Business Plan Assessment Answer

Part One: Introduction

Executive Summary

There has been a huge market for physiotherapy private practice businesses, according to research conducted with medical doctors as well as the public in general. A description of 170 new patients for physiotherapy therapies at the hospital complex since March 28, 2019, supports this. Only one physiotherapist employed at the Hospital Complex cannot handle this number of clients. Patients who do not require immediate attention or inpatient settings may be required to wait up to six months before seeing a physiotherapist. As a result, such patients are encouraged to go to treatment centers in Grande Prairie, Sexsmith, as well as Peace River for their physiotherapy therapeutic interventions.

Mission Statement

The personal Physiotherapy Clinic is expected to obtain a constant stream of physiotherapy recommendations from the neighborhood doctors given the sheer quantity of physiotherapy necessities.

The expense of taking time off from work or having to travel outside of town will no longer be obstacles to receiving therapies, according to the local doctors, which would probably raise treatment adherence with physiotherapist therapies. Access to a nearby physiotherapy clinic for pain control would probably make patients less dependent on opioids inside the neighborhood. The physiotherapy health center would be a pay-as-you-go facility. Each and every new physiotherapy clinic shouldn't anticipate being able to offer their clients AHS-funded therapies since the nation’s Health Services has made it clear that the scope of media attention for physical therapy therapies won't be expanded.

Service Description

The physiotherapy drug concentrations used by AHS is being reviewed, and uniformity throughout the region is anticipated in the next 1.5 years. It is expected that the fresh physiotherapy therapeutic approach will skew less toward complete insurance and more into a fee-for-service prototype. Financial projections for the physiotherapy health center were created using a fee-for-service marketing strategy. The health center will be capable of successfully contending with the 10 physiotherapy treatment centres situated in the Greater Area thanks to a strong referring system, simplified company operations, as well as a concentration on client service. The financial projections also contain an owner capital outlay of $12,000 as well as funding inside the quantity of $80,000 for stock, lease retain improvements, as well as equipment. The Physiotherapy Treatment Centre Financial Statements predict a net income of $236,550.00 and a net income of $14,088.50 during Year 1 upon a number of determined presumptions. With the addition of a 2nd physiotherapist in Year 2, it is anticipated that Gross Revenue will rise to $472,800.00 and that Net Profit will come in at $115,498.00. These anticipated profits support the idea that a personal physiotherapy clinic does have the possibility to be a successful enterprise.

Self-Analysis

A person can enroll in a physiotherapy practice as a sole proprietor quickly, affordably, and without a lawyer's assistance. A sole proprietorship registration typically costs $79.00. The favored business structure for a physiotherapy company is incorporation as a corporation, which is a more complicated process that necessitates legal counsel. $1,200.00 as well as $1,500.002 is required to form a company, but the long-term benefits far outweigh the expense of the initial lawyers’ bills.

Benefits of Running a Physiotherapy Hospital as a Company

• A corporation's shareholders really are not personally accountable for any debts or legal issues that may arise (if no personal guarantees have been signed). An agreement that must always be decided to be signed by a corporate entity is an advertising lease.
• On the estimated net profit at year's finish, corporate entities in the region pay a tax percentage of 11% (9% federal, 2% provincial)3. The net income determined by the exclusive proprietor's income tax return is taxed there at federal income tax rate of 15% to 20%.
• Simpler to obtain grants or loans for businesses as a company (if obtainable). Capital may be raised and through acquisition of shares, as well as spouses can be managed to bring into the company that way.

