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Lab Man > (M) Lec 3: How to Create A Medical Business Plan > Flashcards

(M) Lec 3: How to Create A Medical Business Plan Flashcards

1
Q
  • first section planned to offer an overview of the entire business plan
  • written AFTER the entire business plan is ready and it summarizes each section of your plan
A

Executive summary

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2
Q

In introducing your business, all should be present but one.
A. Name of your Med. laboratory
B. Established
C. Type of Medical Lab
D. Location
E. NOTA

A

E

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3
Q

● Summarize your market research, including market size, growth potential, and marketing trends.
● Highlight the opportunities in the market and how your business will fit in to fill the gap

A

Market opportunity

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4
Q

● Highlight the laboratory services you o er your clients.
● The USPs and differentiators you offer are always a plus

A

Products and services

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5
Q

Outline your sales and marketing strategies.

A

MARKETING & SALES STRATEGIES

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6
Q

● Briefly summarize your financial projections for the initial years of business operations.
● Include any capital or investment requirements, associated startup costs, projected revenues, and pro t forecasts.

A

FINANCIAL HIGHLIGHTS

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7
Q

● Summarize your executive summary section with a clear CTA.
● For example, inviting angel investors to discuss potential business investment.
● Ensure that your executive summary is clear, concise, easy to understand, and jargon-free.

A

Call to Action

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8
Q

● Offers detailed information about your company.
● This section should provide a thorough understanding of your business; its history, and its future.
● Keep this section engaging, precise, and to the point.

A

BUSINESS OVERVIEW

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9
Q

BUSINESS OVERVIEW

Fundamental elements, but one
A. Business name
B. Business history
C. Future goals
D. Location
E. Type of Medical Lab

A

E

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10
Q

● Describe your business by providing all the basic information.
● Describe what kind of medical lab you run and the name of it.
● Explain where your business is located and why you selected the place.

A

Business description

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11
Q

TOF. In the mission statement, describe the legal structure of your medical lab, whether it is a sole proprietorship, LLC, partnership, or others.

A

F (business description)

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12
Q

● List the names of your medical laboratory founders or owners.
● Describe what shares they own and their responsibilities for e ciently managing the business.

A

Owners

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13
Q

● Summarize your business’ objective, core principles, and values in your mission statement.
● This statement needs to be memorable, clear, and brief.

A

MISSION STATEMENT

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14
Q

● Briefly describe when was it founded, how it evolved over time, etc.
● If you have received any awards, or recognition for excellent work, describe them.

A

Business histroy

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15
Q

They can be speci c targets for revenue, market share, or expanding your services.

A

Future goals

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16
Q

Should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities.

A

MARKET ANALYSIS

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17
Q

Market Analysis component except
A. Financial highlights
B. Target market
C. Call to action
D. Competitive analysis
Regulatory environement

A

A (for executive summ yan)

18
Q

MARKET ANALYSIS

● Start this section
● Define your ideal customer and explain what types of
services they prefer.
● Creating a buyer persona will help you easily de ne your target market to your readers.
● For instance patients, healthcare providers, and the
workplace would be the ideal target audience for a clinical pathology laboratory business.

A

Target market

19
Q

MARKET ANALYSIS

Describe your market size and growth potential.

A

CALL TO ACTION

20
Q

MARKET ANALYSIS

● Identify and analyze your direct and indirect competitors.
● Identify their strengths and weaknesses.
● Describe what differentiates your medical lab services from them.
● Point out how you have a competitive edge in the market.

A

Competitive analysis

21
Q

MARKET ANALYSIS

● List regulations and licensing requirements that may affect your medical lab, such as business registration, DOG, requirements, etc.

A

REGULATORY ENVIRONMENT

22
Q

PRODUCTS AND SERVICES

The product and services section should describe the specific services and products, except:
1. Blood tests
2. Urine tests
3. Allergy tests
4. Sputum test
5. Cholesterol and blood sugar tests
6. Thyroid tests

A

4 (WALANG SPUTUM TEST)

23
Q

PRODUCTS AND SERVICES

● This section should explain how you maintain quality standards and consistently provide the highest quality service.
● This may include reliable equipment, modern technology, trained staff, expert lab professionals, and strict adherence to standard.

