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Healthcare Business Plan Template

Written by Dave Lavinsky

Healthcare Business Plan

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 Growthink’s 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:

Healthcare Business Plan 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.

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.

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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?

Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide For Small Businesses

what is included in a healthcare business plan

Healthcare Business Plan Template

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:

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:

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:

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

what is included in a healthcare business plan

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:

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:

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:

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.

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.

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what is included in a healthcare business plan

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

Healthcare Business Plan

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:

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.

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

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.

Business Plan for Medical Services

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.

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

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?

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

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:

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

Physician 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.

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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What Is a Business Plan?

Understanding business plans, how to write a business plan, elements of a business plan, special considerations.

Business Plan: What It Is, What's Included, and How To Write One

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

what is included in a healthcare business plan

Investopedia / Ryan Oakley

A business plan is a document that defines in detail a company's objectives and how it plans to achieve its goals. A business plan lays out a written road map for the firm from marketing , financial, and operational standpoints. Both startups and established companies use business plans.

A business plan is an important document aimed at a company's external and internal audiences. For instance, a business plan is used to attract investment before a company has established a proven track record. It can also help to secure lending from financial institutions.

Furthermore, a business plan can serve to keep a company's executive team on the same page about strategic action items and on target for meeting established goals.

Although they're especially useful for new businesses, every company should have a business plan. Ideally, the plan is reviewed and updated periodically to reflect goals that have been met or have changed. Sometimes, a new business plan is created for an established business that has decided to move in a new direction.

Key Takeaways

Want Funding? You Need a Business Plan

A business plan is a fundamental document that any new business should have in place prior to beginning operations. Indeed, banks and venture capital firms often require a viable business plan before considering whether they'll provide capital to new businesses.

Operating without a business plan usually is not a good idea. In fact, very few companies are able to last very long without one. There are benefits to creating (and sticking to) a good business plan. These include being able to think through ideas before investing too much money in them and working through potential obstacles to success.

A good business plan should outline all the projected costs and possible pitfalls of each decision a company makes. Business plans, even among competitors in the same industry, are rarely identical. However, they can have the same basic elements, such as an executive summary of the business and detailed descriptions of its operations, products and services, and financial projections. A plan also states how the business intends to achieve its goals.

While it's a good idea to give as much detail as possible, it's also important that a plan be concise to keep a reader's attention to the end.

A well-considered and well-written business plan can be of enormous value to a company. While there are templates that you can use to write a business plan, try to avoid producing a generic result. The plan should include an overview and, if possible, details of the industry of which the business will be a part. It should explain how the business will distinguish itself from its competitors.

Start with the essential structure: an executive summary, company description, market analysis, product or service description, marketing strategy, financial projections, and appendix (which include documents and data that support the main sections). These sections or elements of a business plan are outlined below.

When you write your business plan, you don’t have to strictly follow a particular business plan outline or template. Use only those sections that make the most sense for your particular business and its needs.

Traditional business plans use some combination of the sections below. Your plan might also include any funding requests you're making. Regardless, try to keep the main body of your plan to around 15-25 pages.

The length of a business plan varies greatly from business to business. Consider fitting the basic information into a 15- to 25-page document. Then, other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and included as appendices.

As mentioned above, no two business plans are the same. Nonetheless, they tend to have the same elements. Below are some of the common and key parts of a business plan.

Unique Business Plans Help

The best business plans aren't generic ones created from easily accessed templates. A company should entice readers with a plan that demonstrates its singularity and potential for success.

Types of Business Plans

Business plans help companies identify their objectives and remain on track to meet goals. They can help companies start, manage themselves, and grow once up and running. They also act as a means to attract lenders and investors.

Although there is no right or wrong business plan, they can fall into two different categories—traditional or lean startup. According to the Small Business Administration (SBA) , the traditional business plan is the most common. It contains a lot of detail in each section. These tend to be longer than the lean startup plan and require more work.

Lean startup business plans, on the other hand, use an abbreviated structure that highlights key elements. These business plans aren't as common in the business world because they're short—as short as one page—and lack detail. If a company uses this kind of plan, it should be prepared to provide more detail if an investor or lender requests it.

Financial Projections

A complete business plan must include a set of financial projections for the business. These forward-looking financial statements are often called pro-forma financial statements or simply the " pro-formas ." They include an overall budget, current and projected financing needs, a market analysis, and the company's marketing strategy.

Other Considerations for a Business Plan

A major reason for a business plan is to give owners a clear picture of objectives, goals, resources, potential costs, and drawbacks of certain business decisions. A business plan should help them modify their structures before implementing their ideas. It also allows owners to project the type of financing required to get their businesses up and running.

If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing, if needed. For example, Tesla Motors' electric car business essentially began only as a business plan.

Importantly, a business plan shouldn't be a static document. As a business grows and changes, so too should the business plan. An annual review of the company and its plan allows an entrepreneur or group of owners to update the plan, based on successes, setbacks, and other new information. It provides an opportunity to size up the plan's ability to help the company grow.

Think of the business plan as a living document that evolves with your business.

A business plan is a document created by a company that describes the company's goals, operations, industry standing, marketing objectives, and financial projections. The information it contains can be a helpful guide in running the company. What's more, it can be a valuable tool to attract investors and obtain financing from financial institutions.

Why Do Business Plans Fail?

Even if you have a good business plan, your company can still fail, especially if you do not stick to the plan! Having strong leadership with focus on the plan is always a good strategy. Even when following the plan, if you had poor assumptions going into your projections, you can be caught with cash flow shortages and out of control budgets. Markets and the economy can also change. Without flexibility built in to your business plan, you may be unable to pivot to a new course as needed.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers a quick explanation of its business. The company may feel that it doesn't have a lot of information to provide since it's just getting started.

Sections can include: a value proposition, a company's major activities and advantages, resources such as staff, intellectual property, and capital, a list of partnerships, customer segments, and revenue sources.

Small Business Administration. " Write Your Business Plan ."

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Components of a Business Plan for a Health Care Organization

by Charles Crawford

Published on 26 Sep 2017

A business plan describes a company’s product or service, discusses its market and introduces the management team and key employees. It discusses the competitive situation and what effort and funding are needed to bring the product or service to market. A section presents the current financial situation and projects the company’s financial expectations, going out usually three to five years. Business plans are essential tools for startups and for periodic reviews by established companies.

Executive Summary

This two- or three-page section should contain the most important information about the company. To ensure that it includes the necessary information, the executive summary should be written last. Quite often, executive summaries are used in the company’s marketing program. For example, a medical billing company might include its executive summary in the material it gives to the medical practices that are its potential customers.

Products or Services

This is where the reader learns in some detail about the products or services that the company is offering. A home health care business would describe its services in this section–outlining the kinds of care it provides to patients at home, how it interacts with the patient’s doctor and the qualifications of its personnel. Manufacturers of medical equipment would place images and product descriptions in this section.

In this section, a physical therapy business could explain why it is changing its business from a home-based situation to one where it will be located in the heart of the business district. The company could show statistical proof that many potential clients who are working full time still require short-term physical therapy in a setting that is convenient to the workplace. The company should include information about its competitors.

It is appropriate for a health care business to have a separate section in its business plan about the regulatory environment in which it operates. A nursing home would discuss its relationship to state health care authorities and any other regulators. It would be appropriate to discuss the facility’s track record with respect to inspections and regulatory compliance.

This section is where the company should describe any pertinent legal matters. If, for example, the company is a medical equipment manufacturer and it or any of its principals holds patents that apply to the business, those patents should be described in this section. If the company is a party to any material litigation, it should be disclosed in this section.

This section normally contains historical and current financial information as well as projections for the next three to five years. The extent of the financial information depends on the type of company and its purpose in writing the plan. A hospital group seeking long-term municipal financing for a new hospital, for example, would need to present extensive financial information to city officials, banks and other lenders.

This section, which normally appears last, should contain biographical summaries of the company’s management team, directors and key employees. If the company is a manufacturer of medical imaging equipment, it should include its leading scientific and technical staff members in this section. The biographical summaries should describe the person’s business background, education and responsibilities in the company.

what is included in a healthcare business plan

What Should a Business Plan Include?

A business plan serves as a roadmap to successfully launch a business. It helps you overcome the challenges you might experience in your industry. Learn how to create and use a business plan for your startup.

One of the most fatal mistakes that aspiring entrepreneurs make in launching a startup is forgetting a business plan . You wouldn’t launch a ship at sea without establishing its routes and the direction you’ll steer it to. Without proper planning, your ship will end up adrift or worst, dramatically sink when the tides hit. And in a volatile commercial industry, the tides are constantly changing.

Avoid common startup mistakes by creating a business plan. A business plan not only strengthens your foundation but also helps you navigate the ever-changing field of business. Chances are your customers’ preferences will change over time and you have to keep up with them. Hence, a business plan also changes accordingly.

But how exactly do you create a business plan? Is there a template to follow? Should you enlist the help of other experts to write it? Today, we’ll look into what should be included in your business plan and how it should be written. The first step is by understanding what it is and what it is for.

What is a business plan?

A business plan is an official company document that breaks down all the goals of a business and how to achieve them. It basically lays out the groundwork for your idea to come alive. It’s often referred to as the “blueprint of the business”, summarizing your goals.

Although there are many ways to write it, its key point usually discusses the financial, marketing, and operational strategies of the business.   

What is it for?

A business plan serves as a guide for a growing company. It’s a consistent reference for business owners and stakeholders to base critical decisions on. It’s especially useful for early-stage startups to attract investors. When a company doesn’t have a proven track record, it can lay out its full potential instead.

Not only is the business plan useful for the initial launching of a business, but it also helps with pivotal changes. Since the market is perpetually changing, it’s crucial that your plan also evolves with it. Hence, the goals and methods of achieving will be updated. In some cases, a whole new plan is created if the company wants to drastically move in a new direction.   

What’s included in a Business Plan

Although there’s no fixed formula for writing a business plan, there are some identifiable key points. These are generally the items factored in its creation:

1.     Executive Summary

The executive summary outlines the whole plan. You start with a clear introduction of who you are, what you sell, and what your ambitions are as a business. This section includes your mission statement, product description, and the basic overview of your company’s structure. It should also include your financial plans .   

2.     Business Description

The business description provides detailed information about your industry. It must describe its current outlook as well as its profit potential. You will go into detail about your target market and other organizations or businesses you cater to. Also, this section briefly discusses what problem the business is trying to solve.  

