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Hospital Business Plan

Starting a hospital is a huge responsibility because taking care of millions of people in a year is difficult. If you are considering starting a hospital, then staffing, financial and business planning are necessary, for which a business plan is vital.

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

Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write A Hospital Business Plan?

Writing a hospital 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 by briefly introducing your business to your readers.

Market Opportunity:

Products and services:.

Highlight the hospital services you offer your clients. The USPs and differentiators you offer are always a plus.

Marketing & Sales Strategies:

Financial highlights:, call to action:.

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

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2. Business Overview

The business overview section of your business plan offers detailed information about your business. 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. Describe what kind of hospital you run and the name of it. You may specialize in one of the following hospital businesses:

• General hospitals
• Specialty hospitals
• Teaching hospitals
• Children’s hospitals
• Outpatient clinics
• Rehabilitation hospitals
• Maternity hospitals
• Describe the legal structure of your hospital, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.

Mission Statement:

Business history:.

If you’re an established hospital, briefly describe your business history, like—when it was founded, how it evolved over time, etc.

Future Goals:

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

3. Market Analysis

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

Target market:

Start this section by describing your target market. Define your target market and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.

Competitive Analysis:

Market trends:.

Analyze emerging trends in the industry, such as changes in patient behavior or preferences, etc. Explain how your business will cope with all the trends.

Regulatory Environment:

Here are a few tips for writing the market analysis section of your hospital 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 patients. To write this section should include the following:

Describe your facilities:

Mention the hospital facilities your business will offer. This list may include,

• Intensive care
• Neonatal care
• You can also mention the number of beds & specialized units

Medical specialties:

Quality measures:.

This section should explain how you maintain quality standards and consistently provide the highest quality facility.

Additional Services:

In short, this section of your hospital 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.

Marketing Strategies:

Sales strategies:, testimonial and success stories:.

Overall, this section of your hospital business plan should focus on patient acquisition and retention.

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

6. Operations Plan

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

Staffing & Training:

Operational process:, equipment & machinery:.

Include the list of equipment and machinery required for the hospital, such as operating rooms, tables, surgical lasers, surgical drills & saws, vital signs monitors, etc.

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 hospital business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founders/CEO:

Key managers:.

Introduce your management and key members of your team, and explain their roles and responsibilities.

Organizational structure:

Compensation plan:, advisors/consultants:.

Mentioning advisors or consultants in your business plans adds credibility to your business idea.

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

8. Financial Plan

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

Profit & loss statement:

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

Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.

Financing Needs:

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

9. Appendix

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

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the 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 healthcare 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 hospital business plan will provide an idea for writing a successful hospital 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 hospital business plan pdf .

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

A business plan is an essential tool for anyone looking to start or run a successful hospital. 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 hospital.

How to get funding for your hospital business?

There are several ways to get funding for your hospital, 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 hospital?

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

What is the easiest way to write your hospital 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 hospital 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

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Hospital Business Plan Sample

Mar.14, 2017

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Table of Content

Do you want to start a Hospital business plan?

Starting a business can be very hard and a big responsibility. And starting one that benefits humanity can be an even greater responsibility. However, if you follow the correct steps and stay persistent, it can be very rewarding. Establishing a business like a hospital needs to be very thoroughly planned. 

The best way to plan a business is to write a business plan for the hospital. Adding all the right details of your business will attract investors to the business plan and this will help you in setting up your business. If you want to learn how to write a hospital business plan, you should go through as many samples as possible. 

Plans like nursing home business plan can be a great resource in understanding crucial things about the hospital business. In this business plan, we will be providing all the details for starting a hospital called Mercy Ltd. You can follow this sample to develop a plan for your business.

Executive Summary

2.1 business summary.

Mercy Ltd will be a private healthcare setup, owned and started by Gillian Hail. It will provide state-of-the-art services to all its patients. Additionally, it will also run a free clinic and fund services for those who don’t have enough money to get treatment. 

2.2 About the Management

As a hospital business requires the utmost attention to detail to run well, a business plan is needed ahead of time. It is similar to a business plan for a wellness center in that regard. To make the management of Mercy Ltd smooth, a hospital business development plan was needed. Therefore, we prepared this sample. 

If you want to develop an executive summary hospital business plan for your business, you can consult a healthcare business plan template. Otherwise, to write the business plan, you can also hire experts and guide them along. 

2.3 Customers of Mercy Ltd

Considering that Mercy Ltd is a healthcare center, its customers will primarily be patients seeking treatment or help with funding for treatment. They will belong to all domains and lifestyles. The primary customers will include:

• OPD Patients
• Emergency Care Patients
• Chronic Patients
• Treatment Fund Patients

2.4 Business Target

The target of Mercy Ltd is to become a trustworthy healthcare center where people can come to get immediate treatment whenever they need it. It will also be a long-term target to expand the business. The financial targets we want to meet within the first three years are mentioned below in this hospital business plan pdf.

Company Summary

3.1 hospital ownership.

The hospital will be owned and managed primarily by Gillian Hail. She completed her MD five years ago after which she served as a head neurosurgeon in a renowned hospital in Baltimore. She then assumed the position of a consultant to start her healthcare setup. 

3.2 Why the Hospital Business is Established

Gillian always wanted to make a difference and help people due to which she became a doctor. However, after working in a hospital for so many years, she realized that there was a greater need for a healthcare setup that could deal with patients faster. Therefore, she decided that she would open Mercy Ltd to provide quick care to patients and to gain funding for people whose insurance couldn’t cover them.  

3.3 How will Mercy be Established

Step1: Plan Everything

The first step before establishing any business, no matter what the domain or scope, is thorough planning. You will need to map everything required to start the business in a business plan for starting a hospital. Additionally, you will also need to develop a business plan for hospital expansion if you have any plans to extend the business in the future. The process won’t stop here because at some point, you will also be developing a business continuity plan hospital.

Step2: Get Funding

One of the main reasons to develop a startup hospital business plan is to get funds. As Mercy Ltd had the aim to help treat those who couldn’t afford usual hospital charges, Gillian paid special attention to this hospital business plan sample pdf to attract investors. 

Step3: Find a Location

To house the healthcare setup, Gillian chose a building in Baltimore. The lower two floors will be for the hospital whereas the top floor will be for management and for housing on-call doctors. 

Step4: Developing a Brand

It is essential to make your business as humane as possible so that your customers can relate to it. Therefore, Gillian not only focused on her business model to help people but also described it in a way that is understandable to its customers. 

Step5: Promote and Market

To get the word out about her unique business model, Gillian established a partnership with as many local and big hospitals as she could so they refer patients to Mercy Ltd for treatments.

To write a business plan for a hospital, one needs to be clear about the type of business they want to establish. And this is true for every business plan, be it a reiki practice business plan or a private hospital business plan pdf. 

To develop a hospital business plan sample, you will need to know the services you want to provide to your customers as your services will form the basis of your setup. Here, we have provided a hospital business plan template that you can follow when writing about the services of your business. You can also look at any other hospital business plan example for reference. 

We will provide all the basic outpatient facilities including diagnosis, testing, and providing immediate treatment to patients. This will apply to patients with simple ailments like infection, common cold, fever or pain, etc. 

• Emergency Services

Mercy Ltd will also provide emergency services to patients who have been involved in an accident and need immediate care for stabilization. We shall also provide ambulances to transport these patients to bigger hospitals for complete and thorough treatment and recovery. 

• Regular Treatment and Therapy

For the patients who have chronic ailments or pain and who need regular care and treatment, we will offer therapy sessions and a complete care package that they can use utilize regularly.

One of our core services will be to provide treatment funding to deserving patients. The cases and situations of the patients will be thoroughly analyzed to ensure that there is no problem.

Marketing Analysis of Hospital Company

Excellent work.

excellent work, competent advice. Alex is very friendly, great communication. 100% I recommend CGS capital. Thank you so much for your hard work!

It can be very tricky to gain success as a new business. You need solid hospital strategic goals to ensure a clear direction in all the business operations. A good business owner needs to do a lot of research into hospital business development strategies before starting a business in this domain. 

A good business plan covers all details regarding the business such as hospital planning team and business model of the hospital. This information helps in showing the objectives of hospital planning to the investors. And all of this can only be achieved if you have a strong understanding of your target market. This includes your customers as well as your competitors. 

In this hospital marketing plan template, we have outlined all the marketing strategies that would be employed by Gillian to ensure the success of her business. You can follow this hospital business plan sample or a relevant plan like a massage therapy center business plan for more guidance. 

5.1 Market Trends

According to PolicyAdvice, the healthcare industry is one of the fastest-growing industries in the U.S. and the trend is expected to continue as the U.S. spends almost twice on healthcare when compared with other countries. Right now, the market share of the healthcare industry in the U.S. is at almost $10 billion and it is expected to rise. Therefore, healthcare is one of the best sectors to start a business.

5.2 Marketing Segmentation

The target customer groups of Mercy Ltd will be:

Business plan for investors

5.2.1 opd patients.

Our primary services are centered around situations where patients only need immediate care and have straightforward illnesses. Therefore, these patients with simple ailments will be the key customers of Mercy Ltd as they will utilize our services more often. 

5.2.2 Emergency Care Patients

Our second target customers will be the people who need immediate care after an accident such as a fall or a crash. Our main responsibility will be to stabilize these patients so that they can be safely transferred to hospitals for full care. 

5.2.3 Chronic Patients

We will also get business from people with chronic ailments who only need to go to hospitals for regular check-ups but find it hard to. We will provide them with in-house regular check-ups and treatment facilities so that they don’t have to spend too much time or energy on commute. 

5.2.4 Treatment Fund Patients

Lastly, one of our primary services is funding, we will also take up cases of patients who need money for treatment but due to some reasons are not able to. The funding for these patients will come from our investors as well as from 8% of our profits.

5.3 Business Target

• To become the best immediate care hospital in Baltimore.
• To expand our services across the US in the form of multiple small centers.
• To earn a net profit margin of $15k/month by the end of our second year.
• To be the first healthcare service that helps patients with funding.

5.4 Product Pricing

Our prices will be similar to that of our competitors. However, we will aim at boosting our efficiency through efficient load management.

Marketing Strategy

To become successful in a market as tough as healthcare, you will need to work on your hospital business strategy. This strategy will be reflected in your business plan for the hospital . You can also look at strategic plan example for hospital startup for reference. 

Understanding all aspects of planning in hospital will help you gain a better view of the market and get your business to succeed. So, whether it is a business plan for healthcare setup or a business plan for occupational therapy , you should look into the market for a stronger plan.

6.1 Competitive Analysis

• We have excellent and unique services
• Our customers can get basic healthcare in half the time as required by regular hospitals.
• We provide treatment funding to people who cannot afford it.
• Our customers can avail of our ambulance and emergency services through a quick phone call as well.

6.2 Sales Strategy

• We will get the word out through partnerships with hospitals.
• We will organize health awareness seminars to get us known.
• We will use social media for a wider reach.
• We will offer discounts to deserving people.

6.3 Sales Monthly

6.4 sales yearly, 6.5 sales forecast, personnel plan.

A good business plan for hospitals will reflect all the aspects of the setup thoroughly for better management. This even includes the workforce and employees that make it possible to run a setup. In this hospital business plan template, we will be looking at the employee and hiring structure of Mercy Ltd. 

7.1 Company Staff

• 1 Co-Manager to help in overall operations
• 8 Certified Doctors
• 3 General Cleaners
• 1 Technician to upkeep the machinery
• 1 HR Executive
• 2 Ambulance Drivers
• 2 Receptionists

Financial Plan

The success of a business and its smooth running depends on your research and asset management techniques.  Before stepping into the business world, you need to explore various hospital business plans. You need to ensure that you have enough finances to support your operations and range of services. This is where hospital financial planning comes in. 

To ensure that everything is running with balance and you’re not going into a loss, you will need to keep proper track of your finances. One way to deal with the overwhelming load of financial management is to make a financial plan. This can act as a guide for you to follow as the business progresses. 

