As the name suggests, medical transportation is a vital element of the healthcare industry, and it dictates the health of a nation. It is convenient to start a healthcare business, but you ought to keep all the licenses and registration formalities in mind. You cannot simply decide to start a business and do it the next day. You will have to follow a cumbersome process.
The healthcare industry is a regulated industry, and you can find certain restrictions for trade and transportation of medical equipment and supplies within the United States. If you have this idea seriously, then you need to draft a business plan for the same.
Following is a template that can help you during the planning process. But before that, let us get acquainted with the medical transportation industry.
Medical Transportation Industry Overview
Undoubtedly, the medical transportation part of the healthcare industry plays a pivotal role in the economic growth of a country, including the United States. This industry is a boon for the elderly, disabled persons, and those who belong to low-income groups and do not have easy access to medical transportation services. It has been observed that more than 3.6 million Americans cannot avail proper medical care due to a lack of transportation facilities.
Since the low-income groups in the US do not have their own vehicle to access medical services, they have to rely on the reasonably priced medical transportation services. In the United States, one can find more than 17,000 medical transportation providers, occupying nearly $15 billion annually, and the growth rate is 1.1 percent on a per-year basis.
- Standard, registered and certified facility with an easy-to-remember and precise name.
- Places and cities where medical transportation services are provided.
- Provision of healthcare and transportation services to disabled persons, elderly people, and those who cannot afford to access transportation for medical help.
- Promises, values, and virtues of the proposed organization.
- Since it is a healthcare domain, the business will be available for all 24 hours of the day for 7 days of the week.
- Well-trained and skilled workforce.
- Customer service, incorporation of CRM software, and provision of first-class treatment to clients.
- Owners and managers of the organization, their experience, qualifications, and intentions.
- USP of the business, why it stands different from that of the others.
Please note a medical transportation business can provide emergency and non-emergency services. Here, we are talking about only non-emergency medical transportation services.
- Surface ambulance, general ambulance, and first aid services.
- Nursing and nursing aide services.
- Air ambulance services.
- Consultancy services relating to the primary core services.
- Advisory services relating to the main core services.
The Mission of medical transportation business – “To build a top-notch medical transportation business to provide excellent quality and timely services to the said clients, and high-class clients as well. To become a leader in the given area, and other parts of the United States.”
The Vision of medical transportation business – “To become the top medical transportation business in the given city and rank in the top 20 list of best medical transportation services in the United States in the next five years.”
Only qualified and skilled professionals should be recruited in the organization. It is advisable to impart complete training to them even if they possess the requisite qualifications. The staff should know about organizational practices, processes, and values before they serve customers. Moreover, they should be well-versed with the rules and regulations concerning the healthcare industry.
- Chief Medical Director – He is a responsible person who has taken the initiative to start the business. He oversees all the activities, ensures that clients are served with the best standards, and timely service is provided to them as per their requirements.
- Doctors, Nurses, Caregivers, Country Aging Workers – All these need to be certified, qualified, and experienced in the given jobs.
- HR Manager – The HR manager or the executive has a whole lot of responsibility in recruiting and retaining the staff. At times, he will also be supposed to handle the administrative and record-maintenance tasks of the organization.
- Ambulance Drivers – They need to be available and hence, should be recruited appropriately.
- Cleaners – Hiring cleaners depends on the kind of services you cater to.
- Marketing Agent – Even if it seems to be a healthcare industry, the marketing executive needs to plan strategies to reach the right audience, such as people from low-income groups.
- Cashier – He is basically an accountant-cum-cashier and will look after the financial and accounting aspects of the organization.
Self-assessment of the organisation
SWOT analysis is undertaken to assess an organization’s standing.
- Strengths – Your biggest strengths surely need to be the qualified and experienced workforce you have hired after conscious evaluation and thinking. 24/7 availability (even if it is for non-emergency purposes), easy payment modes, and friendly customer service are a few highlights to count on.
- Weaknesses – Finances to advertise services and buy ambulances could be a hassle.
- Opportunities – Since the elderly population and sick persons are growing, you can make the best use of the opportunities available.
- Threats – Certain healthcare policies, or an economic crisis, or a new similar entity could be a challenge for you.
It is essential to identify the target audience as you won’t provide medical transportation services to everyone in the country.
- Older adults who cannot drive a vehicle or do not own one.
- Disabled people.
- People with mental sickness.
- Expectant mothers.
First, note that you will be receiving income from two sources: clients who pay from their own pockets and clients who pay through health insurance companies.
If you cater to these two groups, chances of revenue predictions are higher and could be $350,000 in the first year. If you would like to serve only through health insurance companies, your sales revenue will be less than $200,000 then.
Plans for marketing, sales, advertising, promotions, and publicity
Since you have defined your target audience in the market evaluation phase, it is advisable to draft the marketing strategy accordingly. For instance, you need to approach elderly people and not the young generation and explain to them about your services. Similarly, you can contact hospitals directly by sending introductory letters of your business.
- Online presence, social media, and websites will indeed help you, but keep in mind whom to target and use keywords appropriately.
- Partnering with health insurance companies.
- Sponsoring healthcare programs and participating in events, shows, and seminars, promoting your services wherever possible where your target audience will be present.
- Spreading a word by writing articles or placing adverts in the newspapers and healthcare magazines.
It is simple to set prices for your services as you know the income levels of your clients. You will cater to the low-income groups, and you should know that they need to be charged minimally. They are already in dire need of your services; it will be unfair to charge excessively for the services.
The next group of clients is the high-class ones who can even request an air ambulance. Charge them properly as they are willing to pay for your services.
Please note that you have to keep all the payment options available. This is because elderly people might not be well-versed with digital channels, or some clients might not have sufficient cash in hand.
The costs of leasing a facility and purchasing all the necessary setup will be around $120,000, and hence, it is advisable to think twice before the same. Try to negotiate, grab a deal or utilize available space to reduce these costs.
Other significant costs such as business registration, first salaries paid to staff, website building, additional expenses, and purchase of ambulances will go around and above $200,000. Loans from financial institutions are the best idea, but negotiate before you sign the papers.
This business template will help you immensely during the planning process.