writing a business plan for medical practice

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

• Sample Business Plans
• Medical & Health Care

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 Medical Practice 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: Start your executive summary section by briefly introducing your business to your readers.
• 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: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
• Mention your services: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
• Medical services: Highlight the medical services you offer to your patients. Mention any medical specialties you have. For instance, a pediatrician specializes in providing medical care to infants, children, and adolescents.
• Marketing & sales strategies: Outline your sales and marketing strategies—what marketing platforms you use, how you plan on acquiring patients, etc.
• Financial highlights: Briefly summarize your financial projections for the initial years of business operations. Include any capital or investment requirements, associated startup costs, projected revenues, and profit forecasts.
• Call to action: Summarize your executive summary section with a clear CTA, for example, inviting angel investors to discuss the potential business investment.

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

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

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: Describe your business in this section by providing all the basic information:
• 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.
• Owners: List the founders or owners of your medical practice. Describe what shares they own and their responsibilities for efficiently managing the business.
• Mission statement: Summarize your business’ objective, core principles, and values in your mission statement. This statement needs to be memorable, clear, and brief.
• Business history: If you’re an established medical practice service provider, briefly describe your business history, like—when it was founded, how it evolved over time, etc.
• Additionally, If you have received any awards or recognition for excellent work, describe them.
• Future goals: It’s crucial to convey your aspirations and vision. Mention your short-term and long-term goals; they can be specific targets for revenue, market share, or expanding your services.

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: Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.
• For instance, a primary healthcare clinic may target individuals and families seeking routine health check-ups.
• Market size and growth potential: Describe your market size and growth potential and whether you will target a niche or a much broader market.
• Competitive analysis: Identify and analyze your direct and indirect competitors. Identify their strengths and weaknesses, and describe what differentiates your medical practice services from them. Point out how you have a competitive edge in the market.
• Market trends: Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the 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: List regulations and licensing requirements that may affect your medical practice, such as medical licensure, business licensing, federal regulations, billing and coding regulations, state and local regulations, etc.

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:

• General medical care
• Specialty care
• Chronic disease management
• Wellness and preventive care
• Treatment and diagnosis of illness and injuries, And more.
• Describe each service: Provide a detailed description of each service you provide, including the process involved, and physical examination needed, the time required, etc.
• 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: This section should include details about accepted payment methods and insurance plans. These options may include credit cards, cash, medical health insurance, third-party insurance, etc.
• In addition to these payment options, describe if your medical practice offers regular patients discounts or any membership plans.
• Additional services: Mention if your medical practice offers any additional services. You may include services like health education and classes, geriatric care, chronic pain management, mental health services, etc.

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): Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.
• For example, advanced technology, specialized services, and emergency medical care could be some of the great USPs for a general medical clinic.
• Pricing strategy: Describe your pricing strategy—how you plan to price your medical services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new patients to your facility.
• Marketing strategies: Discuss your marketing strategies to market your medical services. You may include some of these marketing strategies in your business plan—social media marketing, Google ads, brochures, email marketing, content marketing, local business directory listing, and print marketing.
• Sales strategies: Outline your strategies to maximize your sales. Your sales strategies may include partnering with other healthcare service providers(e.g., Cardiologists, dermatologists.), offering referral programs, etc. e providers to establish referral programs that can help you generate more business. Consider offering incentives for referrals or special discounts for partnerships.
• Patient retention: Describe your patient retention strategies and how you plan to execute them. For instance, introducing patient loyalty programs, offering membership discounts, encouraging routine medical check-ups, etc.

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: Describe your staffing requirements, including the number of doctors, assistants, nurses, and any other support staff you will need. Include their qualifications, years of experience, and the duties they will perform.
• Operational process: Outline the processes and procedures you will use to run your medical clinic. Your operational processes may include managing patient flow, scheduling appointments, patient registration, patient treatment, record-keeping, billing, and after-treatment check-ups.
• Safety and Infection Control: Describe the safety and infection control practices and protocols you plan to implement, keeping patients, staff, and visitors’ safety in mind. These protocols may include waste management, disinfection, sterilization, infection surveillance, etc.
• Equipment & Technology: Include the list of equipment and technology that will be used in the medical practice, such as laboratory and surgical equipment, patient monitoring devices, personal protection equipment, etc.
• 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: Mention the founders and CEO of your medical practice, and describe their roles and responsibilities in successfully running the business.
• Key managers: Introduce your management and key members of your team, and explain their roles and responsibilities. Business plans for solo practitioners typically don’t include 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: Explain the organizational structure of your management team. Include the reporting line and decision-making hierarchy.
• Compensation plan: Describe your compensation plan for the management and staff. Include their salaries, incentives, and other benefits.
• Advisors/consultants: Mentioning advisors or consultants in your business plans adds credibility to your business idea.
• 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: Describe details such as projected revenue, operational costs, and service costs in your projected profit and loss statement. Make sure to include your business’s expected net profit or loss.
• Cash flow statement: This section should estimate and describe the cash flow for the first few years of your operation. This may include billing invoices, payment receipts, loan payments, and any other cash flow statements.
• Balance sheet: Create a projected balance sheet documenting your medical practice’s assets, liabilities, and equity.
• Break-even point: Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.
• This exercise will help you understand how much revenue you need to generate to sustain or be profitable.
• Financing needs: Calculate costs associated with starting a medical practice business, and estimate your financing needs and how much capital you need to raise to operate your business. Be specific about your short-term and long-term financing requirements, such as investment capital or loans.

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

Fill-in-the-blanks and automatic financials make it easy.

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 .

Related Posts

Medical Lab Business Plan

Medical Billing Business Plan

Write a Appendix Section for Business Plan

Telemedicine Business Plan

How to Create Business Plan

Top 10 AI Tools for Startup

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.

About the Author

Upmetrics Team

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

Plan your business in the shortest time possible

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Create a great Business Plan with great price.

• 400+ Business plan templates & examples
• AI Assistance & step by step guidance
• 4.8 Star rating on Trustpilot

Streamline your business planning process with Upmetrics .

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

Maximizing your survey earnings: Tips for physician survey participants

Side gigs for physicians: The best ways to earn passive & active income

How physician surveys impact healthcare issues

Discover the latest physician survey trends: How to stay ahead in 2024

10 best medical specialties for physicians needing a change of pace

Get the newsletter

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.

Most Popular

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

Optimize your independent practice for growth. Get actionable strategies to create a superior patient experience, retain patients, and support your staff while growing your medical practice sustainably and profitably.

Subscribe to The Intake: A weekly check-up for your independent practice

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.

Reviewed by

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 .

Suggested for you

Licenses you need to start your own medical practice

How choosing a location for your medical office can ensure practice growth

Strategic tips for naming your healthcare practice

Securing funding for a new medical practice

Get expert tips, guides, and valuable insights for your healthcare practice, subscribe to the intake.

A weekly check-up for your independent practice — right in your inbox

Medical Practice Business Plans

Chiropractic business plan.

Betcher Chiropractic is a start-up business that treats every patient with the philosophical approaches of individualism and holistic medicine.

Chiropractic Clinic Business Plan

Accurate Chiropractic is the second start-up by a business-savvy chiropractor in Florida. The owner will leverage his medical acumen and financial know-how to produce high profits.

Chiropractic Services Business Plan

Sports Chiropractic Center will provide quality care to athletes with sports-related injuries.

Family Chiropractic Business Plan

Advanced Chiropractic Clinic will provide quality chiropractic services to people of all ages. The clinic will utilize new equipment and a trained staff, able to care for the individual needs of every

Family Medicine Clinic Business Plan

The mission of Park Square Family Medicine is to promote the health and well-being of the local population by providing accessible, high-quality medical care for people of all ages.

Occupational Health Business Plan

Workwell is a nonprofit, occupational medicine program designed to reduce health care costs.

Physical Therapy Massage Business Plan

Healing Touch Massage, an established in-home business, will open an office downtown, seeking to acquire clients in the medically-required, insurance-paid massage market niche.

Psychological Health Center Business Plan

Amesbury Psychological Center is a multidisciplinary behavioral health care facility that offers mental health and substance abuse services to the communities of the Merrimack Valley in Massachusetts.

Sports Therapy Business Plan

Cyclist Repair Center is a start-up sports therapy clinic, offering massage therapy, physical therapy, and personal training, specifically geared for competitive and recreational bicyclists.

Home Health Care Business Plan

CaringCompanion provides high-quality, personalized home health care services to seniors and individuals with disabilities, letting them maintain independence and comfort within their own homes.

What do you get when you take your dedication to helping people and combine it with a good business plan? Success! Here’s a collection of sample business plans for medical practices, dental offices, and clinics, that should help you on your way.

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

10 Steps to Create Your Medical Practice Business Plan

• September 2, 2021

Starting a medical practice can be a tough row to hoe. Especially because it needs a big investment, administration takes up a good chunk of your time, and the income isn’t constant. But being your own boss has its merits that no hospital employment can give you. Once you are ready to take this path, having a business plan can help you steer in the clear direction.

In this article, we will simplify medical practice business planning along with insights from some of our amazing clients who are successfully running their practice.

What Is a Medical Practice Business Plan?

A medical practice business plan is a living document for launching and operating a medical practice. It has strategies that give you more clarity and helps you avoid wasteful efforts. You not only write the “to-dos” for your practice but also the “what-ifs” in case something doesn’t work out the way you planned. Instead of being a cookie-cutter document, the plan can help you be agile enough to thrive in today’s fast-changing landscape.

So let’s go through the steps in our medical practice business plan. Shall we?

#1. Set the Practice Philosophy

A practice philosophy is mission, vision, values, goals, code of ethics, and culture. These are mostly based on your beliefs as the founder of the practice. And forms DNA of the practice that can guide you in decision making, patient relationship, and hiring.

The practice philosophy must be short, simple, and inspirational. Here’s an example from Mayo Clinic, one of the top-rated practices in the US:

Mission:  Inspiring hope and promoting health through integrated clinical practice, education and research.  

Vision:  Transforming medicine to connect and cure as the global authority in the care of serious or complex disease.  

Primary Value:  The needs of the patient come first.

You can read the full version of Mayo Clinic’s mission and values  here .

While writing down your company philosophies is not an imperative, following them does lead to seeking continuous improvements in the practice.

#2. Research Business Models

A business model shows the functioning of a business to gain profits. If a business plan is the body, a business model is the CNS of the practice. Business models can be innovative without changing the type of service.

For example, mobile pop-up clinics are an innovative healthcare business model.  Kind Body  and  AskTia  are two famous pop-up clinics where women can go for regular checkups and issues related to fertility, IUDs, etc. It favors densely populated cities where healthcare is quickly accessible to patients. The payments are subscription based or fixed for each service.

Similarly, medical practices can have a business model where service is ​​fully online; or deliver services with low-cost high-volume; or can even be as minimal as starting from your home as a part-time venture. Likewise, can explore business models with various delivery modes of service, payments, healthcare niche and so on.

A single change in the model can result in the difference of night and day. So your practice business model is the most important step in planning.

#3. Shortlist Locations

Your practice location is a strategic decision. A good location is one where you are accessible to potential customers. But a great location can give you monopoly in an area.

Parking, building aesthetics, and accessibility for the physically challenged are some important things to consider while selecting your practice location. If you are going to hire staff, you would want to make sure that the location has good access to public transportation.

#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.

Kiran Agate

Be the first to know the latest on ehr technology and ways of improving your practice.

304 Indian Trace #162 Weston, FL. 33326

Get in Touch

Sales: (239) 204-4643

Support: (239) 204-4642

EHR by Specialty

MIPS/MACRA Ready

© 2023 Nexus Clinical LLC      |      Privacy Policy

Find an advisor with the expertise you need.

At Anders, our team is always ready to help you succeed. Let's get started.

• health care

August 6, 2024

How to Start a Private Medical Practice: A Comprehensive Guide and Checklist

Starting a private medical practice takes time, effort and considerable preparation. Developing a comprehensive business plan and establishing an operating budget are the first steps, but there are dozens of other objectives to achieve before the doors of your new practice can open. Following a new practice checklist can help keep your operational goals stay on track and guide your decision-making process to ensure you’re prepared for your private practice journey.

Starting a Medical Practice

Business plan.

The foundation of any successful medical practice is a robust business plan. A well-crafted business plan not only guides your practice’s development but is also crucial when seeking financing, if applicable. Your business plan should include:

• Executive Summary : A concise overview of your practice, its mission, and vision.
• Market Analysis : An assessment of the local healthcare market including competitors, patient demographics and demand for services.
• Services Offered : Detailed descriptions of the medical services you will provide.
• Marketing Strategy : Plans for attracting and retaining patients.
• Financial Projections : Include revenue forecasts, break-even analyses and profitability projections.
• Operational Plan : Outlining day-to-day operations, including staffing, technology and workflow processes.
• Real Estate : Finding a location to lease or purchase.

Pro Forma Projection

A pro forma is essential for making well-informed decisions about expanding services, hiring staff or opening a new service line or location through financial statement projections. Similarly to your business plan, a pro forma accounts for the market, competitors, patient volume and other aspects prior to starting your practice. The pro forma statement is meant to forecast your earnings and patient volumes, in order to develop a financial statement.

Operating Budget

The type of information or questions you may consider:

• Decide on location and negotiate terms if leasing
• Are you licensed in your state for the services you plan to offer at your practice?
• What are your expected hours of operation?
• How will you determine staff compensation and benefits
• Does another billing provider, such as a nurse practitioner or physician’s assistant, need to be included in the proforma?
• How long will it take for you, your service line and your clinic to be fully operational??
• Electronic Health Record selection.
• Billing Service (in-house or outsourced)

If you have trouble answering any of these questions, more preparation may be necessary before moving on to the next steps. With a business plan in place, the next step is to create an operating budget. Your budget should account for:

• Startup Costs : Expenses such as leasing office space, purchasing equipment and initial marketing efforts.
• Ongoing Expenses : Staff salaries, utilities, medical supplies, insurance (malpractice, liability, employee) and maintenance.
• Contingency Funds : An emergency reserve to handle unexpected expenses.

Once you understand your financial needs, explore various financing options if applicable. These may include:

• Traditional Bank Loans : Often the first choice for many practitioners.
• Small Business Administration (SBA) Loans : Offers favorable terms and lower interest rates.
• Private Investors : Individuals or groups willing to invest in your practice.
• Personal Savings : Using personal funds to finance the startup phase.

Take this time to also create business accounts for your new practice. It may be tempting to rely on your personal accounts to establish your services, but tangling your personal and business finances can lead to adverse effects. If you have used your own personal accounts for your practice, pay those funds back from your business account as soon as possible, noting every transaction.

Establishing Your New Medical Practice

Select your location and furnishing.

