Your urgent care business plan can be the road map to success, if you follow the right steps. Here are three tips for mapping out the financial and operations strategy for your urgent care center.
- Don’t wait. If you’re entering the market as a startup, it’s crucial to develop an urgent care business plan before going after financing for you startup venture. The written business plan explains to potential investors your overall goal and how you plan to get there. The document should include details on demographics, market competition, services and product plans, marketing strategy and much more.
- Add a pro forma. Any lender or angel investor you speak to is going to want to clearly see the financial potential in your plans. So in addition to your business plan, you need a pro forma— a document that spells out your financial needs for the urgent care startup. The document will include capital costs, projected patient counts, average reimbursement, staffing models and expected salaries, cash flow, and much more. The pro forma will generally itemize this list for the first three to five years. While the pro forma and business plan are complementary documents, they offer very different information. Specialists, like the team at Urgent Care Consultants, can outline for you which information is pertinent to each document. This helps you approach potential investors with complete financial knowledge of the startup venture.
- Be flexible. Even the best laid plans sometimes need to be adjusted as you move forward and become an established urgent care facility. It’s impossible to plan for every contingency, as explained in the Top 25 Urgent Care Startup Mistakes. That means you will have to be regularly re-evaluate the needs and financial flow at your urgent care center, and amend your urgent care business plan as needed.