Here, we are detailing the financial plan for Mercy Inc. You can also look at similar plans such as a non-medical home care business plan to get a hint. 

8.1 Important Assumptions

8.2 break-even analysis, 8.3 projected profit and loss, 8.3.1 profit monthly, 8.3.2 profit yearly, 8.3.3 gross margin monthly, 8.3.4 gross margin yearly, 8.4 projected cash flow.

a. How do you start a hospital business?

You can start a healthcare setup by reviewing the strategic management in hospitals. This will inform you if you can manage the plethora of responsibilities that come with every healthcare business. After that, you need to plan everything and execute the business operations in steps. For the planning stage, you can take help from the sample business plan provided above.

b. What is a hospital business plan?

A business plan for hospitals is a document that is developed before starting a venture. It is done to ensure that you take the right steps to make your business a success. It helps with planning, management, and problem resolution among other things. 

c. What are the 4 types of hospitals?

The basic 4 types of hospitals in the US according to JamaNetwork are:

• Community Hospitals
• Federal Govt Hospitals
• Non-Federal Psychiatric care
• Non-Federal Long-term care

The business plan hospital provided here was written for a private community hospital. 

d. How do I write a hospital proposal?

You can write a hospital proposal by going through the private hospital business plan provided above and following all the tips mentioned.

Download Hospital Business Plan Sample in pdf

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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How To Write a Business Plan for Hospital in 9 Steps: Checklist

By alex ryzhkov, resources on hospital.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Welcome to our blog post on how to write a business plan for a hospital! In today's rapidly growing healthcare industry, starting a hospital that focuses on providing quality, personalized medical services is a promising venture. According to recent statistics, the global healthcare market is projected to reach a value of $12.3 trillion by 2026, with a compound annual growth rate of 6.7%. This presents a great opportunity for entrepreneurs looking to make a difference in the lives of patients and contribute to the advancement of healthcare technology.

Before diving into the details of writing a business plan for your hospital, it's crucial to identify the market need and demand for this type of healthcare facility. Conducting a thorough market research will help you understand the current trends and assess the potential demand for specialized medical services. By analyzing competition and industry trends, you can gain insights into successful strategies and differentiate your hospital from others.

Developing a solid financial plan is essential for securing funding and partnerships. It involves outlining the hospital's projected revenue, expenses, and investment requirements. By preparing a comprehensive financial plan, you can demonstrate the viability and profitability of your venture to potential investors or lenders.

Defining the hospital's vision, mission, and values sets the foundation for its overall purpose. This helps in establishing a clear direction and guiding the decision-making process. Creating an organizational structure and identifying key roles ensures smooth operations and effective management of resources.

Formulating a comprehensive marketing strategy is crucial for attracting patients and building strong referral networks. It involves defining your target audience, identifying the best channels to reach them, and creating compelling messaging that highlights the unique benefits of your hospital.

Lastly, assessing the legal and regulatory requirements is vital to ensure compliance with healthcare laws and regulations. This includes obtaining the necessary licenses, permits, and certifications to operate your hospital.

By following these nine steps, you will be well-equipped to write a comprehensive business plan for your hospital. Stay tuned for our upcoming blog posts, where we will dive deeper into each step to provide you with practical insights and actionable tips.

Identify The Market Need And Demand

One of the first and most crucial steps in writing a business plan for a hospital is to identify the market need and demand for the services you intend to provide. Understanding the needs and preferences of potential patients is essential for developing a successful hospital that can effectively meet their healthcare requirements.

To gather this important information, conducting a thorough market research is key. This research should focus on the local healthcare landscape, demographics, and the specific services and medical treatments currently available in the area. By analyzing this data, you can identify any gaps or unmet needs in the market that your hospital can fulfill.

During the market research process, it is also important to evaluate the demographic trends and population dynamics in the area. Understanding factors such as age distribution, income levels, and prevalent medical conditions can help you tailor your services to the specific needs of the target population.

By thoroughly understanding the market need and demand for your hospital's services, you can develop a business plan that is aligned with the needs of the community you aim to serve. This will help ensure the success and sustainability of your hospital in the long run.

Conducting a Thorough Market Research

Conducting thorough market research is an essential step in developing a business plan for a hospital. This research will help you gain a clear understanding of the market need and demand, enabling you to make informed decisions about your hospital's offerings and target audience.

When conducting market research for a hospital, consider the following:

• Identify your target market: Determine the specific demographic and geographic characteristics of the population you intend to serve. This will help you tailor your services and marketing efforts accordingly.
• Analyze market trends: Stay updated with the latest trends in the healthcare industry. Identify emerging technologies, treatments, and practices that can distinguish your hospital from the competition.
• Assess competition: Study your competitors' offerings, pricing strategies, and marketing tactics. This will allow you to identify gaps in the market and position your hospital uniquely.
• Explore patient preferences: Understand what patients value when it comes to healthcare services. Conduct surveys or interviews to gather insights on their preferences, expectations, and experiences with existing healthcare providers.
• Evaluate regulatory factors: Familiarize yourself with the legal and regulatory requirements applicable to hospitals in your region. This includes licensing, documentation, and compliance with healthcare regulations.

Tips for Conducting Market Research for a Hospital

• Utilize online resources: Make use of online databases, industry reports, and market research tools to gather data on healthcare trends, market size, and consumer behavior.
• Engage with industry experts: Seek guidance from healthcare professionals, consultants, and experts who have in-depth knowledge of the industry. Their insights can provide valuable guidance during the research process.
• Consider qualitative and quantitative research: Combine qualitative methods like interviews and focus groups with quantitative techniques such as surveys and data analysis. This will provide a comprehensive understanding of your target market.
• Continuously update your research: Regularly review and update your market research to stay on top of industry developments and changing market dynamics. This will help you adapt your business plan accordingly.

By conducting thorough market research, you will be equipped with the necessary information to develop a business plan that aligns with the needs and expectations of your target market. This research will serve as a foundation for making informed decisions and ultimately contributing to the success of your hospital.

Analyze Competition And Industry Trends

One crucial step in developing a successful business plan for a hospital is to thoroughly analyze the competition and industry trends. This analysis provides valuable insights into the current market and helps identify opportunities and potential challenges that the hospital may face. Below are some important points to consider during this analysis:

Identify competitors: Begin by identifying existing hospitals and medical facilities that may be direct competitors. Research their offerings, facility size, capacity, and reputation within the community. Understanding their strengths and weaknesses will help you position your hospital effectively.

Study industry trends: Stay up-to-date with the latest trends in the healthcare industry. Identify key innovations, advancements in medical technology, and emerging treatments or services that could impact the hospital's success. This will help you adapt and stand out in a rapidly evolving industry.

Analyze market demand: Evaluate the current and projected demand for healthcare services in the target area. Consider factors such as population growth, demographic trends, and the prevalence of specific medical conditions. Understanding market demand will help in planning the hospital's service offerings and staffing requirements.

Evaluate competitive advantages: Identify what sets your hospital apart from the competition. This could include specialized services, unique treatment approaches, advanced technology, or a focus on personalized patient care. Highlighting these competitive advantages in your business plan will attract potential patients and investors.

• Use online resources, industry publications, and professional networks to gather information on competitors and industry trends.
• Engage with healthcare professionals, potential patients, and community members to gain insights into their expectations and preferences.
• Consider conducting surveys or focus groups to gather more specific feedback and opinions on the market and competition.
• Regularly revisit and update the analysis of competition and industry trends to stay ahead of the curve and maintain a competitive edge.

Develop A Solid Financial Plan

A solid financial plan is crucial for the success of any business, including a hospital. It provides a roadmap for achieving financial stability and sustainability. Here are some important steps to take when developing a solid financial plan for a hospital:

• Estimate costs and revenue: Start by estimating the costs involved in setting up and running the hospital. This includes expenses such as equipment, facility construction or lease, staff salaries, operational costs, and marketing expenses. Additionally, analyze the expected revenue sources, such as patient fees, insurance reimbursements, and potential partnerships or collaborations.
• Financial projections: Utilize the market research and competition analysis to make informed financial projections. This will include forecasting the number of patients, expected reimbursement rates, and expected revenue growth over a specific period of time. Be sure to consider factors such as seasonality, demand fluctuations, and potential economic changes.
• Budget allocation: Once you have estimated costs and revenue and made financial projections, prioritize how you will allocate your budget. Consider allocating resources for essential needs such as medical equipment, technology, employee training, marketing, and community outreach programs. Create a detailed budget plan that includes both recurrent and capital expenses.

Tips for developing a solid financial plan:

• Consult with financial advisors or experts in the healthcare industry to ensure accuracy and validity of financial projections.
• Consider different funding sources, such as private investors, loans, grants, or public funding programs specifically targeting healthcare projects.
• Account for contingency funds to handle unexpected expenses or emergencies.
• Regularly revisit and update your financial plan to reflect changing market conditions, trends, and regulatory requirements.

Developing a solid financial plan requires a thorough understanding of the healthcare industry, market dynamics, and financial management principles. It's essential to invest time and effort into this step to lay a strong foundation for the hospital's financial success.

Secure Funding and Partnerships

Once you have developed a solid financial plan, the next crucial step in starting a hospital is securing funding and building partnerships. This stage is vitally important as it determines the financial stability and sustainability of your hospital.

1. Identify potential funding sources: Start by exploring various funding options available to you. This may include approaching investors, applying for grants and loans, or seeking partnerships with other organizations. Assess the pros and cons of each option to determine the best fit for your hospital.

• Prepare a comprehensive business plan and financial projections to convince potential investors or lenders of your hospital's viability.
• Consider partnering with organizations that share a similar mission and vision to leverage their expertise, resources, and infrastructure.

2. Craft a compelling funding proposal: Develop a persuasive funding proposal that clearly outlines your hospital's mission, goals, financial needs, and potential benefits for investors or partners. Emphasize the unique value proposition and the impact your hospital can make in the healthcare industry.

3. Build strategic partnerships: Collaborate with other healthcare organizations, research institutions, or technology companies to access resources, expertise, and specialized services. Look for complementary strengths that align with your hospital's vision and objectives.

• Network within the healthcare industry to build connections and explore potential partnership opportunities.
• Consider joining professional associations or attending industry conferences to connect with potential partners.

4. Establish trust and credibility: Demonstrate your hospital's potential by showcasing the qualifications and expertise of your team, highlighting successful case studies, or sharing testimonials from satisfied patients or partners. Establishing credibility is crucial to attract investments and create fruitful partnerships.

5. Think beyond financial support: While securing funding is a primary concern, also consider the value that partners can bring beyond monetary contributions. Look for partners who can offer strategic guidance, business acumen, or access to a broader network of healthcare professionals and resources.

6. Seek legal and financial advice: Consult legal and financial experts to ensure that your funding and partnership agreements are robust and legally sound. They can assist in negotiating favorable terms and protecting your hospital's interests.

By carefully navigating the funding and partnership landscape, you can secure the necessary resources and allies to propel your hospital towards success. Remember, building strong partnerships is not just about financial support but also finding collaborative opportunities that align with your hospital's vision and values.

Define The Hospital's Vision, Mission, And Values

Defining the vision, mission, and values of your hospital is crucial for establishing its identity and guiding its direction. These elements serve as the foundation for your organization and shape its culture, goals, and strategies.

When crafting the vision statement , consider the long-term aspirations and purpose of your hospital. It should succinctly describe the desired future state and the impact you aim to make in the community. This statement should inspire and motivate both your staff and patients.

The mission statement clarifies the fundamental purpose and reason for the existence of your hospital. It outlines the primary services you will provide and the target population you aim to serve. This statement should be concise and clearly communicate the value you intend to deliver.

The values of your hospital outline the guiding principles and beliefs that underpin your organization's culture and conduct. These principles should align with the overall mission and vision. They provide a framework for decision-making, as well as help ensure consistency in providing patient care.

