Healthcare Business Plan
The diagnostic industry has no companies with a dominant market share value. The industry generated revenue of N18 billion with a negative growth of -0.2 percent within the years 2012 and 2017.
While there are about 14,300 diagnostic centers in Nigeria employing more than 100,000 people, IBIS World expects that proper growth for the industry will start occurring in 2019. This is because it is expected that advances in science will yield service capabilities that are new and improved as the aging population in Nigeria will require better diagnostic services. Demand is also expected to be boosted by the growing demand for affordable and accessible healthcare services for a majority of the population.
There are moderate levels of barriers to entry for new businesses in this industry and the highest barrier comes from the high level of capital that is required for start-up.
Demand is usually linked to the number of people receiving medical treatment and profitability largely depends on how efficient operations are as well as how effective marketing strategies are. Most of the large companies get 60 percent of their revenue from routine tests while a few focus on the specialty segment. However, it is expected that as technology improves with the advancement in medical knowledge, then specialty tests such as esoteric tests will become more routine.
High Definition Healthcare Limited will operate from one location that will serve both mail-order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon.
Our advertising, mostly through ads in magazines, targeted at all categories of people, individually and corporately more at those who are looking to save money on a pricey but necessary and regular expense.
High Definition Healthcare Limited will be led by Dr (Mrs) Ibironke Sodeinde, an experienced and distinguished medical practitioner with a passion for raising the standards in medical practice. Our uncompromising quality standards and upgrading according to future needs and demands as well as technological advancement will give us an edge over our competitors. We expect to reach profitability by our second year and will generate substantial sales by year three.
Table of content
Executive Summary 4
Products and services
Market Analysis 13
Sales and Marketing Plan
Management plan 20
Financial Plan and Projections 21
High Definition Healthcare Limited is a leading and standard medical and diagnostics center that was conceptualized with a vision to provide world-standard quality of diagnostic/healthcare services that are accessible and affordable to all.
“Achieving excellence at all times” is our motto.
We are fully committed to providing optimum quality diagnostic services and a host of remedial solutions.
We will strive to achieve world-class status as a quality medical service provider, so as to be the organizational choice for all, in every part of the society we work with.
We will offer Incorporating Medical/Hospital and Diverse Diagnostic services, Laboratory, Imaging (X-rays, CT Scanning, Ultrasound Scanning), ECG (Echocardiography), Physiotherapy Services, Consultancy, and Advisory Roles.
High Definition Healthcare Limited will also carry out minor procedures. Our major target market is major cities around Nigeria.
We provide general health care management services at affordable prices.
We are well trained and equipped to service the market segments that require healthcare services.
We will also ensure that in line with carrying out our duty, we comply with the laws and health regulations in Nigeria.
Our employees are well trained and qualified to handle a wide range of healthcare services.
High Definition Healthcare Limited is established as a limited liability company owned by Dr (Mrs) Ibironke Sodeinde, Dr. Adedeji Oluwatosin Sodeinde, and Miss Simisola Jesugbemi Sodeinde.
The Hospital is managed and directed by Dr (Mrs) Ibironke Sodeinde who have over 30 years’ experience and a distinguished medical practitioner with a passion for raising the standards in medical practice.
High Definition HealthCare Ltd is pioneered with the vision to deliver fast, accurate, and reliable diagnostic testing to all.
The company will be located in Ogudu, Lagos State.
Products and Services
High Definition Healthcare Limited will be offering a full range of diagnostics services and a host of remedial solutions.
It’s equipped with all modern diagnostic amenities of international standards.
We will be known for our ability to present accurate results at reasonable rates with a quick turnaround.
We believe in utilizing our hard-earned expertise and years of experience along with cutting-edge technology to reshape the health and future of Lagos.
Our goal is to be the most preferred diagnostic/healthcare provider in the areas of Laboratory, Imaging (X-Rays, CT Scanning, Ultrasound Scanning), ECG (Echocardiography), Physiotherapy Services, etc.
However, to be more entrepreneurial and raising standards in line with our core diagnostic services, we will offer medical support services, Physiotherapy services as well as Consultancy, Advisory services, and Training.
It has not been a smooth experience for the diagnostics industry as there have been many disruptions in the last few years.
The industry is getting consolidated as more of the unorganized settings in the industry are being organized which is slowly evident as the industry is seeing a CAGR of 18%.