Choosing the right location is crucial for the success of your practice. Consider factors such as proximity to hospitals, ease of access for patients, patient volume and local competition. Once you’ve selected a location, focus on the following:

• Office Layout : Design a patient-friendly layout that ensures a smooth workflow.
• Furnishing : Invest in comfortable and durable furniture for waiting areas, examination rooms and offices.
• Medical Equipment : Purchase essential medical devices, ensuring they meet industry standards and regulations.

Manage Licensing – Business and Professional

Obtaining and maintaining the necessary licenses is a critical step in establishing your practice. This includes:

• Business License : Required to legally operate your practice.
• Professional Licenses : Ensure all medical professionals have valid and current licenses to practice.
• Controlled Substance Registration : If you plan to prescribe medication, secure the appropriate registrations.

Provider enrollment and credentialing are also important aspects to consider as you establish your practice to ensure your ability to enroll in health plans and bill patients. 

Make Technology Acquisitions

In today’s digital age, technology plays a vital role in the efficiency and effectiveness of a medical practice. Essential technology acquisitions include:

• Electronic Medical Records (EMR) Systems : Streamline patient record-keeping and improve care coordination.
• Practice Management Software : Automate scheduling, billing and other administrative tasks.
• Telehealth Capabilities : Expand your reach and offer remote consultations.
• Cybersecurity Measures : Protect patient data and ensure compliance with HIPAA regulations. Outsourcing provider data management could provide additional overhead cost-savings while providing additional protection.

You’ll also need to consider email, telephones, a payroll system, a billing system, applications like Microsoft Word, Excel and Teams for internal messaging . 

Oversee Human Resources

Building a competent and dedicated team is fundamental to your practice’s success. Key HR tasks include:

• Hiring Staff : Recruit skilled professionals, including medical assistants, nurses, administrative staff and physicians if applicable.
• Staff Training : Provide comprehensive training on your practice’s policies, procedures and technology.
• Employee Benefits : Offer benefits such as health and dental insurance, retirement benefits and more to access top talent. 
• Compliance Training : Ensure all staff are trained in relevant laws and regulations, including HIPAA and OSHA requirements.

Meet OSHA Requirements

The Occupational Safety and Health Administration (OSHA) sets standards to ensure safe working conditions. To comply with OSHA requirements, develop the following:

• Safety Policies : Develop and implement safety policies and procedures.
• Training Programs : Conduct regular training sessions on workplace safety and emergency procedures.
• Hazardous Materials : Properly handle and dispose of hazardous materials.
• Recordkeeping : Maintain accurate records of workplace injuries and incidents.

Obtain Insurance

To open your practice, you’ll need several different types of insurance to protect you and your business. Consider the following types of insurance:

• Malpractice Insurance : Protects against claims of medical negligence. The cost of this insurance will depend on your specialty. Some specialties, Gynecology for instance, experience higher rates.
• General Liability Insurance : Covers accidents and injuries that occur on your premises.
• Property Insurance : Protects your office and equipment from damage or theft.
• Workers’ Compensation Insurance : Provides coverage for employee injuries sustained on the job.
• Health Insurance : Offers health benefits for your employees.

By following a structured approach and using a checklist as a guide, you can navigate the complexities of launching your practice and set the stage for long-term success. Remember, meticulous planning and execution are key to building a thriving medical practice that delivers exceptional care to your patients.

Anders Health Care advisors work with providers and new medical practices on meeting compliance standards and securing your financial goals. For more information on how our advisors can work with you, and the associated costs, request a meeting below. 

Merella Schandl

Keep up with Anders

Want to keep up with all the latest insights from Anders? Subscribe and receive the information that matters to you.

Related Insights

Stay on top of the trends that affect you, your business and your industry with blog posts from Anders team members.

March 26, 2024

Increase Revenue and Quality of Care by Outsourcing Provider Data Management

The importance of data management in health care environments can’t be overstated. Especially during complicated processes like credentialing,…

January 19, 2024

Brian M. McCook

How a 1099 Physician Pays Taxes and How It Compares to W2

Transitioning from filing taxes as an employed physician with a Form W2 to becoming a self-employed or contractor…

September 5, 2023

Tax Deductions for Self-Employed Physicians Filing Form 1099

Making the transition from a W2 to a 1099 filer as a physician can unlock significant tax deductions…

General Practice Business Plan Template & PDF Example

• July 23, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful general practice. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your general practice’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a general practice business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the healthcare industry, this guide, complete with a business plan example, lays the groundwork for turning your general practice concept into reality. Let’s dive in!

Our general practice business plan is designed to encapsulate all fundamental components essential for a robust strategic framework. It details the clinic’s healthcare services, marketing plans, market conditions, competitive analysis , organizational hierarchy, and financial projections.

Here are the primary sections of our General Practice Business Plan:

• Executive Summary : Offers an overview of your General Practice’s business concept, market analysis , management team, and financial strategy.
• Practice & Location: Describes the practice’s facility, amenities, medical equipment, and the strategic significance of its location for patient accessibility.
• Services & Pricing: Lists the healthcare services your practice will provide, such as routine check-ups, preventive care, and chronic disease management, along with a pricing structure or insurance affiliations.
• Key Stats : Shares relevant statistics about the general healthcare market, such as potential patient demographics, community health profiles, and healthcare spending trends.
• Key Trends : Highlights significant trends in healthcare that impact General Practices, like technological advancements in patient care, regulatory changes, and patient preference shifts.
• Key Competitors: Analyzes the main healthcare providers in the vicinity and differentiates your practice from them based on services, patient care quality, and operational efficiency.
• SWOT: Conducts a Strengths, Weaknesses, Opportunities, and Threats analysis to understand the internal and external factors influencing the practice.
• Marketing Plan : Describes strategies for patient acquisition and retention, including digital marketing, community outreach, and patient referral programs.
• Timeline : Sets key milestones and objectives from the practice’s establishment through the first year of operation, including critical stages like licensing, staff hiring, and service launch.
• Management: Provides information about the individuals managing the General Practice, detailing the backgrounds, roles, and expertise of the lead physicians and administrative team.
• Financial Plan: Projects the practice’s 5-year financial outlook, covering revenue streams, cost structure, profitability forecasts, and funding requirements.

{{product_image|large}}

General Practice Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

{{product_image|medium}}

Executive Summary

The Executive Summary serves as the gateway to your General Practice’s business plan, providing a succinct outline of your medical practice and the healthcare services it offers. It will highlight your practice’s market positioning, detailing the comprehensive range of general healthcare services provided, its location, size, and a snapshot of daily operations.

This section will also delve into how your General Practice will assimilate into the local healthcare market, including an analysis of direct competitors in the vicinity, identifying who they are, and pinpointing your practice’s distinctive selling points that set it apart from these competitors.

Moreover, it’s important to include insights about the management and founding team, elaborating on their roles and how they contribute to the practice’s success. Additionally, a synopsis of your financial forecasts, encompassing revenue and profit expectations over the next five years, should be included to offer a clear view of your practice’s financial strategy.

General Practice Business Plan Executive Summary Example

Business Overview

The  business overview  serves as the introductory platform for your general practice clinic. It should include essential information such as the clinic’s name, location, and an outline of its daily operations.

These details lay the foundation for showcasing the clinic’s unique qualities. Your clinic’s  unique selling proposition  ( USP ) is vital here, setting it apart in a  competitive landscape . Whether it’s your focus on personalized patient care, innovative healthcare techniques, or community engagement, your USP should be a focal point of the executive summary. It highlights your clinic’s distinct value to its patients and the community.

Example: “[Your General Practice’s Name],” strategically located in the heart of [City/Neighborhood], serves as a pivotal player in the expansive US primary care market valued at a substantial $271 billion. Our clinic, spanning [X,000] square feet, is meticulously designed to prioritize patient comfort and safety while offering a comprehensive suite of primary healthcare services. These services encompass routine check-ups, chronic disease management, immunizations, health screenings, and expedited care for various illnesses and injuries.

Market Overview

Understanding and conveying your general practice clinic’s  target market  is paramount. Detail the demographics, healthcare requisites, and industry trends to contextualize your clinic’s role and relevance within this landscape.

Equally imperative is the  competitive  landscape within the primary care domain. The market encompasses various healthcare entities, from independent practitioners to multi-specialty clinics and large healthcare networks. Understanding your competitors and articulating your clinic’s distinct value proposition is crucial. Whether your clinic specializes in comprehensive care, pioneering medical technology integration, or personalized patient experiences, showcasing these unique attributes sets the stage for your clinic to stand out and thrive amid competition.

Example: The US primary care market presents significant  opportunities , exhibiting a positive growth trajectory with a +3.4% CAGR from 2024 to 2030. Within our targeted area, the primary care landscape encompasses a variety of practices, including solo practitioners to large medical groups. We’ve identified [6] main competitors within a [x] mile radius, positioning ourselves to stand out within this competitive landscape.

Management Team

Highlight the expertise and qualifications of your management team, elucidating their proficiency in healthcare administration, operational management, and strategic planning.

Example: Our leadership at [Your General Practice’s Name] comprises individuals with degrees in Healthcare Administration or Business Management, equipped with extensive experience in managing healthcare facilities. Their dedication to operational excellence and patient-centered care ensures the smooth functioning of our clinic, strategically positioning us within the competitive landscape.

Financial Plan

Concisely summarize your general practice clinic’s financial goals, emphasizing revenue targets, growth strategies, and investment plans.

Example: With a strategic financial plan, [Your General Practice’s Name] aims to achieve $1.0 million in annual revenue and a 30% profit margin ( EBITDA  margin) by 2028. Our financial strategy involves prudent investments in advanced medical infrastructure, ongoing staff training, and targeted  marketing initiatives . This positions our clinic for sustained growth and recognition within the community.

For a General Practice, the Business Overview section can be effectively organized into 2 main parts:

Practice & Location

Briefly describe the physical setup of your medical practice, focusing on how the space is designed for comfort and efficiency, ensuring a welcoming and professional atmosphere for patients. Mention the location of your practice, emphasizing how easy it is for patients to get there, such as its closeness to community centers or the availability of parking. Explain why this location is particularly good for reaching your intended patient group.

Services & Pricing

Detail the variety of medical services your practice offers, ranging from routine health check-ups and vaccinations to more specialized care such as chronic disease management, pediatric care, or women’s health services. Discuss your pricing strategy , making sure it aligns with the quality of care you provide and is competitive within the local healthcare market. Highlight any special offerings, such as health plans, preventive care packages, or loyalty discounts, that add extra value for your patients, promoting ongoing engagement and patient loyalty.

Industry size & growth

In the Market Overview of your General Practice business plan, begin by exploring the size of the healthcare industry, particularly focusing on general medical services, and its growth potential. This analysis is crucial for understanding the broad scope of the healthcare market and pinpointing areas for potential expansion.

Key market trends

Next, delve into the current trends within the healthcare sector, such as the growing demand for holistic and preventive healthcare, the integration of technology in patient care (telehealth, electronic health records, etc.), and a heightened focus on patient-centered services. Highlight the increasing preference for practices that offer comprehensive care plans, the use of digital tools for better health management, and the importance of accessibility and convenience in healthcare services.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your general practice in the market and its key competitors; it’s also a fundamental component of your business plan. This analysis helps in identifying your general practice’s unique selling points, essential for differentiating your business in a  competitive  market.

In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Competitors in the General Practice Industry

Start by pinpointing direct and indirect competitors in your area. Direct competitors may include other local general practices or medical clinics providing similar services. Indirect competitors might encompass urgent care centers, specialized clinics, or even telehealth services offering alternative healthcare solutions.

Leverage online tools like Google Maps or healthcare directories to visualize competitor locations. Review platforms like Healthgrades or Yelp for patient reviews and ratings. Understanding why patients praise a competitor’s prompt service or compassionate care can highlight their  strengths  in the market.

General Practice Competitors’ Strategies

Analyzing competitors’ strategies encompasses several facets:

• Service Offerings:  Evaluate the range of services provided by competitors. For instance, if a nearby clinic excels in telemedicine services, it indicates a growing trend in remote healthcare accessibility.
• Medical Approach:  Consider the medical philosophies or approaches adopted by competitors. A practice focusing on holistic wellness might attract a different patient demographic than one employing conventional medical treatments.
• Pricing and Insurance:  Compare service fees and insurance acceptance. Are your rates competitive with those of nearby practices, or are you positioned as a premium service with additional amenities?
• Marketing and Patient Outreach:  Analyze how competitors market their services. Do they leverage digital marketing, patient testimonials, or community engagement events for outreach?
• Patient Experience:  Assess the overall patient experience. A clinic with a warm and welcoming environment might garner higher patient satisfaction compared to one with longer wait times or impersonal interactions.
• Technological Integration:  Observe if competitors utilize innovative technologies like patient portals or AI-driven diagnostics to enhance healthcare delivery.

What’s Your General Practice’s Unique Value Proposition?

Reflect on what sets your practice apart. Maybe your clinic specializes in pediatric and geriatrics care or offers a comprehensive wellness program tailored for busy professionals.

Identify market gaps through patient feedback and industry trends. For instance, a growing demand for preventive healthcare services might present an opportunity to introduce wellness workshops or health coaching.

Consider location nuances: A practice in a bustling urban area might focus on convenience and swift appointments, while a suburban practice could emphasize a family-oriented approach with extended hours for working parents.

First, carry out a SWOT analysis for your General Practice, identifying Strengths (such as experienced medical staff and comprehensive healthcare services), Weaknesses (like limited operating hours or high patient wait times), Opportunities (for instance, growing awareness and demand for preventive healthcare services), and Threats (such as changes in healthcare regulations or increased competition from other medical practices).

Marketing Plan

Then, devise a marketing strategy that details how to draw in and keep patients through focused advertising, health awareness campaigns, an active online presence, and participation in community health events.

Marketing Channels

Leveraging diverse marketing channels is essential to building brand visibility and engaging with patients effectively.

Digital Marketing

• Website and SEO:  Your practice’s website is its digital storefront. Create an informative and user-friendly website highlighting services offered, patient testimonials, and healthcare insights. Optimizing the site for local SEO ensures higher visibility in search engine results.
• Social Media:  Utilize platforms like Facebook, Twitter, and LinkedIn to share informative content, health tips, success stories, and updates. Engage with your audience through comments, direct messages, and live sessions to foster a sense of community and trust.
• Email Marketing:  Build and maintain an email list offering healthcare tips, exclusive offers, and updates about new services or medical advancements.

Local Advertising and Community Engagement

• Community Events:  Engaging with the local community through health fairs, wellness seminars, or free health screenings establishes your practice as an active participant in community well-being.
• Partnerships:  Collaborate with local organizations, schools, or businesses to sponsor health-related events or educational sessions. Partnering with community leaders or influencers can amplify your practice’s reach within the local population.