3.     Market Analysis

A business must have a firm understanding of its target market and should be able to prove its sustainability. The market analysis provides trends and studies about the target consumers—their size, demographics, buying power, and frequent activities. This section also touches briefly on the competitors.

4.     Product Development

Investors need a clear idea of how you would create and maintain your product. The development plan section contains the details of the product’s design; its production methods, lifecycle, marketing, and development budget. This includes the overall strategy of how it will be sold in the market.

5.     Marketing Strategies

The product is only as good as how much it will sell. Therefore, this section describes how you will present your products and services to the market. This will discuss your marketing campaigns, distribution channels, and types of media you’ll tap into. You will summarize how you intend to reach your customers and pitch your products to them.

6.     Operations and Management

Your investors need an overview of how the business functions. The operations plan highlights the logistics of the company such as team responsibilities, division tasks, and operational expenses. This helps track down who is responsible for certain areas of the business.  

7.     Financial Plans

Money mobilizes the idea. Hence, it’s important to keep an accurate record of where it’s going. This section shows the company’s monetary plans and its future projections. This includes financial statements, balance sheets, and third-party business transactions. For startups, it will mostly contain the target profit and estimates of expenses.    

Tips on Writing a Business Plan

Now that we have an idea of the business plan template , it’s time to learn how to write it effectively. 

Here are some things to keep in mind when you’re writing one for your business.

Build your Business

Business plans are important when you’re starting your business from scratch. However, the success of your business still heavily relies on their execution. A lot of startups fail because they can’t push through with what was proposed in the business plans.

More than just articulating your ideas, you need to do a lot more to make them come to life. For one, you’ll need the capital to kick things off and make everything operational. Second, you’ll need to hire the best people to run your operations. Lastly, you have to find investors to sustain your business.

One way to ensure that your business plan is properly executed is by enlisting the help of business experts. Full Scale is an offshore software development company that specializes in helping startups.

We can provide the talent and resources needed to begin your operations. Whether you need project managers, marketing specialists, or technical experts; we’ve got them all. We’ll take care of all the processes of recruitment and management so you can focus on your core competencies.

Ready to begin your entrepreneurial journey? Get your FREE consultation today!

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Why should a healthcare business need a solid business plan

what is included in a healthcare business plan

Starting a healthcare practice

Starting a healthcare business practice can be a bit of a tricky thing, as there are a lot of aspects involved in its operations. Without a business plan, it can get complicated very quickly, so to avoid becoming entrapped in the common pitfalls of healthcare, it’s best to plan out every process and procedure. Making a plan is essential, and quite simply, is part of healthcare startup 101 . With techniques such as predictive modeling , you can have more effective preparations in place to face any challenge posed to you, as well as better understand where to make adjustments, improvements, and allocate your resources. With the right plan implemented, you can take off in no time, and work on expanding and prioritizing growth in addition to your client's needs. 

Reasons why your healthcare business must have a strong business plan

There are multiple reasons why your healthcare business should have a strong business plan in place, including the following. 

To understand your step-by-step strategy for future

A business plan outlines all the resources you need across business operations and can provide a solid backbone to prepare you for potential future challenges. A plan provides a clear direction for all business areas and allows you to know what steps to take in regard to growth and expansion. 

To effectively manage your cash flow

Every healthy business needs a positive cash flow to secure investments and ensure there’s enough to be able to supply resources to meet client needs. A business plan can help you avoid breaking even and allow more transparency when it comes to seeing money flows, and can also improve your receivables and payables. Any delays can be accounted for, and when it comes to external financial services, you can appropriately receive reimbursements on time. 

To get additional funding for expansion

Continuing with the theme of finances, if successful, you’re likely to face important investment decisions to promote growth and expansion within your business. Sometimes cash flow isn’t enough, and additional funding is needed to accommodate more resources, such as a data warehouse . Having a detailed, and well-outlined business plan can contribute to a higher likelihood of being awarded the right funds to generate higher cash flows through expansion. 

To help identify any potential weaknesses

Plans are a great way to outline all your ideas and resources, and presenting information through this clarified format can often highlight areas that you may need to spare additional attention to. Using plans can identify areas of weakness that you may need external support and advice on, and having everything viewable from one place can allow for more valuable discussion. 

To communicate your ideas with stakeholders

Businesses are highly concerned with stakeholders and investors, and having a business plan in healthcare serves as a great communication tool for liaison with important institutions. You can use it to hire additional staff, as well as apply for credit and loans for investment purposes. This doesn’t need to be a complicated plan, but if stakeholders are to have a share in your operations, having an outline of your ideas and plans is the least you could do for their peace of mind. 

What should your business plan include?

You may be wondering about what needs to be included in a business plan; after all, they can be very detailed, and serve very different purposes depending on your business. Fortunately, we’re here to help, and every business plan should include the following. 

Executive summary

Your executive summary should be a concise description of your plan, including summarized details of every core aspect. This may include short descriptions of your market analysis, your value set, as well as finances. Keep in mind that this is a summary, and so it should be written after the plan is fully completed. 

Marketing strategy

Your marketing strategy should focus on answering the four Ps of product, price, promotion, and place. You should clearly describe the product or service that you are selling, in addition to the fees you charge. Promotion should outline all the marketing healthcare strategies that you’ll employ, and the place describing where you’ll be located.  

Competitive analysis

One of the most important aspects of a plan is considering your competitors, and how your service offers value that differentiates and sets you apart. Ideally, you should discuss your direct competitors and your indirect competitors, or those who target a different market within the same realm of healthcare. 

Description of your healthcare practice

Naturally, you should describe your healthcare practice in terms of its operations, mission, and how you’ll run. It should cover all the basics, so all clients and stakeholders who read it can grasp the essentials of what you’re about. 

Financial goals

Because investors and lenders will need to see evidence of your financial plans, it’s absolutely vital that you include this aspect. This is one of the most important sections of any business plan, as information such as income and cash flow statements, as well as balance sheets, all need to be included. Profitability should be emphasized at every point, and in regard to a future exit strategy. 

Organization and management policies

You should include details concerning your management teams, or any managerial type staff, as well as outlines concerning how you will manage your business data. Data security solutions are important , and so it’s important to make sure that you have considered this in regard to every operation. Regulatory compliance also ensures that you have the right organizational policies in place. 

Customer analysis

Similar to a target market, you need to crack down on the specifics of your service, and what exact demographic you’re catering to. 

Healthcare business plan template

To help you get started, we’ve covered all of the basics and compiled it into one business plan for you to follow and implement in your business practice and overcome revenue . For success in your business, consider expanding on the following aspects. 

1. Executive Summary

2. Company Overview

3. Industry Analysis

4. Customer Analysis

5. Competitive Analysis

6. Marketing Plan

7. Operations Plan

8. Management Team

9. Financial Plan

Take home message

Every successful healthcare business must implement a business plan to be held accountable and to have a clear direction for the future of its services. Plans can help you have an outline according to your resources and aids in a better understanding of where to allocate your time and energy in improving business operations. You can identify your strengths and weaknesses, and gain a closer relationship with your business procedures and processes to further growth and expansion in the future. Additionally, having a business plan can help you understand your target market, and prioritize client needs. Plans enable you to do what you do best and capitalize on healthcare technology trends to promote growth and learning in the long term.

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Information

Business Plan

A summary document that outlines how and why a new business is being created

What is a Business Plan?

A business plan is a summary document that outlines how and why a new business is being created. New entrepreneurial ventures must prepare formal written documents to outline their long-term objectives and the means to be employed to reach said objectives. The business plan underlines the strategies that need to be adopted in order to reach organizational goals, identify potential problems, and devise custom solutions for them.

Business Plan

In addition, potential investors look at business plans to evaluate the risk exposure of a particular entrepreneurial venture. Startups that try to attract employees and investors use business plans to solidify their claims regarding the potential profitability of a particular business idea. Existing companies may use business plans to deal with suppliers or manage themselves more effectively.

Why Use a Business Plan?

Owing to the following benefits of a well-researched and comprehensive business plan, preparing one is highly recommended, but not a mandate.

1. Feasibility

Entrepreneurs use a business plan to understand the feasibility of a particular idea. It is important to contextualize the worth of the proposed product or service in the current market before committing resources such as time and money. It helps to expand the otherwise limited view of a passionate innovator-turned-entrepreneur.

2. Focusing device

Formulating a concrete plan of action enables an organized manner of conducting business and reduces the possibility of losses due to uncalculated risks. Business plans act as reference tools for management and employees as they solidify the flow of communication, authority, and task allocation.

3. Foresight

The process of preparing a business plan often creates many unintended yet desired results. It functions on the principle of foresight as it helps one realize future hurdles and challenges that aren’t explicit. It also brings a variety of perspectives on the forefront, eventually leading to a more comprehensive future plan of action.

4. Raising capital

A business plan is an effective way of communicating with potential investors, and the level of expertise and time used in preparing a business plan also gives professional credibility to entrepreneurs . It analyzes and predicts the chances of success for the investor and helps to raise capital.

Features of a Good Business Plan

1. executive summary.

The executive summary functions as a reading guide, as it highlights the key aspects of the plan and gives structure to the document. It must describe ownership and history of formation. It is an abstract of the entire plan, describes the mission statement of the organization, and presents an optimistic view about the product/service/concept.

2. Business Description

This section presents the mission and vision of an organization. Business descriptions provide the concept of one’s place in the market and its benefits to future customers. It must include key milestones, tasks, and assumptions, popularly known as MAT. Big ideas are redundant without specifics that can be tracked. Fundamental questions to be answered include:

3. Market Strategies

The market strategies section presents the target consumer group and the strategies needed to tap into it. It requires meticulous analysis of all aspects of the market, such as demography, cultural norms, environmental standards, resource availability, prices, distribution channels , etc.

4. Competitive Analysis

The competitive analysis section aims to understand the entry barriers one could face due to other companies in the same or complementary sectors. The strengths of existing companies could be co-opted into one’s strategy, and the weaknesses of existing product development cycles could be exploited to gain a distinct advantage.

5. Design and Development Plan

It outlines the technical details of the product and its development cycle within the realm of production. In the sphere of circulation, it focuses on marketing and the overall budget required to reach organizational objectives.

6. Operations and Management Plan

The operations and management plan describes the cycle of business functions needed for survival and growth. It includes management functions such as task division, hierarchy, employee recruitment, and operational functions such as the logistics of the value chain , distribution, and other capital and expense requirements. The managers’ backgrounds must also be briefly included.

