MEDICAL LABORATORY BUSINESS PLAN GUIDE
To establish a successful medical laboratory business, everything regarding its structure must be well planned.
Your business plan is basically about charting a path which the healthcare business is supposed to follow. You don’t need to worry if you are confused about what a laboratory business plan looks like.
We hope that this sample plan should suffice in helping you put together a solid plan.
Here is a sample business plan for starting a medical diagnostic center.
Labplex Diagnostics is a fast growing world-class medical laboratory located in the heart of Reno, Nevada. We provide a wide range of diagnostic services to clients within the medical field and anyone else in need of such services.
Apart from the provision of diagnostic services are related services that include consulting and advisory services among others.
We are fully committed to helping people get to the bottom of their health problems. To achieve this, we need highly professional and competent hands the industry has to offer. We have achieved this goal in a bid to become a one-stop shop for everything medical diagnostics.
At Lapplex Diagnostics, we provide a full range of tests. These follow global best practices with the single goal of making accurate findings of symptomatic problems.
Some of the services we offer in our medical laboratory include therapeutic drug monitoring, blood count, pathology and urinalysis.
Others are transfusion medicine, cholesterol tests, diagnostic testing, hemoglobin tests, immunology & allergy testing, spinal fluid analysis and liver function tests. These are carried out in our state-of-the-art facilities.
Our goal is to become a one-stop-shop for all types of health tests.
To become competitive in our chosen path, we need to make create a brand known for excellence. This is our vision as we have focused on the provision of state-of-the-art equipment.
This is in addition to experienced professionals with many years of expertise in this field.
We strongly believe that by treating our client needs with all the seriousness they deserve, we would eventually succeed in reaching our goal.
We’ve set a target to daily improve on quality. This is in addition to adding more services on offer. The ultimate goal is to become a one-stop-shop for all things diagnostics.
Expansion plans are in the works and would be implemented in the medium term (5 years from now).
One of the ways to measure our health over the period we’ve been in business is by analyzing our performances so far. This is why we’ve contracted a reputable business consulting firm.
An analysis on key indicators such as strength, weakness, opportunities and threats was completed with very revealing results as summarized below.
Our strength as a medical laboratory business lies in the wide array of diagnostic services we provide. This is coupled with the competence of our workforce in addition to our industry experience. This has given us the edge we need and we’re not taking this for granted.
So far, we have attracted a growing client base and continue to do so. This points to one thing which is a growth focused business structure. We hope to improve on this as well.
Weakness for our business has been identified in lack of marketing. We have also found out that an increasing number of clients crave for personalized services. Unfortunately, we’ve not been effective in these regard.We are still a growing business.
However, this won’t stop us from striving to achieve our lofty targets. We hope to improve on all areas of weakness with the hope of coming out stronger.
There is a growing need for professional medical laboratory services. We have identified this trend and are actively seeking ways to better exploit such opportunities.
Apart from the growing need for our services, there are also partnerships we are exploring with medical personnel and institutions. This is expected to yield significant gains in the near future.
Currently, our business faces different types of threats. One of them is the likelihood of having a strong competitor opening shop within our vicinity. These are bigger brands which can easily afford to outspend and outperform us when it comes to marketing. This is due to their bigger budgets and scale of operation.
Some medical laboratories are operated by hospitals. These could be private or public. While this is good for the industry, it will likely hurt our operations. It means there will be less incentives to cooperate with health establishments within close to our location.
If there has been anything that has impacted on our business, that will be the volume of sales we’ve attracted so far.
This has created a positive outlook for the future as we are more excited about the possibilities it presents.
In view of this, we have projected a 3-year growth in sales.
We are positive that in the absence of sudden threats or circumstances beyond our control, we should be able either achieve or surpass these expectations. Below are our projected sales figures.
- First Fiscal Year $850,000.00.
- Second Fiscal Year $2,000,000.00.
- Third Fiscal Year $3,500,000.00
Having recognized the weakness of our marketing efforts, we’ve decided to take a totally different approach. This will include visit to heath institutions to possible ways to enter into a partnership where they patronize our services.
Others will include highly targeted online ads. These will be targeted at health professionals. The general public won’t be left out either.
We have invested time and resources towards the careful selection of experienced professionals. These include phlebotomists, medical laboratory technicians, clinical laboratory technicians, histotechnologists, and medical laboratory assistants among others.
We have been careful to choose those with an established history of dedication to service and a passion for the job.
This gives us a strong advantage over our competitors. As such, the results have been exciting notwithstanding the fact that we are a fairly new business.
This is a sample medical laboratory business plan you can follow. Putting together a well written plan places you at an advantage already. You only need to follow through with its contents.