Medical tourism business plan
The company”) is an early stage start up that will serve as a full service “medical tourism” agency. Patients receive cosmetic and non-elective surgery in foreign countries through relationships with world-class medical facilities in india, the philippines, indonesia and thailand. The company’s founders have identified factors indicating an opportunity to enter the market for upscale medical tourism services. In may, 20xx the founders traveled to thailand and the philippines to meet with representatives of medical facilities to discuss the terms of a working relationship. 2 products & company will make all necessary arrangements for us patients to receive world-class medical procedures in thailand, the philippines and other asian countries. Financial arrangements, including necessary deposits, will be finalized before travel itineraries are booked and before the client is admitted to the medical facility. The company will work directly with the client’s insurance provider to determine in advance whether a portion of the treatment and related expenses will be ed to be a $40 billion industry by 20xx, medical tourism provides patients with the opportunity to receive top quality medical services in foreign countries at lower prices than in their home country. In general, the company’s upscale clients will be from older demographics, generally between the ages of indicators in the united states show that the prospects for medical tourism have great potential over the next decade and beyond. These factors make medical tourism an increasingly more attractive option for patients in the united states, especially those that are uninsured and underinsured. 4 strategy & a premium medical tourism agency, the company will offer its clients vip service while they are traveling abroad. In order to ensure the highest levels of customer service, the company will contract with the premier medical facilities and service providers in foreign countries. By focusing on customer satisfaction, the company expects to achieve strong word-of-mouth advertising as clients share their medical tourism experience with their close friends. With 10 years of experience in the travel business, ted francis will provide overall leadership of the enterprise. 7 sources & use of order to get the business off the ground and achieve a self-sustaining level of cash flow, the company requires $500,000 from equity investors. As a premium full service “medical tourism” agency, the company will help patients to receive high quality medical procedures in foreign countries at prices far below comparable procedures in the united states. 3 company history to company is an early stage start up in the process of developing a full service “medical tourism” agency that will be focused on helping u. Patients receive cosmetic and non-elective medical procedures in foreign countries through relationships with world class medical facilities in india, the philippines, indonesia and thailand. In may, 20xx the founders traveled to india and the philippines to meet with representatives of medical facilities in india and the philippines to discuss the terms of a working relationship. To date the company has signed deals with three hospitals and two out patient clinics in bangkok, thailand, and one hospital in manila, the company plans on renting a 1,500 square foot office space in a medium sized building in or near downtown san diego. Patients to receive world class medical procedures in thailand, the philippines and other asian countries. Emergency insurance coverage for any unexpected serious adverse events arising from the surgery that means prolonged hospitalization and/or a medical flight back to the u. Premium one-stop-shopping will differentiate it from competitors that concentrate on specific packages and/or are several us based medical tourism agencies that offer services to u. Based agencies, there are several foreign-based medical tourism agencies that market their services directly to u. While most medical travel agencies are targeting bargain hunters, the company will position itself to appeal to upscale market segments. The company will derive a competitive advantage from the fact that two of its founders are medical doctors, which will enhance the company’s reputation for safety, and obviates the need to pay for medical experts to evaluate the quality of foreign medical facilities. In addition to web-based marketing, the company will take advantage of its location among large population of potential clients by using an innovative regional marketing campaign that is designed to appeal to the sensibilities of people in southern medical travel industry has significant barriers to entry, because it requires expertise in the provision of both medical services and travel services. Startup costs are higher in medical travel because it requires hiring expensive medical experts who can evaluate foreign medical facilities. While there is nothing to prevent additional competitors from entering the market, the start up costs are going to be quite company aims to develop into the country’s premier medical tourism agency for upscale clients who want to have a first class experience while company will seek to diversify both its services and the number of countries where packages can be company will target upscale clients who seek cosmetic and other elective surgery procedures.
