Unlike many other medical proposals, the hospice business plan does not require deep research into market conditions or significant allowances for acquiring equipment. A business plan for a hospice center, particularly if you have already identified the site, can be a fairly simple document, you just need to make sure that you cover all the bases that a bank is likely to want addressed. What geographic locations will you service, where will you get your patient referrals, and what equipment will you need to purchase or lease in order to provide care? The end of life process is something we'll all face, but there are unique considerations with a hospice facility – such as enforcing a patient's will, and managing the competing needs of family and loved ones – that can make the service complex. All in all, your plan should cover the following topics in some fashion:
• Define the market need
• Look at competing centers in your area
• Give some data on common performance in the industry
• If you need a loan or line of credit, outline the payback schedule
• Show how quickly you can break even
• Provide bios on the core management team member(s)
You'll also want to give a detailed personnel forecast showing how many nurses and other care professionals the hospice house will need for Year 1, Year 2, and Year 3, making sure to grow this number in step with revenue if you expect to be taking in more people over the years. It is also prudent to export a monthly financial pro forma for the first year you'll be in business after you receive the funding (place this in an appendix). Need more guidance, or want to have someone write a funding-ready document for you? MasterPlans has worked with start-up and existing businesses on business plan development since 2002 and has a wide range of experience in the medical sector. We can deliver you a hospice business plan in record time. Call us at 877-453-2011.
