can consider financial projection for upto three years to get an approximate idea about your finances. To bring financial discipline to your practice, you must use budgeting. Budgeting ensures that you will have enough money for the things you need and reduce overspending on unnecessary things.

#6. Don’t Ignore Marketing

Marketing is more than advertising and brand building. It includes several other things like getting feedback from customers, doing competitor analysis, and pricing correctly. So marketing is not a gimmick, but an important process for growth of any business. If you are not marketing, you could be leaving the growth of your practice to chance.

Even when you don’t want to advertise, there are a few other great ways of promoting your practice. For example, asking your patients for reviews on Google Maps will improve your visibility in local searches. Another great way is to post content like blog articles, videos, podcasts, etc that your patients find useful and get to know about you.

Since every practice has its own unique factors like demographic, location, etc, marketing requirements differ. So the marketing has to adapt to your unique situation rather than going for mainstream ideas. For example, if your patients are of an older demographic in a rural area, radio ads could be the best way to get the word out about your practice.

Marketing deserves special attention in your business plan. Your plan can focus on gaining maximum exposure to your potential patients. Even if that requires additional investments. By prioritizing growth over recouping investments early, you create a long-lasting traction for your practice.

#7. Check Government Laws & Regulations

The US federal, state, and local authorities have rules to protect the public, promote access to care, and to ensure that medical providers adhere to the rules. Laws and regulations are complex. So you need to have a thorough understanding of them before starting your practice.

This is a list of a few important laws and regulations for healthcare providers in the US:

• Healthcare Quality Improvement Act (HCQIA)
• Children’s Health Insurance Program (CHIP)
• Hospital Readmissions Reduction Program (HRRP)
• Health Insurance Portability and Accountability Act (HIPAA)
• Patient Safety and Quality Improvement Act (PSQIA)
• Affordable Care Act

You can learn more about US healthcare laws and regulations  here .

#8. Hire the Best

People are the heart of any organization. Having the right staff relieves you from everything else and let’s you focus more on providing better healthcare. It’s almost like putting everything else on auto-pilot. However, recruiting is not easy. You may have to put more effort than you planned for hiring. Additionally, you must research and plan for competitive salaries, work schedules, and training.

Here are a few websites to find experienced staff for your practice:

• Healthcare eCareers
• JAMA network
• Medical Jobs

#9. List Down Equipment and Other Requirements

The most straightforward part of your business plan is to list down all the equipment and essentials. Here’s a short list you can use:

• Clinic Equipment:  Stethoscopes, exam tables, otoscopes, blood pressure monitors, and other monitors
• Office Equipment:  Computers, printers, network equipment, phones and payment machines
• Supplies:  General medicine, disinfectant, anaesthetic, gloves, scalpels, syringes, gauze, and bandages
• Network Services:  Phone networks, internet, utilities
• Clothing:  Lab coats, uniforms, and name tags
• Furniture:  Tables, chairs, and decor

#10. Perform a SWOT Analysis

SWOT is an abbreviation for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis allows you to have a clear overview of your practice. It will force you to look at your practice from new perspectives. This final step is one of the most crucial ones.

To create a SWOT analysis, you can critically analyse all areas of your practice and list down your conclusions in columns with S, W, O, and T. While strengths and weaknesses are internal factors, the opportunities and threats are external factors to your practice. The conclusions must be simple, objective, and short.

Towards Launching Your Practice

A business plan allows you to define, strategise, and gain clarity through all areas of your medical practice . Remember that a business plan is not set in stone. Planning is a continuous activity, and needs periodic reviews and updates. You are always moving through the plan-execute-review cycles. Though it may seem complicated, investing time for thoughtful planning can make your practice successful.

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Insights for those starting, managing, and growing independent healthcare practices

Get expert tips, guides, and valuable insights for your medical practice

July 26, 2023

10 min read

Practice Growth

Starting a Practice

Free template: How to create a business plan for your new practice

Your medical practice business plan is a living document that evolves as your practice grows. Here’s how to build it from scratch.

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At a glance.

• A medical practice business plan is crucial for establishing direction, estimating finances, and evaluating competition.
• Creating an effective business plan involves gathering relevant data, making conservative financial projections, seeking expert input, and planning for risks.
• The 8 essential sections of a thorough medical practice business plan include the executive summary, business model details, market research, staffing model, 12-month budget, and more.

Medical schools and residencies prepare doctors to provide quality patient care but not to create a medical practice business plan. Yet a business plan is a key part of reaching new patients and supporting existing ones.

An effective medical practice business plan will:

• Establish a roadmap for your practice
• Estimate your revenue and expenses
• Evaluate the competition

Creating a thorough business plan may feel like an onerous roadblock to moving forward. However, plotting your direction in advance will keep you on track later on, and will set you up to effectively serve your patients.

Why you need a business plan for your medical practice

Whether you plan to start your own practice or take over someone else’s, a robust business plan is necessary. When you develop a comprehensive business plan full of intention, clear thought processes, and fine details, you demonstrate your commitment to your practice, community, and discipline.

A solid business plan effectively positions you to prevent surprises that could completely derail your practice and reputation.

“ A solid business plan effectively positions you to prevent surprises that could completely derail your practice and reputation.  ”

If you plan to seek investors or business partners for your practice, a thorough business plan demonstrates that you have both a vision and the empirical data and financial goals required to back it up. It also establishes and communicates the direction you intend to take your practice.

If you do not plan to seek outside investors, your medical practice business plan is still a key tool for the most important investor: you. Working through the 8 parts of a plan will help you evaluate the landscape, establish your foundation, and move forward with your practice.

That said, writing your business plan is not the same as establishing your budget. However, you will need to create a detailed budget so you can incorporate some of that information into your comprehensive business plan.

What is involved in developing a healthcare business plan?