A

QUALITY MEASURES

24
Q

SALES AND MARKETING STRATEGIES, except

A. UNIQUE SELLING PROPOSITION
B. ONLINE PROMOTIONS
C. PRICING STRATEGY
D. CUSTOMER RETENTION

A

B (wala lang di siya sinama eh)

25
Q

● Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients.
● This section of your medical laboratory business plan should focus on customer acquisition and retention.

A

SALES AND MARKETING STRATEGIES

26
Q

SALES AND MARKETING STRATEGIES

● Define your business’s ____ depending on the market you serve, the equipment you use, and the technique services you provide.
● Identifying this will help you plan your marketing strategies.
● Example: advanced equipment specialization in certain testing and fast turnaround in test results.

A

UNIQUE SELLING PROPOSITION

27
Q

SALES AND MARKETING STRATEGIES

● How you plan to price your laboratory services and stay competitive in the local market.
● You can mention comprehensive health checkup packages to attract new customers.

A

PRICING STRATEGY

28
Q

SALES AND MARKETING STRATEGIES

For instance, introducing special packages, discount o ers, o ering premium services like instant test results at no additional costs, etc.

A

customer retention

29
Q

It should outline the processes and procedures involved in your business operations, such as sta ng requirements and operations processes.

A

OPERATION PLAN

30
Q

OPERATION PLAN

● Mention your laboratory business’s staffing requirements, including the number of lab scientists and technicians, pathologists, or administrative staffing needed.
● Include their qualifications, the training required, and the duties they will perform.

A

STAFFING & TR AINING

31
Q

OPERATION PLAN

● Outline the processes and procedures you will use to run your medical laboratory business.
● this may include collecting samples, lab testing, data testing, generating results, sending results, offering consultations, archiving data, etc.

A

Operational process

32
Q

OPERATION PLAN

  • Include the list of equipment and machinery required for the medical lab such microscopes, DNA analyzers, refrigerators incubators autoclave, consumables, etc.
  • Explain how these technologies help you maintain quality standards and improve the e ciency of your business operations.
A

EQUIPMENT & MACHINERY

33
Q
  • provides an overview of your medical lab business’ management team.
  • detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.
  • section should describe the key personnel for your medical lab services, highlighting how you have the perfect team to succeed.
A

MANAGEMENT TEAM

34
Q

A management team must consist all but one
* Founders/CEO
* Key managers and Advisors/Consultants
* Organizational structure
* Compensation plan
* Pricing strategy

A

Pricing strategy

35
Q

Provide a summary of your business’s nancial projections for the first few years.

A

FINANCIAL PLAN

36
Q

FINANCIAL PLAN

● Describe details such as projected revenues, operational costs, and services costs.
● Make sure to include your business’ expected net pro t or loss.

A

PROFIT & LOSS STATEMENT

37
Q

FINANCIAL PLAN

● The cash flow for the first few years of your operation should be estimated and described in this section.
● This may include billing invoices, payment receipts, loan payments,and any other cash flow statement.

A

CASH FLOW STATEMENT

38
Q

FINANCIAL PLAN

This is documenting your medical lab business’s assets, liabilities,and equity.

A

BALANCE SHEET

39
Q

FINANCIAL PLAN

● Determine and mention your business’s break-even, point at the point at which your business costs and revenue will be equal.
● This exercise will help you understand how much revenue you need to generate to sustain or be pro table.

A

BREAK-EVEN POINT

40
Q

FINANCIAL PLAN

● Calculate costs associated with starting a medical lab and estimate your nancing needs and how much capital you need to raise to operate your business.
● Be specific about your short-term and long-term nancing requirements, such as investment capital or loans.

A

FINANCING NEEDS

41
Q

Should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

A

Appendix

42
Q

Description of appendix, except
* relevant and important information supporting your plan’s main content
* table of contents to help readers easily find specific information or sections.
* Briefly summarize your financial projections for the initial years of business operations.
* These statements must be the latest and over financial projections for at least first three or five years of business operations
* Include any legal documents such as permits, licenses, and contracts.

A
  • Briefly summarize your financial projections for the initial years of business operations

for financial projections yan eh

pabasa nalang ng iba tinatamad na ako mwah

Lab Man (8 decks)

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