UARA_Business Project (1)
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School
St. Petersburg College *
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Course
2140
Subject
Medicine
Date
Dec 6, 2023
Type
docx
Pages
11
Uploaded by MegaStarOkapi23
UARA Peach Foot & Ankle Care Podiatry LLC
741 Peach Ave, Atlanta, Georgia 30308
The goal
of UARA Peach Foot & Ankle Care Podiatry LLC is to provide proficient podiatric
medical care
, promote wellness throughout our community, cost-effective health care
and
enhance
quality of life for chronic and acute ailments of
the lower extremity. We pride
ourselves in being the pinnacle of lower extremity care in the greater Atlanta region and
specialize in helping our patients deal with a vast array of medical issues. Whether it is
routine diabetic foot care and footwear, diabetic neuropathy treatment, or foot and ankle
surgery, our Podiatric physicians will treat the patients with superb quality care! We value
our
patient’s health above all else and are determined to offer the best possible treatment. Each
attending will strive to deliver the best podiatric medical experience by providing the highest
standard of care, comfort, education and service. Their commitment is to raise the bar in
podiatric services by offering the most technologically advanced treatment options combined
with innovative thinking and clinical expertise, and creating a practice culture built on
medical diversity
excellence.
Table of Contents:
Executive Summary:
Page 1
Mission Statement
SWOT Analysis
Keys To Success
Description Business:
Page 2
Company Description
Location
Interior of the Clinic
Hours of Operation
Podiatric Services
Management/Staff
Financial Management
Startup
Business Description summary
Marketing:
Page 7
Market Analysis
Geographic
Demographic
Behavioral
Appendix:
Page 8
Startup Cost
Startup Funding
Assets
Liabilities
Capital
Total Planned Investments
Break- Even Analysis
Projected Profit and Loss
Projected Cash Flow
Projected Balance Sheet
The Next Step Forward.
Page 11
Resources:
Page 11
Family
Loans
Savings
Assets
I.
Executive Summary:
a.
Highlights: skilled group of practitioners
providing excellent healthcare to the greater
Atlanta population through educating and improving the quality of life.
b.
Objective: To propose a clear and succinct
business plan to ensure profitable
podiatry practice.
c.
Mission Statement: The mission of UARA Peach Foot & Ankle Care Podiatry Practice
is to provide the highest level of service possible through
latest research and safest
medical technology to a diverse population with compassion.
d.
SWOT Analysis:
i.
Strengths
Several
practitioners with comprehensive
training at a three-year foot
and ankle
surgical program in the United States and/or fellowship
trained w
ith emphasis
on diabetic wound care
, trauma, reconstructive
surgery, in-office procedures, sports medicine, medical spa/fungal
toenail treatment, cosmetics,
and conservative care.
ii.
Weakness
Large orthopedic presence in the hospital systems of the greater
Atlanta area.
iii.
Opportunities
A podiatric medical practice that will offer comprehensive wound care
by residency trained physicians. Surgery will remain a secondary option
based upon
patient preference and medical severity
. We will offer a
state of the art medical spa with licensed nail technicians.
iv.
Threats
Online stores are
distributing lower quality products i.e. orthotics and
fungal cream. Corporate hospital groups buying out small private
practices.
e.
Keys to Success:
i.
The group of practitioners must
stay up to date
with current literature regarding
medicine and surgery
. They will attend academic conferences, conduct research
with residents and medical students, and will attend cadaver labs
to maintain all
knowledge of foot and ankle related health.
ii.
All physicians will have a monthly meeting to
address the financial
health of the
medical practice. A
ll concerns will be
addressed with solutions with the
appropriate documentation.
iii.
A digital presence will be made to give the practice as much exposure as possible.
Each Doctor will have a part in maintaining a social media presence on Facebook,
Instagram, Twitter, TikTok, and Youtube. Online Directories will be made as well
like Podiatry Today, ACFAS, and APMA.
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II.
Business Description:
I.
Company Description:
A.
This podiatry practice will be owned and operated by the following physicians:
Alexander Nguy
en, DPM, Apeksha Reddy, DPM,
Raffin Chowdhury, DPM, and
Upneet Kaur, DPM. We offer a full range of medical, surgical and cosmetic
services in the metro Atlanta area.
