Notes

Ellison Kim
L4
G4-E01

A business plan is a written description of business's future, a document that tells what you plan to do and how you plan to do it. A business plan is an essential roadmap for business success.
A business plan conveys your business goals, the strategies you'll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and the amount of capital required to finance your venture and keep it going.

HOW I MAKE MY BUSINESS PLAN

a. Keep It Simple
For whatever reason, the trend in business plans these days is to go back to the fundamentals, with good projections and solid analysis. An "easy to read quickly" format is more important than ever. If I want people to read the business plan I develop -and most people do- then I will keep it simple.

b. Primary Part
1. Business concept
where I discuss the industry, my business structure, my particular product or service, and how I plan to make my business a success.
2. Marketplace
in which I describe and analyze potential customers: who and where they are, what makes them buy and so on. Here, I also describe the competition and how I'll position myself to beat it.
3. Financial
Contains my income and cash flow statement, balance sheet and other financial ratios, such as break-even analyses.

c. Component Keys
1. Executive summary
2. Business description
3. Market strategies
4. Competitive analysis
5. Design and development plan
6. Operations and management plan
7. Financial factor

MY BUSINESS PLAN - GENERAL MEDICAL CENTER ABHAYA CLINIC
by : dr. Ellison
p.s : This is my business plan's outline. Sentence with capitals are the component keys.

EXECUTIVE SUMMARY
As part of its ongoing efforts to improve access to health care in rural areas, General Medical Center is subsidizing the start-up and first year of operations of a new family medicine practice, Abhaya Clinic. The business will be owned and managed by Dr. Ellison Kim, MD as a sole proprietorship. He will be responsible for ensuring the general health of his patients and creating a viable and profitable business medical practice. Throughout the first year, Dr. Kim will work closely with advisers from General Medical to get the clinic on a sound financial and operational footing, using this medical clinic business plan as a guiding management tool.

Dr. Kim will focus on diagnosing and treating conditions of all ages while emphasizing preventative medicine and the overall health and wellness of his patients. The clinic will utilize new equipment and a trained staff that will be able to optimize the care of each patient. He understands that there are many factors that can affect health, including exercise, diet, environment and heredity. Abhaya Clinic will try to provide the most comprehensive medical care possible in order to optimize the care and well-being of each patient.

Dr. Kim will also carry out minor procedures in his office, but only after both risks and benefits have been explained and understood and written consent has been obtained from the patient. Dr. Kim will refer patients, when appropriate, to specialists and/or to hospitals for tests, further treatment and therapy.

Dr. Kim will be assisted by two employees: a medical assistant and a receptionist. Ongoing training and support for these employees will be provided by General Medical Center throughout the first year.

The marketing strategy involves a combination of print media advertising, website development, networking, and promotional events, all aimed at residents living within 35 miles of the clinic. With only five other family practitioners in town, we project a gradually increasing patient load over the first several years, as we find out place in the community.

At first, the clinic will be dependent upon the support received from General Medical Center. They will also cover Dr. Kim's salary and payroll taxes for the first year of operations. As patient volume increases, we will begin supporting our expenses from revenues. At the end of the first year, the subsidies will cease, and Dr. Kim's compensation will become one of the clinic's expenses. We expect to incur operating losses in the first three years, but have planned for a strong cash balance to keep the business running. We will begin making a small profit in the fourth year.

Dr. Kim will use all his experience and knowledge to create a successful and profitable practice. He will leverage the years he spent in solo practice elsewhere to help model his new business. His past experience in conjunction with his progressive and diversified approach to each patient will allow him to rapidly grow a large and devoted patient base.

OBJECTIVES
The objectives for the first years of operation include:

- To create a medical practice that will exceed patients' expectations
- To provide high-quality health care to residents of the area
- To create a medical practice that helps serve the community's needs
- To form a health care practice that is able to survive off its own cash flow in 10 months or less
- To increase the number of patients by 20% per year through superior performance and word-of-mouth referrals
- To develop a comprehensive website that includes online booking capability, as well as additional information about the practice, hours, demographic information, health information and much more
- Collections of 95% or more and missed appointments under 5%
- Average visits per month of 300 to 350 patients within the first 10 months and 400+ patients by the beginning of the second year

MISSION
The mission of Abhaya Clinic is to promote the health and well-being of the local population by providing accessible, high-quality medical care for people of all ages. Abhaya Clinic is committed to providing services that will exceed the expectations of our patients, resulting in a successful and profitable business.

