Pediatric Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Pediatric Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Pediatric Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
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Children’s healthcare is extremely important, and as such pediatricians are able to render a service that is in constant demand among families. Most pediatrician practices do not require a large amount of startup capital given the fact that there is usually not a tremendous amount of medical equipment is typically purchased in conjunction with these practices. Generally, the startup costs associated with the new pediatrician practice ranges anywhere from $75,000 to $150,000 depending on the location, initial staffing requirements, and how long it will take before invoices are processed from publicly funded health insurance systems as well as private insurance companies.
If the business is going to have a number of staff pediatricians right away, and the startup cost may be higher in order to accommodate for the high personnel expense at the onset of operations. It should be immediately noted that pediatrician practices have very high barriers to entry given that the owner is typically a medical doctor who is also completed a residency in pediatrics. As such, in any market there are only a handful of pediatricians that render services to the general public. In fact, most pediatricians view other practitioners as colleagues rather than competitors. The gross margins generated from pediatric medical services typically is around 85% depending on what is considered part of the cost of goods sold.
All banks and loan lenders love to place money would pediatric practices given their highly secure economic nature. Of course, a pediatric practice business plan is going to be required in the should feature a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. As it pertains to industry research, there are approximately one million physicians the United States and each year these individuals generate gross revenues in excess of $500 billion. There are approximately 60,000 practicing pediatricians in the country. Within the business plan, a full demographic analysis needs to be included as well so that the pediatrician understands the size of the market. This includes taking a look at population statistics pertaining to population size, population density, percentage of people that are under the age of 18, percentage of people that have Medicare or Medicaid, and percentage of people that have private insurance. The average size of a family should also be included within the analysis.
A pediatric practice SWOT analysis is typically developed as well. As relates to strengths, pediatricians are always able to generate billable revenues given the fact that children will always get second parents are going to want to have proper medical care for them. The startup costs are low, the barriers to entry are extremely high, and these businesses are always able to remain profitable.
For weaknesses, the personal expenses of the pediatrician’s practice can be somewhat high. This is especially true if the practice maintains a number of physician’s assistants as well as nurse practitioners that provide services to patients as well. As such, a substantial amount of cash needs to be held on hand in order to cover these personnel expenses while invoices are being processed.
For opportunities, many pediatrician practices expand by hiring associates including additional physicians, physician assistants, nurse practitioners that are able to render health care to their patients. One of the other way that these businesses can grow is by establishing additional offices while hiring additional staff as well.
For threats, as this is a healthcare focused business changes in the political and economic climate can have an impact on the ways that these businesses receive reimbursement from private insurance companies as well as publicly funded health systems. However, there is really nothing major that is anticipated to change over the next five years as it relates to the direct healthcare industry.
A pediatrician practice marketing plan is typically developed as well in order to secure initial patient at the onset of operations. Foremost, most pediatricians do have extensive networks of other physicians that can provide them with referrals. Many pediatricians will also market their services at local little league’s, among school counselors and teachers, and among private deacons operate within the target market. This can assist the driving traffic to the location at the onset of operations and will ensure that the business begins generating revenue quickly. Some pediatricians will also work at hospitals that will have referred their patients to the pediatric practice shortly after operations commence. Most pediatricians do have admitting privileges at an area hospital or hospitals. The ongoing marketing required by pediatric practice is somewhat limited given the fact that this is a specialized business that is always in demand among families within the area.
As long as people continue to have children, pediatricians are going to be in demand. The very substantial educational requirements coupled with the acquisition of a proper medical license allows these businesses to operate with minimal competition in most markets. Although this is a medical practice that does not typically produce the highest salaries for physicians, many people get into pediatrics because of their love and of children as well as the lifestyle that is associated with the pediatric practice. These businesses are going to continue to grow as the economy expands and as population grows as well.