Secondary market segment is people who have a medical need for surgery and are looking to save money by traveling abroad. In order to accommodate the needs of these clients, the company will develop relationships with hotels and other foreign service providers that are at the lower end of the luxury ed to be a $40 billion industry by 20xx, medical tourism provides patients with the opportunity to receive top quality medical services in foreign countries at lower prices than in their home country. Market indicators in the united states show that the prospects for medical tourism have great potential over the next decade and beyond. These factors make medical tourism an increasingly more attractive option for patients in the united states, especially those that are uninsured and the past decade the medical tourism industry has exploded, with many new companies emerging to help people in developed countries obtain health care services in developing countries. Low cost of travel to developing elective procedures and specialized surgical operations (dental surgery, cosmetic surgery, cardiac surgery, knee and hip joint replacement) are commonly carried out as part of medical tourism packages. Countries that offer medical travel packages include belgium, brunei, cuba, colombia, hong kong, hungary, india, israel, jordan, lithuania, malaysia, the philippines, poland, singapore, slovakia, south africa, thailand, the united arab emirates (uae), and new zealand. Argentina, bolivia, brazil, colombia, costa rica, cuba, mexico and turkey also specialize in cosmetic surgery ence and understanding up medical ence and understanding of the travel gic location in region with high density of potential player in a competitive ishing a new reputation as a boutique agency for upscale ng a fast-growing ic downturn could impact demand for elective itive market could increase marketing costs. 0 strategy & a premium medical tourism agency, the company will offer its clients vip service while they are traveling abroad. The company will strive to deliver the highest levels of customer service, and will operate according to the strictest standards of medical ethics. 2 product order to ensure the highest levels of customer service, the company will contract with the premier medical facilities and service providers in foreign countries. The company will also employ executive travel coordinators who will arrange for the client’s transportation and lodging needs, and help the client to secure medical visas and comply with other travel-related formalities. Because there are many established medical tourism websites the company expects that it would be quite expensive to achieve high ranking on search engine results for search terms such as “medical travel” and “medical tourism”. By focusing on customer satisfaction, the company expects to achieve strong word-of-mouth advertising as clients share their medical tourism experience with their close most cases, customers will initiate contact with the company by phone. This will including luxury car dealerships, charter jet airlines, exclusive clothing boutiques and medical company plans to operate out of a suite of offices located in san diego. The company may establish an affiliate office abroad so that it will be better able to meet the needs of its clients during their travel to the host order to become the world’s leading upscale medical tourism agency, the company has established a set of goals:Attract an equity investment of $500,000 to finance ish a company headquarters in downtown san key management personnel and ish working protocols for case management and p a best-in-class to offer services by q2 public relations and marketing campaigns in q2 p reputation for superior customer profitable by q4 developing the premier vip brand in the world of medical tourism, the founders plan to exit by selling the company to a larger travel service business. Potential acquisition targets include large luxury travel agencies that want to leverage their strong customer base by adding medical travel to their offering. The marketing department will be led by a vice president of marketing who will be in charge of promoting the company to the target 10 years of experience in the travel business, ted francis will provide overall leadership of the enterprise. The board of directors will ensure that the company maintains the highest standards of medical ethics and maintains relationships with only the most professional medical professionals the company has a management team in place, it will gradually scale up its personnel in order to execute a 5-year growth strategy. Because the company seeks to become the world’s premier vip medical tourism agency, it will seek to hire exceptional professionals who are committed to the highest standards of excellence. The staff will be comprised of the following members:Vp of case managers – from 1 to 5 by year coordinators – from 1 to 4 by year strative staff – from 1 to 3 by year order to get the business off the ground and achieve a self-sustaining level of cash flow, the company requires $500,000 in investment will be used to acquire a lease on office space, outfit the office with necessary equipment, hire key management and support staff, develop a best-in-class website and brand identity and begin marketing the company’s services to potential clients. Remaining funds will be used to support business operations until the company becomes self sustaining. The company will bill clients a fee based on the total cost of their travel expenses, along with a medical consultation fee that is based on the total cost of their medical expenses. Because the company will require upfront payment from customers at the time the medical procedure is scheduled, the company will be able to avoid risks associated with deferred payment. There will be no initial debt or other key assumptions in the company’s projections relate to the estimates of new business. For each new customer the company expects to receive an average of $x,xxx of revenue, which represents x% of the client’s total travel and medical d articlesmore from ia business bike shop business apparel store business cturing business food restaurant business ainment business business plan ebook:Join our list and we'll send you the ebook instantly - includes worksheet and samples! Tips to improve your gross r topicsbusiness planning389business startup tips286marketing tips257general247management ideas222marketing & advertising tips145human resources133business strategy & tactics131. Critical design elements your business website business website is the lifeline to your online revenues. Legal issues: handling the legal aspects of you are starting a small business, you have several responsibilities.
