What’s the recipe for a good concierge medicine business plan? This unique medical approach – wherein a patient pays an annual fee or retainer for a direct care relationship with their primary care physician – is a unique offering in the U.S. medical landscape though it is gaining steam. As of this writing, some 5,000 doctors have some element of concierge medicine in their practice. The business plan should explain this concept and its terms, analyze the relationship (financial and otherwise), and then provide a complete assessment of the local market opportunity. These aspects of the concierge medicine business plan should not be overlooked:
• How many prospective patients are there who would be part of this care model for you?
• What is the competitive landscape like locally?
• How are trends in this industry going to impact direct primary care?
• What is the market need, as you see it?
• How will you market yourself/obtain new patients?
• What sort of risks are involved in this boutique practice approach?
In order to have a shot at funding, the concierge medicine business plan needs a pro forma financial model that shows a minimum of three years of expense and revenue estimates. If you’re shooting for private investment (angel money or VC backing), then a five-year model will be required; this should include a proposition that shows investors their IRR/ROI and up-front share. In either case, you should include an assumptions list, the first year in a 12-month detail (typically in your appendix), and a tidy P&L that indicates the bottom-line profitability year over year. The team at MasterPlans.com has worked on more than 12,000 business plans, including hundreds for medical providers of all types. Call a MasterPlans consultant today for a free consultation: 877-453-2011.
If you are ready to go, or not sure what kind of plan you need, fill out the form below and we'll call you.