Tips for Defining Your Hospital's Vision, Mission, and Values:

• Involve key stakeholders, including staff, patients, and community members, in the process to gain diverse perspectives and foster a sense of ownership.
• Keep your statements concise and easily understandable to ensure clarity and coherence.
• Ensure that your vision, mission, and values are in line with the market need identified and the unique value proposition of your hospital.
• Regularly revisit and refine your vision, mission, and values to adapt to changes in the healthcare landscape and the evolving needs of your patients.

By clearly defining your hospital's vision, mission, and values, you establish a strong foundation that guides decision-making, fosters a sense of purpose among your staff, and communicates the unique value your hospital brings to the community.

Outline The Organizational Structure And Key Roles

In order to effectively run a hospital, it is crucial to clearly outline the organizational structure and identify the key roles within the healthcare facility. This will help ensure smooth operations, effective communication, and proper allocation of responsibilities. Here are some important steps to consider when outlining the organizational structure and key roles:

• Identify the leadership positions: Start by identifying the key leadership positions that will oversee the hospital's operations. This typically includes roles such as Chief Executive Officer (CEO), Chief Medical Officer (CMO), and Chief Nursing Officer (CNO).
• Define the departments: Next, outline the various departments within the hospital, such as administration, nursing, finance, human resources, and medical services. Each department should have a designated leader responsible for managing day-to-day operations and ensuring departmental goals are met.
• Establish reporting lines: Clearly define the reporting lines within the organizational structure to ensure efficient communication and decision-making processes. Indicate who reports to whom, and establish a hierarchical structure that promotes accountability and clarity.
• Identify key roles: Determine the key roles within each department and specify the responsibilities and qualifications for each position. This may include physicians, nurses, therapists, administrative staff, and other healthcare professionals required to deliver quality care.
• Promote teamwork and collaboration: Emphasize the importance of teamwork and collaboration among different departments and roles within the hospital. Encourage regular meetings, cross-functional projects, and open communication channels to foster a culture of cooperation and interdisciplinary care.
• Delegate authority: Delegate authority and empower individuals within their respective roles to make decisions and take ownership of their responsibilities. This encourages autonomy and accountability, and enables efficient problem-solving and decision-making processes.
• Consider developing an organizational chart to visually represent the hierarchical structure and reporting lines within the hospital.
• Regularly review and update the organizational structure to ensure it aligns with the evolving needs of the hospital and changing healthcare landscape.
• Communicate the organizational structure and key roles to all employees to ensure clarity and understanding of their responsibilities and reporting lines.

By carefully outlining the organizational structure and key roles, a hospital can establish a strong foundation for effective management, collaboration, and seamless delivery of quality healthcare services.

Formulate A Comprehensive Marketing Strategy

A comprehensive marketing strategy is essential for successfully promoting and positioning your hospital in the healthcare industry. It involves identifying your target audience, creating effective messaging, choosing the right marketing channels, and continuously evaluating and adapting your strategies to ensure maximum reach and impact.

When formulating your marketing strategy, keep the following key aspects in mind:

Tips for Formulating A Comprehensive Marketing Strategy:

• Identify your target audience: Determine the demographics and characteristics of the patients you want to attract. This enables you to tailor your marketing efforts towards their specific needs and preferences.
• Create compelling messaging: Develop a clear and persuasive message that highlights the unique value proposition of your hospital. Emphasize the personalized care, cutting-edge technology, and evidence-based treatment you offer.
• Choose the right marketing channels: Utilize a mix of traditional and digital marketing channels to reach your target audience effectively. Consider strategies such as search engine optimization (SEO), social media marketing, email campaigns, and referral programs.
• Build strong relationships: Cultivate relationships with referring physicians, healthcare professionals, and community organizations. Establish partnerships to increase referrals and enhance your reputation within the healthcare community.
• Monitor and evaluate: Regularly measure the effectiveness of your marketing efforts by tracking key performance indicators (KPIs). Analyze data, gather feedback, and adapt your strategies accordingly to ensure maximum impact and return on investment.

A comprehensive marketing strategy plays a vital role in attracting patients, establishing your hospital's brand, and maintaining a competitive edge in the healthcare industry. By understanding your target audience, crafting compelling messaging, choosing the right channels, and continuously evaluating your strategies, you can position your hospital as a trusted provider of high-quality and personalized medical services.

Assess Legal And Regulatory Requirements

Ensuring compliance with legal and regulatory requirements is crucial when setting up a hospital. This step involves researching, understanding, and meeting the various laws and regulations that govern the healthcare industry.

• Obtain necessary licenses and permits: Familiarize yourself with the licensing requirements specific to hospitals in your jurisdiction. Determine the necessary permits and certifications required to operate legally.
• Comply with healthcare regulations: Understand and comply with regulations related to patient privacy, data protection, health and safety standards, and medical waste management. Implement appropriate policies and protocols to ensure compliance.
• Stay updated with healthcare laws: Keep abreast of any changes or updates in healthcare laws and regulations that may have an impact on your hospital. This includes staying informed about reimbursement policies, billing regulations, and insurance requirements.
• Secure professional licenses and certifications: Ensure all healthcare professionals working at the hospital possess valid licenses and certifications. Perform necessary background checks and verification procedures to maintain quality and patient safety standards.
• Implement proper documentation and record-keeping practices: Establish systems for accurate and organized documentation to comply with medical record-keeping requirements. Adhere to guidelines for the storage, retention, and disposal of medical records.
• Seek legal counsel: Consult with healthcare attorneys or legal experts with experience in the healthcare industry to navigate the complex legal landscape.
• Stay updated with changes: Regularly review and update your knowledge on relevant laws and regulations to ensure ongoing compliance.
• Establish a compliance team: Assign responsibilities to a dedicated compliance team or officer to monitor and enforce adherence to legal and regulatory requirements.

In conclusion, developing a business plan for a hospital requires careful consideration and thorough research. By following the nine steps outlined in this checklist, you can ensure that your hospital is well-prepared to meet the market demand, provide high-quality care, and comply with legal and regulatory requirements. By focusing on personalized medical services, leveraging cutting-edge technology, and adopting a multidisciplinary approach to treatment, your hospital can strive towards providing the best possible outcomes for patients.

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Business Plan Template for Hospitals And Healthcare Providers

• Great for beginners
• Ready-to-use, fully customizable Subcategory
• Get started in seconds

In the fast-paced and ever-evolving world of healthcare, having a solid business plan is essential for hospitals and healthcare providers to thrive. ClickUp's Business Plan Template for Hospitals and Healthcare Providers is specifically tailored to meet the unique needs and challenges of the healthcare industry.

With this template, hospital administrators and healthcare providers can:

• Outline strategic goals and objectives to guide the organization's growth
• Develop accurate financial projections to ensure financial stability and success
• Create targeted marketing strategies to attract and retain patients
• Streamline operational processes to improve efficiency and quality of care

Don't let the competitive and regulated market hold you back. Get started with ClickUp's Business Plan Template and take your hospital or healthcare organization to new heights.

Business Plan Template for Hospitals And Healthcare Providers Benefits

When using the Business Plan Template for Hospitals and Healthcare Providers, you can benefit from:

• Streamlined planning process that saves time and effort
• Clear strategic goals that align with your organization's mission and vision
• Accurate financial projections that help secure funding and attract investors
• Effective marketing strategies to reach and attract patients
• Efficient operational processes that optimize patient care and resource allocation
• Compliance with industry regulations and standards
• Improved decision-making and risk management
• Increased organizational growth and competitiveness in the healthcare market.

Main Elements of Hospitals And Healthcare Providers Business Plan Template

When creating a business plan for hospitals and healthcare providers, ClickUp's Business Plan Template has you covered with its comprehensive features:

• Custom Statuses: Track the progress of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring transparency and accountability throughout the planning process.
• Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add additional information and categorize different sections of your business plan, making it easy to navigate and update.
• Custom Views: Access different views like Topics, Status, Timeline, Business Plan, and Getting Started Guide to gain a holistic understanding of your business plan, track its progress, visualize timelines, and refer to helpful resources.
• Collaboration and Organization: Leverage ClickUp's collaborative features, including task assignments, comments, and file attachments, to ensure seamless collaboration among team members while keeping all relevant documents and discussions in one place.
• Integration and Automation: Connect ClickUp with other tools using ClickUp's integrations and automate repetitive tasks with ClickUp's Automations, saving you time and effort in managing your business plan.

With ClickUp's Business Plan Template, hospitals and healthcare providers can effectively strategize, analyze, and execute their plans for growth and success in the healthcare industry.

How To Use Business Plan Template for Hospitals And Healthcare Providers

If you're a hospital or healthcare provider looking to create a comprehensive business plan, follow these six steps using ClickUp's Business Plan Template:

1. Define your vision and mission

Start by establishing your hospital or healthcare provider's vision and mission. What is the ultimate goal you're trying to achieve? What values do you want to prioritize? This step will help you set the tone for your business plan and guide your decision-making process.

Use a Doc in ClickUp to clearly outline your vision and mission statement.

2. Conduct market research

To create an effective business plan, you need to understand the market you're operating in. Research your target audience, competitors, and industry trends. Identify gaps in the market that your hospital or healthcare provider can capitalize on and develop strategies to differentiate yourself.

Use the Table view in ClickUp to collect and analyze market research data.

3. Set strategic goals

Once you have a clear understanding of the market, it's time to set strategic goals for your hospital or healthcare provider. These goals should align with your vision and mission and address the needs of your target audience. Consider goals related to patient care, operational efficiency, financial growth, and community engagement.

Use Goals in ClickUp to set and track your strategic goals.

4. Develop operational plans

Now that you have your strategic goals in place, it's time to develop operational plans to achieve them. This includes outlining your organizational structure, staffing requirements, service offerings, marketing strategies, and financial projections. Be sure to consider any regulations or compliance requirements specific to the healthcare industry.

Use tasks in ClickUp to break down your operational plans into actionable steps.

5. Implement performance metrics

To ensure the success of your hospital or healthcare provider, it's crucial to measure and monitor your performance. Identify key performance indicators (KPIs) that align with your strategic goals and regularly track and analyze them. This will help you identify areas for improvement and make data-driven decisions.

Use Dashboards in ClickUp to visualize and track your performance metrics.

6. Regularly review and revise

A business plan is not set in stone. It's important to regularly review and revise your plan as your hospital or healthcare provider evolves. Stay up to date with industry trends, reassess your goals, and make necessary adjustments to stay competitive and meet the changing needs of your patients and community.

Set recurring tasks in ClickUp to schedule regular reviews and revisions of your business plan.

Get Started with ClickUp’s Business Plan Template for Hospitals And Healthcare Providers

Hospital administrators and healthcare providers can use the ClickUp Business Plan Template for Hospitals and Healthcare Providers to streamline their strategic planning and ensure the success of their organization.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

• Use the Topics View to organize different sections of your business plan, such as executive summary, market analysis, financial projections, and more
• The Status View allows you to track the progress of each section, ensuring that everything is on track and completed on time
• Utilize the Timeline View to visualize the timeline of your business plan, making it easier to manage deadlines and milestones
• The Business Plan View provides a holistic overview of your entire plan, allowing you to review and edit it easily
• Use the Getting Started Guide View to provide instructions and guidelines for team members who are new to the business plan
• Customize the template by adding the custom fields Reference, Approved, and Section to provide additional information and track progress
• Update statuses as you work on each section, marking them as Complete, In Progress, Needs Revision, or To Do
• Monitor and analyze the progress of your business plan to ensure that it aligns with your goals and objectives
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Healthcare Business Plan Template

Written by Dave Lavinsky

There are several types of Healthcare businesses, from family medicine practices to urgent care centers to home health care agencies. Regardless of the type of healthcare business you have, a business plan will keep you on track and help you grow your healthcare business in an organized way. In addition, if you plan to seek funding, investors and lenders will use your business plan to determine the level of risk.