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Like any other business, there are several legal aspects to owning a small business which, if not dealt with properly, may land you in the midst of todd writes this candid, “from the trenches” response to the daily stream of daily emails she receives from new medical tourism ng a medical tourism facilitator business requires capital, know how, and consummate documentation for operating quality and safety standards, practices, policies, and protocols. Only then can a marketing and business plan and branding strategy be drafted to explain the business rationale, model and value of its existence and revenue potential. Most don’t realize how much of each is required to succeed, but i can tell you from experience that it is far more than i (and others) ever daily, i receive emails from people located around the world who are convinced that there’s big money to be made in medical tourism. After all, dr paul keckely of deloitte published some really “aggressive” projections in 2008 and 2009 upon which the media, thousands bloggers and business plan authors have used for syndicated references and projections of their own with the deloitte report dutifully cited as a footnote. Some of these new medical tourism startups write to me with the hopes that i will take time from getting paid as a consultant to spend a few hours with them on the phone consulting and giving advice and feedback as a courtesy to them. They want me to provide advice for equity in a company that has no existing business, experience, track record, or product to sell. Often wonder if the latter group realizes that if they get sued for failure to comply with regulations or patient endangerment or some other reason that businesses get sued (like stealing copyrighted photos and content from other websites, for example) that i will get sued with them as a deep pockets shareholder/partner of the business. Write to ask if i can supply an off the shelf organization chart or organogram for their new medical tourism facilitator business, but they don’t have an organization. They want an organogram for an organism that does not exist, and for which they don’t know what should be listed with regard to roles, responsibilities and staffing, but they want to use this for a business plan to approach investors and the bank to loan them money? Do they honestly believe that this graphic depiction of a business infrastructure that does not yet exist, that they cannot even outline, will help them ti get startup capital for a business operation that they can’t even describe? Heck if they could at least outline the roles, responsibilities, and staffing plans and management structure, some graphics person on fiverr could draw it for them in ai or indesign or powerpoint and render it for a cut and paste into a business plan! If they don’t know what they will be doing in their business, how will a checklist serve as a reminder or failsafe that when used as intended guides their actions in the event of something going wrong or that is there to prevent such an occurrence? I believe that determination of the work flow at all stages of selling, marketing, operations and logistics coordination is where the value lies in the consultation; especially if they don’t know how to be a medical tourism facilitator. Typically that kind of guidance is ongoing and done through weekly meetings that break their business development project into “chunks” of activities and deliverables. The development of the proprietary policies, standards and procedures are where the consulting expertise brings it takes to form and operate a medical tourism facilitator 2003, when we began development of mercury healthcare international, i spent nearly 24 months of pre-launch effort and tens of thousands of dollars to formulate our medical tourism facilitator business by myself. This came after having a master’s degree and doctorate in health administration, years in organizational development and process design, strategic planning, and consulting in healthcare operations management. I also had several years working in travel, tourism, ticketing, and tour design and operations, as well as hotel inspection procedures with huge branded tourism accreditors before reinventing my career to healthcare at the age of 26. Afterward to go from paper to reality, i spent 2 more years of post launch testing and business activity to prove the processes i documented and planned and improve them. Along the way, i had to adapt the strategy and business processes to changing market l tourism facilitator certification – i seek out mta certification for this? They were twinkles in their respective founders’ eyes when i started my business activity for medical tourism (pre-mhi) in 1983. To be a professional medical tourism facilitator that will work to coordinate patient care on behalf of others, or to decide which brands of healthcare providers are worthy for one to agree to promote, is to commit to the documentation level of an iso 9001:2008 or equivalent, even if you don’t apply for the iso certification. However, i would recommend this if you plan to approach investors, you must seriously consider this level of commitment in business startup infrastructure because it will differentiate you from all the other “facilitators with a website and a cell phone”. Having iso 9001:2008 certification will represent to your hospital partners and insurers