Promotional Activities

• Special Deals:  Offer seasonal health check-up packages or introductory discounts for new patients to encourage a trial of your services. Limited-time promotions can attract new patients and encourage existing ones to book additional appointments.
• Loyalty Programs:  Implement a structured loyalty program where patients earn points for each visit or referral, redeemable for discounts on healthcare services or health-related products.
• Referral Programs:  Incentivize existing patients to refer new patients by offering rewards such as discounted services, free consultations, or other value-added services.

Sales Channels

Deploying effective sales strategies ensures patient satisfaction and maximizes revenue opportunities.

In-Practice Upselling

• Additional Services:  Train your staff to suggest additional preventive screenings, health assessments, or vaccinations during patient visits. 
• Health Products : Display health-related products, supplements, or health aids within the practice. 
• Service Packages:  Offer bundled healthcare services or comprehensive health check-up packages at discounted rates. These packages encourage patients to avail themselves of a broader range of services.

Online Booking and Sales

• Online Appointment System:  Implement an easy-to-use online appointment booking system through your website or dedicated mobile app. Offer incentives, such as a small discount or a complimentary service, for booking appointments online.
• E-commerce:  Extend your services beyond the clinic by selling health-related products, supplements, or wellness kits directly through your website. This not only adds convenience for patients but also opens up an additional revenue stream for the practice.
• Telehealth Services:  Provide teleconsultation services for patients seeking remote medical advice, follow-ups, or preliminary assessments. Offering telehealth services enhances accessibility for patients with time constraints or mobility issues.

Membership and Loyalty Programs

• Membership Benefits : Develop membership plans offering regular health check-ups, preventive care, or discounted rates for ongoing treatments for a fixed monthly or annual fee. These plans ensure consistent patient engagement and encourage regular healthcare check-ups.
• Loyalty Rewards:  Establish a digital rewards system where patients earn points for each visit or referral, redeemable for free services, discounts on healthcare treatments, or exclusive offers. This fosters patient loyalty and satisfaction.

Strategy Timeline

Lastly, establish a detailed timeline that marks important steps for the General Practice’s launch, marketing activities, patient base development, and goals for growth, ensuring the practice progresses with a clear and deliberate strategy.

The Management section focuses on the general practices’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the general practice toward its financial and operational goals.

For your general practice business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your general practice’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your general practice business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Related Posts

Optician Business Plan Template & PDF Example

Pharmacy Business Plan PDF Example

• March 19, 2024

Executive Summary of a Pharmacy: Template & Example

• Business Plan , Executive Summary

Privacy Overview

Sample Medical Practice Business Plan

Writing a business plan is a crucial step in starting a medical practice business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring medical practice business owners, having access to a sample medical practice business plan can be especially helpful in providing direction and gaining insight into how to draft their own medical practice business plan.

Download our Ultimate Medical Practice Business Plan Template

Having a thorough business plan in place is critical for any successful medical practice venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A medical practice business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The medical practice business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your medical practice as Growthink’s Ultimate Medical Practice Business Plan Template , but it can help you write a medical practice business plan of your own.

Medical Practice Business Plan Example – MediTrust Clinic

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

MediTrust Clinic, located in the heart of Omaha, Nebraska, is a groundbreaking healthcare facility dedicated to providing comprehensive medical services with a focus on preventive care and wellness. Our mission is to offer accessible, high-quality healthcare services to our community, emphasizing the importance of preventive measures to maintain and improve health. By integrating cutting-edge technology and evidence-based medical practices, we aim to deliver personalized care that meets the unique needs of each patient. As a new entrant in the healthcare industry, we are committed to building a trusted and efficient healthcare environment that supports the well-being of our patients and the community at large.

Our clinic’s success is driven by several key factors that set us apart in the healthcare industry. Firstly, our commitment to incorporating the latest medical technologies and evidence-based practices ensures our patients receive the most advanced care available. Additionally, our focus on preventive healthcare and wellness has positioned us as a leader in promoting health and preventing disease, distinguishing us from traditional healthcare providers. To date, we have accomplished significant milestones, including the development of a comprehensive service offering that meets a wide range of healthcare needs and the establishment of a skilled and dedicated team. These achievements have laid a solid foundation for our future growth and success in the healthcare sector.

The healthcare industry is undergoing significant transformation, driven by technological advancements, changing patient expectations, and evolving healthcare needs. The demand for accessible and high-quality healthcare services is increasing, particularly in urban areas like Omaha, Nebraska, where diverse populations seek comprehensive healthcare solutions. In response to these trends, the industry is witnessing a shift towards preventive care and wellness, with an emphasis on personalized healthcare services. Additionally, the integration of technology in healthcare delivery is becoming increasingly important, offering opportunities for innovation in patient care and operational efficiency. MediTrust Clinic is well-positioned to capitalize on these trends, offering a modern approach to healthcare that addresses the current and future needs of our community.

MediTrust Clinic primarily serves the residents of Omaha, Nebraska, catering to a diverse demographic that includes young professionals, families, and the elderly. Our target customers are individuals seeking not just immediate medical attention but also preventive care and wellness services to maintain and improve their health over time. We recognize the importance of personalized care and the role of technology in enhancing the healthcare experience. Therefore, our services are designed to meet the varied needs of our community, ensuring accessibility, convenience, and high-quality care for everyone.

• Nebraska Medicine Immediate Care Clinic – Midtown: Offers a range of urgent care services with competitive pricing, benefiting from its central location and extended hours.
• South Side Convenient Care: Provides urgent and primary care in a community-focused setting, with transparent pricing appealing to local families.
• Fred & Pamela Buffett Cancer Center: Specializes in oncology, offering advanced cancer treatment and research with a comprehensive approach.

MediTrust Clinic’s competitive advantage lies in our holistic approach to healthcare, focusing on preventive care and wellness, alongside the integration of technology for personalized patient care. This distinguishes us from competitors who may focus on specific healthcare needs or traditional care models.

Our marketing plan emphasizes the unique aspects of our healthcare services, focusing on preventive care, wellness, and the use of cutting-edge technology. We offer a wide range of medical services at competitive pricing, catering to the diverse needs of Omaha’s residents. Our promotions plan includes digital marketing strategies, community engagement initiatives, and partnerships with local organizations. By highlighting our clinic’s distinct approach to healthcare, we aim to attract patients seeking comprehensive, personalized medical services. Our promotional efforts will also emphasize the accessibility and affordability of our services, ensuring that quality healthcare is within reach for our community.

MediTrust Clinic’s operational strategy is meticulously designed to ensure the successful launch and growth of our medical practice in Omaha, NE. Key operational processes include securing a suitable location, obtaining necessary licenses, equipping the clinic with state-of-the-art medical technology, and hiring a qualified team. We have outlined several milestones, such as launching a comprehensive marketing campaign, implementing an Electronic Health Records (EHR) system, and achieving $15,000/month in revenue. These steps are critical for establishing a solid foundation, optimizing clinic efficiency, and ensuring high-quality patient care. Our commitment to continuous improvement and patient satisfaction will guide our operational decisions and adjustments.

Our management team consists of experienced healthcare professionals and business leaders with a shared vision for transforming healthcare delivery. With expertise in medical practice management, healthcare technology, and patient care, our team is uniquely qualified to lead MediTrust Clinic towards achieving its goals. We are united in our commitment to providing exceptional healthcare services and fostering a culture of innovation, excellence, and compassion within our clinic.

Welcome to MediTrust Clinic, a new medical practice dedicated to serving the community in Omaha, NE. As a local medical practice, we’re acutely aware of the lack of high-quality local medical services available in the area. Our mission is to fill this gap by providing top-notch medical care that our community deserves and needs. We’re here to make a difference in the lives of our patients, offering a comprehensive range of medical services tailored to meet their health needs.

At MediTrust Clinic, we offer a wide array of medical services designed to cater to the diverse healthcare needs of our community. Our offerings include Primary Care Services, where we serve as the first point of contact for patients seeking healthcare, addressing a wide range of health issues and ensuring continuous care. We also provide Specialized Medical Services, catering to patients with specific healthcare needs. Our Diagnostic Testing and Imaging services are equipped with state-of-the-art technology to aid in accurate diagnosis. For patients managing chronic diseases, our Chronic Disease Management program offers personalized care plans to help manage their conditions effectively. Furthermore, recognizing the growing need for accessible healthcare, we offer Telehealth and Virtual Consultations, allowing patients to consult with our healthcare professionals from the comfort of their homes.

Based in Omaha, NE, MediTrust Clinic is strategically located to serve the local community effectively. Our presence in Omaha enables us to reach out to and assist a wide range of patients, ensuring they have access to quality medical care close to home.

MediTrust Clinic is uniquely positioned for success for several reasons. Our founder brings invaluable experience from previously running a successful medical practice, ensuring that we’re built on a foundation of proven success. Moreover, our commitment to offering quality primary care and medical services sets us apart from the competition, making us the preferred choice for healthcare in Omaha, NE.

Since our founding on January 6, 2024, as a Sole Proprietorship, we’ve made significant strides in establishing our presence in the healthcare industry. Our accomplishments to date include the creation of our distinctive logo, the development of our unique company name, and securing a prime location for our clinic. These achievements mark the beginning of our journey towards becoming a leading healthcare provider in Omaha, NE.

The Medical Practice industry in the United States is a significant and growing market, with an estimated size of over $200 billion. This industry encompasses a wide range of healthcare providers, including physician offices, outpatient clinics, and urgent care centers, all of which play a crucial role in delivering medical services to patients across the country.

Market research projects a steady growth in the Medical Practice industry in the coming years, with an expected annual growth rate of around 5%. This growth can be attributed to factors such as an aging population, increasing prevalence of chronic diseases, and advances in medical technology, all of which are driving demand for healthcare services and creating opportunities for new providers like MediTrust Clinic.

Recent trends in the Medical Practice industry, such as the shift towards value-based care and the increasing use of telemedicine, are particularly favorable for new entrants like MediTrust Clinic. These trends emphasize the importance of providing high-quality, cost-effective care to patients, which aligns with MediTrust Clinic’s commitment to delivering personalized and accessible healthcare services to the residents of Omaha, NE.

Below is a description of our target customers and their core needs.

Target Customers

MediTrust Clinic will target a diverse range of local residents, encompassing individuals and families seeking primary healthcare services. This broad customer segment is characterized by a need for reliable, accessible healthcare solutions close to home. The clinic will tailor its services to meet the varied healthcare needs of this demographic, ensuring a comprehensive approach to wellness and preventive care.

Additionally, MediTrust Clinic will also focus on serving the elderly population within the community. This segment is in need of specialized care and frequent medical attention. By offering geriatric care and chronic disease management, the clinic will address the specific health concerns prevalent among senior citizens, thus establishing itself as a preferred healthcare provider in the area.

MediTrust Clinic will also cater to the needs of young professionals who often prioritize convenience and efficiency. By incorporating telehealth services and offering flexible appointment schedules, the clinic will attract this busy demographic. This approach is essential for accommodating the healthcare needs of working professionals who might otherwise neglect their health due to tight schedules.

Customer Needs

MediTrust Clinic fulfills a crucial need for high-quality primary care and medical services that residents in the area deeply desire. Patients can expect a comprehensive approach to their health, ensuring that both their immediate and long-term care needs are meticulously addressed. This focus on quality care not only meets but exceeds the expectations of those seeking reliable and thorough medical attention.

In addition to primary care, MediTrust Clinic recognizes the importance of accessibility and convenience for its patients. The clinic provides flexible scheduling options, including the availability of appointments outside of traditional working hours, to accommodate the busy lives of its patients. This commitment to accessibility ensures that individuals can receive the care they need when they need it, without having to compromise their daily responsibilities.

Furthermore, MediTrust Clinic places a strong emphasis on patient education and preventative care, empowering individuals to take an active role in their health management. Patients have access to resources and guidance that help them understand their health conditions and the steps they can take to maintain or improve their well-being. By fostering a partnership between the healthcare provider and the patient, MediTrust Clinic ensures that its patients are equipped with the knowledge and support necessary to achieve optimal health outcomes.

MediTrust Clinic’s competitors include the following companies:

Nebraska Medicine Immediate Care Clinic – Midtown offers a wide range of urgent care services, including treatment for illnesses, minor injuries, and preventative care. Their price points are competitive within the market, aiming to provide affordable care options for individuals without insurance or with high deductibles. The clinic generates substantial revenue by serving a broad customer base, including residents of Omaha and surrounding areas. Key strengths of Nebraska Medicine Immediate Care Clinic – Midtown include its central location, extended hours of operation, and the backing of the Nebraska Medicine network, which ensures access to a wide range of medical specialties. However, a potential weakness is the clinic’s dependency on the larger Nebraska Medicine infrastructure, which could impact flexibility in services and pricing.

South Side Convenient Care caters to urgent and primary care needs, offering services from routine check-ups to treatment for minor emergencies. Their pricing strategy is designed to be transparent and accessible, appealing to families and individuals seeking cost-effective healthcare solutions. The clinic enjoys a steady stream of revenue through a mix of insurance reimbursements and out-of-pocket payments from patients. Located in a residential area of Omaha, South Side Convenient Care primarily serves the local community, providing a convenient healthcare option for those living in the southern part of the city. A key strength is its community-focused approach, which includes personalized care and patient education. However, a limitation is its single location, which may restrict access for patients living further away or in neighboring cities.

Fred & Pamela Buffett Cancer Center specializes in oncology services, offering cutting-edge cancer treatment, research, and support services. Their pricing reflects the specialized nature of their services, with treatments potentially running high due to the use of advanced technologies and therapies. The center generates significant revenue, supported by its reputation as a leading cancer treatment and research facility in the region. It serves a wide geographic area, attracting patients from across Nebraska and neighboring states seeking specialized cancer care. The center’s strengths include its comprehensive approach to cancer treatment, access to the latest research, and a multidisciplinary team of experts. However, the high cost of services and the focus on cancer care exclusively could be seen as limitations for individuals seeking more generalized healthcare services.

Competitive Advantages

At MediTrust Clinic, we pride ourselves on offering quality primary care and medical services that surpass those of our competition. Our commitment to excellence ensures that each patient receives personalized and comprehensive healthcare tailored to their specific needs. By integrating the latest medical technologies and employing highly skilled healthcare professionals, we can diagnose and treat a wide range of conditions more effectively and efficiently. This emphasis on quality and innovation not only enhances the overall patient experience but also significantly improves health outcomes, setting us apart in the competitive healthcare landscape.