We will
serve all patient populations and
accept private insurance, HMO insurance, medicaid, medicare and workers
compensation cases. Our practice will follow through with Section 1557 of the
Affordable Care Act (ACA) which prohibits discrimination based on
race, gender,
religious background, ethnicity, political views or socioeconomic status. Our
group of physicians will bring their unique talents into the practice and patients
will have the utmost care catered to them based on their needs. Dr. Nguyen
exhibits great compassion for sports medicine and with his extensive training will
provide the greatest care to our athletes of all ages. Dr. Reddy’s thorough training
in dermatology and cosmesis will have our patients leaving the office completely
satisfied and merry. Dr. Chowdhury’s comprehensive understanding of the
intricacies of the lower extremity undoubtedly makes him a successful
reconstructive surgeon and patients will feel at ease knowing Dr. Chowdhury will
be there with them every step of the way. Dr. Kaur’s knowledge of wound care
gives patients a sense of comfort and hope as they navigate through even the
toughest of wounds.
II.
Location:
A.
UARA Peach Foot & Ankle Care Podiatry Practice will be located in the
center of Atlanta, Georgia. The office
will be accessible to the interstates
and local transportation. The office will also be in close proximity to
several other specialties needed for referrals, imaging centers, and
rehabilitation centers. The practice will be located within a five mile
radius to a local hospital with emergency care.
Practice will adhere to
local and state guidelines for handicap accessibility.
III.
Interior of the Clinic:
A.
UARA Peach Foot & Ankle Care Podiatry Practice will include five exam rooms
with computers with EPIC EMR. All rooms will have an exam table, medical
supplies, stool, autoclave, chairs, and sink with running hot and cold water. In
addition, a one room will be used as an x-ray room for radiographs to confirm
diagnoses and follow-up injuries. Multiple closets will be used for extra supplies.
The aesthetics of the practice will be upscale, with hardwood flooring and LED
Fixtures. QR codes will be available throughout the waiting room and each patient
room that directly takes you to our Instagram page.
A waiting room with a
receptionist will be available for the patients. The waiting room will have
comfortable leather chairs, television including Netflix and HBO Max, and
speakers playing mixtapes from up and coming SoundCloud rappers.
Medical supplies will be visible and available for purchase in the waiting room.
IV.
Hours of Operation:
A.
UARA Peach Foot & Ankle Care Podiatry Practice will provide the latest and best
podiatric medicine for the general population. We will be open 8am-8pm
Monday-Friday. We will be open Saturday and Sunday every other weekend
which will be useful and accessible for our patient population. We also want to
have a booming Instagram page that Dr. Kaur will handle with great care.
V.
Podiatric Services:
A.
At UARA Peach Foot & Ankle Care Podiatry Practice we will provide
procedures including common foot conditions, diabetic foot conditions,
common lower extremities trauma, wound care, cosmetics,
and an emphasis
on foot and ankle surgeries. Cost will vary, but we plan to be as competitive in
pricing as possible. We will
also offer generous payment plans for those
patients who may need it, and we will never turn away a patient for not
having
insurance. The following conditions will be treated to best of the ability of the
practitioners:
●
Achilles Tendonitis
●
Ankle Fractures
●
Ankle Sprains
●
Arthritis Pain
●
Athlete's Foot
●
Blisters
●
Bunions
●
Calluses & Corns
●
Charcot Foot
●
Club Foot
●
Diabetic Foot Care
●
Diabetic Wound Care
●
Dislocations
●
Fat Pad Atrophy
●
Flat Foot Foot Deformities
●
Foot Fractures
●
Foot Infections
●
Foot Odor & Sweating
●
Foot & Ankle Pain
●
Foot & Ankle Surgery
●
Foot Ulcers
●
Fractures
●
Fungal
●
Toenails
●
Gout
●
Hammertoes
●
Heel Pain
●
Heel Spurs
●
Ingrown Toenails
●
Intoeing
●
Joint Replacement
●
Lower Leg Pain
●
Medical Spa Care
●
Neuroma
●
Orthotics
●
Painful Toes
●
Pediatric Foot Conditions
●
Peripheral Arterial Disease
●
Peripheral Neuropathy
●
Plantar Fasciitis
●
Plantar Warts
●
Puncture Wounds
●
Restless Leg
●
Running & Sports Injuries
●
Sesamoiditis
●
Shin Splints
●
Skin Rashes
●
Swelling of the Foot & Leg Toe
●
Sports Medicine
●
Fractures Toe Pain
●
Toenail Disorder
●
Toenail Infections
●
Varicose Veins
●
Warts
●
Women's Foot Health
Surgical procedures offered:
●
Debridement of Skin Lesions and Ulcers
●
Bunionectomy
●
Tendon and Ligament
Repair
●
Toenail Surgeries
●
Heel Spur
●
Neuroma Surgery
●
Metatarsal Surgery
●
Hammer, Claw, and Mallet Toe Surgery
●
Removal of Foreign bodies
●
Fracture Reduction with Pin and Screw Fixation
●
Biopsy for Skin Lesions
●
Ultrasound assisted Injection Therapy including PRP
(platelet rich plasma) Therapy
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●
Sclerotherapy
●
Epidermal Nerve Fiber Density Skin Biopsy for
Neuropathy
●
Tarsal Tunnel and Sinus Tarsi Surgery
●
Nerve Block for Chronic Foot Pain
●
Total ankle replacements
VI.