Download our Ultimate Business Plan Template here >

Below is the business plan outline you should use to create a business plan for your healthcare company. Also, here are links to several healthcare business plan templates:

• Assisted Living Business Plan
• Counseling Private Practice Business Plan Template
• Dental Business Plan
• Home Health Care Business Plan
• Medical Practice Business Plan Template
• Medical Spa Business Plan Template
• Non Medical Home Care Business Plan Template
• Nursing Home Business Plan Template
• Pharmacy Business Plan
• Urgent Care Business Plan

Finish Your Business Plan Today!

Healthcare business plan example outline, executive summary.

Although it serves as the introduction to your business plan, your executive summary should be written last. The first page helps financiers decide whether to read the full plan, so provide the most important information. Give a clear and concise description of your healthcare company. Provide a summary of your market analysis that proves the need for another healthcare business, and explain your company’s unique qualifications to meet that need.  

Company Analysis

Your company analysis explains your healthcare business as it exists right now. Describe the company’s founding, current stage of business, and legal structure. Highlight any past milestones, such as lining up clients or hiring healthcare providers with a proven track record. Elaborate on your unique qualifications, such as expertise in a currently underserved niche market.

Industry Analysis

The healthcare industry is incredibly large and diverse, but your analysis should focus on your specific segment of the market. Do you specialize in pediatric healthcare? senior healthcare? emergency medicine? family medicine? Figure out where your healthcare company fits in, and then research the current trends and market projections that affect your niche. Create a detailed strategy for overcoming any obstacles that you uncover.  

Customer Analysis

Who will your healthcare company serve? Are they families? The elderly? What is important to them in a healthcare business? How do they select a healthcare provider? Narrow down their demographics as closely as you can, and then figure out what their unique needs are and how you can fulfill them.

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Competitive Analysis

Your direct competitors are those healthcare companies that fulfill the same needs for the same target market as yours. Your indirect competitors are healthcare businesses that target a different market, or other companies that fulfill a different need for your target market. Describe each of your direct competitors individually, and talk about the things that set your healthcare company apart. Categorize your indirect competitors as a group and talk about them as a whole.  

Marketing Plan

A solid marketing plan is based on the four P’s: Product, Price, Promotion, and Place. The Product section describes the healthcare you sell along with any other services you provide. Price will change according to the specifics of the property, but you can delineate your fees here. Promotion is your means of getting new business. Place is your physical office location, along with your web presence and the areas where you sell. Another category, Customer retention, refers to the ways you will build loyalty.

Operations Plan

Your operations plan explains your methods for meeting the goals you set forth. Everyday short-term processes include all of the daily tasks involved in servicing clients. Long-term processes are the ways you will meet your defined business goals, such as expanding into new markets or new types of service.  

Management Team

The management team section highlights the backgrounds of the key members of your team. Focus on those aspects that prove your team’s ability to build and run a successful company. A business mentor or advisor can help fill in any gaps, provided you can identify the specific ways that your advisor will influence your company’s growth.  

Financial Plan

Investors and lenders heavily scrutinize the financial plan, but it is often the most challenging part of the business plan to write. Healthcare is a strong market, it usually not subject to economic turns. The financial plan requires you to detail your individual revenue streams by implementation timeline and relative importance, and disclose any sources of outside funding. You also need to summarize your past and future Income Statements, Cash Flow Statements, and Balance Sheets, based on key assumptions that must be both reasonable and verifiable based on an analysis of similar companies. You should also provide a solid exit strategy that shows your understanding of the market and your desire to capitalize on profitability.  

Your full financial projections should be attached in the appendix along with any other documents that support your claims, such as letters from key partners.

Healthcare Business Plan FAQs

What is the easiest way to complete my healthcare business plan.

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

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

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

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

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how our professional business plan writers can create your business plan for you.

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Healthcare Business Plan Template

Written by Dave Lavinsky

Healthcare Business Plan

You’ve come to the right place to create your Healthcare 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 Healthcare companies.

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

Executive Summary

Business overview.

Riverside Medical is a family medical clinic located in San Francisco, California. Our goal is to provide easy access to quality healthcare, especially for members of the community who have low to moderate incomes. Our clinic provides a wide range of general and preventative healthcare services, including check-ups, minor surgeries, and gynecology. Anyone of any age or group is welcome to visit our clinic to get the healthcare that they need.

Our medical practitioners and supporting staff are well-trained and have a passion for helping improve the health and well-being of our clients. We serve our patients not just with our knowledge and skills but also with our hearts. Our clinic was founded by Samantha Parker, who has been a licensed doctor for nearly 20 years. Her experience and compassion will guide us throughout our mission.

Product Offering

Riverside Medical will provide extensive general care for all ages, creating a complete healthcare solution. Some of the services included in our care include the following:

• Primary care: annual checkups, preventative screenings, health counseling, diagnosis and treatment of common conditions
• Gynecology: PAP tests, annual well-woman exam, and family planning
• Pediatrics: infant care, annual physicals, and immunizations
• Minor procedures: stitches, casts/splints, skin biopsies, cyst removals, and growth lacerations
• Health and wellness: weight loss strategies, nutrition guidance, hormone balance, and preventive and routine services

The costs will depend upon the materials used, the physician’s time, and the amount designated for each procedure. Medical bills will be billed either directly to the patient or to their insurance provider.

Customer Focus

Riverside Medical will primarily serve the community living and working within the San Francisco bay area. The city is diverse and growing and includes people of all ages, ethnicities, and backgrounds. Everyone is welcome to visit our clinic to receive the health care they need.

Management Team

Riverside Medical’s most valuable asset is the expertise and experience of its founder, Samantha Parker. Samantha has been a licensed family doctor for 20 years now. She spent the most recent portion of her career on medical mission trips, where she learned that many people are not privileged to have access to quality medical services. Samantha will be responsible for ensuring the general health of her patients and creating a viable and profitable business medical practice.

Riverside Medical will also employ nurses, expert medical staff, and administrative assistants that also have a passion for healthcare.

Success Factors

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

• Location: Riverside Medical’s location is near the center of town. It’s visible from the street with many people walking to and from work on a daily basis, giving them a direct look at our clinic, most of which are part of our target market.
• Patient-oriented service: Riverside Medical will have a staff that prioritizes the needs of the patients and educates them on the proper way how to take care of themselves.
• Management: Samantha Parker has a genuine passion for helping the community, and because of her previous experience, she is fully equipped and overqualified to open this practice. Her unique qualifications will serve customers in a much more sophisticated manner than our competitors.
• Relationships: Having lived in the community for 25 years, Samantha Parker knows many of the local leaders, newspapers, and other influences. Furthermore, she will be able to draw from her ties to previous patients from her work at other clinics to establish a starting clientele.

Financial Highlights

Riverside Medical is seeking a total funding of $800,000 of debt capital to open its clinic. The capital will be used for funding capital expenditures and location build-out, acquiring basic medical supplies and equipment, hiring initial employees, marketing expenses, and working capital.

Specifically, these funds will be used as follows:

• Clinic design/build: $100,000
• Medical supplies and equipment: $150,000
• Six months of overhead expenses (rent, salaries, utilities): $450,000
• Marketing: $50,000
• Working capital: $50,000

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

Company Overview

Who is riverside medical, riverside medical history.

Samantha Parker started the clinic with the goal of providing easy access to good quality health service, especially to those members of the community with low to moderate income. After years of planning, she finally started to build Riverside Medical in 2022. She gathered a group of professionals to fund the project and was able to incorporate and register Riverside Medical with their funding support.

Since its incorporation, Riverside Medical has achieved the following milestones:

• Found clinic space and signed 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 clinic

Riverside Medical Services

Industry analysis.

The global healthcare market is one of the largest and highest-valued industries in the world. According to Global Newswire, the global healthcare services market is currently valued at $7548.52 billion and is expected to reach $10414.36 billion in 2026. This growth is expected to continue for the foreseeable future.

The biggest drivers of industry growth throughout the next decade will be a continual increase in illnesses and diseases as well as a quickly aging population. With more people aging and needing daily/frequent care, hospitals and medical clinics are bound to be in even more demand than they already are.

One obstacle for the industry is the rising cost of care. Though this results in greater profits, more and more Americans cannot afford basic medical care. Therefore, they are opting out of procedures they believe are unnecessary or unimportant.

Despite the challenges of the next decade, the industry is still expected to see substantial growth and expansion.

Customer Analysis

Demographic profile of target market.

Riverside Medical will serve the residents of the San Francisco bay area as well as those who work in the area.

The population of the area experiences a large income gap between the highest earners and the lowest earners. Therefore, it is hard for middle and lower-class families to find quality care that is affordable. As a result, they are in need of the services that we offer and are looking for accessible medical care.

The precise demographics of San Francisco are as follows:

Customer Segmentation

Our clinic is a general family practice and will treat patients of all ages, incomes, physical abilities, races, and ethnicities. As such, there is no need to create marketing materials targeted at only one or two of these groups, but we can appeal to all with a similar message.

Competitive Analysis

Direct and indirect competitors.

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

City Medical

Founded in 2008, City Medical is a membership-based, primary-care practice in the heart of the city. City Medical offers a wide range of primary care services for patients who subscribe to the practice for an annual fee. Patients enjoy personalized care, including office visits, as well as the diagnosis and treatment of common health problems. The patient membership fee covers the services listed below, and most care is received in-office. However, some additional services, such as lab testing and vaccinations, are billed separately. Furthermore, though the annual fee is convenient for some, it is too high for many families, so many are priced out of care at this facility.

Bay Doctors

Bay Doctors is a primary care practice that provides highly personalized medical care in the office or patients’ homes. Bay 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. Some of the medical care services they provide are primary care, urgent care, emergency care, gynecology, pediatrics, and minor procedures.

Community Care

Established in 1949, Community Care is a non-profit regional healthcare provider serving the city and surrounding suburbs. This facility offers a wide variety of medical services, including 24-hour emergency care, telemedicine, primary care, and more. In addition to their medical care, they have a wide variety of fundraising activities to raise money to operate the hospital and help families cover the costs of their care.

Competitive Advantage

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

Marketing Plan

Brand & value proposition.

The Riverside 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

Promotions Strategy

The promotions strategy for Riverside Medical is as follows:

Riverside Medical understands that the best promotion comes from satisfied customers. The company 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.

Direct Mail

The company will use a direct mail campaign to promote its brand and draw clients, as well. The campaign will blanket specific neighborhoods with simple, effective mail advertisements that highlight the credentials and credibility of Riverside Medical.

Website/SEO

Riverside Medical will invest heavily in developing a professional website that displays all of the clinic’s services and procedures. The website will also provide information about each doctor and medical staff member. The clinic will also invest heavily in SEO so the brand’s website will appear at the top of search engine results.

Social Media

Riverside Medical will invest heavily in a social media advertising campaign. The marketing manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Riverside Medical’s pricing will be lower than big hospitals. Over time, client testimonials will help to maintain our client base and attract new patients. Furthermore, we will be able to provide discounts and incentives for lower-income families by connecting with foundations and charities from people who are interested in helping.

Operations Plan

The following will be the operations plan for Riverside Medical.

Operation Functions:

• Samantha Parker is the founder of Riverside Medical and will operate as the sole doctor until she increases her patient list and hires more medical staff. As the clinic grows, she will operate as the CEO and take charge of all the operations and executive aspects of the business.
• Samantha is assisted by Elizabeth O’Reilly. Elizabeth has experience working as a receptionist at a fast-paced hospital and will act as the receptionist/administrative assistant for the clinic. She will be in charge of the administrative and marketing aspects of the business.
• Samantha is in the process of hiring doctors, nurses, and other medical staff to help with her growing patient list.

Milestones:

The following are a series of path steps that will lead to the vision of long-term success. Riverside Medical expects to achieve the following milestones in the following twelve months:

3/202X Finalize lease agreement

5/202X Design and build out Riverside Medical location

7/202X Hire and train initial staff

9/202X Kickoff of promotional campaign

11/202X Reach break-even

1/202X Reach 1000 patients

Financial Plan

Key revenue & costs.