Part Two: Marketing Research

Physiotherapy Industry Trends

• Energetic citizens occasionally suffer severe injuries and require a range of treatments, including physiotherapy, to recoup. According to age category in the Country, the most common actions that caused severe injuries in 2014 were:
• 12 to 14 years of age; 36.1% exercise/ sports; working at job; and 15 percent on stairs.
• Of the people who are above 65 years; 36 per cent on stairs and 29.3 percent on household chores.
• From 8.4% of the individual group in 2011 to 11.6% of the population aged in 2014, the proportion of Canadians who have already contacted a physical therapist has been rising steadily throughout the country.
• By 2035, it is anticipated that 16.7% of Canadians will have seen a physiotherapist, assuming this trend holds. This equals 6.1 million Canadians, of whom 1.5 million are seniors.
• Even as the senior population in nation grows, more seniors will likely develop circumstances that could benefit from physiotherapy support, including hip and knee replacement substitute, arthritis, stroke, and many others. Seniors' increasing necessity for physical therapy will put additional pressure on the currently scarce physiotherapists.
• There were roughly 20,130 physiotherapists working just at the close of 2014. The supply for physiotherapists increased dramatically between 2011 and 2014, and there were not enough of them to meet it. Physiotherapists had a 0.3% unemployment rate in 2014. 22 If this pattern holds, demand as well as growing populations will surpass the increases in the number of practicing physiotherapists.
• The fact that nearly 90% of physiotherapists throughout country work in cities is significant. As a result, communities that want to hire physiotherapists for non-urban centers face formidable obstacles.

The Proportion of Physiotherapists to People by Health Zone

• Throughout all AHS Health Areas, the ordinary physiotherapist-to-patient ratio is 1 to 1554.
• Zone 5, the world's largest zone, has a physiotherapist-to-population ratio of 1 to 3,031. This proportion is almost two times higher than the provincial average.
• This data point strongly indicates that Zone 5 citizens' physiotherapy requirements aren't being met. For Zone 5 to offer the standard of care that ordinary citizens receive, more physiotherapists are required.
• Age 12 to 64: 345,091 (8.63% of the Nation's 4,000,082 residents). 30 Age 65 and older: 51,182 (1.28% of the 4,000,082 people in the country.
• Total: 396,23 individuals
• In 2014, 9.91% of local citizens visited a physiotherapist.
• The typical annual percentage of consultations for physiotherapists is 1,436. 200 patients on average per physiotherapist.
• Seven visits are on estimate for each patient.

Market Segment Analysis

Analysis of Potential Location

• In the Country, 48.2% of active physiotherapists work in independent practice clinics, while 24% are employed in medical centers.

• Some other physiotherapists in practice are employed by government agencies, school systems, or health centers.

Target Customer

• A patient who seeks out physiotherapy therapies may be of any age, but in nation, most physiotherapy clients have between the ages of 12 and 64.
• When a patient has a disease or injury that affects their skeletal muscles, their family physician frequently refers them for physiotherapy treatments. The patient's goal in receiving physiotherapy therapies is to recover, and it is a component of the doctor's detailed care plan.
• Often these physiotherapy clients will go to their regular appointments and afterwards probably never ever again visit the physical therapy clinic.
• Because of this, physiotherapy offices frequently accept new clients. When particularly in comparison to local supermarket customers who frequent the store on a weekly basis, the Life Time Value (LTV) of a person undergoing physiotherapy is short, lasting only a few months.
• LTV Instance 1: If AHS continues to pay for 7 physiotherapy sessions, the patient's LTV for an AHS-funded session of physiotherapy is 7. The new patient retention rate (NPRR) is 100% if the patient shows up for all 7 consultations.
• LTV Instance 2: If such an insurance provider recommends 10 sessions of physiotherapy, the child's LTV is 10. Nevertheless, the NPRR is 70% if the physician only shows up for 7 appointments for just some purpose. The Clinic lost the money from the 3 missed appointments since the patient failed to show up for all 10 of the scheduled meetings.

Part 3: Organisation and Personnel Plan

Employee Salaries

Physiotherapist

• In the Country, the average physiotherapist earns $72,638.00 annually or $37.25 per hour. The starting salary for entry-level work is $31,524, while the average yearly salary for a physiotherapist with experience is $97,500.
• Physiotherapists make an average yearly salary of $87,855.00.
•   The physiotherapist recruited by Physiotherapist Clinic during Year 2 is anticipated to earn $90,000.00 annually in order to recruit a suitable workforce.