7. Financial Factors

The financials section should include the company’s balance sheet and cash flow projections. Financial data is imperative to provide credibility to any assertions or claims made about the future profitability of the business. The aim is to provide an accurate idea of the company’s value and ability to bear operational costs and earn profits.

Common Mistakes to Avoid While Writing a Business Plan

Additional Resources

CFI is the official provider of the Financial Modeling and Valuation Analyst (FMVA)™ certification program, designed to transform anyone into a world-class financial analyst.

In order to help you become a world-class financial analyst and advance your career to your fullest potential, these additional CFI resources will be very helpful:

what is included in a healthcare business plan

what is included in a healthcare business plan

Healthcare business plan

Create a business plan for a medical office or any healthcare startup using this detailed business plan template. This healthcare business plan template includes an executive summary, company overview, market analysis, financial plan, and more. This accessible healthcare business plan template includes step-by-step instructions.

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

How to Write a Medical Clinic and Practice Business Plan

Are you about starting a medical clinic and practice? If YES, here is a complete sample medical clinic and practice business plan template & feasibility report you can use for FREE . Okay, so we have considered all the requirements for starting a medical clinic and practice company .

We also took it further by analyzing and drafting a sample medical clinic and practice marketing plan template backed up by actionable guerrilla marketing ideas for medical clinic and practice companies. So let’s proceed to the business planning section .

Why Start a Medical Clinic and Practice?

All over the world, the medical industry is one of the most revered industries. As a medical doctor or a player in the healthcare industry, if you are interested in starting a business in this industry and you don’t have the financial requirements to start a standard hospital, then you should opt for a medical clinic and practice business.

It is imperative to note that any healthcare related business requires that you should first look at the existing laws in the country or the state you reside before starting the business. This is so because there is hardly any country that does not pay serious attention on their healthcare sector. Healthcare related businesses are usually highly regulated to guard against the infiltration of quacks or substandard medical clinics, hospitals or health facilities.

In essence, if you want to start your own medical clinic and practice business, then you would need to pay a visit to the health and medical regulatory body in your country to get all the required information before you can legally start your own medical practice .

So, if you are enthusiastic about starting your own medical clinic, then you should ensure that you carry out thorough feasibility studies and market survey. Business plan is yet another very important business document that you should not take for granted when launching your own medical clinic and practice business.

Below is a sample medical clinic and practice business plan template that can help you to successfully write your own with little or no difficulty.

A Sample Medical Clinic and Practice Business Plan Template

1. industry overview.

The hospital and healthcare industry that medical clinic and practice business is a subset of, is perhaps one of the fastest growing and largest industries in the world because the wealth of any nation depends on the health of the nation.

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

A healthcare provider is a health professional such as nurse or doctor et al or an establishment such as a hospital or a medical clinic or a healthcare center/facility that provides preventive, curative, promotional, rehabilitative or palliative healthcare/medical services in a systematic way to individuals, families or communities.

The hospital and healthcare industry comprise of operators who are licensed as general medical and surgical hospitals that provide surgical, nonsurgical diagnostic and medical treatment to inpatients with medical conditions. In general, medic clinics maintain inpatient beds and usually provide other services such as outpatient services, operating room services and pharmacy services.

There is indeed a very large market for healthcare service providers in the united states and of course in most parts of the world. For instance, the World Health Organization (W.H.O) estimated that there are about 9.2 million physicians, 19.4 million nurses and midwives, 1.9 million dentists and other dentistry personnel, 2.6 million pharmacists and other pharmaceutical personnel, and over 1.3 million community health workers worldwide. This goes to show that the health care 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 health care system business value chain, consumed an estimated value of 17.9 percent of the Gross Domestic Product (GDP) of the United States. This indeed is the largest of any country in the world. As a matter of fact, experts project that the healthcare share of the GDP of the United States will continue to grow, reaching 19.6 percent of GDP by 2016.

The hospital and healthcare industry is indeed a very massive industry in the U.S. Statistics has it that in the United States of America, the industry is worth $986bn, with an estimated growth rate of 3.4 percent. There are about 3,184 registered and licensed hospital and medical clinic businesses in the United States and they are responsible for employing about 5,513,669 people that comprise of doctors, nurses, pharmacists, dentists, opticians, surgeons and other health and non-health workers. It is important to state that there is no medical clinic with a lion share of the available market in the United States.

If you are considering starting your own medical clinic and practice business in the United States, then you should try and work around the industry barriers. The truth is that the barriers to entry in the hospital and healthcare industry are high because of the significant regulatory requirements and the experience and strength of incumbents.

It is absolutely compulsory for any investor who is looking towards starting a medical business to meet extensive federal, state and local laws and regulations. These regulations relate to the adequacy of medical care, equipment, personnel, operating policies and procedures.

Regulations also involve maintaining adequate records, preventing fires, setting rates and complying with building codes and environmental protection laws. These regulations make it difficult and costly for aspiring entrepreneurs to enter the industry.

Some of the factors that encourage entrepreneurs to start their own medical clinic and practice is that the business can easily get support from government at all level and the business is indeed a profitable venture despite the legislature governing the industry.

If you are determined and you are ready to go all the way, you will surely succeed in establishing your medical practice in the United States of America and you will be glad you did because it is indeed a profitable line of business.

2. Executive Summary

Borger Jasper Memorial® Medical Clinic, LLC is a standard, licensed and government approved healthcare services provider that will be located in the heart of Miami Beach, Florida – United States of America. We have been able to acquire a standard corner piece facility that is highly suitable for the kind of medical clinic we want to operate.

Borger Jasper Memorial® Medical Clinic, LLC is in the hospital and healthcare industry to provide health care services like inpatient care, outpatient care, anatomical pathology services, diagnostic X-ray services, clinical laboratory services, operating room services and other medical services and practice. We are well trained and equipped to service the market segments that require the healthcare services we will be offering.

We are in the medical clinic and practice business to deliver excellent healthcare services to all those who will patronize our medical clinic. We will also ensure that we will comply with the laws and health regulations in Florida and the United States of America. Our employees are well trained and qualified to handle the wide range of health care services.

Borger Jasper Memorial® Medical Clinic, LLC will operate a 24 hours, 7 days a week medical clinic and practice service; our medical clinic will be opened round the clock to attend to patients. We have a standard call center that is manned by trained health workers. Our employees are going to be well trained to operate within the framework of our organization’s corporate culture and also to meet the needs of all our patients.

Borger Jasper Memorial® Medical Clinic, LLC will ensure that all our patients are given first class treatment whenever they visit our clinic. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the number of our customer base grows.

Borger Jasper Memorial® Medical Clinic, LLC is a family business that is owned and managed by Dr. Borger Jasper and his immediate family members. Dr. Borger Jasper is going to be the Medical Director (Chief Executive Officer) of the medical clinic. He is a qualified and well trained Medical Doctor who has over 15 years’ experience working as a medical doctor and medical researcher with the United States’ government.

3. Our Products and Services

Borger Jasper Memorial® Medical Clinic, LLC is in the medical clinic and practice business of ensuring that our patients are well taken care of and our services will be carried out by highly trained professional doctors, dentists, surgeons, opticians, nurses, nurse’s aides, mental health counselors, chiropractors, medication management counselors, physical therapists and other health and non – health workers, who know what it takes to give our patients value for their money.

These are the health care services that Borger Jasper Memorial® Medical Clinic, LLC will be offering;

4. Our Mission and Vision Statement

Our Business Structure

Borger Jasper Memorial® Medical Clinic, LLC is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified professionals (doctors, dentists, surgeons, opticians, nurses, nurse’s aides, chiropractors, medication management counselors, physical therapists and other health and non – health workers) to man various job positions in our organization.

We are quite aware of the rules and regulations governing the hospital cum health care industry which is why we have decided to recruit only experienced and qualified employees as staff of the organization. We hope to leverage on their expertise to build our medical clinic and practice business to be well accepted in Florida and the whole of the United States.

When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all our stakeholders. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more.

These are the positions that will be available at Borger Jasper Memorial® Medical Clinic, LLC;

Nurses/Nurse’s Aides

Accountant/Cashier

5. Job Roles and Responsibilities

Chief Medical Director/Chief Executive Officer:

Sales and Marketing Manager

Client Service Executive

6. SWOT Analysis

Borger Jasper Memorial® Medical Clinic, LLC is set to become one of the leading medical cum healthcare service providers in Florida which is why we are willing to take our time to cross every ‘Ts’ and dot every ‘Is’ as it relates to our business.

We want our medical clinic to be the number one choice of all residents of Miami and other cities in Florida. We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up the business.

Even though our Chief Medical Director has robust experience in health management services, public health and medical research, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support to structure our business to become a leader in the hospital and health care industry.

This is the summary of the SWOT analysis that was conducted for Borger Jasper Memorial® Medical Clinic, LLC;

Our strength lies in the fact that we have a team of well qualified healthcare professionals manning various job positions in our medical clinic. As a matter of fact, they are some of the best hands in the whole of Miami Florida. Our location, the Business model we will be operating on, opening 24 hours daily and 7 days in a week, multiple payment options, well equipped medical call center and our excellent customer service culture will definitely count as a strong strength for us.

Our perceived weakness lies in the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business and also to acquire some of the latest medical and surgical equipment.

The opportunities that are available to medical clinics cum healthcare service providers are unlimited considering the fact that medical clinics are not only meant for those who are sick and need treatment; people who are not sick may be required to conduct routine medical checkups from time to time and we are going to position our medical clinic to make the best out of the opportunities that will be available to us in Florida.

Just like any other business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies . Another threat that may likely confront us is the arrival of a bigger medical clinic or hospital or healthcare brand in the same location where our medical clinic is located.

7. MARKET ANALYSIS

The hospital cum health care industry is indeed a thriving and dynamic industry; with the aid of technology, it is becoming easier to treat, manage and cure some ailments that before now are not easy to handle. No doubt there are many ways of providing healthcare services in this changing era since the place of delivery may be in the patient’s home, the community, the workplace, or in health facilities.

The hospital cum healthcare industry has recently begun consolidating, largely due to the pressures of healthcare reform. The truth is that the demand for hospital cum health care services has steadily grown over the last five years, as healthcare reform legislation broadened insurance coverage.

As an investor in the hospital cum health care industry, in order to maintain an advantaged position in this competitive industry, you should source for the most skilled and specialized healthcare professionals.