Riverside Medical’s revenues will come primarily from medical services rendered. The clinic will either bill the patients directly or their insurance providers.

The major cost drivers for the clinic will include labor expenses, lease costs, equipment purchasing and upkeep, and ongoing marketing costs.

Funding Requirements and Use of Funds

Key assumptions.

Below are the key assumptions required to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.

• Year 1: 120
• Year 2: 150
• Year 3: 200
• Year 4: 275
• Year 5: 400
• Annual lease: $50,000

Financial Projections

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

A healthcare business plan is a plan to start and/or grow your healthcare 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 Healthcare business plan using our Healthcare Business Plan Template here .

What are the Main Types of Healthcare Businesses?

There are a number of different kinds of healthcare businesses , some examples include: Nursing care, Physical home health care, or Home health care aides:

How Do You Get Funding for Your Healthcare Business Plan?

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

What are the Steps To Start a Healthcare Business?

Starting a healthcare 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 Healthcare Business Plan - The first step in starting a business is to create a detailed healthcare business plan that outlines all aspects of the venture. This should include potential market size and target customers, 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 healthcare 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 healthcare business is in compliance with local laws.

3. Register Your Healthcare Business - Once you have chosen a legal structure, the next step is to register your healthcare 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 healthcare 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 Healthcare Equipment & Supplies - In order to start your healthcare 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 healthcare 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.

Other Helpful Business Plan Templates

Nonprofit Business Plan Template Non-Emergency Medical Transportation Business Plan Template Medical Practice Business Plan Template Home Health Care Business Plan Template

Hospital Business Plan [Sample Template]

By: Author Tony Martins Ajaero

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

Are you about starting a hospital/healthcare center? If YES, here is a complete sample hospital business plan template & feasibility study you can use for FREE .

Okay, so we have considered all the requirements for starting a hospital . We also took it further by analyzing and drafting a sample healthcare service marketing plan template backed up by actionable guerrilla marketing ideas for hospitals. So let’s proceed to the business planning section.

It might no longer be new to you that health is indeed wealth. We all have come to know that aphorism without no hassle.

It is therefore in place to say that when one has a sound health, one can be of optimum relevance to the society. This is one of the reason those who are in the medical line are solving this problem through diverse healthcare businesses. One healthcare business that is focus here is the hospital business.

Starting a hospital is one of those businesses that require you to first look at the existing laws in the country or the State you reside, before going all out to start the business. This is so because there is hardly any country that does not pay serious attention on their health sector.

The health industry is usually highly regulated so as to guide against the infiltration of quacks or substandard hospital or health facilities.

If you have interest in starting your own hospital business, then you would need to pay a visit to the health and medical regulatory body in your country ( the department / ministry of health and medical services ) to get all the needed information that is required before you can legally start your own hospital business in your city.

Also the business plan is something that you have got to tackle with before launching out in business. Very vital information such as the vision, mission, marketing plans, legal documents, as well as many other things will be looked in a business plan. Here is a sample hospital business plan that is capable of leading you all the way;

A Sample Hospital Business Plan Template

1. industry overview.

No doubt, the healthcare cum medical industry of which hospital business is a subset of, is perhaps one of the fastest growing and largest industries in the world; this is so because the wealth of any nation depends on the health of the nation.

Obviously there is hardly any country where the healthcare industry is not handled with all seriousness. As a matter of fact, the healthcare industry is known to gulp well over 10 percent of gross domestic product (GDP) of most developed countries.

Basically, 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 industry comprises of operators who are licensed as general medical and surgical hospitals that provide surgical and nonsurgical diagnostic and medical treatment to inpatients with medical conditions. In general, hospitals 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 hospital (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 is indeed the largest of any country in the world.

As a matter of fact, experts projected that the healthcare share of the GDP of the United States will continue to grow, reaching 19.6 percent of GDP by 2016. The Healthcare cum Hospital industry is indeed a very massive industry in the U.S.

Statistics has it that The Hospital industry in the United States of America, is worth $986bn, with an estimated growth rate of 3.4 percent.

There are about 3,184 registered and licensed hospital businesses in the United States and they are responsible for employing about 5,513,669 people that comprises of doctors, nurses, pharmacists, dentist, opticians, surgeons and other health and non – health workers.

It is important to state that there is no hospital with a lion share of the available market in the United States. If you are considering starting your own hospital in the United States, then you should try and work around the industry barriers.

The truth is that, the barriers to entry in the Hospitals industry are high and this is due to the significant regulatory requirements and the experience and strength of incumbents. For example, medical licensure creates a barrier to entry in the healthcare sector.

As a matter of fact, it is absolutely compulsory for any investor who is looking towards starting a hospital 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.

Over and above, if you are determine and you are ready to go all the way, you will surely succeed in establishing your hospital 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

Joan & Phil® Hospital, LLC is a standard, licensed and certified hospital service provider that will be located in the heart of Miami Beach, Florida – United States of America. We have been able to acquire a standard facility that is highly suitable for the kind of hospital business we want to operate.

Joan & Phil® Hospital, LLC is in the hospital industry to provide healthcare services such as Inpatient care, Outpatient care, Anatomical pathology services, Diagnostic X-ray services, Clinical laboratory services, Operating room services and other medical services. We are well trained and equipped to service the market segments that require healthcare services.

We are in the hospital business to deliver excellent healthcare services to all those who will patronize our services. We will also ensure that in the line of carrying out our duty, we 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.

Joan & Phil® Hospital, LLC will operate a 24 hours 7 days a week healthcare service; our hospital will be opened round the clock to attend to clients (patients). We have a standard medical call center that is manned by trained health workers.

Our work force is 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 customers. Joan & Phil® Hospital, LLC will ensure that all our patients cum customers are given first class treatment whenever they visit our hospital.

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grows. Joan & Phil® Hospital, LLC is a family business that is owned and managed by Dr. Marvin Clarkson and his wife Joan Clarkson (Nurse). Dr. Phil Clarkson is going to be the Medical Director (Chief Executive Officer) of the hospital;

He is a qualified and well trained Medical Doctor with well over 15 years of experience working as a medical doctor and medical researcher with the United States’ government. He will be ably supported by his wife Joan Clarkson who has grown in her career to become one of the most respected senior nurses in Miami, Florida.

3. Our Products and Services

Joan & Phil® Hospital, LLC is in the business of ensuring that our patient / clients are well treated and taken care of and our services will be carried out by highly trained professional doctors, dentist, 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 highly esteemed customers (patients) value for their money.

These are the healthcare services that Joan & Phil® Hospital, 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 20 ( hospital ) healthcare service provider in the United States of America within the next 10 years.
• Joan & Phil® Hospital, LLC is in business is to establish a first class hospital 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

Joan & Phil® Hospital, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (doctors, dentist, 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 decided to recruit only well experienced and qualified employees as foundational staff of the organization. We hope to leverage on their expertise to build our hospital brand 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 the stake holders ( the owners, workforce, and customers ).

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 Joan & Phil® Hospital, LLC;

• Chief Medical Director / Chief Executive Officer
• Doctor / Surgeon / Dentist

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
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Attend to high profile clients and severe medical cases
• Responsible for fixing prices and signing business deals
• Responsible for recruitment
• 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.

Pharmacist:

• Responsible for managing the daily activities in the company (dispensary store)
• providing advice about health issues, symptoms and medications in response to customer enquiries
• Responsible for recruiting, training and managing staff
• Responsible for processing prescriptions and dispensing medication
• Responsible for ordering, selling and controlling medicines and other stock
• Responsible for meeting medical representatives
• Responsible for managing the organizations’ budgets
• Responsible for keeping statistical and financial records
• Responsible for preparing publicity materials and displays
• Handle marketing services
• Interfaces with third – party providers (vendors)
• Handle 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
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• 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
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develop, execute and evaluate new plans for expanding increase sales
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets

Information Technologist

• Manage the organization website
• Handles e-commerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Manage the organization’s CRM software application
• Handles any other technological and IT related duties.

Accountant / Cashier:

• 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 Joan & Phil® Hospital, LLC
• Serves as internal auditor for Joan & Phil® Hospital, 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 (e-mail, walk-In center, SMS or phone) provides 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 hospital facility at all times
• Ensure that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the hospital facility
• Handle any other duty as assigned by the admin and HR manager.

6. SWOT Analysis

Joan & Phil® Hospital, LLC is set to become one of the leading hospital 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 hospital to be the number one choice of all residence 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 (owner) has a 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 in helping us structure our business to indeed become a leader in the hospital / healthcare industry.

This is the summary of the SWOT analysis that was conducted for Joan & Phil® Hospital, LLC;

Our strength lies in the fact that we have a team of well qualified professionals manning various job positions in our hospital. 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 point 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 the finance needed for the acquiring some of the latest medical and surgical equipment et al.

• Opportunities:

The opportunities that are available to hospitals cum healthcare services providers are unlimited considering the fact that hospital is 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 hospital 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 (healthcare reform). It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new and bigger / well established hospital or healthcare brand in same location where our hospital 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 home, the community, the workplace, or in health facilities.

The hospital 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 and the plummeting unemployment rate increased disposable income.

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 is on the high side. However, hospitals 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 Unites States is expected to drive increasing demand for healthcare services.

8. Our Target Market

Joan & Phil® Hospital, 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 but self – pay customers (who do not have health insurance cover), and those who have health insurance cover. Generally, every living person, whether old or young will at one point or the order need to visit the hospital.

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 cum healthcare industry in the United States. Our staff is 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 hospital 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 hospitals, they also compete against other healthcare services providers such as home healthcare services providers, health centers and community clinics et al.

To be highly competitive in the hospital cum healthcare industry means that you should be able to deliver consistent quality patient service and should be able to meet the expectations of your patients at all time; they should experience improvement in their health when they patronize your hospital.

Joan & Phil® Hospital, LLC is coming into the market well prepared to favorably compete in the industry. Our hospital facility is well positioned ( centrally positioned ) and visible, we have enough parking space with good security. Our staff is well groomed in all aspect of healthcare service delivery and all our employees are trained to provide customized customer service to all our clients (patients).

Our services will be carried out by highly trained professionals ( doctors, dentist, 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 highly esteemed customers value for their money.

We are going to be one of the few hospitals cum healthcare service providers in the whole of Florida that will run a standard medical call center for 24 hours a day and 7 days a week. We have enough trained health workers that are ready to run a shift system.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups hospitals cum healthcare service providers in the United States) 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

Joan & Phil® Hospital 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 Joan & Phil® Hospital, 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 projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Miami – Florida. Below is the sales projection for Joan & Phil® Hospital, LLC it is based on the location of our hospital and of course the wide range of our services and target market;

• First Year-: $100,000 ( From Self – Pay Clients / Patients ): $250,000 ( From Health Insurance Companies )
• Second Year-: $250,000 ( From Self – Pay Clients / Patients ): $500,000 ( From Health Insurance Companies )
• Third Year-: $500,000 ( From Self – Pay Clients / Patients ): $1,500,000 ( From Health Insurance Companies )

N.B : This projection is 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 Joan & Phil® Hospital, LLC will be based on generating long-term personalized relationships with customers. In order to achieve that, we will ensure that we offer top notch all – round healthcare services at affordable prices compare to what is obtainable in Florida.

All our employees will be well trained and equipped to provide excellent and knowledgeable healthcare services and customer service.

We know that if we are consistent with 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 hospital, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of 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 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 numbers 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, Joan & Phil® Hospital, LLC Services will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters to residence, business owners and corporate organizations
• Advertise our hospital in community based newspapers, local TV and local radio stations
• List our hospital on yellow pages ads (local directories)
• Leverage on the internet to promote our hospital
• 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.
• Attend healthcare related exhibitions / expos.