Furthermore, our strategic location and flexible scheduling options provide unparalleled convenience to our patients. We understand the importance of accessibility in healthcare, which is why we have made it easier for patients to receive care without the hassle of long wait times or restrictive appointment schedules. Additionally, our holistic approach to healthcare, which combines preventative care, education, and lifestyle support, empowers our patients to take an active role in their health journey. These competitive advantages, coupled with our unwavering dedication to patient satisfaction, position MediTrust Clinic as a leader in the Omaha healthcare market.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

MediTrust Clinic offers a comprehensive range of healthcare services designed to cater to the diverse needs of its clientele. Among the key offerings are Primary Care Services, which form the foundation of the clinic’s healthcare provision. Patients can expect to receive general health check-ups, treatment for acute illnesses, and preventive care. The average cost for a visit under Primary Care Services is around $150, depending on the nature and complexity of the patient’s needs.

In addition to primary care, MediTrust Clinic specializes in offering Specialized Medical Services. These services cater to patients requiring attention in specific medical fields such as cardiology, dermatology, and endocrinology, among others. The cost for these specialized consultations typically starts at $250, varying by specialty and the required level of care.

Understanding the importance of accurate diagnosis, the clinic is equipped with state-of-the-art Diagnostic Testing and Imaging facilities. Services range from routine blood tests to more complex imaging procedures like MRIs and CT scans. Prices for diagnostic tests start at $100, while imaging services begin at $500, reflecting the clinic’s commitment to providing accessible, high-quality diagnostic care.

Chronic Disease Management is another pivotal service offered by MediTrust Clinic. This program is designed for patients with long-term conditions such as diabetes, hypertension, and heart disease. The clinic provides personalized care plans, regular monitoring, and adjustments to treatment as necessary. Patients enrolled in this program can expect to pay an average of $200 per month, which includes ongoing consultations and management plans.

Recognizing the growing need for flexible healthcare delivery, MediTrust Clinic also provides Telehealth and Virtual Consultations. This service allows patients to consult with healthcare professionals via video conferencing, ensuring timely medical advice without the need to visit the clinic physically. The average price for a virtual consultation is set at $100, making it a convenient and cost-effective option for patients seeking quick and professional medical advice.

Overall, MediTrust Clinic is committed to offering a wide range of high-quality medical services at competitive prices, ensuring that patients in Omaha, NE, have access to the care they need when they need it.

Promotions Plan

To attract customers, MediTrust Clinic employs a comprehensive promotional strategy, emphasizing online marketing while incorporating additional effective methods. Online marketing stands as a crucial pillar, with a strong focus on social media platforms such as Facebook, Instagram, and LinkedIn. Through these channels, MediTrust Clinic engages with potential patients by sharing health tips, clinic updates, and patient testimonials. This approach not only builds a community but also establishes trust and credibility among the target audience.

Furthermore, MediTrust Clinic utilizes search engine optimization (SEO) techniques to enhance its visibility in search engine results. This ensures that when potential patients search for medical practices in Omaha, NE, MediTrust Clinic appears among the top results, significantly increasing the likelihood of attracting new patients. Email marketing campaigns also play a vital role in the clinic’s promotional efforts. By sending out regular newsletters that include health advice, service updates, and promotional offers, the clinic maintains ongoing communication with its audience, fostering a strong and loyal patient base.

In addition to online marketing, MediTrust Clinic invests in community engagement initiatives. Participating in local health fairs and sponsoring community events allow the clinic to establish a presence within the community, directly engaging with potential patients in a meaningful way. Networking with other healthcare professionals and local businesses also provides referral opportunities, further expanding the clinic’s reach.

Traditional advertising methods, such as local newspaper ads and radio spots, complement the clinic’s digital marketing efforts. These mediums target a broader audience, ensuring that information about MediTrust Clinic reaches individuals who may not be active online. Moreover, offering an excellent patient experience remains at the core of MediTrust Clinic’s promotional strategy. Word-of-mouth referrals from satisfied patients are invaluable, serving as a testament to the clinic’s quality of care and customer service.

Overall, MediTrust Clinic employs a multifaceted promotional strategy that combines the strengths of online marketing with community engagement and traditional advertising. This approach ensures a broad and effective reach, attracting a diverse patient base to the clinic.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of MediTrust Clinic, there are several key day-to-day operational processes that we will perform.

• Appointment Scheduling: Efficiently manage patient appointments through an online booking system to ensure patients can easily schedule, reschedule, or cancel appointments.
• Patient Check-In and Registration: Streamline the check-in process with digital forms and ensure all new patients complete their registration paperwork, including medical history and insurance information.
• Insurance Verification: Verify insurance coverage and benefits for each patient before their appointment to streamline billing and minimize claim denials.
• Medical Record Management: Maintain accurate and up-to-date electronic health records (EHR) for all patients, ensuring privacy and compliance with HIPAA regulations.
• Inventory Management: Regularly monitor and restock medical supplies and medications to ensure availability for patient care without overstocking or wastage.
• Financial Management: Manage daily billing operations, including processing patient payments, submitting insurance claims, and following up on unpaid claims.
• Patient Communication: Provide clear and timely communication with patients regarding their appointments, treatment plans, and any necessary follow-up care.
• Quality Control: Implement regular checks and audits to ensure that all clinic operations meet health and safety standards, as well as regulatory compliance.
• Staff Scheduling: Efficiently schedule medical and administrative staff to meet patient demand while optimizing workload and minimizing overtime costs.
• Professional Development: Encourage continuous learning and professional development for all staff to keep up with the latest medical practices and technologies.
• Feedback Collection: Collect and analyze patient feedback to identify areas for improvement and enhance patient satisfaction.
• Cleanliness and Maintenance: Ensure the clinic environment is clean, safe, and well-maintained to provide a comfortable and welcoming atmosphere for patients and staff.

MediTrust Clinic expects to complete the following milestones in the coming months in order to ensure its success:

• Secure a Suitable Location : Identify and acquire a clinic location that is accessible and visible to the target population in Omaha, NE. This location should also comply with zoning laws for medical practices.
• Obtain Necessary Licenses and Permits : Ensure compliance with local, state, and federal regulations by obtaining all necessary licenses and permits required to legally operate a medical practice in Omaha, NE.
• Build Out and Equip the Clinic : Complete the build-out of the clinic space to include patient examination rooms, a waiting area, and office space. Purchase and set up essential medical equipment and technology systems for patient care and records management.
• Hire Qualified Staff : Recruit and hire a team of qualified healthcare professionals (doctors, nurses) and support staff (receptionist, administrative assistants) who share the vision of MediTrust Clinic for providing high-quality patient care.
• Implement an Electronic Health Records (EHR) System : Deploy an EHR system to efficiently manage patient records, appointments, and billing. This system will improve operational efficiency and patient care management.
• Launch Marketing Campaign : Initiate a comprehensive marketing campaign to build awareness of MediTrust Clinic in the Omaha, NE area. This should include digital marketing, community engagement, and partnerships with local organizations.
• Launch Our Medical Practice : Officially open MediTrust Clinic to the public, welcoming patients and beginning to provide medical services.
• Monitor and Adjust Operational Processes : Continuously monitor operational processes and patient feedback to identify areas for improvement. Adjust processes as necessary to improve patient care and clinic efficiency.
• Achieve $15,000/Month in Revenue : Implement strategies to grow the patient base and increase services offered to reach the financial milestone of $15,000 in monthly revenue. This may involve expanding clinic hours, adding new specialties, or enhancing marketing efforts.
• Establish a Patient Retention Program : Develop and implement a patient retention program to encourage repeat visits and long-term relationships with patients. This could include patient education, follow-up care programs, and loyalty incentives. These milestones are designed to systematically address the critical areas of location, legal compliance, clinic setup, staffing, technology implementation, marketing, operational efficiency, revenue growth, and patient retention. Achieving these milestones will significantly mitigate risks and pave the way for the success of MediTrust Clinic in Omaha, NE.

MediTrust Clinic management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Owen Evans, CEO

Owen Evans brings a wealth of experience and a proven track record of success to his role as CEO of MediTrust Clinic. His background in running a medical practice stands as testament to his deep understanding of the healthcare industry, its challenges, and opportunities. Owen’s leadership skills, combined with his experience in healthcare management, equip him to steer MediTrust Clinic towards achieving its objectives. His ability to navigate the complex landscape of medical services, while ensuring operational excellence and patient satisfaction, makes him an invaluable asset to the clinic. Owen’s vision for the clinic is not only to provide exceptional care but also to innovate and set new standards in the healthcare field, ensuring the clinic’s lasting success.

MediTrust Clinic requires significant funding to achieve our growth goals and establish ourselves as a leading healthcare provider in Omaha, NE. This funding will be allocated towards clinic setup, technology implementation, staffing, marketing, and operational expenses. Our financial strategy is designed to ensure sustainability and profitability, enabling us to reinvest in our services and continue to meet the evolving healthcare needs of our community.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Medical Practice Business Plan Example PDF

Download our medical practice business plan pdf here. This is a free medical practice business plan example to help you get started on your own medical practice plan.  

How to Finish Your Medical Practice Business Plan in 1 Day!

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

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

How to Create a Successful Healthcare Business Plan for Your Medical Practice

It is a common misconception that healthcare practices do not require marketing strategies in the same way that other companies and professions do. However, healthcare should be treated as a business and cater to consumers, or in this case, patients.

A successful business plan is essential for medical practices to attract new patients, retain current patients, and maintain a positive relationship with the community.

Without a business plan, practices may find themselves disorganized, lost, and unable to adapt to any changes in business, such as decreased visits or increased appointment cancellations.

Why is a Business Plan Necessary?

Creating a business plan for your healthcare practice means laying out where you are now and where you want to be in order to fill in strategic goals and benchmarks needed to track progress. Without a finished business plan to rely on, healthcare practices will not have any insight or idea of their returns.

Additionally, the attracting and retaining of patients will not be prioritized or managed. Opportunities for improvement may get overlooked, revenue may not increase, and patient trust may be lost.

How to Create a Healthcare Business Plan

Clearly, a business plan is non-negotiable for healthcare practices. But where do you start? What should you focus on?

Most practices that put together business plans rely on these basic guidelines to get a head start. Keep in mind that any of these parts can be adjusted or changed according to what makes the most sense for your healthcare practice.

#1: Identify Your Ideal Patient

Healthcare practices are essentially promoting services to an audience, or, patients. Start identifying and defining your target audience by assessing who uses your services. Marketing plans should be developed with this target audience in mind in order to be effective.

If you have a wide range of patients varying in age, gender, etc., consider segmenting them into different, smaller groups or learn about what each patient has in common outside of traditional demographics.

#2: Define Your Vision

Solidify your goals by defining them in the largest business plan. Brainstorm and write down goals, significant milestones, and where you see the practice in 3 years, 5 years, etc. Document how you will achieve these goals and set dates for major milestones.

#3: Assemble a Team

It takes a village to run a successful healthcare practice, from the front office staff to third-party contractors. Take this time to document who will be involved with this business plan and to what degree.

Outline roles, responsibilities, and initiatives for each team member. Make sure to tie this all in with your overall vision. For example, if you envision a significant effort in social media marketing within the next year, define the role(s) that will be responsible for this.

#4: Build Patient Personas

When other businesses create their business plans, they often run an exercise to build “buyer personas.” These are essentially profiles that represent ideal customers , based on real data.

This exercise includes giving these personas creative and explanatory names, incomes, budgets, careers, and more, to help guide business and marketing decisions.

In healthcare, creating a patient persona works the same. Sit down with your team and create 1-2 profiles of your ideal patient. Give them a name, a medical condition or need, income, family status, personality attributes, etc. based on your actual patients. For example, a profile might look like this:

“Clever Cathy,” has diabetes, age 65, works in customer service, researches her conditions thoroughly/has lots of questions for doctors, makes 55k per year, has $500 to spend on care today, divorced, 3 kids out of the house.

Having these profiles on hand can help pull focus to your patient's needs during important business decisions.

#5: Perform a SWOT Analysis

Another tool to use for self-assessing your healthcare practice is a SWOT analysis . SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Draw a 2x2 grid labeled with these terms, and start listing examples.

When assessing your healthcare practice's strengths and weaknesses, consider everything from an internal perspective and what you have control over, such as unique services (strength) and only having one provider (weakness).

Writing out your practice's weaknesses helps you to place all of your thoughts for improvement in one clean list. Keep it strictly about what you have direct control over, such as long wait times or outdated appointment booking systems.

Opportunities and threats are both meant to be viewed from an external lens and are things you do not have control over but can either leverage (opportunities) or maneuver away from (threats). Opportunities can include things like new real estate in a better location, while threats can include things like loss of staff.

#6: Finalize and Share

Once you have a full business plan solidified, finalize it and share it with all physicians, staff, board members, executives, and any other stakeholders necessary.

Once everybody is on board, you can begin the rollout, enjoying the support from every team member along the way.

#7: Check-in and Evaluate

Sometimes, a plan that we thought would surely bring in 100 new patients falls flat. That's why it is important to establish a plan to check-in with your goals, benchmarks, targets, plans, etc. to see what is working, and more importantly-- what's not.

Adjust and change your plan as needed, making sure everybody is still in the loop. By measuring and evaluating your business plan consistently, your chances of success improve.

Don't Forget “The 3 Pillars of a Successful Healthcare Practice”

While assembling your new business plan, let's not forget the 3 pillars of a successful healthcare practice : a growing patient base, a stellar online reputation, and a strong online presence.

Keeping these pillars in mind for a detailed business plan, healthcare practices can increase patient acquisition and retention. Make sure to integrate these pillars into your marketing plan!

To conclude, healthcare practices must have a business plan in order to be successful and to keep growing. These plans, as you've seen, can get large and sometimes complicated.

For busy practices, hiring a marketing agency to help handle this plan is a must. It's important to find a healthcare marketing agency that believes in your business plan. This keeps everybody aligned so your practice can see success.

Ajay Prasad

Comments are closed

Check Your Online Reputation Scorecard!

See how your online reputation and reviews appear to your patients., cost: $29 free, (*limited time offer).

• I’m a patient
• Practice Login

For practices

Healthengine offers a powerful dental marketing platform that instantly connects you to Australia’s largest patient network.

Healthengine offers a powerful marketing platform that instantly connects you to Australia’s largest patient network.

• Specialists

Also Included

Healthengine Profile

Increase your online visibility

• My Care Team™
• Resources Close Resources Open Resources Blog About
• Contact Close Contact Open Contact Get in touch Customer Support Help Centre
• List your practice

How To Write a Business Plan for Opening a Medical Practice

After you have finalised (or semi-finalised) your decisions from the  first six steps , it’s time to put it all together in your business plan.

Your business plan should articulate your short and long term strategy, and have details on marketing, staffing, and patient retention plans, as well as how you will get your practice up and running and meet your financial forecasting.