One thing about this industry is that labor costs are on the high side. However, medical clinics have also faced nurse and physician shortages and have struggled to recruit qualified personnel. Industry profitability has generally risen over the past five years due to increases in service prices. No doubt the home healthcare industry will continue to grow and become more profitable because the aging baby-boomer generation in the United States are expected to drive demand for health care services.

8. Our Target Market

Borger Jasper Memorial® Medical Clinic, LLC is in business to service a wide range of customers in Miami Beach, Florida – United States of America and other cities such as Green – acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al. We will ensure that we target both customers who do not have health insurance cover, and those who have health insurance cover.

The fact that we are going to open our doors to a wide range of customers does not in any way stop us from abiding by the rules and regulations governing the hospital cum health care industry in the United States. Our staff are well – trained to effectively service our customers and give them value for their monies.

Our customers can be categorized into the following;

Our Competitive Advantage

Aside from the competitions that exist amongst various medical clinics, they also compete against other healthcare services providers such as home health care services providers, health centers and standard hospitals et al.

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

Borger Jasper Memorial® Medical Clinic, LLC is coming into the market well prepared to compete in the industry. Our medical clinic facility is well positioned and visible, we have enough parking space with good security. Our staff are well groomed in all aspects of healthcare service delivery.

Our services will be carried out by highly trained professionals (doctors, dentists, surgeons, opticians, nurses, nurse’s aides, chiropractors, medication management counselors, physical therapists and other health and non – health workers) who know what it takes to give our patients value for their money.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

Borger Jasper Memorial® Medical Clinic, LLC will ensure that we do all we can to maximize the business by generating income from every legal means within the scope of our industry. Below are the sources we intend exploring to generate income for Borger Jasper Memorial® Medical Clinic, LLC;

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.

We have been able to critically examine the health care market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Miami – Florida.

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

The marketing and sales strategy of Borger Jasper Memorial® Medical Clinic, LLC will be based on generating long-term personalized relationships with our customers. In order to achieve that, we will ensure that we offer all – round health care services at affordable prices compared to what is obtainable in Florida.

We know that if we are consistent in offering high quality health care service delivery and excellent customer service, we will increase the number of our customers by more than 25 percent for the first year and then more than 40 percent subsequently.

Before choosing a location for our medical clinic and medical practice, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for residents of Miami Beach, Florida and other cities in the United States where our services will be available. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the hospital cum health care industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Florida.

In summary, Borger Jasper Memorial® Medical Clinic, LLC Services will adopt the following sales and marketing approach to win customers over;

11. Publicity and Advertising Strategy

We are in the medical clinic and practice business to become one of the market leaders and also to maximize profits hence we are going to explore all available means to promote our medical clinic. Borger Jasper Memorial® Medical Clinic, LLC has a long – term plan of opening medical clinics in key cities around Florida which is why we will deliberately build our brand to be well accepted in Miami Beach before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Borger Jasper Memorial® Medical Clinic, LLC;

12. Our Pricing Strategy

Borger Jasper Memorial® Medical Clinic, LLC will work towards ensuring that all our services are offered at highly competitive prices compare to what is obtainable in The United States of America.

On the average, hospitals and health care 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 health care service providers to bill their clients based in their discretion.

In some cases, hospitals and health care service providers also adopt the hourly billing cum per visit billing method. It is easier and preferable for medical clinic and healthcare services providers to bill personal injury case management services by the hour as against a fixed price.

The payment policy adopted by Borger Jasper Memorial® Medical Clinic, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Borger Jasper Memorial® Medical Clinic, LLC will make available to her clients;

In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

If you are looking towards starting a medical clinic, then you should ensure that you raise enough capital to cover some of the basic expenditures that you are going to incur. The truth is that starting this type of business does not come cheap.

You would need money to secure a standard medical clinic facility, acquire medical equipment and supply , pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them. Also it is expensive to acquire a standard and well – equipped ambulance.

The items listed below are the basics that we would need when starting our medical clinic in the United States, although costs might vary slightly.

We would need an estimate of $1.2 million to successfully set up our medical clinic and practice business in Miami Beach – Florida.

Generating Startup Capital for Borger Jasper Memorial® Medical Clinic, LLC

Borger Jasper Memorial® Medical Clinic, LLC is a private business that will be owned and managed by Dr. Borger Jasper Jnr. and his immediate family members. They are the financier of the business, but may likely welcome partners later which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.

These are the areas we intend generating our startup capital;

N.B: We have been able to generate about $500,000 (Personal savings $300,000 and soft loan from family members $200,000) and we are at the final stages of obtaining a loan facility of $700,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

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

One of our major goals of starting Borger Jasper Memorial® Medical Clinic, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our health care services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Borger Jasper Memorial® Medical Clinic, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our organizations’ corporate culture is designed to drive our business to greater heights and training and re – training 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.

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How to Write a Business Plan for Healthcare

How to Start a Financial Services Business

Example of a medical transportation business plan, how do i start a home business caring for elderly people.

Writing a business plan for a healthcare involves preparing a document that outlines the services you plan to provide and how you intend to run your company. Health care businesses usually deal with reimbursement, fee schedules, billing systems, managed care contracts and operational issues. By describing how your company handles these challenges, you can prove to potential investors that your business strategy is sound and worthy of their investment.

Available Internet Resources

Use the resources provided by websites, such as the Business.gov and the Small Business Administration Small Business Planner websites, to get started writing your health care business plan. Use the self-assessment tool provided by the Small Business Administration website as well as other resources, such as free online courses, access to online mentoring and templates.

Description of Your Health Care Business

Write a description of your health care business. For example, list how your service offers elderly or disabled clients non-medical support at home. If you plan to purchase and run a franchise operation, the parent company typically provides information and training that describes the business.

For example, urgent care center businesses typically provide care by a certified physician, on-site lab services, prescription services and extended hours. Describe the skills and experience of your staff, such as technicians.

Marketing Strategy and Competitive Analysis

Use resources, such as the Plunkett Research website, to identify the industry outlook and trends in the health care industry. Identify your competitors. Analyze their strengths and weaknesses. Prepare your own promotional campaigns, which could mean describing your plans to develop a website to advertise your services or conduct an email marketing campaign to attract new customers.

Describe your community and how you intend to obtain referrals, such as making connections with doctors and hospital administrative personnel. These health care professionals frequently refer patients requiring home health care to local reputable agencies providing quality service to discharged patients.

Organization and Management 

Add a section describing how you intend to organize your health care business. List the software programs you intend to use for charting and billing. Establish a mechanism for receiving payment and obtaining reimbursement for services. List the licenses required to operate a health care business in your state, using the resources provided by the Business.gov website.

Ensure that you meet the guidelines for providing health care services and that your services can be reimbursed by Medicare, Medicaid and private insurance.

Financial and Strategic Goals

Describe how you plan to finance your company and specify a multi-year plan. For example, state the number of patients you hope to serve by the end of the first year. Classify these patients by type, such as home health care or personal injury cases. Set success criteria, such as 80 percent customer satisfaction as reported by follow-up surveys you conduct with clients.

Use the resources provided by the Business.gov website to pay your taxes and ensure you adhere to all the required regulations.

Tara Duggan is a Project Management Professional (PMP) specializing in knowledge management and instructional design. For over 25 years she has developed quality training materials for a variety of products and services supporting such companies as Digital Equipment Corporation, Compaq and HP. Her freelance work is published on various websites.

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18 Health Care Business Ideas for Passionate Entrepreneurs

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Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

The health care sector is an amazing place for aspiring entrepreneurs to open up shop. Exploring health care business ideas is smart for lots of reasons.

There’s an opportunity to do a world of good by serving an aging American population and helping those struggling with the national drug crisis. There are lots of new medical and technological advances, and widespread interest in health and wellness, too. And those are all great incentives for passionate entrepreneurs.

Plus, these factors combined mean there's a thriving market for health-related businesses. Aspiring new business owners can turn one of many health care business ideas into a viable way to make a living, including those entrepreneurs who want to work remotely.

This list of health care business ideas should get you started — and maybe inspire you to explore starting a business.

18 medical business ideas

Medical transcription services

Medical records management

Physical/occupational therapy center

Develop a health care app

Diabetic care center

Home health care service

Medical foot care

Drug treatment/rehabilitation center

Childbirth services

Medical billing service

Nutritionist/dietitian

Alternative health care

Health information website

Medical supply sales

Stylish uniforms for medical professionals

Hearing aid dispensary

Respite care service for caregivers

Medical marijuana dispensary

Why businesses in health care are worth exploring

Nationwide spending on health is projected to grow at an average rate of 5.5% annually through 2026. That’s one percentage point faster than the national GDP is projected to grow during that same time. And by 2026, health care is projected to account for nearly 20% of the GDP.

Employment in health care-related occupations is projected to grow 18% from 2016 to 2026, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics. Nearly half of the 20 occupations projected to have the highest percentage increase in employment by 2026 are in the health care industry.

What that spells is a lot of opportunity.

One big reason for the surge in health care spending: By 2030, the Census Bureau projects, approximately one-fifth of the population will be 65 and older. This will be the first time in history that the number of Americans over age 65 will surpass the number of Americans under 18.

Keep those numbers in mind as you look through this list of health care business ideas.

18 health care business ideas to consider

1. medical transcription services.

Medical transcriptionists transcribe doctors’, nurses’ and other health care practitioners’ voice recordings into written documents for patients’ records. Speech recognition technology has definitely improved the efficiency of medical transcription, sure. But it certainly hasn’t yet replaced the need for human transcriptionists to review and correct the transcriptions to make sure they’re accurate.

This is a great business to run from home because you can make your own hours, and all of the work can be done digitally. Plus, if you’re digitally savvy and can create an efficient (and secure) way to share files, you can really one-up the competition.

2. Medical records management

Start a service that manages medical records for hospitals, clinics and doctors’ offices. You can work with clients to identify the best records management systems, implement them and provide their staff with training on how to use the systems.

Another approach? You can offer full-service medical records management, and clients can outsource the work to you. This can be helpful for boutique practices and sole practitioners who need the organization but can’t afford the in-house staff.

3. Physical/occupational therapy center

Physical therapists help patients recover from injuries to regain their full range of motion and reduce pain. Occupational therapists provide more specific therapy to help patients perform tasks of daily living, such as dressing themselves or feeding themselves. You can specialize in one or the other, or put both under one roof. Note that this does require certification.

4. Develop a health care app

Both health care providers and individuals alike are increasingly turning to mobile apps to track, record and manage medical conditions. The world is your oyster if you’re skilled in app development, so you might want to consider developing your own health care app targeting these markets. Do some field research to find out where your skills can fit a need.