As you develop your medical practice business plan, think of how you approach diagnosing a patient: a systematic process. While it may vary by practitioner, you typically:

• Get to know your patient
• Ask about symptoms and history
• Dig deeper into factors that are relevant to the current issue
• Collect data from tests
• Develop an initial diagnosis
• Seek additional counsel when appropriate
• Revisit the diagnosis if needed
• Discuss the findings and prognosis with your patient
• Schedule treatment and follow-up

The business plan creation process is similar.

Translating the process to your medical practice’s business plan

Getting to know your patient translates into defining your mission and vision. What do you want to accomplish? What is your role in your community?

Asking about symptoms and history will lead you to gather relevant documents, certifications, and professional memberships; research other local practitioners; and investigate why your practice’s focus is needed. Just as you need to know how the body’s systems fit together, you need to know how your practice will fit into the market.

Digging deeper into factors relevant to the current issue involves getting into the numbers. Evaluate:

• Your selected location
• Fee structure
• Insurance company partners, if any
• Target patient volume
• Staffing needs
• Services, whether legal, financial, or practice growth
• Equipment, medical, and office
• Maintenance and upkeep cost estimates
• Ongoing costs, including rent or property taxes

Collecting data requires gathering facts. Avoid using more lucrative or optimistic numbers. Build your plan based on conservative estimates to set your practice up for success. Determine what benchmarks to establish and measure success.

Develop an initial diagnosis by evaluating whether you’ve made inaccurate assumptions or missed key components. Revisit areas you need to and gather new information.

Seek additional counsel in this process. Your legal and financial advisors are an important resource as you create your plan, not just as you execute it. You may also consult your staff about parts of your plan in which they have expertise. Finally, partnering practitioners should agree with the plan’s approach and direction.

“ Your legal and financial advisors are an important resource as you create your plan, not just as you execute it.  ”

Revisit the diagnosis. Consider the input and adjust your assumptions, numbers, and benchmarks.

Discuss the diagnosis and prognosis with your investor(s). In this step, share your completed business plan with the individual(s) with whom you are working.

Set a follow-up plan to evaluate your progress after certain periods of time.

How to build your medical practice business plan document

It’s one thing to theoretically know how to approach your medical practice business plan and another to sit down and create it. This 8-section outline will give you an idea of the crucial parts of your document.

Make a copy of this sample business plan template that you can customize and use for your practice.

1. Executive summary

In the executive summary, summarize your business model. Incorporate the information you developed while getting to know your practice.

Include an overview of information such as the practice location, services, target patient, local demographics overview, any relevant business history associated with the practice, and your mission and vision for your practice and its community impact. This is also where you will define any existing barriers to moving forward.

“ Your executive summary is an understanding and compelling argument for why the community needs your services.  ”

Your executive summary is an understanding and compelling argument for why the community needs your services. It will highlight how you will fill a need that is not met in the current environment.

This is the section that will get you invited to the investor’s table, as it were. It is the bait on the hook of your argument.

Pro tip: Save the executive summary for last. Once you have the information from the other areas you will research and develop, it will quickly come together.

2. Detailed business model

Define your services and how you’ll manage prospects who fall within and outside those services. Specify your hours of operation. Define and describe your physical office space.

If you intend to offer telehealth , describe how. Define the number of staff you’ll employ, their roles, and how you plan to add staff as your practice grows. Detail the equipment you’ll use and why it’s essential.

Determine which vendors you’ll use for a variety of functions, including office cleaning; non-office hours emergency call management; office, medical, and exam equipment and furniture; office and medical supplies, software; marketing; and physical and digital security .

3. Comprehensive market research and positioning

Provide hard data on the demographics of your local geographic area and how they support your practice. For example, do enough people in your area need your services? What is the median income in the area, and how has that influenced your target fee structure?

“ Define your insurance partners, how their fee structures align with yours, and how competitive your proposed fees are.  ”

Define your insurance partners , how their fee structures align with yours, and how competitive your proposed fees are.

Outline your local competition, the reasons you can be sure there is enough market availability for your new practice, and why your practice is positioned for success above your competition.

4. Detailed staffing model

Even if you plan to be the only provider in your practice, you will still need a plan to answer calls, file insurance claims, maintain files, manage billing , process payroll, and order supplies, among a host of other tasks to keep your practice running smoothly.

In this section of your medical practice business plan, list what positions you will fill and how many people you will need in each. Include compensation, along with any budgeted overtime, as well as benefits and tax considerations. Also, note when you will target hiring each throughout the year.

5. Projected 12-month income and budget

Show the math regarding how many patients you will serve for each service you will offer, your projected fee for each service, and your anticipated overhead expenses.

Your overhead will include items such as:

• Staffing expenses based on the total number of staff and projected salaries.
• All office-related expenses for equipment, supplies, maintenance, utilities, software, marketing, staff recruitment, and temporary services.
• Anticipated vendor expenses such as off-hours call service, telehealth subscriptions, lab processing fees, janitorial services, etc.
• Maintaining licensure, subscribing to professional journals, and attending conferences to stay current.

Make sure to account for one-time or short-term expenses, such as an extra administrative position to cover a known busy month, as well as for ongoing expenses.

6. Potential risks and mitigation

What risks can you anticipate as you open your practice? This is the section where you will think of worst-case scenarios and what you would do were they to become a reality.

Consider scenarios such as:

• A patient sues you. The United States is a very litigious society. What sort of malpractice insurance or bonds do you need to obtain?
• A staff member gets injured at work. In addition to the mandatory worker’s comp, how else would you support them? And what does your insurance cover?
• You get injured at work. How can you protect the longevity of your well-being and that of your practice?
• Another global pandemic hits. How will you staff and maintain patient treatment protocols, what specialized supplies will you need to purchase, what type of insurance rate hikes could you anticipate based on the last pandemic’s model, etc.
• A natural disaster hits. Depending on your geography, are you likely to experience a flood, fire, earthquake, tornado, hurricane, or blizzard? Are there emergency supplies you can keep on hand? Are there specific ways you can shore up your facility to make it more stable — and when would you make those changes? What specialized insurance do you need to purchase?