This document demonstrates your organisational and planning skills to key stakeholders, and is essential to have if you intend to secure finance for your practice.

To complete everything you will most likely need to enlist some specialist input from accountants, financial planners, and legal advisors. Our suggestion is to surround yourself with subject matter experts, and reach out to other people in your network who have started and ran successful medical businesses for advice.

Want Free Online Bookings, SMS Reminders AND Scripts For Your Practice?

Discover our FREE all-in-one patient engagement solution.

There are many ways to create a business plan for your practice, and no two plans are the same. To get you started, we’ve collaborated with some of our practice owners to get their collective advice on assembling a business plan checklist for you. We have broken this checklist template down with the following segments:

Business Summary

Your business summary is something that is usually written last. It is a short overview of the information following in your business plan and should be no longer than one page. Many people write this piece last, after all the information in their business plan has been collated.

Here’s what should be included in your summary:

• Brief business overview
• Business owner/s biography
• Products and/or services offered
• Competitive advantage
• Operational performance
• Financial position

Business Profile

The Business Profile should include an overview of all the details about your clinic. It should include the why, where, and what.

• Vision, mission, values
• Trading Hours
• Services: in-house/onsite/other
• Service fees: Billing model, bulk billed/mixed pricing
• Accreditation

This segment of the business plan outlines your practice location (either something you have already secured, or your ideal location. You might want to consider including floor plan and any other location based documents in your appendices section.

Outline the following:

• Location address
• Location description
• Buy / Build / Lease (what have you done/what are your intentions)
• Sub letting opportunities – are there any opportunities for allied, pathology, pharmacy
• Fit out and design plans and costs
• Parking: Patients, staff, practitioners
• Access: Public transport, foot traffic, disabled, ambulance
• Area demographics
• Area-based future developments
• Area competition

Marketing Strategy

The Marketing Strategy outlines everything from branding to advertising. How are you going to get new patients coming through your door? What is your branding strategy? Where do you sit in the market?

• Practice name
• Practice brand
• Target market demographic (should tie in with segments of the area demographics)
• Unique value proposition
• Advertising and promotions (online, offers, affiliations)
• Launch plan
• Post-launch plan
• Marketing goals

Competitive Analysis

The competitive analysis section needs to demonstrate the depth of your understanding of the environment you will be opening a practice in. Your competitive advantage should also outline how your clinic is different and why patients will choose you instead of your competitors.

• Opportunity assessment
• Demographic review
• Supply vs demand
• Direct competition list (include services offered, location, pricing etc)
• Your competitive advantage

Business Structure

• The Business Structure demonstrates how the business is/will be legally set up and should indicate that you have ongoing legal expertise to ensure the stability of your practice.
• Growth flexibility (unit trust/partnership etc)
• Exit and succession planning
• Legal framework (Eg: Unit holder agreement)

Supplier Breakdown

In this section, outline the different suppliers you intend to form agreements with for your practice. Include an overview, details of goods, and basic pricing/contract arrangements.

• I.T. hardware and support
• Online booking system
• Medical equipment
• Medical consumables
• Stationary and amenities

The Staffing section is an overview of the strategies you will use to attract and retain staff, practitioners, and list any key staff you already have on the team.

• How will you attract practitioners
• Practitioner remuneration (wages vs contractor and billing %)
• How will sessions be rostered

Medical practices need very comprehensive insurance. In this section outline the cover you have for the piece of mind for your financiers and stakeholders.

• Public liability
• Professional indemnity
• Directors liability
• Workers compensation
• General insurance

Financial Planning

The Financial Planning section should demonstrate that your business is financially viable. Include comprehensive outlines and numbers for the following:

• Budgets: Setup and operating costs
• Funding needed/secured and sources
• Profit and loss modelling
• Tax planning

Phew! Still with us after all that? There’s a lot that goes into creating a solid business plan. Fortunately we’re the experts, and we can help you get things right from the start. Download our Business Plan Checklist  or find out more about how HealthEngine’s suite of tools can help grow your new practice.

Previous post <

How healthengine can help you and your new practice, next post >, part 6: filling the books: how to market your new practice, discover opportunities in your suburb.

Try our FREE Suburb Insights tool.

List your practice with us. It's FREE.

Put your practice front and centre.

• Patient Connect for Dental
• Patient Connect for Allied
• GP Complete
• Featured Listings
• Online Booking System
• General Practice
• About Healthengine
• Press Centre
• Data Security & Privacy
• Leadership Team
• User terms of use
• Privacy Policy
• Practice customer terms of use
• Store customer terms of use
• © 2024 Healthengine
• Terms of use

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.

Suggested for You

• Hospital Business Plan [Sample Template]
• How to Start a Medical Clinic Business
• Weight Loss Clinic Business Plan [Sample Template]
• Acupuncture Clinic Business Plan [Sample Template]
• Naturopathy Clinic Business Plan [Sample Template]

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

How to Create a Profitable Healthcare Business Plan for Your Medical Practice

Marketing is crucial for any industry, and healthcare industry is no exception. Whether you are a big hospital or private practice, creating and implementing an effective marketing plan will help to attract new patients, retain the existing ones and maintain relationships with your staff and patients. An effective marketing strategy will play an integral role in increasing revenue, building patient trust, improving online reputation and expanding your reach.

A healthcare business plan can help you define and identify the target audience and key prospects. It can also assist in evaluating and comparing your practice data against your industry. Clearly, a business plan is necessary, so does your practice have one? Here are some more benefits of creating a strategic plan for your medical practice:

• Physician business plan provides clear direction to your marketing initiatives, preventing random activities that may work against each other.
• The process of developing a strategic plan offers an opportunity for everybody involved to collaborate in shaping the future of the practice. Active participation of all the stakeholders ensures the success of projects and priorities.
• A strategic healthcare business plan helps the physician set marketing goals and priorities for the medical practice.
• Clarity of aims and objectives can improve the quality of patient care.

Strategic business planning offers great long-term value. After the initial planning is done, a practice can use it as the benchmark for measuring progress and monitoring areas of improvement.

The process for preparing a strategic business plan is not clear-cut, but it is one of the most important things you should do for the strategic growth of your practice. A well-defined marketing plan will outline how you will retain existing patients and attract new patients, retain staff and communicate your message in the most efficient manner.

You do not need to hire expensive consultants to create a marketing plan for your healthcare practice. All that you need is the willingness to put in time and effort. An ideal healthcare marketing plan should address every aspect related to promoting your practice, and to effectively plan, you must do some research.

Identify your target audience

The first step in any business plan is to figure out who is going to seek your service. If you have a specialty practice, you probably know the answer. According to industry experts, your marketing efforts will be effective only if they are targeted. So to identify your potential patients, start by defining the common characteristics of your current patients. Always remember, your marketing plan is all about reaching your target audience and adjusting your approach to fit their preferences. Beyond demographics, try to learn the reasons why your potential patients will come to your practice, know your competition and understand your competitors’ approach in reaching the target audience. Examine how your competitors market their practice and then compare their approach, services and marketing strategies with yours. You must also determine your unique selling proposition and understand what makes you different from your competition.

Marketing is all about keeping up-to-date. So make sure while doing your research, you stay updated on current affairs. The idea is to keep up-to-date with financial, political and marketing trends that influence the medical community so you can create an effective business plan that responds to changing market conditions.

Time for some brainstorming sessions

After you have identified your potential market and patients, you will need to categorize and address critical operational questions about your medical practice. You may need to set up brainstorming sessions with people you trust, including family, friends, team members or other professionals. During these sessions, try to find answers to these basic but critical questions:

Question: Which marketing platforms will make be most suitable for promoting your services?

Pro tip: You will need to think regarding how to present or sell your services. For instance, consider offering packages that are generic in nature and offer value for money.

Question: What is the best time and frequency of marketing your service?

Pro tip: Too much promotion can create a negative brand image in the minds of potential patients. Too much advertising tends to make patients suspicious. So depending on your target audience, determine the best time for promoting your practice.

Question: What are you trying to achieve from your business plan? How do you plan to measure these goals?

Pro tip: According to experts, your marketing plan should include basic tasks that have short-term goals so that you do not end up compromising on the patient experience. You can consider using big data to evaluate and measure results and their impact on ROI.

Penning the business plan

Now that you have completed the groundwork, it is time to put all your facts and figures into words. Here are some basic steps for creating a business plan for your medical practice:

• Define your mission and vision: This is where you need to determine your goals. You have to understand where you want your practice to be in five to seven years. You will need to prepare a list of all the marketing techniques and tactics and determine what options will work best for your practice. Some of the effective marketing tactics are networking, direct marketing, print advertising, training sessions, media, open houses, social media, blogs, third-party websites and much more.
• Identify your team: In order to build support and generate enthusiasm, you should determine the outgoing personalities in your organization. Find people who will help support your marketing efforts by hosting open houses, patient training sessions, interviews and other public relations initiatives.
• Market segmentation: Consider potential patients think outside the box. Look within your organization first – you may find some of your best customers and marketers there. You must understand where your patients come from and dive deeper into your business model. Is your practice mainly run by physician referrals, or do patients refer directly? You need to create an extensive list of potential patients and categorize them.
• Create patient personas: Patient personas are representations of your ideal patients. You must create patient personas based on your research and reflect on their needs and issues. For instance, if one of your buyer personas is a diabetic, his or her needs will be different from a flu patient.
• SWOT analysis: SWOT matrix is another important component of the business plan. You can use this analysis to assess your practice’s strengths, weaknesses, opportunities and threats. This study will help you understand your market situation better and discover growth opportunities. For a successful SWOT analysis , you must be specific, realistic, compare different situations and keep your business plans and goals updated.
• Prepare a budget: Now that you have all the market information you need and have established the best way to reach your potential patients, focus on your budget to support your marketing campaign. To begin with, it is advisable to stick with the 80/20 rule. According to this rule, 80 percent of your business volume will often come from 20 percent of your patients.
• Share your vision: The first step is to make sure the plan is received and understood by your organization’s leadership. Next, make sure your plan becomes a part of the organizational culture. You must encourage employees to come up with ideas that will support your idea. Always share your plans with physicians, volunteers, employees, board members and top leadership.
• Plan the rollout: To begin with, introduce your campaign internally. Your organization’s leadership and staff are often your best support. If they get the message, your marketing efforts will be successful.
• Measure and evaluate: You should regularly track new patients, physician referrals, leads, website hits and procedure volumes in order to assess the success of your business plan.

Don’t forget the 7Ps

Even the most insightful services, supported by the best business plan, will not survive on the market if they are unable to reach potential patients. That is why practices need to invest in strategies that will bridge the gap between them and the target audience. For your marketing initiatives to be successful, you must address the 7Ps in order to evaluate and measure your business activities. These seven Ps are product, price, promotion, place, packaging, positioning and people. These 7Ps will help you review and define key issues that impact your marketing activities.

• Product: When was the last time you took an unbiased look at your products, service, facility or value proposition? Do your products meet the needs of the patients? Do your products and services deliver value? Is your medical practice properly presented? The ‘product’ for your healthcare practice is the happiness and satisfaction of your patients, which is intangible and cannot be quantified. The only way is to know that customers receive value and comfort by way of your medical practice.
• People: Healthcare is all about people – your current patients, potential patients, staff and management – everyone delivers or receives a service plays a significant part in the product category. Your patients will evaluate the service and satisfaction based on assumptions and interactions. Usually, patients do not have much insight to your medical skills, but they will know if they are pleased based on how you deal with them. Your reputation and your image are not yours alone – it is teamwork.
• Price: It is the amount people pay in exchange for the product received. Therefore, the price must be competitive, enough to generate profit, but may vary when bundled with promotional offers. Sometimes, price is the biggest factor. Therefore, as a practice owner, you must take a serious look at those areas where there is flexibility and be open to adjusting and reducing prices to meet your patients’ needs.
• Promotion: This refers to all the direct and indirect ways of communicating about your product to your people or potential patients. This may include personal and mass interaction. In all instances, promotion should always be carried out in a professional manner. The objective of promoting your practice is to examine how, when, what and where you can offer your service to your target audience.
• Place: This points to presenting your products or services to your target audience in the right place and at the right time. Needless to say, the ‘place’ will be your office where the product will meet the user. However, in healthcare, a change in location can impact the user’s decision to buy.
• Packaging: Take an unbiased look at the appearance of your office, front office, waiting area, brochures and website and the appearance of your medical staff. You might be surprised to see what patients are observing when they walk through your front door.
• Positioning: This refers to the way your brand, products or service are perceived by your target customers. If you could get the opportunity to create the ideal impression in the minds of your patients, what would you want it to be?

For successfully growing their practice and attracting new patients, many practices are working with medical marketing agencies. As a medical marketing agency , Practice Builders knows what is suitable for different medical specialties. We can introduce you to the best marketing tactics that will draw new patients to your practice. Moreover, we know how to develop effective business plans that will lead to significant growth in your medical practice. To find out more, contact us today.

Recent Posts

Sharon Mason Parker

Sharon has spent 25 years building teams and developing people to work together to help improve the client experience in the markets we serve. This ultimately benefits both customers and staff equally. Sharing best practices and ideas helps clients and team members envision new alternatives, which is quite fulfilling when positive change results. Sharon enjoys working closely with clients to understand the true drivers that are affecting their business environment. By engaging clients in meaningful exploration of their goals and challenges, she often discovers that an issue they asked for help in solving is merely a symptom of something else or something greater. Solving the real issue through truly listening and not just addressing the symptoms helps create true partnerships with clients.

Have you Assessed your Practice’s Potential to Acquire more Patients?

Most Popular Posts

• How Often Should You Update Healthcare Content?
• Actionable Guide to Modern Healthcare Marketing Strategies
• 4 Types of Videos All Dental Practices Should Make
• Healthcare Practice Marketing Using the Internet to Market Your Practice
• How Patient Persona Can Help with More Effective Marketing

Thank you for subscribing to our Weekly Tips. We are sure that you will find them very valuable

Mail not sent due to some internal issue. Please try again.

Email already exist. Please try again with diffrent email address.

Animated Modal with Header and Footer

Have you diagnosed your practice health lately, get a complimentary your practice.

How to Write a Medical Business Plan

• Small Business
• Business Planning & Strategy
• Write a Business Plan
• ')" data-event="social share" data-info="Pinterest" aria-label="Share on Pinterest">
• ')" data-event="social share" data-info="Reddit" aria-label="Share on Reddit">
• ')" data-event="social share" data-info="Flipboard" aria-label="Share on Flipboard">

How to Market Your Pharmacy

Tax write-offs for self employed nail technician, how to start an urgent care center.