5. Diabetic care center

According to the CDC, 9.4% of all Americans either have diabetes or are prediabetic . Opening a diabetic care center can help diabetic patients improve their quality of life by providing nutrition counseling, dialysis and other medical services. You can also provide preventive help such as teaching healthy eating habits or providing support groups for diabetics.

6. Home health care service

A home health care business provides in-home medical care for recently discharged hospital patients, patients with chronic health conditions, seniors and others who need assistance managing their health.

In states with rapidly aging populations, like Florida and California, not only could this be a benefit to the community — but also a strong business prospect for you.

7. Medical foot care

A growing population of seniors and diabetics means more need for foot care services. Something as simple as trimming toenails can be impossible for seniors and overweight patients who can’t reach their feet. You can either open a foot care clinic or save patients a trip to the podiatrist by providing mobile foot care services in their homes or in a van. You’ll need to train as a podiatrist or hire one.

8. Drug treatment/rehabilitation center

As drug use has escalated to become a national crisis in the United States, legitimate places for people to seek treatment for their addictions and rebuild their lives are needed more than ever. Every day, more than 115 Americans die after overdosing on opioids, according to the National Institute on Drug Abuse .

Open a drug treatment and rehabilitation center to help clients with drug addiction. You can specialize in different types of patients, such as juveniles or more senior patients.

9. Childbirth services

Today's expectant parents want to control every aspect of childbirth, and that often includes having a midwife or doula present at the birth. The use of midwives is increasing , according to the American College of Nurse-Midwives.

Midwives are trained health care providers who assist women during childbirth, while a doula is more like a pregnancy coach who helps couples arrange all aspects of the birth and caring for the newborn. You can either become certified yourself or open a business that employs contractors under your umbrella.

10. Medical billing service

Medical billing requires performing complex coding when submitting insurance claims. Keep in mind, certification is required in this field to ensure that doctors and other health care practitioners get paid.

Although big hospitals and health care organizations often have in-house staff, small medical practices that don’t have time to manage billing and coding themselves are an ideal market for medical billing services. Acquire and learn medical billing software, get trained in proper coding and target these smaller medical practices to take medical billing hassles off their hands. And you can even earn your certification online.

11. Nutritionist/dietitian

If you want to help people improve their nutritional intake and habits, you can build a business as a nutritionist or dietitian. Only nutritionists who get a license with the Commission on Dietetic Registration, or CDR, can advertise themselves as dietitians. Some states regulate nutritionists and others don’t.

You can specialize in different types of clients, such as sports nutrition, nutrition for weight loss or holistic nutrition.

12. Alternative health care

Acupuncture and massage therapy are two alternative health care business ideas that are becoming more popular. Many are using these services to supplement their traditional medical treatment — or as a primary treatment unto itself.

Check with your state to see what the requirements are to practice; they vary across the country. Even when health insurance plans don’t provide coverage, Americans are more willing to pay out-of-pocket for these types of care than they used to be.

13. Health information website

If you have health care expertise — or access to people who do — consider starting a website to provide health care information and advice. You can create all kinds of content, such as podcasts, YouTube videos and even online classes, in addition to blog posts.

You might even be able to get health care experts to contribute content for free in exchange for the publicity your site offers. There are a lot of options; just make certain that you do some market research to figure out the white space to fill, and find viable revenue streams to make your business highly sustainable, too.

14. Medical supply sales

Seniors, people with disabilities and those with chronic illnesses have an ongoing need for medical supplies and equipment. This can include walkers, braces, bedpans and more.

Although you can open a physical store, keep in mind that your target customers will often have difficulty getting to your location, so an online store is likely a better bet. Again, research here will be key so you can make sure that you’re stocking the right products and marketing in the right places.

15. Stylish uniforms for medical professionals

Medical professionals who wear scrubs to work are always looking for affordable and durable uniforms. They’re also looking for stylish options — and those aren’t as easy to find. Start a store selling scrubs, comfortable shoes, lab coats and other gear for health care professionals. You can design the goods yourself or source them from multiple places, and encourage your customers with word-of-mouth incentives to drive sales.

16. Hearing aid dispensary

Because hearing aids generally aren’t covered by health insurance, this can be a lucrative health care business idea if you find the right customer base. You might want to open a location to provide hearing tests, recommendations and hearing aid fittings and care. You could even outfit a mobile van to come to customers' homes to clean and repair their hearing aids as an extra service.

17. Respite care service for caregivers

Whether they’re parents caring for severely disabled children or adult children caring for aging parents, caregivers have a stressful job. Provide a much-needed break for caregivers by starting a respite care business. Your caregivers can come in for a few hours or a few days, giving family caregivers a chance to rest.

18. Medical marijuana dispensary

As a growing number of states legalize medical marijuana, this $8 billion industry is projected to continue its growth, according to IBISWorld . Opening a medical marijuana dispensary can be a profitable business in the right location; however, changing state and federal regulations could affect your startup. (Marijuana is still illegal under federal law.)

Frequently asked questions

How do i start a health care business.

When you start a health care business, it can be helpful to begin by writing a business plan, registering your business and hiring employees. While all businesses need to obtain any necessary licenses, permits and forms of insurance, health care businesses may require earning professional designations or taking out extra forms of insurance. Research what you need to run your business safely and legally before you launch.

How do I start a home health care business?

Starting a home health care business requires a high level of professionalism, even if you’re running a business where the bulk of the work will occur in your clients’ homes. For example, you may still need office space to train your employees. Like starting any business, it is important to write a business plan, register your business and create proper business procedures. You should also obtain any necessary licenses, permits and insurance for running a business in your area, as well as for working within the health care industry.

How do I write a business plan in health care?

In general, a business plan is an organizational tool that business owners can follow when they need guidance. This document can also tell outside parties, such as investors, about your business and its value. A good business plan should include thorough research about your industry, market and competitors, as well as dive into your financials, products and services and your marketing plan. When writing a business plan in health care, it will be important to do heavy research on the industry, as well as outline clearly what medical services or products you will be offering and why you or your staff are qualified to run a health care business safely.

The bottom line

There are a lot of potential great health care business ideas for entrepreneurs interested in the health care sector — and many opportunities for health care business ideas to become real, sustainable businesses.

Be sure to check regulations, licensing, professional training or degrees needed for these businesses before you get started, and do lots of market research. Don’t forget that “care” part, of course.

How Much Do You Need?

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Christina Smith [email protected]

what is included in a healthcare business plan

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All You Need to Know to Create a Healthcare Marketing Plan

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For a limited time, Digital Authority Partners is offering a FREE content & SEO audit to healthcare companies interested in assessing their current brand in order to build a robust content marketing plan for 2022. Interested in learning more?  Feel free to call us at 312-820-9893 for details.

A healthcare marketing plan is a vision-driven, strategic detailed document that’s meant to help facilitate the accomplishment of specific healthcare business objectives, mission, and goals over a given period of time (usually a fiscal year).

As the blueprint or roadmap to your business short-term and long-term success, this vital document is not all about a bunch of marketing gimmicks and ideas from which you can pick randomly to test out. It brings together clear-cut objectives, tactics, systems, strategies, and an appropriate budget to help your business achieve its goals and deliver better-than-average performance.

B2B Marketing

Increase leads with the right strategy.

If you’re not a newbie to the world of healthcare marketing , the chances are that you’re familiar with a SWOT Analysis (an acronym for Strengths, Weaknesses, Opportunities, and Threats) . It’s a tried-and-tested approach that has been used for decades to create actionable marketing plans. However, in the digital age of instant-everything, healthcare marketers and planners have to do more than SWOT analysis to succeed.

That’s why we have put together this comprehensive guide to the most important steps you need to follow to get your healthcare marketing plan off the ground.

In this article, we will cover:

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The benefits of healthcare marketing plan - why you need to create one

Banner explaining the benefits of a good marketing plan

In today’s complex and increasingly globalized economy, running a healthcare business is no easy walk in the park.

It’s crucial that you have a crystal-clear healthcare marketing strategy, including a well-designed plan and budget, to stay ahead of the pack. After all, patients have more options when it comes to where to seek health care than ever before. If you snooze, you lose.

With lots of info available on the web, patients no longer feel that they need to go the nearest practice, clinic or hospital. That’s where a robust healthcare marketing plan comes in especially handy. Together with a budgeted and refined strategy, a good marketing plan will help you boost patient inflow, keep returning customers happy, and eventually increase your business ROI.

In practice, a great healthcare marketing plan enables you to anticipate, evaluate, prepare, and develop a roadmap to stick to in order to drastically enhances your chances for marketing success. It’s an all-important business tool every medical group, practice, clinic or hospital need to have in their marketing toolkit.

Of course, there are plenty of other benefits that come with having a good healthcare marketing plan:

Do these new opportunities align with your current objectives, goals, and vision?

A healthcare plan can help you come up with these answers with a high level of precision so that you can know when to act and when to walk away from a new opportunity.

Infographic: The benefits of a healthcare marketing plan

Interested in learning more about the top healthcare marketing strategies? Check our our article on 9 Healthcare Marketing Trends for 2022

Creating a holistic healthcare marketing plan: what to include

Infographic: What's included in a healthcare marketing plan

An agile healthcare marketing plan is much akin to an instruction manual for your business success. It should help marketers see the big picture, have a sense of the business objectives & goals and know what’s expected of them to achieve them, all while staying out of the weeds.

In this next section, we will walk you through key elements that you need to incorporate in order to create an all-rounded healthcare marketing plan:

1. Well-defined healthcare marketing strategies and tactics

Clearly defined marketing & PR strategies should be at the heart of your healthcare marketing plan. In the digital generation, the criteria of patient satisfaction have transformed in more than one way. Nowadays, patients expect healthcare facilities to offer more than just the right treatment.

According to a recent study by McKinsey & Co ., patients are no longer just patients; they are more like consumers, and therefore expect a certain level of customer service and consumer experience. If you don’t have a marketing strategy in place to help you stay on top of these expectations, you may as well say goodbye to regular patient inflow.

Even if you are happy with your current volume of patients, it doesn't hurt to keep your practice at the top of their minds. Think of all the reasons why they might ditch you for your competitors. It could be anything, from wait time frustration to a change in the insurer. And because they consider themselves consumers of healthcare, patients now have great expectations and anticipate to get more value as well as good customer service from you, just as they would from a non-healthcare company.

Having solid healthcare marketing tactics and strategies go beyond your marketing plan; they are an investment that can do wonders for your business in both the short term and long haul, especially when it comes to patient retention and volume growth.