and others that you are serious and meticulous about documented policies, procedures and preparedness to enter this so will give you a branded advantage because iso 9001:2008 is a recognized standard for quality management unlike any of these other certifications, especially for medical tourism facilitators. You can safely assume that with proper marketing, brand messaging and the right medical tourism doctors, hospitals, clinics, spas, and other suppliers (the “product vendors”) as well as a unique branded product that is properly advertised, you should realize higher value-added commission rates and fees for your services that others with the just the website and cell phone and unsubstantiated organograms and checklists cannot justify. In addition to several stakeholders’ benefits, a number of studies have identified significant financial benefits for organizations certified to iso 9001, with a 2011 survey from the british assessment bureau showing 44% of their certified clients had won new business1. For network you have such an inspection protocol, credentialing and privileging standards, and a facilities grading standard, you should not be investing startup capital in fam tours, travel costs to conduct site visits and other network development and provider contracting price of admission and basis of consideration for you to be invited as a hosted buyer should be a copy of your inspection and grading standards, documented and protected by a non-disclosure agreement so that hosts that invite you can be sure you are prepared to do business when you arrive and not just take advantage of their goodwill and free trips to cool medical tourism destinations, simply because you have a website and a cell iers’ competency to begs yet another question: certifiers’ competency. Lately, every organization wants to sell their medical tourism facilitator certification for $1000 to $5000 for a one or two-day class. I don’t endorse temos, mtqua, mta and most other medical tourism facilitation certifiers though i respect what they say they are trying to do.
On the other hand, the value of the knowledge transfer in learning how to prepare for iso 9001:2008 for medical tourism is an entirely different matter. Instead of buying a medical tourism facilitator certification from an unaccredited body or certifier that the consumer market doesn’t easily recognize, why not go the route of achieving certification of the business process used in your medical tourism facilitation business? Iso is internationally recognized and the cost is in the preparation for the certification itself, not for the wall plaque and the logo i consult in the startup and development of a medical tourism facilitation business, or a medical tourism destination launch, i bring 30 years of experience and medical tourism business know-how and subject matter expertise. From 2003 to 2013, my company coordinated more than 10,000 medical tourism patient referrals to providers in 115 countries. No one can be a master of both and do them ing the medical tourism facilitator you create the business and its brand, then comes the marketing, advertising and selling. These tools cost money, and have recurring expenses of time and effort to create content and a distribution plan to publish the content in the form of articles, videos, and advertising collateral. The software and technical management platforms are necessary to do reputation management and monitoring, respond to comments and posts about your business, and ensure that all the places you can be listed on the internet list your business information accurately. This is an outsourced service that takes the place of a staff member on the medical tourism facilitator’s organizational chart, along with the desk space, telephone service and communications hardware, computer and software licenses, social media know-how, and discipline to distribute content according to an editorial calendar and perform the seo and sem treatments necessary to generate leads and visits to your provide this on a shared use basis for our clients, meaning that our account managers actually work on 5-6 other accounts each day, but that is all they do. Many medical tourism facilitation companies believe they can do all this in-house and skip this expense. They believe that they can do this in-house, do it effectively, and still manage patient quotes and logistics, provider network development, fam tours, site inspections, and the day-to-day activities of accounting and business development and network face time. This tells me straight away that they either have no business or they have a clock with more than 40 hours in a day on it, or they are in denial. 