11. Publicity and Advertising Strategy

We are in the hospital business -to become one of the market leaders and also to maximize profits hence we are going to explore all available conventional and non – conventional means to promote our hospital. Joan & Phil® Hospital, LLC has a long term plan of opening of hospital 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 Joan & Phil® Hospital, LLC;

• Place adverts on both print (community based newspapers and magazines) 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 Bill Boards on strategic locations all around Miami Beach Florida.
• Engage in road show 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

Joan & Phil® Hospital, 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 discretions. However, in some cases hospitals and healthcare service providers also adopt the hourly billing cum per visit billing method.

For example, it is easier and preferable for hospitals and healthcare services providers to bill personal injury case management services by the hour as against a fixed price.

• Payment Options

At Joan & Phil® Hospital, LLC, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money
• Check (only from loyal customers)

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

If you are looking towards starting a hospital, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure 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 hospital facility, you will need money to acquire medical equipment and supply and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.

Besides it is expensive to acquire a standard well – equipped ambulance. The items listed below are the basics that we would need when starting our hospital 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 Joan & Phil® Hospital, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $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 month at $1.76 per square feet in the total amount of $105,600.
• Cost for hospital remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $300,000
• The cost for Start-up inventory (stocking with a wide range of products) – $150,000
• Storage hardware (bins, rack, shelves,) – $3,720
• Cost for Nurse and Drugs 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 $1.2M to successfully set up our hospital in Miami Beach – Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for Joan & Phil® Hospital, LLC

Joan & Phil® Hospital, LLC is a private business that is solely owned and financed by Dr. Phil Clarkson and his wife Joan Clarkson (Nurse). They do not intend to welcome any external business partners, which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas Joan & Phil® Hospital; LLC intends to generate our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $200,000 ( Personal savings $150,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $1M from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Joan & Phil® Hospital, 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.

Joan & Phil® Hospital, 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 Packaging Marketing / 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 our list of products that will be available in our pharmacy store: Completed
• Establishing business relationship with vendors (wholesale pharmaceutical companies): In Progress .

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Everything you need to know about healthcare project management (& how to master it)

Today’s companies in the health and wellness space are plagued by rising costs, staffing issues, and increasingly strict regulation that makes it difficult to keep the lights on—much less thrive. As a result, healthcare teams are under incredible pressure to maximize resources, reduce overhead, and adopt effective project management systems. 

The ability to plan, manage, and successfully execute projects has a direct impact on your org’s reputation, bottom line , and employee morale. But the stakes are even higher for healthcare project management, where projects and initiatives directly impact patient care.

Great healthcare project management doesn’t happen by chance. It requires a deep understanding of what you want to accomplish, a framework for how to execute that vision, and the right tools to guide you through to completion. Here’s how to get started.

What is healthcare project management?

Healthcare project management refers to the organization, planning, and execution of a particular project and its resources. Through project management, healthcare organizations take a project—like building a new hospital wing—from initial inception all the way to completion to achieve desired outcomes. 

The four primary stages of healthcare project management:

Stage 1 – initiation.

During this phase, stakeholders review potential projects and evaluate goals, resources, and expected outcomes to determine which are worth approving—and which should be tabled. This is a critical stage for healthcare organizations, which are often working with limited budgets or resources and need to prioritize projects with the highest potential impact. 

For large hospitals, that might be trying to invest in new facility construction depending on changes in patients served or new treatments or technologies developed. For fitness studios, it might be trying to determine which equipment to order or new staff to hire.

Stage 2 – Planning

Once a project has been approved, it moves into the planning phase. In this stage, the project manager creates a detailed project plan that outlines logistical elements like the schedule, tasks, budget, project contributors, and contributor responsibilities. 

Additional items to consider at this point are potential challenges that may arise and how the success of the project will be measured. The goal of this phase is to obtain all the decisions necessary to move on to the execution phase, such as conducting a facility needs assessment with key hospital administration and staff, or obtaining total costs of new gym equipment.

Stage 3 – Execution

The execution phase is where the rubber meets the road. In this phase, project contributors carry out their designated tasks and work toward completion of the project. It’s vital that teams effectively track, measure, and communicate their progress throughout the entire execution phase.

This allows the project manager to identify roadblocks, reallocate resources, and make adjustments to keep everything on track. For example, ensuring that the hospital wing construction documents are submitted to the proper regulatory channels for building permits or placing orders to gym equipment manufacturers.

Stage 4 – Conclusion

Once the project has been completed, it’s time to wrap everything up. In the conclusion phase, the project manager provides stakeholders with a summary of how everything went, along with any key deliverables and results. This is a great time to reflect on what went well, which areas could be improved for future projects, and how each project contributor performed. 

Applying this stage to the previous hospital construction example mentioned above, this conclusion phase would consist of final inspection and gaining input from patients or staff who use the new facility and equipment daily after opening.

Each project management stage builds off the previous one and is critical to your project’s overall success. By dedicating time to all four stages rather than focusing solely on one or two, healthcare practices can increase the likelihood of a positive project outcome.

Methodologies for healthcare project management

Every healthcare company has projects, but the way they manage them can vary dramatically. Some orgs prefer a more flexible approach to project management, while others require a system that’s more structured. That’s where project management methodologies come in.

A project management methodology is a guiding framework that determines how you, as a practice, plan and execute your projects. Most healthcare companies use one of three methodologies to steer their efforts: the waterfall methodology, the agile methodology, or the hybrid methodology.

Waterfall project management

The waterfall project management methodology is a sequential, linear model in which projects are broken down into smaller, defined phases. Each phase is mapped out in extraordinary detail with tasks, deliverables, and deadlines and must be completed before the next phase can begin. 

With the waterfall method, the entire project is visually laid out from start to finish (often in a Gantt chart like the one featured below). This makes it easy for stakeholders to gauge the full scope of the project, see who’s involved, and get a realistic idea of how long each phase is expected to take.

Use Gantt charts for waterfall project management 

It’s a rigid system, but it works well for teams that have large, complex projects with multiple stakeholders involved—like those who work in public health. 

Agile project management 

The agile project management methodology is an iterative model that’s centered around speed, communication, and adaptability. Teams complete various phases of the project in parallel rather than taking a sequential approach to execution, relying on collaboration and communication to keep everything on track.

Let’s say your practice just started offering a new interventional radiology procedure and needed to add a landing page to your hospital’s website so you can increase awareness. Under an agile approach, your webmaster could start mocking up the page design while a radiologist reviews the final copy instead of having to wait to get started. When that copy does get approved, the page is already designed and ready to launch. 

Agile projects are often laid out in a Kanban-style board , with emphasis placed on task status versus deadline/assignee. Everything that needs to be completed lives in a “To Do” section, and tasks that have been started are denoted as “Doing” or “Done” so everyone knows what’s in progress.

Use Kanban boards for agile project management

It’s a much more flexible approach to project management—one that benefits teams at healthcare startups or smaller practices where there’s pressure to knock projects out quickly. 

Hybrid project management

The hybrid project management methodology balances the flexibility and speed of the agile method with the big-picture planning of the waterfall method. 

Let’s say your team wants to upgrade to a new electronic medical records (EMRs) system by the end of Q4. You could incorporate waterfall elements during the initiation and planning phases of the project, creating a detailed roadmap that outlines the steps, deadlines, and resources necessary for completion. This higher-level overview is often necessary to get leadership buy-in and can help keep teams on track when the project gets rolling.

Once the project moves into the execution and conclusion phases, however, you’ll want to take a more agile approach that enables teams to tackle various phases of the project simultaneously.

In this scenario, there’s an outline of what needs to be accomplished, but teams still have the flexibility to adjust timelines, re-prioritize items, and adapt to changes as needed. This more flexible approach can keep projects from getting blocked and help teams meet (or beat) their deadlines. 

The impact of great project management 

Orgs with effective project management processes in place can benefit from improved patient outcomes, better systems, and lower costs.

When done correctly, healthcare project management can help organizations improve a number of areas, including:

• Internal processes. With a defined project management system in place, you can standardize how teams approach every aspect of a project—from initiation all the way to completion. This ensures consistency and makes it easier to identify (and improve) parts of the process where projects consistently break down. 
• Organizational planning. To truly excel at project management, an emphasis on planning is required. Project contributors, managers, and stakeholders must train themselves to think with a big picture in mind and get comfortable mapping out a project step by step. That planning mindset carries over into every other aspect of the organization—from scheduling to ordering important medical supplies —and can positively impact the quality of care.
• Stakeholder relationships. Orgs can strengthen relationships with their board of directors, volunteers, and donors by involving them in the project approval phase, providing regular updates about project status, and communicating wins. With a system in place to track project completion and success, it’s also easy to demonstrate value by quantifying the number of changes your company has made—and their impact.

Healthcare companies without a defined approach to project management may find themselves battling inefficiency, burgeoning costs , and high litigation/regulation risk. 

5 best practices for healthcare project management

There’s no one-size-fits-all approach to healthcare project management. The way you choose to approach project management can vary based on your organization’s structure, your preferred methodology, the type of projects you manage, and other factors.

With that being said, there are a few simple steps you can take to improve project management within your healthcare practice.

1. Invest in a secure project management tool

Many companies rely on a project management tool to help them organize, track, and manage their projects. For companies in the healthcare industry, it’s not enough to find a project management solution with flashy features. You’ll need a secure tool (like Trello Enterprise ) that enables your teams to manage projects more efficiently and protects their data. 

Here are security features to look for when choosing your healthcare project management tool:

• SOC2 compliance . This independent auditing procedure evaluates a tool’s ability to manage customer data in five key areas: availability, processing, security, confidentiality, and privacy. In short, it’s a strong indicator of whether or not that project management tool can protect your data. As a general rule of thumb, if it’s not SOC2 compliant, you probably shouldn’t use it. 
• Login security. According to IBM’s Cost of a Data Breach report, compromised credentials were the top source of data breaches in 2021. It’s essential that whichever tool you select offers features that add an extra layer of security when employees log in, like single sign-on (SSO) and two-step verification (2SV). 
• User management. On any given day employees can resign, move into a new role within the company, or transition departments. And as these changes occur, you need to be able to quickly adapt employees’ permissions. Trello offers automated user management through Atlassian Access and automatically updates employee permissions based on changes within your employee directory. 
• File-sharing restrictions. Your project management tool will house all your project files, attachments, and resources—but you may not want everyone to be able to see them. Be sure the tool you select offers file-sharing restrictions so that only need-to-know users can access sensitive project documents. For example, Trello uses authenticated attachments to ensure that no unauthorized users can access files shared on your project cards or board.

2. Pay proper attention to planning

Insufficient planning is a huge contributor to project failure . Before you start working through specific tasks, take the time to create a project charter that defines your project’s goals, resources, key deliverables, and metrics for success. If you’re upgrading the cardio equipment at your fitness center, explain why the project is important, outline who should be involved, and specify any expectations you have regarding deadlines, communication, etc. 

This planning document will be critical in ensuring that the entire team (and your stakeholders) are aligned on the goals and logistics of the project.

Once you’ve finalized your project charter, make sure it’s easily accessible to all the project contributors. If you’re using Trello for project management, you can add the charter directly to the resources list on your project board so team members can refer back to it.

Attach a project charter to your Resource board for easy access

3. Prioritize your projects

Many healthcare companies have to balance limited resources and staff shortages when managing projects. In order to maximize your team’s efforts, it’s important to differentiate projects that need to be completed ASAP from those that aren’t as pressing. You can do that by assigning priority levels to each project—and encouraging contributors to focus on high-priority projects. 

You can choose to prioritize projects based on deadline, urgency (e.g., a project that’s not time-sensitive but is important to stakeholders), or the perceived impact of the project outcomes. Whichever method you choose, you’ll need to find ways to clearly communicate priority levels to your project team. 

If you opt for a deadline-based approach to project prioritization, Trello’s Timeline view is a great resource. Through the Timeline view, teams can visually track and manage multiple project timelines all in one place. This allows them to see which projects have approaching deadlines, visualize how tasks fit together, identify potential overlap issues, and adjust the tasks they need to prioritize accordingly.