Talk to a seasoned physician who can provide some mentorship. Ask what they’ve faced during their years of practice and what you need to know to be prepared. Then take that information into meetings with your lawyer and insurance broker.

7. Implementation plan

In your project implementation plan, outline the steps you need to take to open your practice, what milestones you will hit, and an associated date for each major and sub-task. Whether you use formal project management software or create a project plan in a spreadsheet or other document, include that detailed information in this section.

8. Exit strategy

You’re just opening or growing your practice — why would you plan to leave it? Plans change, retirement becomes attractive, large conglomerates buy smaller practices, or a host of other scenarios could happen.

“ Just as you worked through the risks section, there is value in thinking ahead to determine your plan when you are ready for something different.  ”

Just as you worked through the risks section, there is value in thinking ahead to determine your plan when you are ready for something different. Will you sell your practice? How will you transition your patients? What will happen with valuable equipment and supplies?

Identifying these items and addressing what you feel will be the best way to step away from what you are currently creating will make the process more manageable later.

How detailed is an effective business plan?

You know what process to use and the broad sections to include in your business plan, but how detailed should you get?

While you don’t want your business plan development goal to be a target length, a solid business plan typically ends up being somewhere between 30 to 40 pages. This information will include graphs and charts that demonstrate your demographic research, specific equipment needs for positive community impact, budget numbers, etc.

Your business summary and exit strategy sections should not exceed 20% of your overall business plan. Both will provide a high-level overview; neither is the section where you will get into excruciating details.

However, the other 6 sections of your business plan will get into the fine details. Each section should provide narrative information as well as specific numbers that are itemized by topic and category.

Keep your business plan alive

Even though your medical practice business plan can provide information for potential investors, partners, and financiers, it is ultimately the mirror of what you want your business to become. This should be a living document you update and change as your priorities and focus evolve.

“ As you move forward and grow your practice, set yourself up for a larger vision.  ”

As you move forward and grow your practice, set yourself up for a larger vision. Adding 3- and 5-year projections to your 12-month business plan will help refine your sense of your purpose and direction.

By creating a medical practice business plan, you create confidence in not only your ability to attract patients, but also your ability to run the business that serves them long term.

Further Reading

You Might Also Be Interested In

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Karmin Gentili

Karmin Gentili has been a freelance writer and editor since 2016. She has over 25 years of experience in corporate HR and compliance consulting. She has worked to further elevate her skills by pursuing and receiving multiple certifications, including copywriting, video scriptwriting, effective content positioning, case study writing, and SEO. Her love of writing motivates her to use those skills to develop content for the medical field that ensures others can work toward achieving their goals.

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Lauren Wheeler, BCPA, MD

Dr. Lauren Wheeler, MD, BCPA, is a former family medicine physician who currently works as an independent healthcare advocate as well as a medical editor and writer. You can get in touch with her about anything writing or advocacy at her website www.lostcoastadvocacy.com .

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Your Dream Practice: A Comprehensive Guide to Starting a Medical Practice

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Start Your Own Medical Practice: A Comprehensive Guide to Opening a Private Medical Practice

Kristal Sepulveda, CPA

May 9, 2024

The US healthcare system is booming, with a projected 19.1% growth in medical management jobs by 2031. This creates a prime opportunity for medical professionals to consider starting their own practice.

While exciting, venturing into independent ownership requires careful planning. This guide will equip you with the knowledge to navigate the process, from business plans and legal hurdles to navigating medical billing .

Preparing to Open Your Own Medical Practice

Understanding the essentials of starting a private practice.

Starting a private medical practice requires a comprehensive business plan that outlines your projected startup costs, anticipated revenues, and cash flow analysis. Essential components include selecting a practice management system to handle scheduling, billing, and medical records efficiently. You’ll need to invest in medical equipment, electronic health record (EHR) systems, and practice management software.

Also, you need to obtain malpractice insurance and ensuring compliance with HIPAA regulations. Setting up the legal structure of your practice, such as deciding whether to form an LLC or other business entity, will affect tax benefits and protect personal assets. Incorporating your practice and obtaining a tax ID are legal necessities. Don’t miss out on establishing a solid credentialing process with healthcare providers and insurance networks to ensure a smooth start.

Challenges of Starting a Medical Practice

Key hurdles include managing the high initial startup costs required for office space, medical equipment, and technology like EHR systems. Securing adequate funding often involves negotiating with banks or other financial institutions to cover these costs. Credentialing with Medicare, Medicaid, and private insurers can take months, delaying your ability to see patients and bill for services.

Also, navigating the complex legal requirements such as obtaining a medical license, enrolling in the Drug Enforcement Administration for prescribing rights, and ensuring compliance with medical board standards for continuing medical education are critical. Implementing effective practice management, including medical billing and electronic health record systems, is essential for the smooth functioning of daily operations and long-term goals.

Financial Management in Private Medical Practice

Tax requirements for running a private practice.

• Federal and State Compliance : Understand your obligations for income tax, payroll tax, and if applicable, sales tax. Different states may have unique requirements, affecting how you manage taxes for Medicare and Medicaid reimbursements.
• Malpractice Insurance : Liability and medical malpractice insurance premiums might have tax implications. Ensure these are correctly accounted for in your tax filings.
• Employer Identification Number (EIN) : Obtain an EIN from the IRS as part of your legal entity setup. This is crucial for tax purposes and is a basic requirement when opening a medical practice.
• Articles of Incorporation : When you register your practice, the articles of incorporation are part of establishing your practice as a legal entity, which is important for tax and liability purposes.

Further reading: Income Statement Template for Financial Management in Excel

Bookkeeping essentials for a medical practice.