10 years of experience in the business of medical tourism facilitation is how i know this. Small medical tourism facilitator company can rarely do all this to avoid having big purchased advertising and media budgets. While it is rare that businesses need a fax machine anymore, a commercial telephone service that answers at all hours of the day or night will cost you a minimum of about $8-10 per day to answer 24/7/365. But with google maps, they can (and do) check out your business address to see if you are a real business or working from your house. If you lose consumer confidence at that level, you have no chance to regain it in order for them to entrust you with plans and guidance or advice for their personal health and you have these things nailed down, you can start writing your executive summary of a business plan that highlights a projected revenue and operating budget, product description, differentiation, marketing and branding strategy, and describe your competency to grow such a business. Only then will somebody risk investing in your next time you think to write me an email to cooperate or collaborate with you to help you build your medical tourism facilitator business, or you decide to ask me to sell you an organizational chart or checklist to get started, do us both a favor and save both of us time. And if you were planning to buy me a cup of coffee to trade you business advice, keep in mind i have george clooney (nespresso) in my kitchen any time i want book may help you more than what i can share over a cup of coffee. You must really care about insights on how to start a business in that’s the tip of the iceberg. So often medical tourism actors assume that simply assembling the ingredients to make a dinner (peas still in the can, meat still on the bone, lettuce still in the raised garden bed, tomatoes still on the vine, milk still in the cow) is adequate to invite guests to come for a dinner. Finally, after the meal, one must clear the table and serve the desert and after dinner beverages, entertain your guests before they take their leave to return medical tourism offers listed on so many competing directory sites are little more than an assemblage of the raw and canned goods stacked on the table as an unfinished product. Am considering to start a new medical tourism facilitator business and i found your earlier few articles most interesting. Small medical tourism facilitator company can rarely do all this to avoid having big purchased advertising and media , we agree. Too often medical tourism business companies are unprepared and undercapitalized to start the business and market it properly. The undercapitalization is often the reason why they fail, especially if they don’t have the competency and skills to be in the business they dream of or have realistic expectations about the hard work, continuous education, operational workflows, business liability insurance, and basic competencies to start the work in the first place. Too often, they believe it is an internet e-commerce business or an appointment setting hare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 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Or of sales and marketing at premier diagonistic and consultation r diagonistic and consultation l records & health al & tourism & medical ss plan medical tourism in l tourism provides patients with the opportunity to receive top quality medicalservices in foreign countries at lower prices than in their western countries. Medical tourismcould account for 3-5% ofthe total healthcare is rated amongst the world’s “mustsee top ten destination” by condenaste. In india chennai andkerala are most preferred destinationfor medical ing to the world travel tourismcouncil, travel & tourism generated, eitherdirectly or indirectly, $121 million of india’sgdp in 2011 and its 6. Legal : will be incorporated under the companies act 1956premium full service "medical tourism" agency (niche). Key liability : it will have no liability except t and servicesfulltimemedicaltourismservicealternativemedicinecosmetic &non- electivesurgeriesother serviceshelp with procuring a medical visabooking travel to the country wherethe services will be providedairport pick up and drop offconsultation with appropriatespecialistspre-operation accommodationbooking into the hospitalaccommodationarrangements for post-operative carearranging travel package for fellowmatesarranging emergency insurancearranging travel insurance. Arranging health gy & implementationproduct developmentinternet strategymarketing strategybrand buildingniche of mouthsale strategystrategic alliancesoperation strategyexit resourceceovp(service)managermedicalservicemanagertravellingservicevp(marketing)manager(national)manager(international)•administrative staff•housekeeping staff•temporary staff•commission based staffco-ordinators and first line plan & financestart up cost (capital): 43,25000 inraction plan : as obtained from financial statements, the company expects to achieveprofitability by month 12. Healthcare regulatory bodies such as national institute of health and familywelfare , the international society for quality in health caretourism regulatory bodies such as international civil aviationorganization(icao), international air transport association(iata), world tourismorganizationsupranational regulatory bodies such as asean, nafta, eu ,saarc etc. Accreditation bodiesbureau of indian standardsnational accreditation board for hospitals and healthcare providers (nabh)national accreditation board for laboratories (nabl)cap laboratory accreditation g skills with linkedin course - linkedin strategies for teaching in higher course - linkedin ts from a college career course - linkedin ng a medical tourism l tourism ing strategy for medical tion on medical tourism in l tourism l tourism in l tourism : an emerging sent successfully.. Now customize the name of a clipboard to store your can see my : usa out usabout the mtaofficers/staff locations advisory boardannual reportmta in the newsmta chapter networkmedical tourism faq’smedical education advisory boarddownload graphic standards manualmembersmember by region mapamericas and caribbeaneuropeafrica and the middle eastasia