Use Trello’s Timeline view to manage deadlines and prioritize projects

For teams that take a mixed-bag approach to project prioritization, labels make it easy to visually tag individual tasks with priority levels. You can designate project items as “High Priority,” “Medium Priority,” or “Low Priority,” and even create custom labels that note whether each task is “Urgent” or “Not Urgent.” This encourages contributors to focus their efforts on high-priority, high-urgency items over tasks that aren’t as pressing.

Use custom labels to indicate task priority and urgency

4. Make it easy to work together across departments

Sometimes projects are confined to individual teams, but more often than not, larger projects within your healthcare facility require contributions from employees in a number of departments. If those teams can’t collaborate with each other, important project information can get siloed within departments and cause delays. 

Lean heavily on your project management tool to simplify the collaboration process and help everyone work together—regardless of department.

Trello enables cross-team collaboration by providing a centralized location where all project resources, updates, and deliverables can be accessed. Employees can easily check task statuses, request feedback from other contributors, and share files between departments.

Trello makes it easy for teams to collaborate on projects

Instead of each team working on their portion of the project as an independent unit, Trello enables them to work together through the same tool. This helps increase visibility and enables collaboration.

5. Remember that communication is critical

Effective communication is key to the success of any project—especially if your team has taken an agile approach to project management. At any given time, project contributors may need to collectively brainstorm solutions to a challenge, share updates with stakeholders, or communicate their needs to other team members. If they can’t, the entire project could break down.

Trello makes it easy for teams to enhance their communication—both internally and with external stakeholders. Employees can tag team members into conversations on various project cards and use the comment section to request resources, ask questions, or provide additional context about a task. 

You can even use Power-Ups (i.e., integrations) to connect your org’s other communication tools (like Slack and email) to Trello. That way, instead of navigating out of the platform to send a project update to stakeholders, you can initiate those conversations directly within Trello

Master healthcare project management with Trello Enterprise

Whether you’re a large hospital, a small private practice, a biotech company, or a wellness provider, Trello makes it easy to plan, track, and manage projects of any size. Our platform is packed full of flexible features that support clinical operations and empower healthcare teams to save time, reduce overhead, and improve the way they work.

Health and wellness orgs across the globe use Trello to: 

• Track procedures
• Manage equipment and inventory 
• Improve vendor communications 
• Streamline onboarding
• Connect healthcare teams across departments
• Collaborate on medical research and publications
• Balance staff workloads and organize schedules

Find out how you can do the same.

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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.

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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.

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Medical Clinic Business Plan PDF Example

• February 28, 2024
• Business Plan

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

This article not only breaks down the critical components of a medical clinic 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 medical clinic concept into reality. Let’s dive in!

Our medical clinic business plan is carefully designed to cover all the important parts needed for a good strategy. It explains how the clinic will run, how we’ll take care of patients, how we’ll tell people about our services, what the healthcare situation is like, who our competitors are, who’s in charge, and how much money we expect to make.

• Executive Summary : Provides an overview of the Medical Clinic’s business concept, healthcare market analysis , management structure, and financial strategy.
• Facility & Location: Describes the clinic’s physical setup, including its architectural design, medical equipment, patient amenities, and the strategic choice of its location to maximize accessibility for its target patient base.
• Treatments & Pricing: Enumerates the healthcare services the clinic will provide, from general medical consultations to specialized treatments, alongside a transparent pricing model .
• Key Stats: Shares industry size , growth trends, and relevant statistics for the healthcare market.
• Key Trends : Highlights recent trends affecting the healthcare sector, such as technological advancements, patient care innovations, and regulatory changes.
• Key Competitors : Analyzes the main competitors in the vicinity and differentiates the clinic based on services, patient care quality, and operational efficiency.
• SWOT: Strengths, weaknesses, opportunities, and threats analysis tailored to the healthcare context.
• Marketing Plan : Strategies for attracting and retaining patients, including digital marketing, community health programs, and patient service excellence.
• Timeline : Key milestones and objectives from the clinic’s establishment through the first year of operation, including licensing, staff recruitment, and service launch.
• Management: Information on the healthcare professionals managing the medical clinic and their roles, emphasizing their medical expertise and healthcare management experience.
• Financial Plan: Projects the clinic’s 5-year financial performance, including revenue from medical services, operational costs, profits, and expected expenses, ensuring a sustainable and profitable healthcare service model.

Medical Clinic Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

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

Executive Summary

The Executive Summary introduces our medical clinic’s business plan, offering a concise overview of the clinic and its healthcare services. It details our market positioning, the comprehensive medical services we provide, its location, size, and an outline of our day-to-day operations. 

This section will also delve into how our clinic will integrate into the local healthcare market, including an assessment of the direct competitors in the area, identifying who they are, and highlighting our clinic’s unique selling points that set us apart. 

Additionally, it includes information about our management and co-founding team, outlining their roles and contributions to the clinic’s success. A summary of our financial projections, including expected revenue and profits over the next five years, will also be presented to offer a clear view of our clinic’s financial outlook.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

For a medical clinic, the Business Overview section can be concisely structured into 2 main components:

Facility & Location

Briefly describe the clinic’s facilities, highlighting the state-of-the-art medical equipment, patient-centric design, and a welcoming atmosphere that ensures comfort and privacy.

Mention the clinic’s strategic location, emphasizing its accessibility and conveniences such as proximity to main transit routes and ample parking. Explain how this location was selected to serve the clinic’s target patient demographics effectively.

Treatments & Pricing

Detail the comprehensive range of medical services provided, from routine health check-ups to specialized treatments in areas like cardiology, pediatrics, or orthopedics.

Describe your pricing model, ensuring it mirrors the high standard of care offered and is competitive within the healthcare market. Highlight any health plans, membership options, or loyalty programs designed to offer added value to patients, fostering long-term relationships and patient loyalty.

Make sure to cover here _ Clinic & Location _ Treatments & Pricing

Market Overview

Industry size & growth.

Start your medical clinic business plan by looking at how big the healthcare world is, especially for the services you provide like general health, special treatments (skincare, children’s health), or quick care. Think about how this area is growing and where you might find new chances to grow.

Key market trends

Then, talk about what’s new in healthcare, like how people want care that’s just for them, using tech to help patients (like video doctor visits or digital health records), and focusing on keeping people healthy before they get sick. Point out that people are looking for services that meet their specific health needs and that there’s a growing interest in clinics that care for the whole person.

Key competitors

Lastly, look at who you’re up against, which could be big hospitals, small clinics that focus on one area of health, or even online health services. Think about what makes your clinic different and better, maybe because of the great care you give, the wide range of services you have, or new ways you’re bringing health care to people. This part should clearly say why people need medical services, who else is providing them, and how your clinic can stand out and do well in this busy world.

Make sure to cover here _ Industry size & growth _ Key market trends _ Key competitors

Dive deeper into Key competitors

First, conduct a SWOT analysis for the medical clinic , identifying Strengths such as a team of expert medical professionals and a comprehensive suite of healthcare services. Weaknesses might include factors like high operational costs and the complexity of insurance processes. Opportunities can arise from the growing emphasis on health and wellness and the potential for telemedicine services. Threats could stem from increased competition and the impact of economic downturns on discretionary healthcare spending.

Marketing Plan

Next, develop a marketing strategy aimed at attracting and retaining patients. This strategy should focus on targeted advertising to reach specific demographics, offering promotional incentives for referrals, maintaining an active and engaging presence on social media, and fostering community ties through health education and events.

Finally, create a detailed timeline that marks essential milestones for the clinic. This includes the initial setup and opening phase, followed by the launch of marketing initiatives, efforts to expand the patient base, and strategies for broader service offerings, all designed to ensure the clinic progresses with a clear and defined purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The management section focuses on the medical clinic’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 medical clinic toward its financial and operational goals.

For your medical clinic business plan, list the core team members, their specific responsibilities, and how their expertise supports the medical clinic’s mission.

Financial Plan

The Financial Plan section is a comprehensive analysis of the medical clinic’s financial strategy, including projections for revenue, expenses, and profitability. It lays out the clinic’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 medical clinic business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your main assumptions (e.g. prices, customers, expenses, etc.).

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

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Health care project management, related articles, the path to effective health care project management, why building your brand is essential to leveraging project management opportunities in health care, the next generation of project management: how to develop technical and leadership expertise, a primer on project management for health care.

by Kathryn Berger

Project management has emerged as one of the most prominent business skills of our time because its use can help control costs, reduce risk, and improve outcomes. Used across disciplines, project management is the process of systematically planning, organizing, and then executing a pre-determined set of steps in order to maximize resource use and achieve specific objectives. According to a U.S. News and World report , project management is one of the top skill sets sought by employers.

Why? The Project Management Institute (PMI), an organization created in 1969 to promote the discipline of project management, credits the process with helping businesses save time and money, improve ROI, and reduce risk. It also cites many benefits to staff members including improved collaboration and decreased stress.

Project management has emerged as one of the most prominent business skills of our time

As healthcare in the United States continues to evolve under mounting cost and quality pressures, the need for project management becomes ever more apparent. Understanding and applying the foundations of project management can significantly improve outcomes across health care delivery settings.

This article will give an overview of project management, provide some practical tips on how to incorporate its principles into your work, and explore why a more formal approach to project management is needed in health care.

How Does Project Management Work?

Effective project management requires that the people involved in a project contribute through distinct roles, each with their own set of responsibilities:

• The project manager is responsible for planning, managing, and executing the project by engaging team members.
• The project sponsor is a senior leader who provides guidance and makes key decisions.
• The project team consists of anyone who contributes to the execution of the project.
• A project stakeholder is anyone who is impacted by the project’s outcome or provides resources.

According to many project management guidelines, projects consist of four phases. In each phase, key activities must be accomplished and key deliverables must be produced. Below is a description of each phase along with practical tips you can use to implement project management in your own work.

Phase 1: Initiate the Project

At their onset, projects must be defined and approved. During this phase, background information, market research, and other pertinent data should be reviewed. The project manager should be selected. Project goals should be determined and aligned with those of the organization. If goals do not align, the project will likely not be approved.

Key activity: Do your homework. Talk to colleagues who have undertaken similar efforts and conduct background research. Learn about the cost (in terms of financial and human resources) and amount of time the effort would require.

Key considerations: Think critically about the need driving this project. How will a successful outcome improve your work, organization, and field? Is that outcome worth the effort and cost? Think realistically about the resources the project requires and whether they justify the end result. Consider who would carry out the work at each stage.

Key deliverable: Create a concise but powerful overview of the project’s expected outcomes, costs, and benefits. This should include both a description of and a justification for the project. Present your overview to an organizational leader who has the authority to approve the project.

Phase 2: Plan the Project

Once the project has been approved, the next step is creating a step-by-step plan of how it will be executed. The project plan should contain a schedule detailing all project-related activities, a budget, a list of everyone who will contribute and what they will do, and a description of how progress and results will be measured.

Key activity: Develop the project plan as stated above, including a budget, schedule, list of team members, and progress indicators.

Key considerations: Think carefully about everyone involved in the project, including the project team, any stakeholders, or any other colleagues or leaders who may want to have a say – or provide valuable advice – about the project plan. It’s easy to make changes while in the planning stages but very difficult to make any changes after execution is under way.

Key deliverable: The key deliverable is the project plan. Once it is finalized, it should be presented for approval. Once it’s approved, a kickoff meeting with the project team should be held to review all components.

Phase 3: Execute the Project

The third phase is carrying out the project plan. Measuring progress and monitoring any changes from the plan are important steps in this phase. Peter Drucker, a notable Austrian management expert, famously said, “If you cannot measure it, you cannot manage it.” This statement underscores the importance of measuring one’s progress against pre-determined criteria for success.

Key activities: As you begin to execute the project, be sure to communicate key deadlines and activities with the project team. Keep a close eye on your schedule and budget. Track and communicate your progress and results with the project team and the project sponsor.