• How to Open a DME Business
• How to Open a Home Day Care for Special Needs in California

A business plan for a medical business is not a requirement, it is a good idea, according the AllBusiness medical practice adviser Peter Lucash. A business plan for a medical business focuses on setting the goals for operating and growing the practice and consists of four parts: human resources, physical location, finances and information technology.

Evaluate existing staff skills and future staffing needs. Review the skills of your existing staff and see where their skills fall short of fulfilling your medical practice needs. Add in strategies for developing the skills of your existing staff or plan to hire new employees to fill the roles that are currently missing.

Plan the physical space needs for your business. Based on the patients your business currently serves or intends on serving, evaluate your current office location and equipment. Determine if the business location and equipment fulfills existing needs, is convenient for patients and possesses the equipment you need to meet patient needs. Review the current and future space needs, and then write into your plan what these needs are for next one to three years.

Create a financial spreadsheet. The next portion of your medical business entails how you intend on paying for the staff, physical location and equipment for the business. Review the cash available, financing options, your own personal investment or funds from your partners. Determine how much money you need to fulfill your maintenance and growth options.

Plan to implement and upgrade information technology. According to Lucash, electronic health records are on the way to being a mandate, so medical businesses should start planning for this now. Plan the equipment you need or approach your hospital to see if you can partner with it to move your health records to an electronic format. If you have to invest in equipment or staff to implement this, include the cost in your finances. Lucash advises to specifically make a plan for electronic health records implementation, so it can be in place in the next one to three years.

• AllBusiness: Medical Practices: Writing a Business Plan
• Bplans.com: Medical Business Sample Business Plan
• Medical businesses, such a medical practice, do not tend to engage marketing tactics to attract new patients. Instead, the focus is more on interacting with current patients. You may want to include a marketing plan on how you can remain in contact with current patients. This may include providing a quarterly newsletter on health issues relevant to your patients and sending email reminders for appointments.

Kristie Lorette started writing professionally in 1996. She earned her Bachelor of Science degree in marketing and multinational business from Florida State University and a Master of Business Administration from Nova Southeastern University. Her work has appeared online at Bill Savings, Money Smart Life and Mortgage Loan.

Related Articles

How to start a physical therapy home health business, how to calculate medical deductions in payroll, example of a medical transportation business plan, how to write a business plan for healthcare, how to start a locum tenens business, business recovery in case of earthquakes, what do i need to start a veterinary business, what do you need to open a daycare center, how to check the status of a battery in a toshiba laptop, most popular.

• 1 How to Start a Physical Therapy Home Health Business
• 2 How to Calculate Medical Deductions in Payroll
• 3 Example of a Medical Transportation Business Plan
• 4 How to Write a Business Plan for Healthcare

How to Write a Medical Practice Business Plan

Introduction

In our previous blog, we gave you a quick guideline on how to open a medical practice in South Africa. In this blog, we will focus on the first two topics: 1) Building a Business Plan, and 2) Financial Planning. This blog will mainly focus on building a business plan as financial planning forms part of it. We will discuss a few things to take into consideration when writing your business plan. 

Building a Business Plan

Your business plan is a powerful tool. As we mentioned before, your business plan will form your practice’s foundation and guide you through each stage of starting your new practice. 

Benefits of a Business Plan

Here are three key benefits of having a business plan: 

• Bigger Picture : A business plan helps you to connect the dots and see your practice as a whole. 
• Strategic Alignment : Keeping your focus and priorities aligned will help you allocate your time, effort, and resources effectively. 
• Metrics and Tracking : Knowing your numbers will help you keep track by developing accountability and maintaining quality. 

Basic Tips for a Business Plan

• Keep It Short and Concise : This may sound strange but the goal behind this tip is for you to be able to go back and use your business plan throughout your journey of starting and managing a new practice. If your business plan is too big or detailed, it can be a hassle to revise and refine. This can be different for everyone.
• Know Your Audience : Your audience is the investors of your business. You need to use language that your audience will understand – accommodate them with simple and understandable terms. You can always use the business plan appendix for full specifications, acronyms, etc. 
• Don’t Feel Overwhelmed : Most medical practitioners are not business experts when they start out. Your business plan doesn’t have to be overcomplicated with a lot of detail. Start simple with quality content – maybe even a one-page business plan will suit you which can be expanded later on. If you choose to use a one-page business plan, the executive summary will be your main focus.

The 6 Elements of a Business Plan

Below is a chart of the six elements that will give you an edge to a successful business plan. Please take note that this is a guideline and there might be things that are not specifically applicable to you and your practice. 

To navigate to and read about a specific section, click on a topic below:

• Executive Summary
• Opportunity
• Practice & Management Summary
• Financial Plan

1. Executive Summary

The executive summary introduces your medical practice. This is a critical section of your business plan as it will create the reader’s first impression of you and your medical practice. Even though the executive summary is structurally the first section of your business plan, it’s advisable to write it at the end. 

It’s quite common for the readers/investors to only ask for the executive summary and later on follow-up for the detailed plan. It is ultimately a summary that highlights the sections mentioned in your business plan. You can use the diagram below as a guideline on what to add into an Executive Summary section: 

• The Practice Overview is the first few sentences of the executive summary. It includes your vision and/or mission statement. Who are you? What do you do? 
• The Value Proposition is where you describe the product and/or service that you offer that will provide a solution/value to a problem/need in the market. This includes your competitive advantage – what makes you unique and better than your competitors? 
• The Target Market is where you can create your ideal patient profile. What is your patient demographic? What are their income levels? Does your product and/or service meet their needs? 
• The Practice Structure highlights the practice and management summary. This is the overall practice’s information. From the size of your practice to the number of employees. What will their roles and responsibilities be? How do you want your practice to look like in the short-, medium- and long-term? 
• Milestones and Traction is your progress. What have you achieved so far and what milestones do you still need to hit. Your metrics of success. 
• The Financial Summary highlights your financial plan. If you require funding, then the financial summary is a must where you can specify what your budget is. The budget can be sectioned in short-, medium- and/or long-term requirements. From opening your practice, purchasing/hiring the necessary resources, to future plans. You can use charts for your profitability projections, expenses, and sales. 

2. Opportunity

In this section, you identify and provide information about the opportunity –  your solution to a problem/need in the market. You can use the diagram below as a guideline on what to add into the Opportunity section: 

• The Solution to Problem is where you will start. Begin by defining the problem and from that, you will be able to explain how your practice will provide a solution. This is your business concept and it’s part of your value proposition. Will your products and/or services meet the market’s needs? 
• Target Market can include market research, analysis, and trends. Be more specific than just saying “everyone” is your target market. Create your ideal patient profile by categorising them – be specific. What is your patient demographic? Location of your market? Is the market growing or shrinking? Is the market evolving to different needs and trends? 
• Competition is where you describe why your practice has a competitive advantage against its competitors. This is also part of the value proposition in the executive summary. Who are your competitors? What do they do? What will you do differently? 
• Potential Future Plans is the potential of growth for your practice. You can choose to not include this in your business plan but you can add a paragraph or two if you’re focused on the long-term and impressing your readers. 

3. Execution

In this section, you will explain how you will seize the opportunity and how you will execute your plan. You can use the diagram below as a guideline on what to add into the Execution section: 

• Your Marketing and Sales Plan includes your positioning statement, pricing, promotions, advertising, marketing, and social media. Creating a name for yourself as a professional medical practitioner. Your positioning statement describes how the market will see you and this will have an effect on the pricing and promotions of your products and/or services. Identify effective ways of advertising and marketing your practice. Social media can play a key role as more businesses opt for social media platforms to build their brand. 
• In Operations you will explain how your practice will operate – how the “gears” will be turning. This includes your resources, tools, logistics, and technology. What are the logistics behind your products and/or services? 
• Distributions are applicable if you are offering a product (such as medication) at your practice. This is how you will distribute your product to your market. Will you be using direct or retail distribution? 
• This is where you describe the Alliances or partnerships that you plan on forming. Being in a partnership may help you with targeting the market, and planning your marketing and sales. 
• Your Milestones and Metrics are highlighted in your executive summary. See this as your map to opening your medical practice. It’s a way of keeping track of how much you have achieved and which milestones you still need to complete. 

4. Practice & Management Summary

Use this section to provide the readers with an overview of your practice and the management thereof. You can use the diagram below as a guideline on what to add into the Practice & Management Summary section: 

• Your Practice Overview will be quite short in your business plan. Here you will include your mission statement, intellectual property, your legal structure, ownership details, the location of your practice, and the history (if you are taking over from an existing practice). 
• The Team is the staff that you have or will hire to help you with different roles and responsibilities in your practice. 

5. Financial Plan

One of the most important sections of any business plan, the financial planning section. You can use the diagram below as a guideline on what to add into the Financial Plan section: 

• Your Sales Forecast can be used to forecast future sales of your products and/or services. You can put forecasts into categories per product or target market. Here you can add the Cost of Goods Sold (COGS) as well. 
• Personnel Plan is where you plan on how much you will be paying your team/staff. This is more than just their salaries, it includes taxes, insurance, and any other payroll services. 
• The Profit and Loss Statement is your first statement. It is also known as the income statement which shows whether you are operating at a profit or a loss. This includes sales, income, COGS, expenses, taxes, interests, etc. 
• Not to be confused with the Profit and Loss Statement, the Cash Flow Statement will show the amount of money you have in the bank at any given point. This second statement can come in handy to indicate where you are low on cash and how much money you need to grow your practice. 
• The third statement is your Balance Sheet . See the balance sheet as an indicator of your practice’s financial health. This includes your practice’s assets, liabilities, and your equity. 
• The Use of Funds is particularly important if you require funds from investors. Simply put, this is where you will explain how you will make use of your investor’s funds if they agree on your business plan. This can be a brief description of the major areas where their funding will go into. 
• Now, the Exit Strategy is good to have if you are considering selling or giving away the ownership of your practice. 

6. Appendix

The appendix can be a handy element at the end of your business plan. This is especially so if you are using a language that might not be understandable to readers outside your profession. This can include terms, acronyms, specific products and/or services mentioned in your business plan. It serves as a reference for quick and additional information. 

To Conclude

Now you know how to build your own business plan in order to open your own medical practice. In our next blog, we will continue with our journey of opening a medical practice. You can click on this link to be navigated to a more in-depth article on writing a business plan. You can also click on this link to be navigated to a website that gives you samples on medical practice business plans.

REQUEST A DEMO

• NewsHub Home

Starting a Practice

• Clinical Practice
• Practice Management
• Healthcare in the Cloud
• Medicines Information
• Data and Security

Your saved articles ( 0 )

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.’

Chat to an expert

Ready to start a practice? Chat to an expert practice consultant about your needs today.

The smart guide to starting your medical practice

Related articles

27 / 03 / 24

The rise of the virtual GP: How cloud-based health software is lowering the barriers to starting a practice

01 / 07 / 22

How to Write a Business Plan for Medical Practice

12 / 07 / 21

Buying an established practice vs. starting your own

07 / 10 / 20

How to set up a GP practice: Start with the right technology to empower your team

15 / 07 / 19

Starting your own medical practice: 5 fee and billing issues to consider

08 / 07 / 19

How cloud based medical records can cut costs when starting a practice

How To Create A Business Plan For Your Medical Practice

• Benefits Of Creating A Business Plan For Your Medical Practice
• What Goes into Making a Great Medical Practice Business Plan?
• What to Include in a Business Plan
• Ready to take the next step?

A medical practice business plan is like a roadmap. You can go on your journey without one, but you’re more likely to get lost along the way.

If you’re embarking on a solo practice, looking to open a medical clinic or exploring partnering in a group practice, a business plan can help you not only make sound financial decisions, but maximize your potential for job satisfaction.

Practically speaking, lenders are likely to require a business plan if you need startup cost funding to finance your medical practice or clinic. However, securing financing is only the beginning of the list of reasons to create a business plan. 

A solid medical practice business plan can also help you:

• Build a fulfilling and right-sized roster of patients through geographic, demographic and competitive research
• Plan for appropriate space that also takes growth projections into account
• Determine the people and skills you will need to run an efficient practice 
• Make educated income and expense projections
• Allow all stakeholders to collaborate in shaping the future of the practice
• Create an exit plan (even if that exit might be decades down the road)

A solid plan starts with preparation. Here are some essential to-dos to complete before sitting down to write your medical practice business plan:

1. Get all your credentials and licensing in order

We recommend starting paperwork early, since some licensing requirements can take several weeks or months. The specific requirements may vary depending on the type of practice you’re operating and its geographical location. 

A few of these items may include:

• Medical certifications and licenses for your province
• Professional association memberships
• Credentialing and Hospital Privileges

2. Conduct Preliminary Market Research

Conducting market research can help you create a profitable and personally rewarding practice. Before writing your medical practice business plan consider the following: 

• The volume and types of practices in your geographical location
• The demographics and health of the local population (E.G. Are there any prevalent or underserved chronic diseases? Is the population growing?)
• The average cost to lease or buy space and transportation/parking surrounding available options 
• The proximity of complementary services, such as diagnostic facilities, hospitals, etc.

With preliminary details carved out, you’ll be in a better position to assess viability before creating a more detailed plan.

3. Assess costs and make projections

With rising overhead costs, physicians should spend time to get an accurate idea of the typical costs associated with opening a medical practice or clinic. 

An estimate at this stage might include:

• Rent and utilities
• Renovations, if necessary
• Furniture, medical equipment, office equipment, etc. 
• Licensing and association dues
• Technology, such as an EMR, Practice Management Software and billing software  
• Advisors such as lawyers, accountants, bookkeepers, etc.
• Service needs, if applicable, such as janitorial, laundry, maintenance, sharps disposal, landscaping and snow removal, etc.
• Miscellaneous costs such as staff training, periodicals, office supplies and stationery, signage, etc.

Once you have most of these details at hand, you’re ready to create a business plan for your practice or clinic. A template can provide an excellent guide, however, a simple document containing the following sections is typically sufficient:

Executive Summary

Write a brief overview that covers the important points of your business plan at a glance. The executive summary should not exceed 10% of your plan’s length (e.g. one page for a ten page plan). It can be helpful to think of this section as your brief pitch—and even though this section appears first, many entrepreneurs like to write this section last. 

Participants

Include a description of the people who will be involved in the practice, such as yourself and any other care providers or partners.

Your Practice Profile

Describe the services your practice will provide in brief. If a growth model is relevant, you may include it here.

Market Research

Include what you have discovered about the current marketplace, including what you know about competing providers, any relevant underserved needs, patient demographics and population growth. You can also include a profile for your typical or ideal patient here.  

Implementation Plan

Create a timeline starting from creating your business plan to opening your doors. Describe how you intend to build your patient roster (e.g. marketing plan).