Management/Staff:
A.
In the first few years of practice the owners will hire a receptionist with an hourly
rate at current market rate. Medical Assistants and Nurses may be hired after the
practice starts to have a positive income estimated at year five.
B.
All practice related financial decisions will be voted in a monthly meeting.
C.
Employees and the owners will be evaluated yearly with the owners.
D.
Benefits Packages: Employees will be offered discounted medical, dental, vision
insurance. A two week vacation and five paid sick days will be offered at initial
signing of the contract.
E.
Salaries will be set at the current market value. Employees will be rewarded with
the opportunity to receive bonuses based on productivity guidelines and annual
incoming revenue. Nail Technicians
for medical spa will be paid market value
minimum wage.
VII.
Financial Management:
A.
Our doctors have medical privileges to all the best hospitals in the area and take
calls biweekly giving us a constant stream of new patients and access to great
facilities. In addition, our clinic will have a top quality EMR, making it easier for
our doctors to do their job while at the same time having the financial data the
EMR provides to prevent any loss
of revenue
while billing for services we
provide to the patient. These EMRs also offer the patients great privacy with their
documentation and online access to all their personal information.
VIII.
Startup:
A.
The UARA Podiatry
group plans on requesting $350,000 USD from a large
national bank/loan proprietor as a business loan to
cover medical equipment,
leasing of the office space in Atlanta, advertisements (in the form of tv
commercials, podcast commercials, and billboards across Atlanta)
and the initial
startup costs.
IX.
Business Description Summary:
A.
Treat the patients like family
mentality
B.
Open 5 days a week and 12 hours a day. Alternative Saturdays open.
C.
Competitive pricing
D.
Payment plan
E.
Top quality EMR
F.
Big social media presence
G.
Paucity of procedure and medical services
H.
Medical privileges at best hospital in the area
III.
Marketing:
I.
Market Analysis
1.
Market Segmentation
a)
Geographic: Atlanta
is an excellent location
with multiple
different specialties
in the area working in conjunction with
Podiatry
. In addition, Emory University Hospital, Piedmont
Hospital, and Atlanta VA Hospital are all within close distance to
the office. Having all these hospitals
for referral will help the
group excel.
b)
Demographic: Fulton
county is a growing county with an annual
growth rate of 2.5% per year. The county houses
a variety of
people ranging from normal everyday people to athletes,
influencers, and rising musicians.
c)
Behavioral: The four
physicians with the latest technology of
training will implement the safest and cost effective care to their
patients.
x.
Appendix:
II.
Startup Cost (all expensive are estimates in USD):
Legal & Accounting
~$500.00
Insurance
~$1,000.00
Marketing
~$1,000.00
Computer & Printers
~$1,500.00
Office Supplies
~$3,000.00
Marketing Plan
~$4
,000.00
Office Furniture
~$5
,000.00
Regulatory Duties
~$50.00
Total:
~$25,000.00
The approximate start-up expenses for UARA Peach Foot & Ankle Care Podiatry
Practice Practice will be around $25, 000 USD. This will be used for the most innovative
equipment, furniture, office supplies, and podiatry instruments. The start- up expenses will be
paid to the owners of practice. The major investment of the podiatry clinic will be $350,000.