Key considerations: When executing your project, one or many tasks or results will inevitably diverge from the project plan. This is normal. The important thing is to adjust future steps to minimize any negative effects. Your project sponsor can provide guidance around how to reallocate resources in order to get your project back on track.

Key deliverables: Keep a detailed list of any delays, failed steps, additional costs, or other unforeseen changes. Make any necessary adjustments to future project steps to ensure that your project stays on time and on budget – and communicate all changes with your team. Continually update the schedule and budget as steps are completed.

Phase 4: Close the Project

At the very end of the project management process, there are several key deliverables: documentation from each step, any products or deliverables the project yielded, reviews for each team member, and lessons learned. An updated budget and an updated timeline should reflect the total cost and number of hours spent as compared to the budgeted amount.

Why We Need Project Management in Healthcare

Healthcare delivery is one of the world’s largest industries, and it is growing and changing rapidly. The Henry J. Kaiser Family Foundation reports ( 1 , 2 ) that there are nearly 5 million practicing physicians and nurses in the nation – and these figures do not include the many other types of healthcare professionals. A report on the future of healthcare co-written by Georgetown University’s Health Policy Institute and the National Institutes of Health predicts that 5.6 million new healthcare jobs will be created by 2020.

Much of this growth is driven by the rising number of Americans who have health insurance, or “covered lives.” Since the passing of the Affordable Care Act, the U.S. government reports that the uninsured rate fell to a record-breaking 9.2 percent and experts predict that an additional 34 million Americans will enroll for coverage over the next 10 years. While this shift is generally viewed as favorable, it has drawn more attention to the need for efficiency and effectiveness in how healthcare services are delivered.

Another major issue is cost. Americans spent $3.0 trillion on healthcare in 2014 and spending is expected to grow, according to projections published in the journal Health Affairs . In a 2009 Institute for Healthcare Improvement white paper , Martin et al. stated, “Until recently, the rationale for health care providers to undertake quality improvement initiatives rested largely on ‘doing the right thing.’ Any financial benefit…was an attractive side effect.” Today, this statement couldn’t be farther from the truth as decreasing reimbursements have forced healthcare organizations to explore ways to lower costs.

These issues, coupled with new electronic health records systems, regulations, and technologies have drastically enhanced the need for project management in healthcare. Organizations are taking on projects to incorporate new elements into their workflows, improve processes at every stage of the continuum of care, and enhance their facilities while improving outcomes and decreasing costs. According to the Massachusetts Hospital Association, the benefit of using project management in healthcare is “to be one step ahead of any potential risk” as they complete this vast array of projects.

Additional complexities, such as regulatory limitations and varied stakeholders, increase the need for project management in healthcare. Project managers must be mindful of countless processes and regulations around patient safety, quality, and privacy. All industries have their own rules, but healthcare is notably complex, with the government and private agencies, such as the Joint Commission, watching closely. These increased restrictions place all the more importance on project planning and execution.

The need for project management in health care is becoming ever more apparent

Further, healthcare lacks a simple “buyer” and “seller” relationship. Rather, there are many parties involved. If the product is care, patients are the recipients and doctors and nurses are the providers, however health insurance payers and the government are the buyers. The number of stakeholders increases complexity. Similarly, healthcare project teams may be larger and more diverse due to the inherently cross-functional nature of patient care, requiring a project manager who is flexible and willing to take all views into consideration. Projects in health care may require more approvers or more buy-in; it’s important that all parties be identified in the planning stage to avoid delays in the execution stage.

All in all, more project managers, and project management, are needed in healthcare. In an industry that is changing and growing at an astounding pace, project management can offer structure and discipline. Using this proven methodology will help the field accomplish more in less time, save resources, and foster collaboration.

Harvard T.H. Chan School of Public Health offers Health Care Project Management: The Intersection of Strategy, People, and Process , a four day continuing education program on project management skills for health care settings. To learn more about this opportunity, click here .

Strengthening Health Centers to Support Healthier Communities

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Creating a business plan for community health center capital projects.

This resource provides healthcare professionals with a hands-on approach to writing a business plan. While it focuses on health centers engaged in capital improvement projects, the suggested outline can be tailored to a variety of purposes.

Prepared with support from the Health Resources and Services Administration.

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Three Best Practices For Successful Hospital Expansion Projects

• May 9, 2024

An unwavering demand in inpatient care paired with limited space and resources poses a critical challenge for health systems working to keep pace. For many, growing vertically is often the only option.

Looking at big-picture impact and the distinctive elements that would be involved in such a project is necessary in being able to determine the best solution. JE Dunn Construction Vice President and Carolinas Healthcare Leader, Kyle Drake, details the key strategies used when evaluating a healthcare client’s needs, some of which include using unfinished “shell space” for future needs, understanding the impacts of vertical expansions, detailed planning before construction and robust communication and expectation-setting throughout the project lifecycle.

“Unlike greenfield construction projects where the first several months are typically spent preparing the site for construction, vertical expansion schedules are on the critical path almost immediately,” says JE Dunn Senior Healthcare Project Manager Nick Paradossi. “We aren’t just adding one or more stories, we’re also preparing the entire building to support the expansion.”

The complexity of adding levels to existing buildings and the need for thorough preparation and communication are especially important for actively used health facilities, further emphasizing the need for early planning, finding ways to minimizing disruptions, and a clear line of communication with stakeholders.

“Given the unique nature of vertical expansions, their degree of complexity and the significant level of construction involved as soon as they begin, detailed planning should commence well before construction to minimize disruptions and ensure success,” says Drake.

Read more from Drake and other JE Dunn project professional in an article featured in Healthcare Business Today.

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15 health system projects worth $500M or more

Health systems are spending again on bricks-and-mortar expansion as their financial situation stabilizes and demand for care increases.

Kaufman Hall reported during its third quarter 2023 "National Hospital Flash Report" that building expansions are becoming a strategic priority for many organizations preparing for the future. There was a slowdown in hospital construction over the last few years amid the pandemic and as leaders considered the best strategy for reaching patients with smaller ambulatory locations and virtual care. But new hospital and campus projects are back with full force.

"While deferring capital investment may have been prudent in the face of recent financial pressures, waiting too long to re-engage in a strategic financial and capital planning process could threaten the long-term relevance and viability of organizations and they fall behind the needs of their communities and actions of their companies," the report states.

So far in 2024, there have been 15 hospital projects announced topping $500 million, and eight projected to cost more than $1 billion announced or launched. Here is a quick snapshot of those projects.

1. Harris Health in Bellaire, Texas, is planning a $1.16 billion hospital project that will replace the existing LBJ hospital. The new hospital will have 390 beds and a level 1 trauma center.

2. UCSF Health in San Francisco is planning a $4.3 billion, 15-story hospital to house diagnostic services, surgical procedures and robotics. The hospital will have 682 beds and the campus will also include a research and academic building.

3. MUSC in Charlston, S.C., is asking for permission to build two hospitals as part of a $705 million project, which has already received approval from the health system's board of trustees.

4. St. Louis-based Mercy is making plans to develop a 75-bed, $650 million hospital in Wentzville, Mo. The health system filed a letter of intent with the state's health department in April and plans to glean community feedback on the project.

5. Pennsylvania-based Allegheny Health Network and Highmark Health aim to launch a $1 billion, 10-year transformation project that will include major renovations to the hospital campus. The system aims to add a patient tower that will feature a cardiovascular institute and expand the emergency and trauma services.

6. BayCare in Clearwater, Fla., is planning a $538 million nonprofit hospital in Manatee County, Fla., that will include 154 beds, orthopedics, gastroenterology and more specialty services. The hospital will also have a medical arts building.

7. Jefferson Health in Philadelphia finished a $762 million outpatient facility that includes 300 exam rooms, 58 endoscopy chairs and 10 operating rooms as part of its $1 billion urban development project. The facility began seeing patients in mid-April.

8. Detroit-based Henry Ford Health  received permission to move forward with a $3 billion development deal in partnership with the Detroit Pistons and Michigan State University. The project will include a 1 million-square-foot-plus expansion to Henry Ford Hospital and a new research center through the partnership between Henry Ford Health and Michigan State University Health Sciences that houses the Nick Gilbert Neurofibromatosis Research Institute. 

10. Gainesville, Fla.-based UF Health broke ground on a $1 billion expansion in February, with the first phase being a 150-bed hospital focused on neurosurgery, cardiovascular medicine, women's services and orthopedics.

11. New Hyde Park, N.Y.-based Northwell Health's North Shore University Hospital in Manhasset, N.Y., completed a $560 million surgical pavilion that includes 18 operating rooms, three hybrid rooms and 143 ICU rooms. The pavilion also has a heart hospital.

12. University of Maryland Shore Regional Health in Easton is embarking on a new $540 million hospital construction project. The 147-bed, six floor hospital will replace the current facility, which is part of the University of Maryland Medical System.

13. University Health in San Antonio broke ground on a new $450 million, five-story hospital in January as part of a $900 million project on the University Health Palo Alto hospital campus, and a second facility in Selma, Texas, shortly thereafter.

14. Hoag Health System in Newport Beach, Calif., broke ground on a $1 billion expansion project for its Sun Family Campus in Irvine, Calif., which will include six buildings and 155 new inpatient beds.

15. Inova in Falls Church, Va., unveiled plans to break ground on a $1 billion campus later this year to replace its current facility in Alexandria. The health system expects the project to be completed by the third quarter of 2028.

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Advocate good shepherd hospital plans $26 million modernization project.

Katherine Davis is a health care reporter for Crain’s Chicago Business, covering hospitals, pharmaceutical makers, insurance providers, life sciences startups and public health. She joined Crain’s in 2021 from the American City Business Journals, where she reported on startups and venture capital for the Chicago Business Journal and Chicago Inno.

Advocate Health, Chicago’s largest hospital system, is planning a $26 million modernization project at its Good Shepherd Hospital campus in suburban Barrington as it aims to better meet patient needs and update old facilities to industry standards.

The plan includes the relocation and construction of Good Shepherd's laboratory and pharmacy departments, according to a recently filed application with the Illinois Health Facilities & Services Review Board, which has to approve the project.

The health system says the project will give Good Shepherd “state-of-the-art equipment” to deliver patients essential services. The additional space will help support growing demand for lab and pharmacy services.

“These new areas within the hospital are designed to support the projected increase in volumes, enable more rapid turnaround times and enhance satisfaction among our patients and teammates,” a spokesperson said in a statement to Crain’s.

The project will span more than 19,000 square feet, of which about 14,000 square feet will be clinical space. New interior architectural walls, floors and ceilings, and mechanical, electrical and plumbing infrastructure will be built, according to the application.

Advocate said it is committed to spending 34% of the construction cost with diversity, equity and inclusion-focused companies, and the new departments are expected to open in June 2026.

Good Shepherd Hospital, which houses 176 licensed beds and employs more than 850 doctors and 590 nurses across 67 specialties, primarily serves southwestern Lake and eastern McHenry counties. 

The service area’s population is aging and will likely need more health care services in the future. According to Advocate's application, the area's group of residents age 65 and older is expected to grow by more than 15% over the next five years, which amounts to about 13,000 additional older residents.

The Good Shepherd project is just one of many underway in Advocate Health’s Illinois market. The sprawling health system, formed by the 2022 merger of Downers Grove-based Advocate Aurora Health and Atrium Health, is working on a $645 million expansion and modernization of Advocate Illinois Masonic Medical Center in Lakeview.

The health system also continues to expand its outpatient footprint in the area. It plans to open a $52 million cardiovascular-focused ambulatory surgical treatment center and outpatient medical office in Naperville and a $54.7 million outpatient medical center in suburban Westmont.

Advocate’s many projects are being supported, in part, by a $2.2 billion surplus it realized last year as the merger helped the combined system find efficiencies and industrywide headwinds eased. Advocate ended its first full year as a combined organization with a 1.9% operating margin, Crain’s previously reported.

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