Here are 6 tips that will help you define an exceptional healthcare marketing plan briefly summarized in this infographic (with more details below!):

Infographic on the key performance indicators of a healthcare marketing plan

Tip#1: Have a clearly defined product roadmap for your healthcare company’s website

You’d be forgiven for thinking having a website and slapping on a few pages is sufficient to make an impression on potential patients and improve your brand visibility.

That’s not enough to offer a worthwhile patient online experience. Given that your website is your online front door, be sure to go above and beyond to wow prospective patients. For more details on what to do and what not to do when it comes down to your healthcare website, check out or healthcare website design guide .

Infographic: The listing elements of a good healthcare marketing website

As mentioned in the infographic above, here are the basic principles every healthcare website should abide by:

Tip #2: Have a well documented SEO strategy to be found online

Banner explaining what happens when costumers can't find you on Google

In the digital age, you’re going up against both small and big healthcare players, which makes it hard for business to get found online . That’s where search engine optimization comes into play. SEO is a fantastic tool for getting your healthcare business to the first page of search engine search results (SERPs).

The right SEO strategy is more than keywords. You have to use your keywords naturally in your web content because search engine crawlers care about readability and value for the reader. Generating awesome content, mobile-ready website architecture, link-building, and backlinks are some of SEO best practices that you need to consider.

Tip #3: A robust social media strategy for your healthcare business

Banner explaining how to make your brand relatable using social media

Social media should be at the core of your healthcare marketing strategy.

The chances are that you’re using platforms like Facebook, Instagram or Twitter to interact with your patients and build your reputation. You need to kick it up a notch by leveraging paid social media ads and tools to get your brand in front of your target audience.

More importantly, you should have a healthcare social media strategy in place, and as a crucial element of your healthcare marketing plan.

Tip #4: A strategy to get feedback from your patients

Banner explaining how to encourage customer feedback

Patients provide you with feedback, both bad and good, through a diversity of channels, from your social media pages to in-house suggestion boxes.

As part of your marketing strategy, you should set up an avenue for following up with patient feedback . This way, you can showcase to your patients that you care about their two cents, and willing to take action based on their feedback.

More importantly, take inspiration to how the most popular mobile apps in the world today leverage product feedback. When users leave negative reviews in the App Store, an app owner has the option to reply with comments to those negative comments. Many apps have successfully improved their products and gotten customers back by simply reporting back when an issue is fixed.

Tangible example: let's say some mobile users complain that a specific app is crashing often or it is too slow. After the issue has been fixed, many apps would publish an app update mentioning how the performance issues were fixed, retested and the app has been redeployed.

The same principle applies to healthcare marketing. And to your plan. You need to assume, right off the bat, that there will be some issues with customer experience, waiting times, delivery of medical care and more.

And you must make it a priority - and a documented item on your marketing plan - that any time there is feedback from your customers, that feedback will be collected and analyzed. More importantly, your job as a marketer for a healthcare company, it is your job to try to persuade the company to make changes and to improve the customer experience. And after that happens - you need to go back to the people who left you feedback and report on how your company has leveraged that feedback to improve its processes, train its staff and more.

Tip #5: A strategy to request customer reviews & post them online

Banner explaining how to request customer reviews

Reviews can be a powerful marketing tool when used creatively and honestly.

No patient wants to visit a healthcare facility that doesn’t have reviews online. As such, make sure that you have review pages on an array of sites like Google, Yelp, BBB, and local directories. Even better, ask your patients to leave a review on your website.

So make sure to include a line item in your healthcare marketing plan to actively go after your most satisfied customers and elicit reviews. These reviews though should not be anonymous. You want to get the consent from your best clients to blast those awesome endorsements across social media, on your website and to even print them on your brochures/ fliers and having them displayed prominently in your office.

Reviews = power. Reviews = endorsement of the good work you do. You must include the collection and promotion of positive reviews in your healthcare marketing plan.

Tip #6: A strategy to standardize your branding message across the company

Infographic showing the benefits of a standardized brand

As a healthcare company, you may feel confident that your expertise and top-notch services will set you apart.

But in your patient’s mind, one doctor in a white coat looks just like the next. That’s exactly why you need to incorporate a consistent branding into your marketing strategy.

Are you a family-friendly practice? If yes, let that theme flow down your practice, from customer service to marketing materials to patient care.

2. Learn your company's healthcare products (so you can market them like a pro)

Banner explaining the benefits of really knowing your company's services

When creating a practical marketing plan for your healthcare company, it pays to know the ins and the outs of your services and product. Your marketing will be much more efficient, cost-effective, and result-oriented if you know the back and front of your services and products. In fact, it takes the hassle out of creating a robust healthcare marketing strategy.

With that said, you need to carry out a thorough audit of your services and products.

This way, you’ll create a matrix that aligns these services with the patient persona. Who is your target patient? What are they looking for in healthcare services? What patient issues do your services hope to solve?

By making sure that you have a clear-cut understanding of what your services and products are, why they are needed, and how they are perceived by your target audience, you will be in a better position to market them more precisely and without much hassle.

3. Do a thorough SWOT analysis (strengths, weaknesses, opportunities, and threats)

Banner explaining the benefits of doing a SWOT analysis

SWOT, short for Strengths, Weaknesses, Opportunities, and Threats, is an analytical methodology that can help you take marketing planning to the next level. As you might infer from the name, it simply means evaluating and re-examining crucial elements of your strategic marketing planning process.

Strengths: These are your business resources, abilities, and capabilities that can be leveraged as a basis for gaining a competitive edge, especially in today’s healthcare market that’s riddled with cut-throat competition. Your strengths to include your marketing plan could be:

Weaknesses: These encompass areas which you may want to avoid or improve.

In a way, weaknesses can be taken as the absence of specific strengths that are crucial in your specialty, especially in comparison with your competitors. A few examples of weaknesses could be a poor location, understaffing, bad reputation, wanting products/services, and other external factors that you hamper your healthcare business.

Opportunities: Your business opportunities can come in many forms. They could be:

Threats: a threat is simply anything that could stand in the way of the success of your healthcare business. Needless to say, turn a blind to these threats at your own peril. Common healthcare sector threats include:

A SWOT analysis is one of those things that are easier said than done. Here’s some rule of engagement that could make your SWOT analysis effortlessly easy:

4. Define your healthcare marketing S.M.A.R.T goals

Banner explaining the benefits of S.M.A.R.T. goals

SMART stands for Specific, Measurable, Attainable, Relevant, and Timely goals. Defining each of these goals will keep your healthcare marketing plan and your business goals clear and unambiguous. In fact, there’s no room for guesswork when it comes to achieving SMART goals. To boost patient volume by 20% is a good SMART goal - it’s measurable, easy to understand, and specific.

As a far as a healthcare marketing plan is concerned, SMART goals can be overall business goals (that touch on the big picture), marketing goals (which can be chunk down into social media, content, email , inbound, etc.) and sales goals (to help bring more leads into your sales funnel).

5. Make sure you've defined your business subject matter experts

Banner explaining the benefits of establishing subject matter experts within your company

SMEs is an acronym for Subject Matter Experts. These are experts who will help facilitate your marketing campaigns.

They are your go-to specialists when you need their assistance for your marketing initiatives. For instance, if you are looking to boost volumes of your cardiac patients, you’ll want to have a well-known and respected cardiologist on the speed dial.

Making a list of in-network doctors, physicians, and other key experts in your practice will help you with PR, branding, and advancing your healthcare marketing strategies. That’s why you need to be specific and know exactly who to approach when you want to talk to the media about something happening in your practice.

6. Create specific buyer personas for your marketing campaigns

Infographic: The benefits of creating buyer personas for your healthcare business

Having a clear understanding of your buyer personas can make a huge difference in your marketing strategy. As such, you need to state and clearly define these buyer personas in your healthcare marketing plan. Start off by conducting top-down market and competitor research so you can gain insights into your typical customer (patient).

In simple terms, you cannot effectively market your company's services unless you know exactly who you need to communicate with. 

Your market research should involve taking a closer look at your existing patients, as well as review market trends and check out channels where your customers are finding you on.

Go the extra mile to better understand your customer’s wants, dislike, interests, and whatnot. Ultimately, use these insights and key data points to create well-defined and non-vague buyer personas which will inform your marketing campaigns.

7. Do a gap analysis to make sure you're on the right track

Banner explaining the benefits of a gap analysis

Gap analysis helps you identify where you are, where you want to be, and what you need to do to get there. In other words, this analysis examines your current marketing strategies and assesses what you may need to do to accomplish your target outcomes. Which of your marketing approaches seem to work and which doesn’t contribute to your bottom line?

At this point, you might want to take a peek at what your competitors are doing, and how you can beat them. Your gap analysis will help inform your healthcare marketing strategy and identify areas of improvement and opportunity.

There you have it folks - 7 key elements to incorporate into your healthcare marketing plan. Depending on your business, you might also want to include marketing systems, budgets, further competition analysis, and current marketing summary, as well as lead identification and sales process overview.

Do you need help figuring out your healthcare marketing plan in 2022? Digital Authority Partners works with some of the best names in the industry to create content and marketing campaigns that convert patients and improve the overall ROI on your marketing investment.

For a limited time, Digital Authority Partners is offering a FREE content & SEO audit to healthcare companies interested in assessing their current brand in order to build a robust content marketing plan for 2022. Interested? Drop us a note at [email protected]  or call us at 312-820-9893 for details.

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Health Club Business Plan

Start your own health club business plan

Corporate Fitness

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Corporate Fitness will serve Seattle-area businesses, helping them to become more productive, while lowering their overall costs.

Our business is based on two simple facts:

At Corporate Fitness, we tie worker productivity directly to the health care issue. We believe that traditional approaches to the current health care crisis are misdirected. These traditional efforts are what we call reactive–that is, they wait until after the worker has been stricken with illness or injury, and then pay for the necessary treatments. Our approach, which emphasizes prevention and good health promotion, is much more proactive.

By helping employees change their behavior patterns and choose more healthy lifestyles, Corporate Fitness will lower companies’ health care expenditures, while raising worker productivity. Health care expenditures will decrease due to reduced medical insurance premiums, reduced absenteeism, reduced turnover rates, reduced worker’s compensation claims, reduced tardiness, shorter hospital stays, etc.

The state of America’s health care crisis, coupled with current demographic changes, threaten to not only exacerbate the crisis, but further erode worker productivity as well. These environmental factors coupled with the local competitive situation signal a favorable opportunity in this market. We feel the time is right for Corporate Fitness.