Medical Office Administrator:

• Medical office administrator makes an annual wage of $35,050 annually or $17.97 per hour. Most skilled staff can earn up to $48,800 per year, whilst also entry-level positions start at $28,373 annually.

• Medical office administrator makes a yearly salary of $37,718.0053. The medical office supervisor is anticipated to receive $38,400.00 annually from the Physiotherapy Clinic.

Physiotherapy Assistant Job Description: provides rehabilitation services under the direction of a physical therapist in order to maintain as well as improve health.

Job duties include recommending choices as well as plans of action, recognizing patient care issues, giving details and comments, and carrying out physical therapy guidelines. Enhances the efficiency of the physiotherapist.

• Gathers, updates, and studies therapy pasts while interviewing sick people and conducting physical exams.
• By looking over the physical therapist's understanding of the patient assessments as well as test results, one can evaluate abnormal changes.
• By charting in the patient and departmental records, documents patient care services.
• Needs to perform treatment process by giving patients mechanical workouts, instructing, motivating, and helping them with daily-life activities, and ambulatory functional status, including using assistive devices like crutches, batons, as well as prostheses.
• explains therapeutic treatments, provides information on typical development and growth as well as counsels patients while publicizing wellness and maintaining good health.
• Offers care continuity by creating and putting into practice patient planning processes.
• Retains a safe and tidy workplace environment by abiding by rules, regulatory requirements, and processes; follows infection-control rules and processes; retains production goals by noting conventional treatment trends and keeping track of the real physical therapeutic services actually provided in relation to those goals.
• Maintains lawful and certification conformance by abiding by proposed policies regarding national, state, provincial, but also local requirements and regulations, and by foreseeing new problems.
• Execution process knowledge by taking advantage of learning possibilities, reading specialized literature, keeping up with personal channels, and joining professional societies.

Part 4: Marketing Plan

It is evident from the information gathered from the P the Open Poll that  needs a private physical therapy clinic to accommodate the growing patient needs. It makes sense to assume that at first, the clinic would receive a steady flow of referring patients. Nevertheless, a solid marketing plan is essential to the long-term maintenance as well as growth of the physiotherapy company. The Physiotherapy Clinic could indeed presume that it will always be the top choice of residents and also be fully booked because there are ten other physiotherapy treatment centres inside the GFA. A physical therapy health center would typically see Medicaid clients since a physiotherapy child's LTV is brief. Developing relationships and establishing a positive reputation are essential for keeping a steady influx of new patients as well as ought to be part of the physiotherapy clinic's advertising plan along with a strong social media presence.

Relationship Building: To promote patient referrals, develop a strong professional relationship with the (and maybe Peace River) area doctors. Create a strong referral program with Health Promotion, chiropractors, as well as physiotherapists, among other health care providers and organizations in the region.

Customer Experience: Customers who receive exceptional service become devoted and willing to recommend a company to their family, relatives, as well as co-workers. Outstanding customer service goes beyond simply selling goods or services; it starts with a sincere desire to engage consumers. The total customer experience, including what clients perceive and experience during their visit to the health center, should be taken into account. The physician must feel that the Physiotherapy Clinic cares deeply regarding their well-being from scheduling the initial consultation through obtaining the rehabilitation services as well as treatment is usually follow-up.

Front Desk Reception: As crucial as the physiotherapy itself is how a patient is handled when trying to get an appointment, showing up for their appointment, as well as leaving the treatment center. Positive Google Evaluations and positive word-of-mouth marketing are guaranteed by fully skilled personnel in customer service.

A satisfied customer experience will also be guaranteed by efficient daily operations. Operations can be made more efficient by utilizing physiotherapy clinic management systems, like Clinic-Master, which takes care of online reservations, physician timetabling, billing, email campaigns, as well as a customer portal.

The Physiotherapy Treatment: Clients want to feel comfortable receiving their physiotherapy treatments. They must have faith that the physiotherapist is qualified and experienced, as well as the tools being used are in excellent condition.

To provide the individual with the best care possible, it's important to stay current with new results in changes or modes. A successful physical therapy treatment regimen that results in a happy patient will lead to a lot of good word-of-mouth promotion.