This loan will be financed with a 20-year loan. The first two years Bank of America will pay
physician’s salaries. At the end of the 2
nd
year, the aid from
Bank of America will end. Even
with anticipated increase in patient load, UARA Peach Foot & Ankle Care Podiatry Practice
Practice expects to bring home less money through the 2
nd
to 5
th
year. It is expected to break
even in the
5
th
year.
III.
Start-up Funding (all expensive are estimates in USD):
Start-up Expenses to fund
$50,000
Start-up Assets to fund
$300,000
Total Funding Required
$350,000
IV.
Assets (all expensive are estimates in USD):
Non-cash Assets from Start-up
$350,000
Cash Requirements from start-up
$25,000
Additional Cash Raised
$0
Cash Balance on Starting Date
$12,000
Total Assets
$387,000
V.
Liabilities and Capital (all expensive are estimates in USD):
Current Borrowing
$0
Long-term Liabilities
$250,000
Accounts payable (Outstanding Bills)
$0
Other Current Liabilities (interest-free)
$0
Total Liabilities
$250,000
VI.
Capital (all expensive are estimates in USD):
Planned investment
SBA7(a) Federal Loan
$200,000
Other investment
Additional Investment Requirement
VII.
Total Planned Investment
$200,000
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Loss at Start-up (Start-up Expenses)
$35,000
Total Capital
$165,000
Total Capital and Liabilities
$5000,000
Total Funding
$450,000
VIII.
Break-even Analysis(all expensive are estimates in USD):
Monthly Revenue Break-even
$14,5
00
Average Percent Variable Cost
$0
Estimated Monthly Fixed Cost
$14,5
00
IX.
Projected Profit and Loss:
A.
The loss and profit statement shows rising capability to cover the charges of the
business over the two years. Even though
UARA Peach Foot & Ankle Care
Podiatry LLC
will be operating much of the first year with losses, the cash
balance will be preserved by subsidies from Ban
k of America.
B.
UARA Peach Foot & Ankle Care Podiatry LLC
will accept the full amount of
payments for the owners salary, also the payroll taxes in the third year. This rise,
combined with small growths in operating expenses due to greater patient load,
will keep us operating at a loss in the third
and fourth year, but we expect to start
turning a slight profit in the middle of the fifth year.
C.
There will only be a profit of $100,000 in the 3
rd
year and $150,000 in the 4
th
year without the owner’s compensation.
X.
Projected Cash Flow
A. UARA Peach Foot & Ankle Care Podiatry LLC
will receive $15,000 a month to
subsidize business expenses over the first 24 months.
XI.
Projected Balance Sheet
A.
The paid- in capital of $450,000 represents subsidies from Bank of America
during the start-up period and the first 2 years of operation. With addition of
SBA7(a) loan that will be paid back to the federal government in a 20 year
term.
B.
The change in cash balance in the third and fourth years reflects the end of the 2
nd
year's subsidies from Bank of America
. The net worth of the business is expected
to rise in the fifth and sixth years.
IV.
The Next Step Forward:
I.
The avoidance of not marketing and reaching out to new patients can stall a business.
This is why it's important for the owners to reach out to other specialities and have a
strong referral base. Marketing for new patients will keep the business healthy and
growing.
V.
Resources:
I.
Medical Assistants
:
A. Medical Assistants will help out in cleaning and keeping the practice up to date
in aesthetics and upholding OSHA standards.
II.
Loans:
A. The group plans on requesting $250,000 USD from a bank as a business loan to
cover equipment, leasing of the office, advertisement, and the initial startup costs.
Medical group will apply for SBA7(a) loan for the federal government of the
United States of America.
III.
Savings:
A. Personal savings will not be used in the establishment of the podiatric practice as
the savings will be utilized as a salary differential to make up for the paycheck
period.
IV.
Assets:
A. The group does not plan on bringing personal assets. The group will be
established under a LLC title to avoid the engagement of the personal assets.
V.
Partnership:
A. The four
physicians in the group will own 25
% of the whole, a
s this will
decrease the burden on a single individual.