Projections & Budget

Outline your expected expenses and revenue in as much detail as you currently can. Try to predict at least the first 12 months.

An exit strategy is the one part of your plan you will likely not share with investors. However, it’s important to consider how you will transition, retire or recoup your investment, even if it’s years down the road. 

Starting a medical practice or buying out an existing practice can be both challenging and rewarding. A detailed business plan can act as your GPS as you navigate the journey. 

Don’t forget to factor in your own fulfillment as you create your plan. What works for the business should also work for you personally in terms of location, risk tolerance, nearby professional and personal networks, roster makeup and more. If your practice fulfills you both professionally and personally, it’s all the more likely to be successful.

Related posts:

Doctor starting salary in canada by specialty.

• 6 Tips For Physicians On How To Calm your Nerves Before Starting A New Job
• Preventing Professional Burnout: 8 Tips for Doctors

Claim Your $150 Credit!

Get a $150 Credit when you sign up for Dr.Bill*. No credit card required. *Terms and conditions apply.

Related Blog

This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBCx. or its affiliates.

Article Contents

Share this post, learn more about, 7 addiction medicine billing codes available in bc.

10 years in business. $5 billion in claims. 100% committed to improving the lives of physicians.

The Ins and Outs of Becoming an International Doctor in Canada

Get the latest industry updates, billing tips and more direct to your inbox.

We use cookies to improve your website experience.

Same MDBilling.ca you know. Now part of the Dr.Bill suite.

Already an MDBilling.ca client?

It’s business as usual and you’ll still be using the same product you’ve come to know and trust for your medical billing. Click here to sign in to your MDBilling.ca account as you normally would.

Looking for MDBilling.ca?

You’re in the right place! Dr.Bill and MDBilling.ca have come together to make it even easier to find the right codes, submit claims and get paid.

Medical Business Plan

You cannot start and run a successful medical business without writing and implementing a comprehensive business plan.   A business plan gives you a complete framework for researching and analyzing the market, identifying possible opportunities, financing the project, and scaling it all together. Here are some of the best examples of medical business plans worth having a look.

Medical Practice Business Plan Template

• Google Docs

Size: A4, US

Medical Laboratory Business Plan Template

Dispensary Business Plan Template

Fertility Clinic Business Plan Template

Fertility Clinic Marketing Plan Template

Pharma or Drug Sales Plan Template

Medical Clinic Sales Plan Template

Medical Device Sales Plan Template

Executive Medical Reimbursement Plan Template

Best Medical Business Plan Examples & Templates

 medical business plan example.

Size: 8.86 MB

If writing a medical business plan were easy, every business aspirant would do it with ease. To be clear, a comprehensive business plan for a new healthcare facility takes time to put together. But, what if you are green in this in the first place? The best thing to do is to look at a sample plan to get a clear picture of what a comprehensive strategy for a health facility looks like. This PDF file is a unique sample of a well-written business strategy for a healthcare facility. The plan covers everything you need to know about establishing a healthcare center, from business objectives and guiding principles to demographic analysis and their access to care.

Printable Medical Business Plan

Size: 780 KB

It doesn’t make sense to start a medical business without a strategy in place. You need to identify your audience, sturdy the market, conduct a SWOT analysis , and develop a marketing technique. This calls for a comprehensive business plan and here is an example that you can download and use as a guide to writing your own strategy. This sample will help you to understand a few things. First, you’ll learn how to write a clear summary of the proposed medical business. Second, you will see what a detailed business description looks like. Third, you will dive deep into learning and understanding the competition. Then, you will learn about financial strategy, which is important for starting and running a healthcare business at scale.

Free Medical Business Plan Example

Size: 88 KB

It is important to understand that a business plan does not have to be complicated. It doesn’t have to be dozens or hundreds of pages either. In fact, you can set up and run a successful medical business with a very simple business plan . This PDF document is an example of a very simple business strategy, which a clear indication that even lean business plans can help you take a step in the right direction. This plan covers a number of sections, including an executive summary for the proposed business, proposed services, market evaluation, and marketing approach. Click the link above to download the PDF file.

Medical Practice Business Plan Example

Size: 237 KB

This PDF document is one of the most comprehensive medical business plans that you can read to understand what a professionally written business strategy looks likes. The 37-page file features a unique outline, which makes the entire document easy to scan. This file has a lot of information. From the executive summary and market sturdy to SWOT and market analysis , there is quite a lot to learn. The author uses a simple language throughout the document. So, whether you are green to writing a business proposal or you just need a simple example for reference, this is a good template to download.

Medical Startup Business Plan Example

Size: 219 KB

You cannot start and run a successful business without a plan. In fact, many businesses that begin to operate without a strategy often close within the first six months. This happens across various industries, even in medical business. Now that you have made up your mind to start a medical business, you first need to write a business plan. If you have never written one before, don’t worry. You can just download this PDF file, read the entire strategy example, and then use the same knowledge that you pick from it to write a comprehensive business plan of your own. Click the link above to download this template.

 Medical Business Plan Example for Clinic

Size: 262 KB

Ask every serious entrepreneur what it takes to start and run a successful business and they’ll tell you that the first thing you need is a business plan. This tells you that a successful business depends on a comprehensive strategy . Now that you have made up your mind that it is time for you and your stakeholders to start a clinic in your locale, it’s important to write a business plan before investing money in the project. The plan will enable you to determine whether the business is feasible to pursue. By finding, connecting with, and studying the target market, it becomes easy to understand your business even before starting it. Download this medical plan for the clinic to learn more.

 Private Hospital Business Plan Example

Size: 2.15 MB

Even if you have enough funding to start a private hospital, you’ll need to do in-depth research and then come up with a solid business plan that will help you set up the enterprise. At the end of the day, your goal is to run a successful business . This is something you can’t do if you start with a proper strategy. Remember, the success of your private medical startup will depend on the structure of the plan. The success of the upcoming business will depend on the structure of the plan. In other words, a business plan is a must-have.

 Simple Medical Business Plan Example

Size: 141 KB

You already know that it is difficult to run a successful business without a plan. So, if you want to set up a new medical facility in your area, first start by writing a business plan for the foreseen startup. The PDF file above is a unique example of a business plan that you can use for reference. This guide is important because it focuses on the most important elements that make up a comprehensive business plan.

 Comprehensive Business Plan for Medical Facility

You can use this sample template to write a comprehensive business plan for a medical facility. Some of the highlights include identifying challenges and determining their respective opportunities. This gives you a clear understanding of the market that you would like to target so that you can align your medical services to their needs once you start operation.

 Short Medical Business Plan Example

Size: 264 KB

If you are the kind of a medical business enthusiast who prefers to write a short business plan, this example is suitable for you. The content of the file includes an executive summary, market analysis, business growth, marketing strategy, and financial projection.

Text prompt

• Instructive
• Professional

Create a study plan for final exams in high school

Develop a project timeline for a middle school science fair.

• Business Loans

Best Medical Business Loans

Best medical business loans of 2024.

Updated: Aug 1, 2024, 2:35pm

If you’re a physician, specialist or other healthcare professional looking to open your own practice, you may need financing. Medical practice loans offer funding to medical practitioners to help fund the opening, operation or expansion of a private practice. You can use medical practice financing to cover a variety of costs, including purchasing equipment and covering payroll expenses. The best loans for healthcare workers offer competitive interest rates and flexible repayment terms that work with your budget.

• Best Small Business Loans
• Best Startup Business Loans
• Best Business Loans For Women
• Best Business Loans for Bad Credit
• Best Working Capital Loans
• Best Business Lines Of Credit

Summary: Best Medical Business Loans

What is a medical business loan, what can you use a medical business loan for, types of medical business loans, how to apply for a medical business loan, pros and cons of medical business loans, tips for comparing medical business loans, alternatives to medical business loans, methodology, next up in business loans.

Why you can trust Forbes Advisor

Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the loans methodology for the ratings below.

• 15 lenders researched
• 16 data points evaluated
• 5 categories scored

Loan amounts

$5,000 to $250,000

Varies by loan

Minimum Credit Score

Eligibility

• Minimum credit score: 625
• Time in business: One year
• Minimum revenue: $100,000 per year

Turnaround time

You can apply and receive a decision from OnDeck on the same day.

• OnDeck  – Best for Short-term
• QuickBridge  – Best for Fast Funding
• American Express® Business Line of Credit ™  – Best for Lines of Credit
• BlueVine  – Best for Flexible Lines of Credit
• National Funding  – Best for Small to Mid-Sized Business
• Fundbox   – Best for Quick Approvals
• TD Bank  – Best for Healthcare Professionals
• Funding Circle  – Best for Established Business
• Biz2Credit  – Best for Funding Options

BEST FOR SHORT-TERM LOANS

We picked OnDeck for its variety of business lending products and same-day funding. OnDeck offers a term loan from $5,000 to $250,000 with repayments terms of up to 24 months. You can also access a credit limit of $6,000 to $100,000 through its line of credit with a 12-month repayment term that resets after each withdrawal.

• Term loans from $5,000 to $250,000
• Lines of credit from $6,000 to $100,000
• Same-day funding
• Low minimum credit score requirement
• $100,000 minimum annual revenue requirement
• Must have been operating for at least one year
• Does not lend to businesses in North Dakota

Expert’s Take

OnDeck has carved a niche in the realm of alternative lending, offering expedited access to capital for businesses that may not qualify for traditional bank loans. Its big advantage is the availability of funds on the same day or next while not being affected by a hard credit pull. However, this aggressive lending practice also comes at a steep price.

— Abid Salahi, co-founder and CTO, FinlyWealth

BEST FOR FAST FUNDING

Quickbridge.

$10,000 to $500,000

Factor rates start at 1.11

QuickBridge provides small business loans to business owners nationwide. Applying is quick and funding can happen within 24 hours, but you need fair to excellent credit to qualify.

Interest on loans from QuickBridge is expressed as a factor rate. To determine the cost of borrowing, multiply your desired loan amount by the factor rate. For example, if you borrow $30,000 at a factor rate of 1.10, you would owe $33,300 in total with $3,300 in interest. With a loan term of six months, your interest rate would be 22%, but that doesn’t include any fees the lender can tack on.

• Flexible repayment options
• Quick application and fast funding deposited to a bank account
• Early payoff discounts
• Loan interest may be high
• $250,000 minimum annual revenue requirement for small business loans
• Only short-term repayment terms are available
• Minimum credit score: 600
• Time in business: Six months
• Minimum revenue: $250,000 per year

You can apply and receive a decision from QuickBridge on the same day.

QuickBridge, which operates as an alternative lender, provides small businesses with funding within a matter of days. Its thorough approval process involves looking at your business as a whole, more than just your credit score. However, for approval, there’s a minimum credit score requirement of 600 and an annual revenue requirement of $250,000, which isn’t the lowest in the industry.

While the speedy lending process may seem attractive, QuickBridge charges interest as a factor rate starting at 1.10 plus an origination fee in the range of 1% to 5%, making the loans quite pricey.

BEST FOR SMALL AND LARGE LINES OF CREDIT

American express® business line of credit.

$2,000 to $250,000

660 FICO at the time of application

American Express Business Blueprint™ is best for its American Express® Business Line of Credit (formerly Kabbage from American Express and Kabbage Funding™), which gives business owners the chance to secure funding between $2,000 to $250,000. Repayment terms include six, 12, 18 and 24 months.

Line of credit customers incur a loan fee for each month they have an outstanding balance. Total monthly fees incurred over the loan term range from 3% to 9% for six-month loans, 6% to 18% for 12-month loans, 9% to 27% for 18-month loans and 12% to 18% for 24-month loans .

In addition to its line of credit, American Express Business Blueprint provides other tools beneficial to small business owners, including its own mobile app that provides comprehensive cash flow insights. All businesses are unique and are subject to approval and review.

• No prepayment penalty
• Four different repayment options
• Offers small to large lines of credit
• Monthly fees on unpaid balances
• Requires personal guarantee
• Lines of credit over $150,000 are only available to borrowers who meet additional criteria
• Minimum credit score: 660 FICO at the time of application
• Time in business: At least one year
• Average revenue: At least $3,000 monthly

All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history and other factors.

Once application is approved, funds can take up to three business days to appear in your account, depending on your bank.

The American Express® Business Line of Credit allows you to qualify at a credit score of 660 FICO at the time of application * , so it’s not a great option for any business with a bad credit rating.

Rather than a typical revolving line of credit, you must choose [from available terms] with varying fees. Every time you withdraw from your business line of credit, it’s treated as a separate installment loan rather than being added to existing loans.

One downside to the American Express® Business Line of Credit is the time it takes to receive your cash. You’ll need to wait for your funds to be deposited within three business days, while other lenders offer same-day options. If you need your cash fast, that delay becomes a problem.

— Jonathan Feniak, general counsel and head of finance, LLC Attorney

BEST FOR FLEXIBLE LINES OF CREDIT

Simple interest starts at 5.9% or 7.8%

Bluevine is a financial technology company that provides financing solutions to small businesses nationwide. It specializes in business lines of credit and checking accounts. As of December 2021, Bluevine no longer offers invoice factoring as one of its financing methods.

Small business owners looking to access a line of credit on an as-needed basis can receive funds from $5,000 to $250,000. Bluevine offers two payment structures: Flex 6 or Flex 12. Customers who choose Flex 6 make weekly payments over 26 weeks while Flex 12 customers make monthly payments over 12 months. What’s more, after 45 days of payment on Flex 6, or 90 days of payment on Flex 12, you may be eligible for a credit line increase.

Bluevine also charges weekly or monthly fees for its line of credit. Standard pricing is 1.7% per week or 7% per month for line of credit draws.

Note: Bluevine’s line of credit is available in most U.S. states except Nevada, North Dakota, South Dakota, Puerto Rico and other U.S. territories.

• Receive a decision within five minutes and instant funding with a Bluevine business checking account, or receive funds within 24 hours
• Lines of credit up to $250,000
• Low credit score requirement
• No mobile app for its line of credit
• Monthly revenue requirement
• Not available to businesses in Nevada, North Dakota, South Dakota, Puerto Rico and other U.S. territories

Eligibility varies on the specific program a business owner chooses.

Weekly plan

• Time in business: Two years
• Minimum revenue: $40,000 monthly or $480,000 annually
• Business type: Corporation or LLC
• Bankruptcies: No past bankruptcies

Monthly plan

• Minimum credit score: 650
• Time in business: Three years
• Minimum revenue: $80,000 per month or $960,000 annually

After you submit your application, you can receive a decision in as quickly as five minutes and instant funding with a Bluevine business checking account. Borrowers who don’t have a Bluevine business checking account can receive funds within 24 hours.