• Accounting Software : Invest in robust accounting software tailored for the healthcare industry. This will handle everything from patient billing to payroll and can simplify the complexities of medical billing.
• Outsource Options : Consider outsourcing your bookkeeping needs if your practice lacks the in-house expertise to manage it effectively. Outsourced financial professionals can offer valuable insights and ensure compliance with healthcare financial regulations.
• Credentialing Process : The time it takes to get credentialed with insurance providers affects your cash flow and revenue cycle. Effective bookkeeping helps track these delays and their financial impact.
• Daily Financial Practices : Regularly review and manage the practice’s financials, including projections for future growth and immediate cash flow needs. Monitor expenditures on medical supplies, office supplies, and general liability costs to ensure the financial operations help increase your patient services without unnecessary expenditures.

Further reading: Essential Bookkeeping Basics Every Small Business Owner Should Know

Setting up financial management for success.

• Develop a Solid Business Plan : Your business plan should detail all financial aspects, including startup costs, projections, and a step-by-step guide to financial sustainability.
• Funding Strategies : Obtaining funding may involve preparing a detailed loan request to present to traditional banks or other financial institutions. Clearly outline your practice’s needs, from startup costs to operational expenses.
• Legal and Insurance Considerations : Make informed decisions about your practice’s structure—whether it’s an LLC, sole proprietorship, or another form. This decision impacts your tax benefits and responsibilities.

Building a Sustainable Medical Practice

Key strategies to start a medical practice successfully.

• Credentialing and Compliance : The credentialing process with insurers and government services like Medicare and Medicaid can take time, but it’s essential for billing and receiving payments. Ensure you understand the requirements and start this process early to avoid delays in servicing patients.
• Financial Planning : Covering startup costs will likely require securing bank loans or other forms of financing. A solid business plan that outlines projected cash flows and operational costs is crucial. You'll want to consider all potential expenses, from medical equipment to office supplies and workers’ compensation insurance.
• Building a Referral Network : Establishing connections within the medical community and with local hospitals or healthcare facilities can help increase your patient base through referrals. Networking is key, especially when starting a solo practice or a new medical clinic in a competitive area.
• Marketing : Utilize direct mail and email campaigns to reach potential patients. Effective marketing strategies that reflect your practice’s specialty and community involvement can help draw patients to your practice.

Operational Excellence in Medical Practice

• Streamlined Billing Processes : Efficient credit card processing and medical billing systems are vital. These systems should be robust enough to handle the complexities of the healthcare payment landscape and adaptable to changes in Medicaid services and insurance policies.
• Specialty-Based Services : Decide on the medical services you offer based on your specialty and work history. This focus ensures that you provide high-quality care and meet the specific needs of your patients, which can enhance patient satisfaction and retention.
• Technology Integration : Implementing advanced medical transcription services and in-office technology can improve operational efficiency and patient care. From electronic health records (EHR) to state-of-the-art diagnostic tools, technology plays a crucial role in modern medical practices.
• Workforce Management : Your practice’s success also depends on the skill and efficiency of your staff. Regular training and updates on the latest medical practices and administrative procedures ensure that your team can handle daily operations smoothly and professionally.

Marketing and Growth for Private Medical Practices

Effective marketing techniques for a new medical practice.

• Digital Presence : Establishing a robust online presence is fundamental. Your practice’s website should serve as a comprehensive guide to opening a medical service, providing essential information like services, bios, and appointment scheduling. Optimize your website for SEO to enhance visibility and attract more patients’ attention.
• Social Media Engagement : Leverage platforms like Facebook and Instagram to share health tips, updates, and testimonials. This engages patients and builds your practice’s credibility and community presence.
• Community Involvement : Increase visibility by participating in community health fairs and sponsoring local events. This demonstrates your commitment to health and can drive new patients to your practice.

Long-Term Growth Strategies for Private Practices

• Credentialing and Network Expansion : The credentialing process can take time but is essential for expanding your patient base through networks like the Centers for Medicare and Medicaid. Stay updated with credentialing to maintain easy access for patients.
• Service Diversification : Based on your practice’s current offerings and community needs, decide whether to expand services. This could involve adding specialties or services to attract different patient demographics.
• Patient Retention Programs : Develop systems for patient retention, such as follow-up reminders for appointments and check-ups. Implementing a loyalty program can also enhance retention by providing additional value.
• Feedback Systems : Establish mechanisms to collect patients' feedback. Regular surveys and forms can provide insights that help you align services more closely with patients' expectations, driving your practice’s growth.

For medical practitioners in the American medical field, the decision to get your practice started can daunt even the most seasoned professionals. Those considering starting their own medical practice face a multitude of factors to consider, from financial investments to regulatory requirements.

The need to decide between continuing in their current practice or venturing into independent practice weighs heavily on many physicians. However, with careful planning and determination, aspiring practitioners can navigate these challenges and successfully establish their own practices.

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How to write a business plan for your medical clinic practice.

Starting a medical clinic practice is a great idea because it allows the practitioner to provide quality healthcare services to patients in a convenient and accessible location.

Additionally, a medical clinic practice allows for increased control over patient care, as the practitioner can customize their services to meet the specific needs of their patients.

However, prior to that, you must have a business plan.

Creating a comprehensive business plan is essential for any new project, especially medical clinic practices. It is important to consider all aspects of the project, such as the target market, operational costs, and marketing strategy, to ensure the project is successful.

In short, a thorough business plan will help ensure the profitability of your medical clinic practice .

What must be in the business plan for a medical clinic practice? What's the basic outline for the structure? Which key financial indicators should be incorporated? What's the fastest way to outline a comprehensive business plan?

Get ready to have all your questions answered in this article.

Additionally, it's worth noting that you have the option to avoid starting your business plan from scratch.

Feel free to download our comprehensive business plan for a medical clinic practice and tailor it to suit your project.

Building a business plan for a medical clinic practice

Is a business plan necessary for your medical clinic practice.

Yes, you need to create a business plan for your medical clinic practice.

