Jun

15

Business Plan for Health and Wellness Professionals - doctors, chiropractors, trainers, massage therapists etc…

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Medical office business plan is most likely to be completed by physicians looking to practice solo, yet this document is a good way to start any kind of a “practice”. Whether you are a physician, chiropractor, massage therapist, exercise professional, chiropractor, acupuncturist, stop for one moment and give some thought to a business plan.

The biggest reason for a business plan is to get investors, but you can create a business plan as a way to objectively look at your idea and follow a structured method to success.

If you write it down, psychologists say, you are more likely to stick to the plan!

Reasons:

  • Determine the feasibility of a new practice start-up
  • Raise money from investment bankers for a new practice ( applicable mostly to physicians )
  • Develop an operational strategic plan and conduct due diligence
  • Create a budget, time frame, or business direction for a practice
  • Discover potential problems, risks, beliefs of importance to you
  • Focus on market opportunities by determining revenue centers and cost drivers
  • Persuade third party payers, networks, insurance carriers that your practice has a future and represents a viable partner for their organization
  • Network with other health professionals in your area

So, what is the format, you might ask? First you create a Professional Executive Summary (PES). Here you create a brief synopsis of the entire plan including information about the practice, advertising and marketing opportunities, proposed financing, business operations and exit strategy.

The plan must explain to potential investors how you will make the money and produce ROI for them. What do investors want to see?

  • patient benefits
  • your qualifications
  • amount of capital required
  • current market size ( potential customers )
  • potential market growth
  • your market niche

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Additional information would include office location, proximity to labor, transportation, license requirements, business entity status ( corporation, sole proprietorship etc…), technology, working arrangements with various insurance, managed care, and HMO plans.

For most physicians, this document is about explaining to the investors the reasons why this practice is a feasible opportunity and a successful one too. If you are not a physician but if you want to stay competitive in today’s health care and wellness environment, a strong understanding of the circumstances which surround your practice are vital to your success. This applies to all wellness professionals.