Executive Summary
Dade Internal Medicine Physicians (DIMP) Ltd, under the stewardship of a group of eight physicians, provides quality health care for the people at an affordable cost. The business, though one of its goals is profit making focuses on providing convenient, and up to the standards health services for the patients. The guiding principles of the business include professionalism, integrity, and priority of interest awareness among others. The company wishes to spread its operations to offer services to as many people as possible.
DIMP has been provided an opportunity to grow and expand their operations to a new location by Dr. Jones. This is a profitable venture considering that with the current state of the medical center, it has managed to attract around 5000 patients. With the technological improvements coupled with a large capital base as with DIMP Ltd, it will be able to increase on the number of patients and the profit of the business. This is because DIMP Ltd will provide more quality and efficient services that will attract more patients, and since it is already recognized people will go for it. The current Medicare population is expected to increase, and this provides an excellent opportunity to improve the patients visiting the center from 5000 to a larger number of active patients. The most compelling need of the DIMP Ltd upon taking the opportunity provided will be to meet the reformed health standards, improve on services and the number of patients, hence, raising the revenues (Abrams, 2003).
DIMP will continue to provide all the health services as were provided by Dr. Jones, and in addition to that, it will be offering more other services including EKGs. They will be equipping the medical center with EKG machine and other technology required to improve on health services. Services will be given to all patients, both the Medicare and the commercial patients (Grover, 2007).
DIMP targets to attract both the Medicare population and the commercial patients. It is in the plan to increase on the marketing of the medical center to reach more patients in the area and to popularize it. The targeted population will benefit from increased and improved services offered by the medical center. With the new reforms, the target population will enjoy better health care at lowered costs. Since DIMP employs highly qualified personnel, patients will be receiving competent and up to the standards (Ontario, 2001).
DIMP will be engaging in an intense marketing of all its centers in all areas. The marketing strategy of popularizing the health center in all areas will serve to attract a large number of people to the facility and make it more competitive in the field.
The chief business rival for DIMP is the public hospitals in Westchester area and all the other locations of its operation. These hospitals receive government funding in all their products and services and, therefore, offer them at low costs providing a stiff competition for the health center. Nevertheless, the health center has a competitive advantage that all its staff are highly skilled, and due its small size it can attend to patients adequately and efficiently. The clinic is also able to get a 5% savings of all the medical supplies it buys.
DIMP Ltd is under the leadership of Dr. Lane, Dr. Clark, and Dr. James Olson as the general partners and other five physicians. The entire management team is highly qualified and experienced. They will use their skills and their alliances to make a success of the venture. The company as a whole will have grown tremendously in the next four years. From Dr. Jones’ statement of activity and DIPM reimbursement rates and the projected growth of the medical center the revenues will have risen to around $ 44000 (estimates) after 3-4 years of service. After the first year, the company will only have managed to break even making only enough to cover the expenses.
The company needs $ 10000 for furniture, $500 for EKG machine, $1500 for inventories (As stated by Dr. Lane after visiting DR. Jones hospital) and around $25790 for employees’ benefit (this is 8% of the increased salaries by 3% as DIMP company offers to employees). It also needs around $10000 for the marketing of the business.
Exit strategy
If the venture turns out unsuccessful, the management may sell all its assets to larger health companies to recover the invested amount. The amount received can then be used to pay back all the investors of the project.
Company Overview
Introduction
Dade Internal Medicine Physicians, LTD, is an internal medicine group practice established in 2009 by a partnership of Dr. Lois Lane, Dr. Clark Kent and Dr. James Olson. At this time, the group is composed of eight highly trained internal medicine physicians serving the areas of Kendall and Aventura. DIMP is in the process of growing its clientele base and looking to expand to other locations in South Florida. The business is an existing partnership that is seeking to expand its area of operation.
Mission Statement
DIMP LTD is the premier internal medicine multi-physician group with a mission to provide the people of the communities we serve with top-level medical care coupled with advanced medical technologies that result in superior medical outcomes. We strive to recruit passionate, caring and competent staff members successfully to meet the healthcare demands of members of our community.
History and Current Status
Since its establishment in 2009, DIMP LTD has been the premier internal medicine group practice in the South Florida area. DIMP was created through a partnership of Dr. Lois Lane, Dr. Clark Kent and Dr. James Olson in an effort to provide the residents of South Florida with quality, compassionate medical care. The group currently employs eight physicians who cover the patient load in these locations. By successfully negotiating HMO contracts, maximizing reimbursement, implementing electronic medical records with in-house billing, and saving on bulk medical supplies. DIMP has become profitable within a two-year period with a large proportion of income coming from Medicare and commercial patients. DIMP is looking to establish a new location in the area of Westchester and is evaluating a proposition by Dr. Andrew Jones to acquire or integrate his 5,000 patient into the group practice.
Objectives
The current company objectives include providing quality, affordable and compassionate healthcare to the members of South Florida community while remaining profitable within the climate of the new healthcare reforms. Our goal is to grow the clientele base by establishing convenient, full-service medical practices in multiple prime locations in the South Florida area as well as a major marketing campaign to include all sites. We always look to improve the quality of our healthcare delivery while maintaining reductions in cost to ensure profitability under the Affordable Care Act.
DIMP Ltd aims at growing its business to a vast and renowned healthcare facility attracting a large number of patients. This has already been portrayed through planning for marketing through all the locations of its operation. The goal DIMP Ltd is to become a big company offering quality and affordable health care facilities.
Reference
Abrams, R. M. (2003). The Successful Business Plan: Secrets & Strategies. Palto Alto, Calif: Planning
Grover, J. (2007). Healthcare. Detroit: Greenhaven Press.
Ontario. (2001). Business plan. Toronto: Queen's Printer for Ontario.