Developing a robust business plan will enable you to:

• learn about the medical clinic market
• be aware of new trends and incorporate them into your project
• establish profitability factors for a medical clinic practice
• understand patients' medical needs and expectations to provide personalized healthcare services
• come up with a winning value proposition for your healthcare facility
• research competitor pricing strategies
• find solid competitive advantages for your medical clinic practice
• find a business model that will result in financial success
• create and implement a winning strategy for both short and long-term success
• assess potential risks involved in running a medical clinic, such as patient safety, medical errors, and regulatory compliance

Our team has created a business plan for a medical clinic practice that is designed to make it easier for you to achieve all the elements listed.

How to outline a business plan for a medical clinic practice?

Inside a business plan, you'll find many facts, numbers, and indicators. There should be a clear structure, so it does not look messy.

When we elaborated our business plan for a medical clinic practice , we structured it in a proper way.

You'll encounter 5 sections (Opportunity, Project, Market Research, Strategy and Finances) in total.

1. Market Opportunity

The initial section is named "Market Opportunity."

Our team has gathered essential information and metrics about the medical clinic practice, enabling you to make informed business decisions.

We continuously update all the data to keep it fresh.

2. Project Presentation

The second part is where you introduce the "Project" of your medical clinic practice. You can describe the medical services you offer, such as primary care, specialized treatments, preventive care, qualified healthcare providers, advanced diagnostics, and the unique value proposition that delivers comprehensive and patient-centered healthcare services for individuals and families.

Also, provide a self-introduction at the end of this section.

Discuss your commitment to healthcare, your range of medical services, and how you plan to provide comprehensive and patient-centered care to individuals and families. Highlight your qualified medical staff, your modern facilities, and your dedication to delivering personalized treatment plans and promoting wellness through your medical clinic practice.

We included pre-written content in our business plan. Adjust it to match your idea exactly.

3. Market Research

Following that, we have the "Market Research" section.

In this section, you will find a detailed market segmentation analysis for your medical clinic practice.

It includes a presentation of other medical clinics in the area that will be competing with you. Your clinic's competitive advantages are also highlighted. A customized SWOT analysis is included.

4. Strategy

Within the "Strategy" section, a 3-year development plan is outlined, specifying the necessary initiatives to make your medical clinic practice highly profitable.

Moreover, you'll find a comprehensive marketing plan, a strategy to handle risks, and a completed Business Model Canvas within this section.

5. Finances

In the end, the section labeled "Finances" allows you to showcase the financial details and numbers of your project.

How to make an Executive Summary for a medical clinic practice?

The Executive Summary is a concise overview of the business plan of your medical clinic practice.

Make sure it's concise and doesn't go beyond 2 pages. Include only the key features.

This is the beginning of your business plan that the financial institution will see first. It should pique their interest and make them want to read the rest of the plan.

In the Executive Summary of your medical clinic practice, answer these questions: what's your project? what's your market? who are your competitors why are you better than them? who are you? how much money you need to start?

How to do the market analysis for a medical clinic practice?

Conducting a market study for your medical clinic practice enables you to grasp external factors like patient demands for healthcare services, competition within the healthcare industry, and emerging trends in medical technology and care delivery.

By conducting an extensive market study, a medical clinic practice can understand patient needs, offer comprehensive medical services, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal patient base, increased appointments, and a prominent position in the local healthcare industry.

Here's what we've incorporated into the "Market Research" section of our business plan for a medical clinic practice :

• market trends and data about medical clinics, including patient volumes, medical specialties, and the impact of telehealth services on medical practice
• a compilation of potential market segments for a medical clinic practice
• the competitive review
• the competitive advantages to target for a medical clinic practice

The key points of the business plan for a medical clinic practice

What's the business model of a medical clinic practice, business model of a medical clinic practice.

A medical clinic practice's business model revolves around providing comprehensive medical services, including consultations, diagnostics, treatments, and preventive care. Revenue is generated through patient fees, insurance reimbursements, or additional services such as medical procedures or laboratory tests.

The business model focuses on employing qualified healthcare professionals, maintaining state-of-the-art medical equipment, delivering high-quality patient care, building strong referral networks, and providing exceptional customer service.

Success depends on patient satisfaction, effective medical marketing, regulatory compliance, maintaining strong relationships with insurance providers, and delivering efficient and personalized healthcare services.

Business model vs Business plan

Make sure you don't mix up the terms "business plan" and "business model."

A business model is a framework that outlines how a company creates value, delivers products or services, and generates revenue.

In a business plan, you outline your business model using a tool called the Business Model Canvas.

And, of course, there is a Business Model Canvas (already completed) in our business plan for a medical clinic practice .

How do you identify the market segments of a medical clinic practice?

Market segmentation for your medical clinic practice involves dividing your potential patients into different groups based on their healthcare needs, demographics, and medical specialties.

These categories may include factors such as primary care, specialized medical services, pediatric care, or patients seeking specific medical treatments or procedures (e.g., dermatology, cardiology, women's health).

By segmenting your market, you can offer a range of medical services and solutions that cater to each segment's specific requirements. For example, you might provide comprehensive primary care services for patients seeking general healthcare and wellness management, offer specialized medical services and treatments for specific conditions or diseases, focus on pediatric care and provide healthcare services tailored to the needs of children and families, or specialize in a particular medical specialty such as dermatology, cardiology, or women's health.

Market segmentation allows you to effectively target your marketing efforts, communicate your expertise and services, and provide personalized and compassionate medical care that meets the unique needs of each patient segment.

In the business plan for a medical clinic practice , you will find a comprehensive market segmentation that will help you better understand your potential customers.

How to conduct a competitor analysis for a medical clinic practice?

It's clear that you won't be the only medical clinic practice in your city. There are other clinics providing comprehensive healthcare services and treatments to patients.

Incorporate a thorough examination of your competitors' strengths and weaknesses into your business plan to gain a competitive advantage.

Ensure to uncover their weaknesses (such as long waiting times, lack of specialized services, or poor patient communication).