Health club business plan, executive summary chart image

1.1 Objectives

1.2 Keys to Success

Corporate Fitness’ keys to success are:

1.3 Mission

Corporate Fitness is a health service that helps businesses and individual workers attain one of the greatest gifts of all–that of good health. Personal gains, such as improved self-esteem and self-motivation, combined with measurable benefits will create tremendous advantages for both the employer and the employee.

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Budgeting For A High-Deductible Health Plan

A person’s health should be their number one priority. When you aren’t in good health, it can negatively impact your quality of life, keeping you from pursuing relationships, careers, and passions. So, having access to the proper resources and support for your health is critical. 

Health insurance is on this list. One of the most significant decisions people make regarding health insurance is whether to purchase a low-deductible health plan (LDHP) or a high-deductible health plan (HDHP). This article will explore the latter.

Keep reading for a comprehensive guide on an HDHP and how to best budget for it. 

What is a High-deductible Health Plan?

An HDHP is a health insurance plan with a high deductible. A deductible is an amount an individual must spend on healthcare expenses before their insurance starts covering costs. Once you reach your deductible, you’ll only have to pay a portion of healthcare costs rather than 100%. 

For 2023, HDHPs include all plans with deductibles that are at least: 

It’s important to note that an HDHP comes with an out-of-pocket maximum as well. This is the maximum amount of out-of-pocket expenses a person pays before their insurance covers 100% of healthcare costs. $7,500 for an individual and $15,000 for a family are the maximum amounts in 2023.

The Pros of an HDHP

The biggest draw for HDHPs is the low premium. Because a person pays more out of pocket upfront, the premiums for HDHPs tend to be much lower than LDHPs. 

In addition, in-network preventative care services are typically 100% covered with these plans. So, if an individual is relatively healthy and doesn’t think they’ll go through any major surgeries or illnesses soon, they won’t have to spend much on healthcare expenses. 

Moreover, one can open a Health Savings Account (HSA) with their HDHP. They can use what they contribute to this account for the medical expenses they endure before they meet their deductible. Many employers match their employees’ contributions to their HSAs, and you might qualify for HSA tax deductions. 

The Cons of an HDHP

The most significant drawback of an HDHP is the high deductible. As mentioned above, you must pay 100% of your healthcare expenses before reaching the deductible. 

So, the higher that number is, the more money you’ll spend and the longer it takes to get relief from your insurance. All it takes is one emergency or unexpected illness that results in the need for long-term care for your finances to be severely affected. 

In addition, when a person knows they’ll be on the hook for their medical expenses for quite a while, it can make them want to avoid going to the doctor altogether. 

Who Is an HDHP for?

An HDHP is for individuals who:

Remember, the low premium comes with a cost. So, you must budget well into the future to ensure this is the right decision for your unique situation. 

Making the Best Choice

Your best health insurance plan depends on your unique needs and financial capacity. You must take time to determine if you can afford medical expenses out of pocket until your insurance kicks in. 

what is included in a healthcare business plan

You must also consider your current state of health. For example, a person living with a chronic illness will need a lot more care than someone who doesn’t. An LDHP is probably a better option, considering their insurance won’t take as long to kick in. 

Anyone considering an HDHP must take a good look at their financial ability and the state of their health before making a final decision. 

14 Tips for Budgeting for an HDHP

People who decide on an HDHP definitely need to budget for it. Individuals must ensure they can afford their premiums every month. They must also put away money for medical expenses they have to cover before they reach their deductibles and out-of-pocket maximums. 

Here are 14 tips for ensuring healthcare expenses don’t overwhelm you if you choose to go with an HDHP. 

Live a Healthy Lifestyle 

what is included in a healthcare business plan

HDHPs are great options for people who are generally healthy. This is because when a person is healthy, their risk for long-term health issues and debilitating injuries is much less. They also don’t have to visit doctors and specialists as much. 

That means fewer medical expenses, making an HDHP a financially-wise decision. So, if you’re going with an HDHP, make healthy living a priority . Eat mindfully. Stay hydrated. Make time to move your body. And take breaks to relax and reset. Mitigating any potentially serious and costly conditions starts with taking care of yourself.

Prioritize Preventative Care 

A huge part of living more healthily is prioritizing preventative care. Preventative care reduces one’s risk for diseases, disabilities, and death. In addition, like healthy living, preventive care lessens the need for frequent doctor visits.

Furthermore, in-network preventative care is 100% covered in most HDHPs. Not taking advantage of these services is like leaving money on the table. Schedule and attend annual doctor, dentist, and vision appointments. Get general mental health screenings as well. 

Understand Family Health History 

Many of the health issues a person goes through are in part due to genetics. If it runs in their family line, they’re at risk of getting the illness, as well. Understanding your health history can help you prepare in significant ways. 

For one, you can make a more informed decision on the kind of healthcare you’ll need in the future, which helps you make a better choice about buying an HDHP. Individuals can also research the costs associated with treatments for a chronic illness or health issue they’re at risk of experiencing. 

People should take the time to learn about their family health histories. Immediate and extended family is a great place to start. Supplement what’s learned through them with an ancestry DNA test if you want to discover even more. 

Learn What’s Included for Free in Your Plan 

To truly budget effectively for an HDHP, you must know the ins and outs of the financial obligations associated with your respective plan. This starts with understanding what services are included for free.

Most preventative care services, like shots, screenings, well-child visits, and annual check-ups, are entirely covered by an HDHP. Depending on your plan and who it’s with, you may have access to more services free of charge. 

Note what services you can use for free under your HDHP. Then, they should move on to what you’ll have to pay for out of pocket. 

Learn What Isn’t Covered

More important than what’s free in an HDHP is what isn’t. That’s what individuals with these plans must budget for. When you understand what you’ll have to pay for ahead of time, you can start saving for these services early on. 

For example, besides counseling, most mental health services aren’t free. Therefore, if you anticipate needing ongoing care from a psychiatrist, psychologist, psychotherapist, therapist, or counselor, you must understand each professional’s rate and the services they provide. 

This will help you choose the right mental health professional for your budget and needs. 

Individuals should familiarize themselves with the services not covered under their HDHPs. It is also a good idea to note the ones you think you’ll use while under this plan so that you can start saving for them as soon as possible. 

Learn the Costs Associated With Common Services and Surgeries 

Even if an individual with an HDHP doesn’t think they’ll need services other than preventative care, it’s still good to know the costs associated with common services and surgeries. 

You can’t always accurately predict what can happen in the future. So, at least having an idea of the health issues people go through and their respective financial impacts will lessen the blow should you unexpectedly experience them. You can also see how those services and surgeries are covered under your specific HDHP. 

Create a Budget 

A Millennial Working on their budget spreadsheet

Budgeting for an HDHP requires a solid personal budget. Individuals must create a household budget that factors in healthcare expenses to prepare for life with an HDHP properly. 

The first step in creating a budget is documenting income and expenses. How much do you bring in each month? List each source of income and how much it brings in. 

After that, write down expenses. Document fixed costs like rent, car payments, and insurance. Write down variable expenses like gas, groceries, and entertainment. 

Subtract expenses from monthly income, and the result is discretionary income. This is what you have leftover after you pay all of your bills. Allocate some of this money to healthcare expenses. A portion can go to an HSA, and the rest can go to a separate account for medical costs, if necessary.

Stick to It 

People create budgets all of the time. However, sticking with them is where the real challenge lies. Consistently contributing money to an HSA and/or putting money aside for emergency medical costs is the only way to stay on top of budgeting for an HDHP.  

Whatever you must do to stick within your budget, you need to do it. Find an accountability partner. Become more frugal. Audit accounts every week. Make mindset improvements. Do anything to ensure your budget isn’t just another drawing on the fridge. 

Put Away Money for the Unexpected 

Healthcare should be intentionally built into your budget. But, even as you save for specific medical expenses, you should also put away money for the unexpected. 

Healthcare emergencies happen all the time. What an individual has in their HSAs may not be enough to cover everything — especially not everything in the long-term at that. Having an additional emergency fund to tap into can relieve stress and make things much more comfortable. 

Be sure to put away emergency money every month on top of everything else. 

Pair an HDHP With an HSA

Always pair an HDHP with an HSA. This is especially important because relief from one’s insurance doesn’t kick in until they’ve reached their deductible with an HDHP. Individuals can be on the hook for 100% of their medical expenses for quite some time if they don’t need healthcare often. 

That’s where an HSA can help. The money in an HSA can be used to cover qualified medical expenses. So, instead of using money from your personal account, you can rely on the funds in your HSA to pay for expenses until you hit your deductible. 

Or, you can use your HSA to save for healthcare expenses you’ll incur during retirement. Contribute monthly money to an HSA to build up a nice safety net for medical expenses. 

Track Medical Expenses 

Medical expenses can add up quickly with an HDHP. So fast, in fact, that you’re buried under them before you know it. Individuals with an HDHP must track their medical expenses down to the penny. 

Doing so will give you a better understanding of what healthcare costs you incur regularly. It’ll also provide you with insight into where you can cut back and save money. 

For example, let’s say an individual has been going to an out-of-network therapist for the last six months. They’re likely paying significantly more per hour for that therapist than they would with an in-network one. 

After adding up the cost over the last six months, it may prompt this person to look into getting a therapist in their HDHP’s network. Yes, they’ve developed a relationship with their therapist. However, if it isn’t making sense financially, it’s best to explore other options that do. 

Stay on top of all medical expenses. Organize them in a digital or physical database and audit them regularly. 

Be Strategic When Scheduling Services 

People with HDHPs need to be strategic when scheduling services and procedures. Of course, some procedures may not warrant the luxury of scheduling them when they’re financially feasible. 

But if it’s possible, do it. For example, people who want elective surgery, like treatment for varicose veins , would benefit from waiting to schedule it until they’ve hit their deductibles. That way, insurance will pay more, and less will come out of their pocket. 

You should do your best to schedule expensive procedures and services after you’ve hit your deductibles for your HDHP. 

Stay in Your Network 

The importance of staying in one’s network was mentioned briefly above. In-network procedures and providers will cost significantly less than those out-of-network. It’d be wonderful to get affordable care wherever by whomever you choose. But, the U.S. healthcare system just isn’t there yet. 

So, you can adhere to your budget much easier when you stay within your network. You should ensure your choice of primary care physician (PCP) and any specialists you work with are in-network before getting any care from them. 