KEYS TO SUCCESS
a. Patients
- Focus on patient care
- Educate patients on the importance of preventative care
- Educate patients as to the importance of yearly check-ups
- Implement an aggressive and accurate recall system in which to remind patients to have regular check ups

b. Staff and Office Organization
- Recognize that the office staff is as crucial, if not more crucial, than the physician(s) in the success of the business
- Create incentives by allowing the office staff to benefit from increased profits generated by the office
- Create a streamlined office system to minimize patients' waiting time

c. Finances
- Keep a low overhead
- Optimize the number of patients we can see in a hour while providing quality medical care
- Use the latest in electronic billing and/or utilize an outside billing company
- Use this medical clinic business plan to review and guide management decisions

d. Marketing and Sales
- Aggressively market and create a presence in the community by giving high school talks, ER calls, hospital talks and doing volunteer work, business society meetings, and much more
- Network to obtain referrals from other professionals, such ER doctors, Specialists, Hospital Admissions
- Have an office front on a busy street with accessible parking
- Locate in an area with a high patient-to-doctor ratio
- Locate in close proximity to the Medical Surgery Center with easy access to specialty care

COMPANY SUMMARY
Abhaya Clinic will offer general and preventative health care for all ages in this area and the surrounding communities. The clinic will utilize a trained staff, new equipment, sound medical training, a referral system and nearby hospital facilities in order to maximize the care for each patient.
The start-up requirements include purchase of a building for use by the clinic. The building was built in 1931 and has undergone a complete remodeling. The total office space will be approximately 1,158 sq. feet and the lot size is 115.5' x 66'. There is also a storage shed which is 10 x 12 ft. The office is located just off the main street and the office has blacktop parking for eight cars plus a generous carport, as well as a wide driveway entrance for patient convenience.

COMPANY OWNERSHIP
Abhaya Clinic will be created as a sole proprietorship owned and operated by Dr. Ellison Kim, MD.

START-UP SUMMARY
It is estimated that start-up expenses will near $23,000. This amount of money will be used to purchase office equipment, medical supplies, furniture, stationary, and other start-up expenses. We will also need approximately $10,000 for cash on hand at start-up. Expenses and initial cash requirements will be funded by General Medical Center.

Our long-term assets of $225,000 represent the purchase price of the building described above. Dr. Kim will finance this purchase with a 15-year loan, guaranteed by his personal assets.

SERVICES
In general, Abhaya Clinic will provide general care for all ages, as well as providing multiple procedures to create a complete health care solution. Abhaya Clinic Practice will provide procedures including but not limited to mole removals, biopsies, and trigger point injections, and much more. We will also incorporate multiple modalities, such as cryotherapy, hyfrecator, shaving, and excisional removal of lesions and biopsies. The costs will depend upon the materials used, the physician's time and the amount designated for each procedure.

Abhaya Clinic philosophy is that optimal health and performance can be attained through the proper balance of exercise, nutrition, and education. Our goal is to educate our patients as well as treat them. Therefore, our services will also provide group classes and teaching sessions for our patients. Subjects could include nutrition, diabetes, hypertension, and much more.

Abhaya Clinic will focus on each individual case. After each procedure and where appropriate, each patient will be offered education in rehabilitation, nutrition and exercise as it relates to each particular case. Our goal is to create the most well-rounded experience for each patient in order to optimize their health.

Abhaya Clinic will maintain privacy according to HIPAA rules. All patients will be welcome, including the ones with no insurance. No one will be turned down for medical care. Our clinic will hold no prejudice to race, creed, color or socioeconomic status. Everyone will be welcome for great medical care at Abhaya Clinic.

Abhaya Clinic will provide the following services, among others:

a. Gynecology
- PAP Tests
- Annual Well Women Exam
- Family Planning
- Acute Gyn Problems

b. Pediatrics
- Newborn Care
- Infant Care
- Annual Physicals
- Routine Services
- Possible Immunizations

c. Dermatology
- Removal of minor lesions, skin tags, moles and warts
- Biopsies of suspicious dermatological lesions and/or referral
- Allergy Testing and shots
- Tetanus
- Pneumovax
- Immunizations

d. Minor Surgery
- Laceration Repair
- Lesion Removals
- Hyfrecation for Lesions and Blemishes
- Adult Medicine

e. Preventative and Routine Services
- Diabetic Teaching
- Nutritional/ Dietician Services
- Exercise and Obesity Counseling

f. Cardiology:
- EKGs (Electrocardiogram)
- Possible Stress Testing (Future Service)

INFORMATION MANAGEMENT AND TECHNOLOGY

HARDWARE

BILLING

EMR (Electronic Medical Records)

MARKET ANALYSIS SUMMARY

MARKET SEGMENTATION

TARGET MARKET SEGMENT STRATEGY

SERVICE BUSINESS ANALYSIS

COMPETITION AND BUYING PATTERNS

STRATEGY AND IMPELENTATION SUMMARY

COMPETITIVE EDGE

MARKETING STRATEGY

MARKETING MATERIALS

PROMOTIONAL EVENTS

NETWORKING

ACCESIBILITY

MARKETING EXPENSES

SALES STRATEGY

SALES FORECAST

MILESTONES

WEB PLAN SUMMARY

WEBSITE MARKETING STRATEGY

DEVELOPMENT REQUIREMENTS

MANAGEMENT SUMMARY

PERSONNEL PLAN

FINANCIAL PLAN

START-UP FUNDING

BREAK-EVEN ANALYSIS

PROJECTED PROFIT AND LOSS

PROJECTED CASH FLOW

PROJECTED BALANCE SHEET

BUSINESS RATIOS