Why should you focus on these elements? Well, these weaknesses can impact patient satisfaction at medical clinics. By addressing these aspects, you can provide comprehensive medical services, offer short waiting times and efficient appointment scheduling, and ensure a caring and compassionate approach to patient care, establishing your medical clinic practice as a trusted healthcare provider in the community.

It's what we call competitive advantages—work on developing them for a distinct business identity.

Here are some examples of competitive advantages for a medical clinic practice: experienced and qualified medical professionals, comprehensive healthcare services, state-of-the-art medical equipment, efficient appointment scheduling, personalized patient care, strong relationships with insurance providers.

How to draft a SWOT analysis for a health clinic?

A SWOT analysis can help identify potential risks and opportunities for a medical clinic practice, and inform strategic decision making.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a medical clinic practice

The strengths for a medical clinic practice

When we use the "S" in SWOT, we're referring to Strengths, which are the project's internal assets or areas of expertise.

For a medical clinic practice, possible strengths may include: convenient location, highly experienced medical staff, modern equipment, and excellent customer service.

The weaknesses for a medical clinic practice

The "W" stands for Weaknesses, referring to the project's areas or aspects that require enhancement.

In the case of a medical clinic practice, potential weaknesses could include long waiting times, inadequate electronic medical records system, and lack of specialized doctors.

The opportunities for a medical clinic practice

O represents Opportunities in SWOT, referring to the external factors or circumstances that can contribute to the project's growth.

In the case of a medical clinic practice, potential opportunities include offering telemedicine services, expanding into retail health services, partnering with a local hospital for referrals, and establishing a robust online presence.

The threats for a medical clinic practice

When we mention the "T" in SWOT, we mean Threats, which are the potential negative circumstances or factors originating from the external environment.

How to elaborate a marketing strategy for a health clinic?

A marketing strategy is vital in a business plan as it outlines how a business will draw in customers and generate revenue.

A medical clinic practice can gain patients by developing an effective marketing approach that emphasizes the clinic's experienced medical professionals, comprehensive range of healthcare services, and commitment to patient care and well-being.

Patients won't choose your health clinic without proper promotion; highlighting the expertise of your medical professionals, comprehensive services, and compassionate care is crucial.

Are you utilizing marketing tactics to promote your health clinic? Consider offering educational content about different health conditions or preventive care on your website or social media, collaborating with local healthcare providers for referrals, and running targeted advertising campaigns to reach potential patients.

Don't fret if you lack ideas for your project's marketing strategy.

How to build a 3-year financial plan for a health clinic?

A solid business plan must include detailed financial information such as projected income, expenses, cash flow, and balance sheets.

In your business plan, you will have to make revenue projections for your medical clinic practice.

Your business plan's readiness for banks or investors greatly relies on a revenue forecast that is both relevant and credible.

Our financial plan for a medical clinic practice is user-friendly, providing automated validations that allow you to rectify any assumptions swiftly. This guarantees the creation of credible projections with ease and assurance.

Without a doubt, you'll need to come up with a basic budget for starting your medical clinic practice. Don't forget any expense (we have listed them all in our financial plan !).

A key aspect of your financial plan is the break-even analysis, which helps determine whether your medical clinic practice will be profitable or not.

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Developing a Business Plan

For a new practice to succeed, one needs to know where they are going and how they will get there. Creating a business plan forces the setting of goals, determining the resources needed to carry out goals and anticipating problems that might otherwise derail the work.

If the business plan is not being used to solicit financing, an informal plan can be created to serve as a planning tool and a device to stay on track. An informal plan can also be shared with potential partners during recruitment.  

There are multiple online resources, software and literature that can support the formulation of a business plan. However, the key elements of a successful business plan include:

• Executive Summary : Provides an overview of the business plan which should include a brief history, snapshot of the practice setup, philosophy and viability. 
• Business Description/Overview : Provides the practice’s vision, and includes information about who the practice is, what it will offer, what market needs the practice will address and why the business idea is viable.  
• Market Description : Provides an interpretation ​and research of the existing trends and conditions in the area in which the practice will be located. This can form the basis for marketing and financial plans for the practice. 
• Development and Production : Provides a description of the current state of the practice and the plan for continuing or completing its development (eg, hiring staff, buying equipment, leasing space). 
• Sales and Marketing : Provides a road map of the strategies and resources that will be employed to generate practice growth. 
• Management and Operations : Describes the team that will be gathered to manage the practice, including specific strengths, qualifications and responsibilities of each team member.  
• Financial Plans : Documents the viability of the business idea and its soundness as an investment, using specific financial information and risk assessment.​​​ 

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Medical Clinic and Practice Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Hospital and Clinic

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 .

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 Business Plan Template

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 healthcare 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 healthcare 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 healthcare 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 healthcare 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 healthcare 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 healthcare 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 healthcare 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 healthcare 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

Accountant/Cashier

• 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 healthcare 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.

• Opportunities:

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 healthcare 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 healthcare services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage.

As an investor in the hospital cum healthcare 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 healthcare 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 and healthcare 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)

Our Competitive Advantage

Aside from the competitions that exist amongst various medical clinics, they also compete against other healthcare services providers such as home healthcare 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;

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 healthcare 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 healthcare services at affordable prices compared to what is obtainable in Florida.

We know that if we are consistent in offering high quality healthcare 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 healthcare 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 healthcare 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 healthcare service providers to bill their clients based in their discretion.

In some cases, hospitals and healthcare 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 healthcare 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 retraining 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.