Bluevine appeared in a search we did for clients during the mini-banking crisis of 2023. Bluevine offers a bank sweep program that will provide FDIC insurance to their clients for up to $3 Million. FDIC insurance usually doesn’t matter, but when banks start failing, it really matters.

— Herman Thompson, Jr., advisory board member

BEST FOR SMALL- TO MID-SIZED BUSINESS

National funding.

$5,000 to $500,000

Buy rates start at 1.11%

National Funding offers working capital small business loans from $5,000 to $500,000 with terms of four months to two years, paid daily or weekly. Borrowers can use their funds for all working capital needs, including inventory, payroll, marketing, taxes and more. National Funding also offers equipment financing up to $150,000 but applicants must have a minimum personal credit score of 575 to qualify for that financing method.

Unlike most business lenders, National Funding offers early payoff discounts. Small business loan customers who repay their total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. Equipment financing customers who repay the total remaining balance early, at any point during the term, will automatically receive a 6% discount off the total remaining balance.

• Financing up to $500,000
• Most loans are funded within 24 hours of approval
• Requires daily or weekly payments
• Potentially high borrowing costs
• Requires minimum gross annual sales of $250,000
• Minimum credit score: 600 (575 for equipment financing)
• Minimum sales: $250,000 per year

Most loans are funded within 24 hours of approval, subject to receipt of required documentation, underwriting guidelines and processing time by your bank.

National Funding offers loans from $5,000 to $500,000, but two years is the maximum length for a large loan. I had a client that got excited by what he thought would be a lending source that could do $500k for five years, but the five-year loan was only offered at $100,000. A local banker made a collateralized loan for the large equipment purchase, and the client took a small short-term loan from National Funding to help with cash flow during a tough spot.

BEST FOR QUICK APPROVALS

$1,000 to $150,000

Interest rates start at 4.66%

Fundbox is an AI-powered business lending platform that speeds up the application, decision-making and funding process. It offers decisions within three minutes and funds as soon as the next business day.

Prospective borrowers have two business financing options through Fundbox. Business owners can apply for revolving business lines of credit up to $150,000 with repayment terms of 12 or 24 weeks. Your available credit goes back up as you repay your line of credit.

• Low minimum annual revenue requirement
• Next-business-day funding
• Does not disclose APRs

With a business line of credit from Fundbox, you can receive your funds as soon as the next business day.

The approval process is quick and Fundbox is available for the credit-challenged business. Credit approvals are usually small, so this [typically] isn’t an option for larger purchases. I had a small business client that had Fundbox integrated with her Stripe dashboard, which made it convenient.

BEST FOR HEALTHCARE PROFESSIONALS

$10,000 to $1 million

up to $5 million for small business loans

Not disclosed

Business owners can apply for traditional term loans and lines of credit, U.S. Small Business Administration (SBA) loans and even other products like credit cards and checking accounts through TD Bank.

TD Bank offers business loans from $10,000 to $1 million with terms ranging from one to five years. If you’d rather have access to a line of credit, it offers credit lines between $25,000 and $500,000. What’s more, TD Bank is an SBA-approved lender, meaning you can apply for an SBA through the bank. SBA loans typically have loan amounts of up to $5 million and terms up to 25 years.

The company also stands out for healthcare professionals and offers unique financing options for dentists, veterinarians, physicians and eye care professionals. For instance, it offers lending solutions up to $12 million with 100% practice financing plus working capital, in addition to partnership buy-ins and buy-outs, equipment purchase, and practice mergers and acquisitions.

Note: While online applications are available for loans up to $100,000, you must apply in person for loans over $100,000. TD Bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington D.C.

• Offers term loans, lines of credit and SBA loans
• Online application and mobile banking
• Customized financing options for healthcare professionals
• Must apply in person for loans over $100,000
• Branches located in only 16 states
• Minimum credit score: 660
• Minimum annual revenue: Does not disclose

Although TD Bank offers same-day approval for its business loans and lines of credit, it may take up to two business days to receive your funds. SBA loans, on the other hand, may take several weeks to fund.

BEST FOR ESTABLISHED BUSINESSES

Funding circle.

$25,000 to $500,000

As low as 7.49%

Funding Circle has been a direct lender specializing in small business loans since 2010. It has helped 135,000 businesses in 700 industries and lent $20.2 billion globally. We chose Funding Circle because it provides fast, affordable loans with a simple application process and funding in as little as 48 hours. Prospective borrowers have three options: business term loan, line of credit or SBA loan.

Funding Circle term loans range from $25,000 to $500,000 with repayment terms from six months to five years. If you choose to apply for a business line of credit, you can access credit lines between $6,000 and $100,000. However, Funding Circle doesn’t specify its line of credit repayment terms. You can also apply for Funding Circle SBA loans, which range from $25,000 to $500,000 with terms up to 10 years.

There is one main drawback of Funding Circle: There’s a one-time origination fee on each loan ranging from 3.49% to 6.99% of the approved loan amount.

• Loans from $25,000 to $500,000
• Funding in as little as 48 hours
• No minimum annual revenue requirement for most loans
• One-time origination fee between 3.49% to 6.99% of the approved loan amount
• Requires two years in business, so it’s not ideal for startups
• Not available to Nevada businesses
• Minimum credit score: 660 for most loans; 650 for SBA loans
• Minimum revenue: None for most loans; $400,000 per year for SBA loans

Depending on the loan type, you can receive your funds within two days. However, SBA loan funding may take up to two weeks.

Funding Circle provides long-term loans that are essential for businesses planning significant investments in growth or infrastructure. The clear terms and lower interest rates compared to short-term loans make this an excellent choice for businesses with a stable financial outlook and a strategic long-term development plan.

— Cache Merrill, founder and CTO, Zibtek

BEST FOR FUNDING OPTIONS

up to $1 million

Revenue-based financing. Varies depending on product and qualifications

Does not disclose

*See website for details

Biz2Credit is a digital funding platform that provides three funding options—term, revenue-based financing and commercial real estate (CRE) loans—ranging from up to $1 million. It only takes a few minutes to apply.

Biz2Credit can connect business owners with revenue-based financing Up to $2M+ and term loans up to $1 million. Revenue-based financing payments are flexible based on business performance, with a right to reconcile against actual business receipts while term loans are repaid through weekly, bimonthly or monthly payments over the course of 12 to 36 months. Biz2Credit also offers interest-only CRE loans from Up to $2M+ with terms between 12 and 36 months; payments are due monthly.

In the event that Biz2Credit cannot provide a financial product, it may present third-party options to qualified prospective borrowers. However, Biz2Credit confirms that “in the vast majority of cases, [it] will make a financing decision without referral to any external party.”

• Revenue-based financing has flexible qualification requirements
• Can pre-qualify for submitting an application
• Offers term loans with weekly or biweekly payments
• Does not disclose financing costs
• Does not disclose turnaround time
• High annual revenue requirement

Eligibility varies based on the financing option you choose.

• Time in business: 18 months

Revenue-based financing

• Minimum credit score: 575
• Time in business: 6 months
• Minimum revenue: $10,000 per year

Biz2Credit does not disclose the turnaround time for its financing options.

Similar to Funding Circle, Biz2Credit emerges as a more balanced alternative and functions as a platform to offer a wide range of loans. Due to the more thorough underwriting process, the qualification requirements are more restrictive than other business lenders and funding may not be as quick.

A medical business loan is a type of financing designed for healthcare professionals to provide funding for new and existing medical practices. You can use this loan to start a new practice, grow or acquire an existing one, purchase inventory or equipment or cover the other costs of operating your business.

The rates and terms on a medical practice loan vary by lender, but they typically offer loans up to $5 million with terms ranging from less than a year to 25 years. Interest rates range from around 5% to 30% or more.

Some medical business loans are unsecured while others are secured and require collateral. Secured loans may come in larger amounts and have better interest rates, but you risk losing your collateral if you fall behind on payments.

You can use a medical business loan for almost any purpose related to starting or growing your medical practice. Some common uses include:

• Startup costs for a new practice.  A medical business loan can provide the financing you need to cover costs like office space, furniture, supplies and hiring staff.
• Merging with or acquiring another business.  You might need capital to merge or take over another medical practice, and you can use a medical practice loan to finance that move.
• Real estate purchases.  You can use this financing to purchase commercial real estate for your practice.
• Equipment and inventory.  From exam tables to X-ray machines to ambulances, you might need financing to purchase equipment. Some lenders offer loans designed to purchase equipment, and these loans are typically secured by that equipment.
• Advertising and promotions.  You may need a loan to cover the costs of social media campaigns, community events, online ads or other marketing activities to get the word out and acquire new patients.
• Payroll costs.  You could use a loan for hiring and paying employees.
• Business loan refinancing.  You can take on a medical business loan to refinance existing debt, replacing the old loan with better rates and terms.

You can find medical practice financing from a variety of lenders, including banks, credit unions and online loan companies. Your main options include:

• Bank loans.  Banks such as Wells Fargo,  Bank of America  and others offer medical practice loans to qualifying healthcare professionals, including doctors, dentists, optometrists and veterinarians. Bank loans often offer large loan amounts and competitive terms, but you may need to meet lofty credit requirements and undergo a lengthy review process.
• Online loans.  Many online lenders offer medical business loans. Rates and terms vary by lender, but some may offer more flexible underwriting requirements and a faster funding process than banks.
• SBA loans.  Healthcare professionals can also apply for U.S. Small Business Administration (SBA) loans through partner banks or online lenders. Business owners can borrow an SBA 7(a) loan up to $5 million with terms up to 25 years for real estate loans and up to 10 years for equipment, inventory and working capital loans.

The application process for loans for medical practices varies by lender, but here are the steps you’ll likely need to take:

• Determine your needs.  Start your search by checking your credit report through  AnnualCreditReport.com , where you can get free weekly credit reports until December 2023 If there are any errors, contact the credit bureaus to correct any mistakes. From there, calculate what costs your loan needs to cover and what you can afford to repay.
• Find loans you qualify for.  Look for lenders where you meet the qualification requirements and that offer necessary loan amounts.
• Prequalify for a loan.  If possible, prequalify for loans so you can get a sense of rates and offers you may qualify for without impacting your credit. These offers, however, are not guaranteed and may change when you submit your formal application. .
• Compare loan offers.  Look for a loan with competitive rates and affordable monthly payments. Take note of whether the lender offers any other perks, like interest-only payment options or a dedicated project manager.
• Fill out a loan application.  Once you find the best loan for your situation, complete an application online or in person with a loan officer.
• Provide any required documentation.  This may include financial statements, business licenses, tax returns and a business plan. If the loan is secured, the lender may also require an appraisal of your collateral.
• Receive your loan and begin repayment.  You’ll likely receive your loan as a lump sum unless you apply for a line of credit. Review your loan agreement so you know how much you have to pay each month and when payments are due.

Before taking on debt for your medical practice, it’s important to consider both the pros and cons of a medical business loan:

• Can be used for a wide range of purposes.  A medical business loan can provide the funds you need to start, acquire or grow your existing business and cover all the costs that go into it, including equipment, real estate, payroll and marketing.
• Choice of repayment terms.  Some loans offer terms of 10 years or more, allowing you to spread out your payments over time and select a monthly payment that works with your budget.
• Could offer special perks.  Some lenders offer certain borrower benefits with their medical business loan program, such as fee discounts, support programs, project managers or interest-only payment options.
• Interest and possible fees.  Medical business loans charge interest, meaning you could end up paying significantly more than you borrow. A shorter term length can limit the amount of interest you pay but requires larger monthly payments. Watch out for fees that could add to your costs of borrowing, too, such as administrative fees, origination fees or late fees.
• May be difficult to qualify.  Some lenders require good or excellent credit and a certain amount of revenue or time in business to qualify for a loan. Depending on your credit, you may find these criteria difficult to meet. It may also take a while to gather all the documentation and secure your loan.
• May require collateral.  Depending on your credit and what you’re using the loan for, you may need to pledge an asset to secure the loan. A secured loan isn’t necessarily bad, but you do risk losing your collateral if you can’t repay the loan.

Before choosing a medical business loan, shop around and compare your options. Here are some key features to consider when selecting a loan:

• Interest rate.  Look for a loan with the lowest interest rate to reduce your costs of borrowing. Keep in mind that interest rate refers to interest alone, whereas annual percentage rate (APR) is a more inclusive term that consists of both interest and fees.
• Fees.  Consider any fees that could make your loan more expensive, such as an origination fee. Even if one loan has a lower interest rate than another, it might not be the more affordable choice if that lender tacks on extra fees.
• Repayment terms.  Consider how long you have to pay back the loan, as your term directly affects your monthly payments. A shorter term could save you money in interest overall but with higher monthly payments, while a longer term will give you lower monthly payments but with more interest over time.
• Time to fund your loan.  Make sure the lender’s loan approval and disbursement process works with your timeline, as some lenders take longer than others to process loan requests.
• Borrower benefits.  Find out if the lender offers any additional perks or protections that could make your borrowing experience better. Also, read over customer reviews to see what other borrowers have to say about the lender.

Medical business loans aren’t your only option for starting or growing your medical practice. Here are a few alternative options to consider:

• Small business loans:  Not every lender specifically labels its business loan as a medical practice loan, but it could still be worth exploring general  small business loans . These loans similarly let you borrow a lump sum of money and pay it back over a set period of time. You can find them from banks, credit unions and online lenders.
• Equipment loans:  Some lenders specifically offer  equipment loans  to purchase new equipment or inventory. These loans are typically secured by the equipment that you finance.
• Business line of credit:  Unlike a loan, a  business line of credit  offers a revolving form of financing that you can draw on and pay back as you go. It may be a better option for business owners with fluctuating or unpredictable costs that want to access financing as needed.
• Merchant cash advance (MCA):  MCAs  are designed for businesses that need immediate funding. A lender may grant you a small loan in exchange for a percentage of your sales until the debt has been repaid. They usually have short repayment terms and can be approved and funded quickly.

We reviewed 15 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the nine best lenders based on the weighting assigned to each category:

• Loan cost.  35%
• Loan details.  25%
• Customer experience.  20%
• Eligibility and accessibility.  10%
• Application process.  10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our  Loans Rating & Review Methodology.

Find the Best Small Business Loans of 2024

• Best LLC Loans
• Best Unsecured Business Loans
• Best Online Business Loans
• Business Loan Calculator

¹The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

With nearly a decade covering personal finance, Rebecca Safier simplifies loans and other complex financial topics to help people manage their money with confidence. Her work has been featured in Forbes Advisor, Buy Side from WSJ, U.S. News & World Report, Newsweek Vault and other publications. Rebecca has her student loan certification from the National Association of Certified Credit Counselors and her Master of Education in Adolescent Counseling from the Harvard Graduate School of Education.