By Travis Schneider
Starting a plastic surgery clinic is one of the most rewarding experiences you can have as a plastic surgeon. The excitement of the venture can bring many joys and accomplishments but has some unique challenges that are both nuanced and standard. While just diving in can be tempting, establishing a proper business plan has a myriad of benefits. Planning ensures you are prepared to provide quality patient care as you take on an additional role as a business owner. Your business plan can increase the quality of your service offerings and help you establish your business, regardless of your experience or technical knowledge.
Why is a business plan essential for your plastic surgery practice?
Healthcare is an established industry with regulatory guidelines for care. Although your methods may vary, you will ensure that your reputation as a medical provider is kept intact with integral service offerings that meet or exceed regulator and patient expectations.
A business plan helps you transition from your role as a healthcare provider to a business owner as well, whether you are the sole provider or not. A business plan will establish your vision and goal and outline the steps you will take to get there. This is especially important when looking for partners, staff, and collaborators to invest their time, money, energy, or interest in your business.
Even if you want to be your own sole employee, it will establish your operating protocol to understand your market. If you later decide to hire staff or expand, your business plan will provide both direction and the metrics by which you will measure success.
A step-by-step guide to developing a healthcare business plan
Similar to diagnosing a patient, your business plan needs to be standardized and logical. Although there is no set amount of information to include in a business plan, here are some essential things to consider when crafting yours:
Mission and vision statements
Both the mission and vision statements are essential to define and guide your strategic direction and decision-making. Your mission and vision should align with your ethical and moral principles and go beyond profit, expenses, and expansion. It should manifest the deeper purpose of your business and keep you going through challenges.
Market research
Knowledge is power. Determine the local competitive landscape and the need for your services. Identify similar or complementary service providers and medical professionals, and determine whether you can partner with them or collaborate for referrals.
Consider local demographics and population size and identify your services’ overall market demand and maximum potential growth.
Staffing and equipment
Depending on your clinic’s services, you’ll have various workforce, equipment, and supplies requirements. Determine what services you will offer and what—and who—you will need to offer them. Consider your work schedule and the complexity and availability of the equipment you require for treatment.
After your plan has been laid out, define clear responsibilities for your future staff and determine what roles are necessary for patient care, support, operations, etc.
Budget
Consider your revenue projections and expenses based on the projected demand for your services and your costs. Anticipated fees, estimated patient volume, and the planned number of services are a great starting point. The most significant expenses includes staffing costs, marketing efforts, and maintenance.
Risks and mitigation
All businesses carry risks, and it is not always prudent to eliminate all of them. Anticipate common problems and risks, such as lawsuits, staff injuries, and malpractice. This can be mitigated through insurance and training programs that comply with regulations and establish operational excellence.
Implementation schedule
Develop a timeline for implementing everything, including starting your practice, purchasing equipment, hiring, and opening your office to patient appointments.
Exit strategy
Even at the beginning, think about your exit strategy. Determining how you would handle succession, retirement, transition, and the sale of your practice now can ensure a smooth transition later.
Dynamic plans for a dynamic business
Plans inevitably change, and so will the needs of your business over time. A well-thought-out business plan ensures that you have some organization in the competitive business landscape’s chaos. When considering your business plan, include market demand research, projections, and an exit strategy.
Although your plastic surgery practice may take a completely different direction, starting on the right foot can work wonders toward becoming profitable and establishing your brand reputation from the get-go. PSP
Travis Schneider is co-founder and chief corporate development officer for Tebra, a leader in practice automation solutions for independent healthcare practices. In his role, Schneider oversees M&A and strategic partnerships for the organization.