pacificall regionsmembers by categoryhospital/specialty clinic/wellnessspecialty clinicfacilitatorcorporate memberstravel/hospitality companies govt/healthcare clusters industry associations/chambersspa and wellnessphysician assistant and nursesmta certified membermta chapters pharmacymembers directoryhealthcare proceduresspecialists membersmembership benefitsexpertisefor hospitalsfor governmentsfor academiafor insurance & buyersfor patientsregional initiativescluster development programsdestination guideslas vegas health & wellness destination guidejordan health & wellness destination guidemiami health & wellness destination guidetaiwan health & wellness destination guidedominican republic health & wellness destination guidefamiliarization tripsindustry eventsresearch & resourcesresearch / surveys / statisticsmedical tourism magazinewellness travel magazinequality of care projectlegal topicsmta blog & newsmedical tourism indexindustry interviews & videoslearn with mtacertified medical tourism professional (cmtp)certified wellness travel professional™ (cwtp)wellhotel training & certificationcontact usrequest a speakerjoin mta newslettermedia inquiresmta distribution channelscontact usmta in the newsmta factsstorejoin marketing services increasing numbers of patients and companies turn to medical tourism, it has become more important than ever for hospitals and medical tourism facilitators to develop a sound business strategy and marketing plan to tap into this growing r, setting up your international office or facilitator business can be a daunting task. At the very least you need a business plan, financial strategy, legal counsel and marketing plan to ensure a firm foundation for the years the mta has received numerous inquiries from organizations requesting assistance with setting up an international office or facilitator business. Our members and clients seek customized solutions unique to their evolving business needs and representative of their international brand identity. To meet these needs, the mta marketing services program will connect you with expert consultants and delivery specialists who can design and develop tailor-made solutions for your unique business ational patients and other buyers of healthcare are looking for organizations that can provide a top-notch medical travel experience. Annual mta ght © 2017 medical tourism association, all rights reserved | terms of e designed & developed by ess landing page the present date, medical tourism is a flourishing and developing industry. High cost of medical facilities and their unavailability are forcing the developed country citizens to travel to overseas destinations for getting proper treatments. The patients of developed countries usually seek help from medical tourism facilitating jobs of the medical tourism facilitators include making arrangements for the medical trips of patients and looking after all their needs. They analyze the health conditions of their clients and make suggestions regarding the best medical treatment destinations and the passport and visa to postoperative care and sightseeing, professional medical tourism facilitators handle every aspect of medical tourism. There are already countless medical tourism facilitators in the market and the competition is quite intense. To succeed in a congested marketplace the new medical tourism companies need to have proper business a medical tourism facilitator, you will have to provide a very wide range of services to the clients. You must have experienced doctors in the team for studying the individual medical records of the patients and then making appropriate suggestions about treatment procedures, destinations, hospitals and medical will have to arrange video conference calls and let the patients meet the team of doctors virtually. The medical tourism facilitators must have plenty of contacts at the medical tourism destinations for arranging proper accommodation and sight seeing facilities for the patients. Medical tourists generally get pick and drop services, together with 24×7 providing all these facilities, you will have to jot down the plan of action first. Start by making plans about the number of clients that your company will be initially handling and then determine the prices of packages. Also, talk to the hospitals and private nursing homes at the medical tourism destinations that are convenient. You will have to procure the necessary business license and permits for acting as a travel your business related documents handy at all times. Think about the possible sources of finance and approach organizations from where you can obtain business loans. Medical facilitators have to do extensive research on the medical facilities offered by clinics and nursing homes at the medical tourism destinations. The planning and preparation should be thorough so that there is no confusion once your business starts l tourism facilitators have to plan every aspect of their business carefully before starting out.
They must conduct research to obtain information about the medical facilities offered at clinics and islands gets into action for promoting medical ns of singapore apparently not enjoying the country’s flourishing medical tourism ’s skill in robotic surgery brings it in favour of medical n in the usa is drawing medical tourists by offering discounted medical tourism from the middle east creates demand for arabic l tourism l tourism l tourism sector.
