Healthcare-Business-Plan Healthcare Business Plan Index

1. What is Healthcare Business Plan

2. A Business Plan should be SMART

3. Components of a Healthcare Business Plan

4. Role of Forte Healthcare

5. Summary

6. What is Healthcare Business Plan? What Is Healthcare Business Plan A Healthcare business plan is the foundation or basis for the development and existence of any Healthcare facility or services. Even healthcare regulators encourage new players in the market to have a robust business plan to ensure they understand the local regulatory landscape, revenue cycle management including insurances, laws protecting patients and physicians, licensing, pricing, working capital, services and treatments, and having a business continuity plan, this ensures quality healthcare and catering to the needs of the market. The Business plan is then cascaded to the facility layouts ensuring it meets all local regulations on the Architectural drawings and the facility infrastructure is developed to offer quality patient care. The Healthcare industry is continuously evolving with technological advancements, hence having a strategic business plan is important for a successful project with allocated budgets CAPEX and OPEX as well as working capital clearly defined for a successful venture. A healthcare business plan includes market feasibility and financial feasibility which helps in identifying the segment and patient base for the facility. A healthcare business plan includes market feasibility and a financial feasibility report. Market & financial Feasibility Market &Amp; Financial Feasibility Market feasibility helps understand market dynamics, stakeholder competition, target audience, and key prospects. The study also includes an analysis of demography, demand, and market capacity. Quantitative market projections can help the business identify opportunities in the region and help to decide what treatment gaps are present. Competitor analysis includes a direct and indirect competitor list, which helps a business evaluate a competitor’s weakness, pricing market share, services provided, and also market reviews. For an existing business, a competitor analysis helps to improvise or add new product or service lines. The financial feasibility study includes: Long-term lease or Purchase of Real Estate Asset Location Analysis and validation Competition Analysis Local regulatory compliance Design and construction budget estimate Staffing and budgets Medical equipment and budgets IT infrastructure Revenue Cycle Management – Insurance Operations budget Working Capital Revenue cycle management and Insurance play a pivotal play in the feasibility and cash flows. Insurances work differently across the EMEA region with a few countries with mandatory insurance and others on a cash basis, it’s crucial that the financial feasibility captures all modes of payments along with actual pricing for Healthcare facilities.

7. A Business Plan should be SMART A Business Plan Should Be Smart - Specific Specifically, the model should cater to the ideology with which the business is being set up. It should define the mission, vision, and long-term goal of the project and should have a core specialty A Business Plan Should Be Smart - Measurable Measurable, the model should provide the estimated budget for the project to complete which can be used as a reference in the various stages of the project. More important is the measurable services and revenue streams need to be aligned for robust operations A Business Plan Should Be Smart - Achievable Achievable, Achievable, the business plan gives an idea if the proposed business idea or concept is realistic and achievable and that investment in the field will be beneficial. Also, all milestones are to be listed. A Business Plan Should Be Smart - Relevant Relevant, in order to align the various stakeholders, the business plan should be designed in a way that it appeals relevant to their interests and the healthcare operations they are interested to venture A Business Plan Should Be Smart - Time Bound Time-bound, a business plan should include a time frame in which the business will break even and when it will become profitable.

8. Components of a Healthcare Business Plan A Healthcare business plan also includes… Your vision for the future

A business plan must include the vision of the project. Then, it should be made sure that the plan becomes integral to the culture of the organization. The plan should always be shared with physicians, employees, board members, and top leaders or operators who will be engaged with the core team. Components Of A Healthcare Business Plan -Your Vision For The Future Components Of A Healthcare Business Plan - Swot SWOT Business plans should include a SWOT matrix. The strengths, weaknesses, opportunities, and threats of a business can be assessed using this analysis. SWOT analyses need to be specific, realistic, and compare to other competitors evaluating needs vs gaps, and should be updated as the goals change with time. It should be comprehensive and include all elements of healthcare operations. Operations strategy Operations strategy should be clear in terms of sourcing local physicians vs from overseas and other staff which shall define a well-balanced team that will be attractive to patients who are more comfortable with existing Physicians and hence follow them. Also, the category identification and strategy henceforth are critical whether it’s a Hospital, Day Surgery, or Clinic operating in their respective segment will define the most suitable operations strategy. Components Of A Healthcare Business Plan - Operations Strategy Components Of A Healthcare Business Plan - Define Target Audience Define Target Audience In the opinion of industry experts, marketing efforts are most successful if they are targeted. As a result, a business plan should define the common characteristics of your current patients to identify potential patients. A methodology that helps reach out to the audience and is tailored according to their preferences should be adopted. In UAE / GCC this also expands into segments or categories of individuals where insurances are validated. Furthermore, UAE is becoming a hub of medical tourism and hence this should be considered while formulating patient flow to the facility. 04. Role of Forte Healthcare Role Of Forte Healthcare Who We are? Forte Healthcare has over 23 years of experience in start-ups, including over 120+ in the healthcare sector. It has also successfully completed over 3.6 billion dollars in mergers & acquisitions across sectors including healthcare, hospitality, and special projects. For over 23 years, Forte Healthcare has developed and managed healthcare facilities that have been profitable across Dubai and GCC. Additionally, Forte Healthcare apart from managing the operations also recommends to their clients a list of highly qualified physicians handling costs related to identification, negotiation, and recruitment. Role Of Forte Healthcare - Our Services Our Services Forte Healthcare advises healthcare start-ups and existing businesses on developing and operating their facilities according to unique and segmented business models. We provide comprehensive services from the inception of a project up to developing and building a highly productive healthcare business with state-of-the-art facilities and services and providing value-added care for our patients. Featuring a customer-driven strategy, Forte Healthcare aims to consistently meet customer expectations and ensure sustainable growth The team at Forte closely evaluates the demand and supply across geographical location and suggest the appropriate positioning of the clinic brand. Financial feasibility is expanded across all services and with a cost vs benefit analysis to evaluate what’s relevant in each market, also the segmentation is vital for healthcare facilities given tier-based insurances and facilities in GCC / Middle East countries. An essential goal of vital arranging is to recognize inside qualities and deficiencies as well as outside dangers and opportunities. As a result of this contribution, you will have hierarchical ownership, which is vital to the execution and maintenance of your arrangement.
05. Summary Forte Healthcare Business Plan Summary Forte Healthcare can assist in developing general hospitals, specialized hospitals, aesthetic centers, daycare surgery centers, sports medicine clinics, stem cell laboratories, and specialized dental centers under a format most suitable for operations and business in a country/location. The Directors at Forte Healthcare come from successfully starting and operating successful Aesthetic & Wellness services chains in Asia, and GCC including UAE, Oman, Qatar, Kuwait, Bahrain & KSA. Our expertise starts from the company structure, incorporation, bank accounts, commercial lease negotiations, location validation, facility layouts, regulatory compliance and approvals, design and architecture, construction management, Recruitment and onboarding, Branding, Social media marketing, PR, Launch and manage the facility ensuring business and operations objectives are met. Sample of a Business Plan A business plan made by the team of Forte Healthcare is as follows: Market Overview And Trends Market overview and trends Demographics Regulatory Supply gap Competitor Analysis Competitor analysis Direct competitors Indirect competitors Service Mix &Amp; Analysis Service Mix & Analysis Healthcare Treatments Proposed Pricing Phasing of Treatments Financial Plan Financial Plan CAPEX Project timelines Revenue & EBITDA