• Healthcare Business Plan Phase – 3
     Service Overview
    This service describes the new service-the benefits and features that you are providing and to whom.
    It is important to recognize that the benefits may way from customer to customer. Patients may see one value or benefit such as timely clinical intervention, whereas the referral sources may see a different benefit, such as having the patient under supervised care within 3 hours of a call, or medical group may see a different benefit having a competitive value with which to better negotiate contracts.

    • What is the proposed new service/product unique features and benefits?
    • What values does it provide to the key target market?
    • What are the benefits of this new service/product?
    • How is this new service/product against existing services and products offered by others?
    • What are you doing differently?
  • A. Target Market
    • Understand your customers (be they patients, family members, judges, third-party payers, employers, o the government)
    • How is the market segmented? Who in the group is involved in the buying decision?
  • Competitive Analysis
    The competitive analysis is a thorough analysis of both direct and indirect competitors.  It identifies strengths and weaknesses of competitors. Indirect competitors may not provide the same service, but they may be competing for the same dollars.

    • Describe your competition’s service
    • What is/are their point(s) of differentiation?
    • What real value do they deliver to the customer that others do not?
    • What is their marketing/advertising approach?
    • What are the opportunities or threats to your organization?
  •                 Marketing Mix-Promotional Strategy
    • What are the key messages you want to convey in your marketing materials about your organization?
    • How are you positioning your service/organization?
    • What mix of vehicles will you use?
    • What are the objectives?
  •   Marketing Mix-Place
    • Where will the service/product be delivered (location, hours, technology utilized)?
    • What are the costs associated with this manner of distribution?
    • What is the marketing importance/advantage of the location?
    • Does the location/distribution approach provide any competitive advantages?
  • Marketing Mix-Pricing
    • Labor costs of FTEs (full time employees)
    • Overhead costs?
    • Margin costs?
  •                    Other Pricing considerations:
    • Customer perception of value
    • Will there be discounting?
    • What type of pricing strategies will you use?
  • Refer to Chapter9-Price

  • Healthcare Business Marketing Plan – Phase 4
     Service Delivery Plan

    • Outlines the method by which your service will be delivered to clients or customers
    • It is a statement of what resources are needed in terms of both personnel and other assets to be delivered.
      • Outlines the critical points in the clinical service delivery process
    • What to Include
      }  Service delivery methodology: what methods will your organization use to deliver services-this can be an outline
      }  Flow Chart of delivery service, delivery sequence, and timing requirements
      B.  Human Resources
                    1. Organizational Structure/staffing Plan
                                 •Clinical (full time vs. part time)
      •Non-clinical (full time vs. part times
      2.  Compensation

      • Rate
        • Benefits
        • Job descriptions-brief
        • Roles and responsibilities-brief description
      • Healthcare Marketing Business Plan – Phase 5
        The balance sheet shows the financial picture of a business at a given point in time. It is what the organization owns versus what they owe.

        The income statement shows the profit (or revenue-positive position) versus the loss of an organization over time.

        For this phase, utilize Merrill Lynch’s handout on reading financial statements. Refer to the following link: https://e145.stanford.edu/upload/Merrill_Lynch.pdf

        • Using one year of the balance sheet, determine the organization’s liquidity through the current ratio and debt-to-equity ratio. Use the table below and answer the questions.
Left Side Right Side
Current Assets ________ Current Liabilities _________
Fixed Assets _________ Long-Term Liabilities______
Other Assets __________ Shareholder Equity ________
  • What is the current ratio? Do you have enough current assets to meet your current liabilities? Explain. (Refer to page 23. of the Merrill Lynch handout/link)
  • What is their debt-to-equity ratio?
Total liabilities/total shareholder equity =

 

    • Using one year of the income statement, determine the organization’s profitability or fund balance perspective through operating margin and net profit ratio. Use the table below and analyze the both the operating margin and net profit ratio. Refer to page 31. Of the Merrill Lynch handout/link.
Operating Margin = Operating Income/net sales
Net Profit Margin = Net Income/Net sales