Social Media Marketing

To guarantee that the Physiotherapy Clinic consistently outranks the ten local rivals, use the SEO (Search Engine Optimization) plugin.

Maintain the blog content by adding new personal testimonies, personnel changes, services offered, as well as equipment.

Make the website the "go-to" resource for physiotherapy issues online. To disseminate highly specialized information online and boost SEO rankings, a blog can be added to the website.

Facebook Page: Social media app Facebook. Starting a Page on Facebook is free of charge. In the Gross floor area, Facebook is very well-liked and is the first app people use to learn about a company. Can use the Physiotherapy Clinic's Page on Facebook to highlight its offerings, tools, satisfied customers, and occurrences. At least once per week, publish fresh features. If required, Facebook advertisements can be bought to advertise the Clinic's offerings or retail goods.

Instagram Page: An interpersonal photo-sharing software is Instagram. Beginning an Instagram account is free. Owners of small businesses are increasingly using Instagram to publish videos and pictures to promote their brands and launch new offerings and services. At least every other week, publish a fresh image or video.

Google Reviews: Every time someone makes a purchasing decision, online reviews from customers have an impact. Building a solid online reputation is essential towards becoming an influencer. The physiotherapy patient's business account as well as site map will be created after opening a "Google My Business Account." Individuals may begin writing Reviews once Google has verified the company.

Growth Strategy: One physical therapist, one physical therapist associate, one office administrator/receptionist, and a part-time deep tissue massage would staff the new physiotherapy treatment center in Year 1. Boost staff by 1 full-time physiotherapist in year two. The clinic may think about hiring a part-time Occupational Therapist in Year 3.

Part 5: Financial Plan

The mean Net Income for this industry in the country was 22.2%, as per financial results data obtained for the Encoded Information 621990 - "All The other Outpatient National Healthcare Services".

The Physical therapy Clinic is anticipated to generate revenues of $236,550.00 in Year 1 and a net income of $14,088.50 (6%) during that time.

With expected net profits of 115,498.00 (24.4%) during Year 2 as well as 104,998.00 (21.9%) during Year 3, the physiotherapy Clinic is predicted to make $472,800.00 in Year 2 and $472,800.00 in Year 3, in both.

Each Full-Time Physiotherapist in Year 1 falls far short of the performance standard of 22.2% Net Profit. Net profits in Years two and three remain within the Net Profit reference point with the additament of a 2nd  full-time physiotherapist.

Number of New Physiotherapy Patients per Month

• A maximum of 155 new applicants per month could be referred for physiotherapy treatments according to the information gathered in the general practitioner poll. 
• The residual 108 clients per period will actively seek the care of a physiotherapist if Sylvia Ciuryesk treats up to 30% (47 patients) of such sick people at the Hospital Complex.
• For the Private Physiotherapy patient's financial projections, 80 Medicare patients are expected to be seen during the first month of employment as well as 40 new patients per month during Year 1 after that. Based on how many treatments are recommended for a patient, the number of brand-new patients may increase or decrease.
• Approximately to 68 people are now left waiting for appointments or scheduling one ‘s physiotherapy consultations somewhere else.
• The projections show the recruitment of a 2nd full-time physiotherapist during Year 2 to handle the potential volume of physical therapy necessities.

Revenue Projections are as per the following assumptions

In order to compete in the market

• Evaluation costs are $85.00 for a one-hour evaluation.

• The cost of treatment is $70.00 per session (25 – 45 minutes)

• The health center will be accessible for nine hours each day, from 8:00 AM to 5:00 PM, five days each week. This equates to 8 hours of billable time each day and one hour off for meals, for a total of 160 reimbursable hours a month.

Loan Repayment Capacity

• Debt Repayment Ability: Relied on the anticipated income and expenses, the company has the capacity to repay its payments during Year 1.

• The Financial Expenditure the company will be required to finance $80,000.00 more than five years for hardware, repairs and maintenance, and stock. Year 2 and Year 3 see an expansion of capacity as operating earnings rises.

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