Check List/Milestone

• 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

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FACT SHEET: President   Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade   Practices

President Biden’s economic plan is supporting investments and creating good jobs in key sectors that are vital for America’s economic future and national security. China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports. In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses.   The Biden-Harris Administration’s Investing in America agenda has already catalyzed more than $860 billion in business investments through smart, public incentives in industries of the future like electric vehicles (EVs), clean energy, and semiconductors. With support from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, these investments are creating new American jobs in manufacturing and clean energy and helping communities that have been left behind make a comeback.   As President Biden says, American workers and businesses can outcompete anyone—as long as they have fair competition. But for too long, China’s government has used unfair, non-market practices. China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80, and even 90 percent of global production for the critical inputs necessary for our technologies, infrastructure, energy, and health care—creating unacceptable risks to America’s supply chains and economic security. Furthermore, these same non-market policies and practices contribute to China’s growing overcapacity and export surges that threaten to significantly harm American workers, businesses, and communities.   Today’s actions to counter China’s unfair trade practices are carefully targeted at strategic sectors—the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs—unlike recent proposals by Congressional Republicans that would threaten jobs and raise costs across the board. The previous administration’s trade deal with China  failed  to increase American exports or boost American manufacturing as it had promised. Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created and new factory construction has doubled after both fell under the previous administration, and the trade deficit with China is the lowest in a decade—lower than any year under the last administration.   We will continue to work with our partners around the world to strengthen cooperation to address shared concerns about China’s unfair practices—rather than undermining our alliances or applying indiscriminate 10 percent tariffs that raise prices on all imports from all countries, regardless whether they are engaged in unfair trade. The Biden-Harris Administration recognizes the benefits for our workers and businesses from strong alliances and a rules-based international trade system based on fair competition.   Following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and American companies from China’s unfair trade practices. To encourage China to eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation, the President is directing increases in tariffs across strategic sectors such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.   Steel and Aluminum   The tariff rate on certain steel and aluminum products under Section 301 will increase from 0–7.5% to 25% in 2024.   Steel is a vital sector for the American economy, and American companies are leading the future of clean steel. Recently, the Biden-Harris Administration announced $6 billion for 33 clean manufacturing projects including for steel and aluminum, including the first new primary aluminum smelter in four decades, made possible by the Bipartisan Infrastructure Law and the Inflation Reduction Act. These investments will make the United States one of the first nations in the world to convert clean hydrogen into clean steel, bolstering the U.S. steel industry’s competitiveness as the world’s cleanest major steel producer.   American workers continue to face unfair competition from China’s non-market overcapacity in steel and aluminum, which are among the world’s most carbon intensive. China’s policies and subsidies for their domestic steel and aluminum industries mean high-quality, low-emissions U.S. products are undercut by artificially low-priced Chinese alternatives produced with higher emissions. Today’s actions will shield the U.S. steel and aluminum industries from China’s unfair trade practices.   Semiconductors   The tariff rate on semiconductors will increase from 25% to 50% by 2025.   China’s policies in the legacy semiconductor sector have led to growing market share and rapid capacity expansion that risks driving out investment by market-driven firms. Over the next three to five years, China is expected to account for almost half of all new capacity coming online to manufacture certain legacy semiconductor wafers. During the pandemic, disruptions to the supply chain, including legacy chips, led to price spikes in a wide variety of products, including automobiles, consumer appliances, and medical devices, underscoring the risks of overreliance on a few markets.   Through the CHIPS and Science Act, President Biden is making a nearly $53 billion investment in American semiconductor manufacturing capacity, research, innovation, and workforce. This will help counteract decades of disinvestment and offshoring that has reduced the United States’ capacity to manufacture semiconductors domestically. The CHIPS and Science Act includes $39 billion in direct incentives to build, modernize, and expand semiconductor manufacturing fabrication facilities as well as a 25% investment tax credit for semiconductor companies. Raising the tariff rate on semiconductors is an important initial step to promote the sustainability of these investments.   Electric Vehicles (EVs)   The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024.   With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China’s exports of EVs grew by 70% from 2022 to 2023—jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China’s unfair trade practices.   This action advances President Biden’s vision of ensuring the future of the auto industry will be made in America by American workers. As part of the President’s Investing in America agenda, the Administration is incentivizing the development of a robust EV market through business tax credits for manufacturing of batteries and production of critical minerals, consumer tax credits for EV adoption, smart standards, federal investments in EV charging infrastructure, and grants to supply EV and battery manufacturing. The increase in the tariff rate on electric vehicles will protect these investments and jobs from unfairly priced Chinese imports.   Batteries, Battery Components and Parts, and Critical Minerals   The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024.   The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.   Despite rapid and recent progress in U.S. onshoring, China currently controls over 80 percent of certain segments of the EV battery supply chain, particularly upstream nodes such as critical minerals mining, processing, and refining. Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk. In order to improve U.S. and global resiliency in these supply chains, President Biden has invested across the U.S. battery supply chain to build a sufficient domestic industrial base. Through the Bipartisan Infrastructure Law, the Defense Production Act, and the Inflation Reduction Act, the Biden-Harris Administration has invested nearly $20 billion in grants and loans to expand domestic production capacity of advanced batteries and battery materials. The Inflation Reduction Act also contains manufacturing tax credits to incentivize investment in battery and battery material production in the United States. The President has also established the American Battery Materials Initiative, which will mobilize an all-of-government approach to secure a dependable, robust supply chain for batteries and their inputs.   Solar Cells   The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024.   The tariff increase will protect against China’s policy-driven overcapacity that depresses prices and inhibits the development of solar capacity outside of China. China has used unfair practices to dominate upwards of 80 to 90% of certain parts of the global solar supply chain, and is trying to maintain that status quo. Chinese policies and nonmarket practices are flooding global markets with artificially cheap solar modules and panels, undermining investment in solar manufacturing outside of China.   The Biden-Harris Administration has made historic investments in the U.S. solar supply chain, building on early U.S. government-enabled research and development that helped create solar cell technologies. The Inflation Reduction Act provides supply-side tax incentives for solar components, including polysilicon, wafers, cells, modules, and backsheet material, as well as tax credits and grant and loan programs supporting deployment of utility-scale and residential solar energy projects. As a result of President Biden’s Investing in America agenda, solar manufacturers have already announced nearly $17 billion in planned investment under his Administration—an 8-fold increase in U.S. manufacturing capacity, enough to supply panels for millions of homes each year by 2030.   Ship-to-Shore Cranes   The tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.   The Administration continues to deliver for the American people by rebuilding the United States’ industrial capacity to produce port cranes with trusted partners. A 25% tariff rate on ship-to-shore cranes will help protect U.S. manufacturers from China’s unfair trade practices that have led to excessive concentration in the market. Port cranes are essential pieces of infrastructure that enable the continuous movement and flow of critical goods to, from, and within the United States, and the Administration is taking action to mitigate risks that could disrupt American supply chains. This action also builds off of ongoing work to invest in U.S. port infrastructure through the President’s Investing in America Agenda. This port security initiative includes bringing port crane manufacturing capabilities back to the United States to support U.S. supply chain security and encourages ports across the country and around the world to use trusted vendors when sourcing cranes or other heavy equipment.   Medical Products   The tariff rates on syringes and needles will increase from 0% to 50% in 2024. For certain personal protective equipment (PPE), including certain respirators and face masks, the tariff rates will increase from 0–7.5% to 25% in 2024. Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026.   These tariff rate increases will help support and sustain a strong domestic industrial base for medical supplies that were essential to the COVID-19 pandemic response, and continue to be used daily in every hospital across the country to deliver essential care. The federal government and the private sector have made substantial investments to build domestic manufacturing for these and other medical products to ensure American health care workers and patients have access to critical medical products when they need them. American businesses are now struggling to compete with underpriced Chinese-made supplies dumped on the market, sometimes of such poor quality that they may raise safety concerns for health care workers and patients.   Today’s announcement reflects President Biden’s commitment to always have the back of American workers. When faced with anticompetitive, unfair practices from abroad, the President will deploy any and all tools necessary to protect American workers and industry.  