Take a look at how much services with these individuals cost to ensure the fees can be covered until deductibles are reached. 

Get Comfortable With Comparison Shopping 

Comparison shopping should be a person with an HDHP’s best friend. You should always look for ways to save on healthcare expenses, especially in the early days of your plan. 

Shop around for the best prices on prescriptions. Look for the most affordable in-network doctors and specialists. And always compare costs associated with procedures and surgeries before pursuing them. 

An HDHP isn’t for everyone. Anyone interested in purchasing one should thoroughly research what it is and its financial obligations. You should also factor in your healthcare needs. Then, use the tips above to budget for an HDHP and ensure medical expenses aren’t overwhelming. 

What qualifies as an HDHP?

A: Any plan with a $1,500 or more deductible for an individual and $3,000 or more for a family. 

Is it worth it to have an HDHP?

A: It depends. HDHPs have lower monthly premiums. But, you have to pay more out of pocket for healthcare. 

Who benefits the most from HDHPs?

A: Younger and/or healthy individuals who don’t expect any serious illnesses or injuries in the future or anticipate the need for lots of medical care. 

Do HDHPs have copays?

A: No. Instead of copays, you pay all costs associated with your healthcare until you hit your deductible. Then, insurance covers part of your expenses until you reach your out-of-pocket maximum, and your insurance covers 100% of your costs. 

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Tesla stock down as investor day falls short on specifics

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Tesla shares down 7% after Investor Day despite positive analyst sentiment

Electric vehicle maker Tesla hosted a 2023 investor day presentation in Austin, Texas, on Wednesday. CEO Elon Musk took the stage to share his "Master Plan 3," and to discuss how Tesla plans to scale up in the face of increasing competition.

The presentation was long on vision, and included a review of prior achievements, but short on specifics about any new Tesla products or services.

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Near the beginning of the presentation, Musk said: "There is a clear path to a sustainable-energy Earth. It doesn't require destroying natural habitats. It doesn't require us to be austere and stop using electricity and be in the cold or anything." He added, "In fact, you could support a civilization much bigger than Earth, much more than the 8 billion humans could actually be supported sustainably on Earth."

Musk was initially joined on stage by Drew Baglino, senior vice president of powertrain and energy engineering at Tesla. They discussed a future in which the company would play a role in "re-powering the grid with renewable fuels" as they ramp up battery production, both for Tesla's electric vehicles and for the company's utility-scale energy storage systems.

Tesla's goal is to produce 20 million electric vehicles per year by 2030, executives reiterated. The company reported full-year deliveries of around 1.31 million vehicles in 2022.

Tesla shares dip more than 5% after hours as Investor Day falls short on specifics

During a question-and-answer session following the three-hour presentation, executives fielded a question about how Tesla could grow its market share in China.

Elon Musk passed the question to Tom Zhu, who is heading up global production and has run the China and APAC businesses for Tesla for years. "As long as you offer a product with value at affordable price you don't have to worry about demand," Zhu said. "We try everything to cut costs," he added, "and pass down that value to our customers."

Musk then added, "Demand is a function of affordability not desire." He said, "Even small changes in the price have a big effect on demand."

Zhu also announced that as of Wednesday, Tesla had produced 4 million cars in total.

"It took us 12 years to build the first million, and about 18 months to the second million. The third million, 11 months. Then less than seven months to build the 4 millionth," Zhu said, touting the company's improving operational efficiency.

He said Tesla plans to construct new car and battery cell factories, and also to produce more cars per year at its existing factories.

Tesla charging leader Rebecca Tinucci said that in 2022 the company provided 9 terawatt hours across charging methods, including home charging including 40,000 Superchargers. (By way of comparison, the entire U.S. consumes about 4,000 terawatt hours of electricity per year.) Tinucci also noted that about half of the company's Superchargers in the EU are open to other vehicles, and that the company just opened 10 Superchargers in the U.S. to non-Teslas.

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Tesla design leader Franz von Holzhausen and the company's vice president of vehicle engineering, Lars Moravy, took the stage to show off a number of planned manufacturing changes meant to improve the efficiency of Tesla vehicle production. But von Holzhausen said that Tesla would not yet reveal its "next gen" vehicle.

The company's powertrain vice president, Colin Campbell, said that Tesla's next powertrain factory will be 50% smaller than the one in Austin but will have the same capacity. He also said the company is working on a new kind of drive unit that is compatible with any battery cell type, and a motor that will be built without any rare earth metals.

Ahead of the 2023 investor day, at a news conference on Tuesday, Mexico's president, Andres Manuel Lopez Obrador, said Tesla had agreed to build a large factory in Monterrey, Mexico . He said the company agreed to use recycled water and take other initiatives to cope with water scarcity in the region.

Musk confirmed the factory plans on Wednesday, and said production there would supplement, rather than replace, any manufacturing at other Tesla facilities.

Tesla shares have rebounded from declines during 2022, and are up more than 60% for the year so far. However, the stock dropped 1.43% on Wednesday before the event, and 5% after-hours.

Mizuho Securities analysts maintained a buy rating on shares of Tesla ahead of investor day, seeing the company in a leadership position in a growing market for fully electric vehicles. They wrote in a note earlier this week, "Near-term, we see continued strength in TSLA's market share, but see cheaper competitor EVs coming to market as potentially dilutive to TSLA's share of the US EV market."

Currently, the lowest-priced Tesla available is the Model 3 sedan, which starts at a price point of around $43,000, they wrote. Seven models from other automakers are currently priced below that, Mizhuo noted.

Musk's ambitious "Master Plan, Part Deux " was published in 2016, and has not been completely fulfilled. It included four main objectives:

— CNBC's Michael Bloom contributed to this report.

comscore

Treatment, housing are focus of mayor's expanded mental health plan

Eric Adams announces second phase of mental health plan

Adams announces the second phase of his plan on March 2.

Mayor Eric Adams on Thursday announced the second phase of his plan to address mental health and substance use in New York. One of its goals is expanding treatment opportunities, housing and community-support programs for New Yorkers with serious mental illness.

The phase builds upon the plan Adams announced at the end of last year —which included a directive reminding police, emergency responders and outreach workers that they are authorized to involuntarily transport to hospitals New Yorkers who appear to have mental illnesses that make them unable to meet their basic needs.

That plan, which focused on people who have refused voluntary treatment but are judged to present a danger to themselves, has garnered  widespread criticism .

what is included in a healthcare business plan

By contrast, the second phase of the mayor’s initiative focuses on reaching people before they are in crisis, aiming to decrease the use of police services in such cases.

“We must address the whole person, the whole system. We saw how the injustices of the past were magnifying the impacts of Covid-19,” the mayor said during his announcement. “We realized that this mental health crisis started long before the pandemic, and we will have to change the way we approach mental health as a city and a community.”

The part of the plan dedicated to serious mental illness has four goals, Adams said: improving access to specialty care and primary care; expanding stable housing options ; expanding city infrastructure for rehabilitative support, education and employment for New Yorkers with serious illness; and building acute care and community supports for those who need intensive care.

According to the mayor’s office, about 250,000 New Yorkers are living with serious mental illness and more than 40% of them are unable to get treatment . The city said it will create a single-access system for getting services, including expedited referrals to care and increased integration among mental health care, housing and support services.

As the city integrates those services, it will expand their reach, it said. Mobile treatment capacity will grow to serve more than 800 people during the next year, the city said, through intensive mobile treatment and assertive community treatment services. The city said it also will work to improve the accessibility of the assisted outpatient treatment program by collecting participant feedback. Two peers will be added to every mobile crisis team in an attempt to divert unnecessary hospitalizations, the city said. The city’s Behavioral Health Emergency Assistance Response Division, which currently routes teams of paramedics and mental health professionals to mental health 911 calls instead of the Police Department, will expand citywide, the mayor announced Thursday. B-HEARD currently operates in Harlem, Washington Heights, Inwood and the South Bronx.

When asked about the city’s plan to ensure B-HEARD teams respond to a  greater percentage  of calls as the program scales up, the city’s health commissioner, Dr. Ashwin Vasan, said the teams’ responses are dependent on how 911 dispatchers route calls. The city is working to give 911 operators support and training to accomplish the “culture shift,” the mayor said.

Meanwhile, on the inpatient side, New York City Health + Hospitals, which already operates 55% of the city’s inpatient mental health beds, will expand its bed capacity, Adams announced. The city will extend referral pathways to intensive and supportive crisis residences and stabilization services, he said.

The mayor’s office reported that in 2020, about 13,000 New Yorkers with serious mental illness were homeless . The city said it plans to make stable housing more available, affordable and accessible. It said the Department of Homeless Services’ enhanced aftercare program will integrate mental health supports so people with serious mental illness can better maintain stable housing after leaving a shelter. The city said it will coordinate with the state to develop specialty inpatient hospital units for people with serious mental illness who are experiencing homelessness.

Adams added that the city will work with the state to increase the number of transitional housing units available to people with serious mental illness, especially people leaving hospitals, jails and prisons. He said the city will open 8,000 new units of permanent supportive housing.

Adams’ plan focuses on building out social support for people with serious mental illness to decrease isolation and thereby decrease the chances of mental health crises.

That will happen through increasing capacity in the city’s clubhouses, facilities where people with serious mental illness can get treatment, peer support and access to Medicaid support, job help, housing connections and other services.

The goal of decreasing isolation and increasing support networks extends to people with serious mental illness who are re-entering city life. Nearly 10% of men and 20% of women entering local jails have a history of serious mental illness, the city reports, and could be better served by community mental health treatment. The city said it will expand peer-driven connections to primary, mental health care and re-entry services to ease the transition back into community living.

Underlying all the plans, according to the mayor’s office, is one goal: addressing racial inequities within care for New Yorkers who have serious mental illness.

According to studies, Black and Hispanic participants in one state early psychosis program had worse employment and education outcomes after participation than white participants, and Black people are more likely to experience hospital readmission for mental health or substance use services within a year.

Expanding provider education, training and accountability are also priorities for the city, the mayor’s office said.

When asked Thursday about funding for several of the programs at a news conference, the mayor and other officials did not give exact numbers. But the mayor did say he will announce more mental health plan phases in the future.

“This plan is the next step in a long journey to center mental health and human well-being at the core of our city,” Adams said. “Addressing mental health [will] allow us to build a better city from the ground up, with more opportunity, housing and education; provide a new focus on equity and justice; and create a more responsive and integrated mental health system that addresses New Yorkers’ needs across the spectrum.”

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