business plans for healthcare professionals

Development of a business plan is an important component to starting a new practice or business.  This element is not a common experience for healthcare professionals.

Currently many healthcare professionals are starting new health-related practices or business opportunities outside of their traditional clinical roles.  An important element in the establishment of such businesses is developing a detailed business plan.  As most, if not the majority, of healthcare professionals have minimal formal business training, this process may not be familiar.  The business plan provides many functions, including an organizational framework for the founder or developer of the practice and a detailed description of the business for potential investors.  This article provides an overview of the considerations and components of a business plan for healthcare professionals.

At the outset it is important to note that there are many online resources to provide templates for developing a business plan.  In addition, these resources can highlight important considerations in developing the business and detailing specifics within the business plan.  Incorporation of mentors and/or business coaches can further help inform the process of developing an actionable business plan.  Essentially the business plan provides information regarding the fundamental elements of the business and its functions and processes.

An overall summary, often referred to as an executive summary, should be included within the business plan.  This provides an overview of what the practice and/or business is and what it provides.  Included within this summary should be a rationale for why the practice is important, what it contributes, and why it is needed.  In most instances this is the first section of the plan.

Another section within the business plan is an analysis of the structure of the business and/or practice itself.  This includes the stage of business growth, legal considerations and structure, pertinent qualifications, and past successes and accomplishments.  Within this section, there should be a description of how the practice is uniquely positioned to meet the specific needs of the target market.

The industry analysis contains a description of the specialty and niche of the practice within the larger field of healthcare.  Additional considerations within this portion of the analysis include what specifically is addressed by this practice, pertinent trends and projections, as well as anticipated barriers and how they will be overcome.  It is important to describe an understanding of where the business is positioned within the larger domain of healthcare and how it will contribute and be successful.

An analysis of the target audience and market is an essential element.  This includes a description of the demographics of the population that will be benefited by the services and products provided by the business.  It is important to specifically identify who will seek out the practice for future care.  This allows for an in-depth understanding of the target market, which is essential for marketing plans.

It is important to analyze potential competitors within the domain of the business.  This includes direct competitors, those businesses that provide similar products and services to a similar target audience, as well as indirect competitors, who provide either different services to a similar market or similar services to a different market.  It is necessary to detail how your company is distinct and better positioned to provide benefits to the target market than are direct and indirect competitors.

A marketing plan should be detailed within the business plan.  Essentially this includes how clients will be attracted to the business and how will they be retained within the practice.  A description of what products and services are provided and pertinent price points are components of this analysis.  The process for bringing in new clients should be detailed.  The location and process by which services are provided should be included.  Whether or not there is a physical location, virtual services, or a combination of both is detailed within this analysis.  The process through which existing clients will be retained is also included within this section of the business plan.

An analysis of the operations of the business or practice is also a component of the business plan.  This includes a detailed description of the short-term and long-term goals of the business.  The methods by which the goals will be accomplished should be outlined.  This includes analysis of the resources, including human and technologic resources, which will be implemented.

A description of the management of the business is an essential element.  A description of the members of the team and their respective roles is included.  It is important to emphasize the particular skillsets and attributes of the team members that will contribute to a higher likelihood of success in reaching goals of the practice.  Inclusion of coaches and/or mentors, if appropriate, is another important consideration.

Another element of the business plan is a financial analysis.  This includes both revenue streams and expenses.  Any existing or anticipated funding sources are included within this component of the analysis.  The current finances and budget as well as projected finances are analyzed within this element of the plan.  Comparison to existing similar businesses and practices further informs this analysis.  A timeline for growth, including projected increased revenue, should also be analyzed.

The development of the business plan can assist the founder of a health-related business or practice to ensure adequate planning across all essential elements of the business.  In addition, this analysis is a key tool in attracting potential investors for funding.  While this type of a business plan may not be familiar to many healthcare professionals, it plays in important role in the creation, development, and growth of a business and it is, therefore, crucial that time be invested in the creation of a detailed and pertinent business plan.

TO LEARN MORE, PLEASE VISIT WWW.HOUSECALLMEDIA.COM

Join our Substack

Follow us on Instagram

To learn more about the healthcare trained services provided by House Call Media, please visit www.housecallmedia.com.