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Starting a medical clinic: 5 common business plan mistakes to avoid

Last updated: 19 / 03 / 24

A strategic approach to your business plan can ensure your medical clinic is not only up and running smoothly, but continues to grow and achieve optimum patient outcomes. Avoid these common pitfalls and you’ll be on your way to starting a medical clinic primed for success.

In this article, you’ll discover more about these five business plan mistakes (so you don’t make them yourself):

• Working with an ill-determined business structure can hinder your practice growth and your ability to obtain finance.
• By starting too early , you could miss steps in the process or valuable opportunities.
• Choosing finance too quickly might limit your practice in the early stages or as you grow.
• Failing to look ahead could mean your practice is not as agile or sustainable in the future.
• Over-complicating your business plan can slow you down in the long run as your practice evolves. 

Here’s what to avoid when starting a medical clinic

1. don’t: use an ill-determined business structure.

When starting a medical clinic, your plan needs to evaluate your business structure, staffing needs, local and regional competitors, as well as the short-term, mid, and long-term goals for your practice growth.

If the answers to these are not clear from the outset, you won’t be able to communicate your plan effectively to staff and stakeholders such as banks and investors. The latter could significantly impact your ability to obtain finance, or the finance of your choice.

Instead: Do your research.

Read up on tips and advice from those who have been there before ( our free checklist  is a great place to start). If you know others who have started a clinic, chat to them. Otherwise, we can set up a conversation with an expert practice consultant  for you.

2. Don’t: Skimp on the planning

Starting a practice takes time and patience. Don’t be so eager to take the leap to start out on your own without ensuring you plan well ahead. Whether you’re starting a medical clinic from scratch or restructuring your existing practice, any planning takes time.

Failing to develop your plan early enough could mean you miss valuable steps in evaluating each part of your practice in the detail and care it needs, giving rise to potential missed opportunities.

Instead: Take your time.

Things will take longer than you think. And even when staff, stakeholders, and finances look promising, unforeseen delays do happen. There’s certainly nothing you can do to speed up administrative processes like credentials and licensing.

3. Don’t: Decide on finance too quickly

Most practices require a financial structure and a loan from a bank or financial institution. Failing to shop around for the right finance option can limit your options both at the start, and in the future, as the practice grows. Try to examine at least three different options in terms of loan structures, interest rates, fees, and terms and conditions relevant to securing the fund your practice needs.

Instead: Shop around and compare.

Your future self with thank you for taking the time to compare options. Don’t get locked into an arrangement you’re stuck with, that doesn’t suit the needs of your practice.

4. Don’t: Fail to future-proof your clinic

In the early stages of a practice, everything you choose to spend money on is an investment. Making the right decisions to future-proof your practice can have a huge impact as you evolve to adapt to today’s digital and data-enabled health ecosystem.

Before installing the latest equipment or software, do a cost-benefit analysis and see what solution can really give you true value – or help generate efficiencies and cost savings to help drive additional revenue.

For instance, with set up in as little as two weeks, Helix, a cloud-based practice management software solution from MedicalDirector, allowed  We Care Medical Centre  to work with an easy-to-use, flexible and mobile solution from the very start. Helix, a cloud-based practice management software solution from MedicalDirector, was set up in just two weeks. It has since given the team more time to focus on growing the practice and delivering better patient care.

Instead: Think ahead.

While it’s easy to get swept up by the momentum of getting started, it pays to sense-check your decisions. Remember, you’re not just making decisions for now, but you want to make sure to future-proof your practice as best you can.

5. Don’t: Over-complicate your plan

The best business plans are simple, agile and offer scope for scalability. As a start, you need to consider as a foundational exercise:

• How many patients you expect to visit your clinic each week
• Whether you will need any referrals
• How you will target new patients
• The patient demographics in your region
• Setting your fees and charges
• Your projected weekly income.

Instead: Get advice.

You don’t need to do this step alone. Get as much professional advice as you need from the appropriate medical networks and associations in the early days. This will ensure your plan is well-defined, transparent and aligned with your ultimate vision for your new practice.

To find out more, download our free ebook:  ‘The Smart Guide to Starting a Medical Practice.’

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