Medical Practice Business Plan Template [Updated 2024]

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V. Competitive Analysis

You can download our Medical Practice Business Plan Template (including a full, customizable financial model) to your computer here.

Direct & Indirect Competitors

The following businesses are located within a 5-mile radius of [Company Name], thus providing either direct or indirect competition for customers:

City Metro Hospital
Founded in 1968, City Metro Hospital is one of the most popular hospitals in [location]. Thousands of residents get all their primary care and emergency care needs taken care of with City Metro. It provides almost every service you can think of and enlists the help of thousands of doctors, nurses, and other expert medical professionals.

Though City Metro Hospital will continue to thrive, it does not foster an environment designed for long-lasting relationships. Since the pandemic, the hospital has been overwhelmed with patients and a staff shortage. This has led to doctors seeing thousands of patients and enormous wait times. [Company Name] will offer a more intimate setting where patients and doctors can create a long-lasting relationship that spans decades.

Quality Doctors
Quality Doctors is a private medical practice that provides highly personalized medical care. Quality Doctors includes a team of dedicated healthcare professionals with dual residency in emergency medicine and internal medicine. The practice offers same-day/next-day appointments, telemedicine, office visits, and home visits. Services offered by Quality Doctors include primary care, urgent care, and virtual visits.

Like City Metro Hospital, Quality Doctors is a large care system that cares for thousands of patients. This means that patients also do not get a close relationship with their doctor, which many crave. Furthermore, Quality Doctors has put much of its money and services toward emergency care in recent years and reduced its primary care services. Patients who want a lasting relationship with a primary care doctor will feel more welcome with [Company Name].

Johnson Community Care
Established in 1949, Johnson Community Care is a private medical practice with multiple locations. Patients all around the state of [state] can receive care at any location near them. Each site provides primary care services, emergency care, pharmacy services, and lab testing. Instead of heading to multiple locations to get all of these services, patients can get all their healthcare needs taken care of in one building.

Though Johnson is a highly successful medical practice, its major downfall is that it only provides services to those with its unique insurance plan. Therefore, anyone who has insurance through another company or plans provided by their employer cannot receive care at Johnson without paying out-of-network prices. [Company Name] will partner with many insurance companies and provide flexible payment plans to help as many patients as possible.

Competitive Advantage

[Company Name] enjoys several advantages over its competitors. These advantages include:

  • Location: [Company Name]’s location is in a high-traffic area that is easily accessible to thousands of residents. It’s visible from the street with many people walking and driving to and from work on a daily basis.
  • Patient-oriented service: [Company Name] will have a staff that prioritizes the needs of the patients and educates them on the proper way to take care of themselves.
  • Management: [Founder’s Name] has a genuine passion to help the community. Because of her previous experience and reputation in the medical community, she is fully equipped to open this practice.
  • Relationships: [Founder’s Name] has developed strong connections with her patients and fellow staff during her career. Many patients have expressed interest in following [Founder’s Name] to her new practice, and some former colleagues have shown interest in working for the clinic. [Founder’s Name] also has relationships with medical equipment suppliers and insurance companies.
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