It is not uncommon for rural areas to lack medical services. This applies as well to XXXX, where Park Square will be located.
Solution
Park Square Family Medicine’s mission promotes the health and wellbeing of the local community by providing access to high-quality, affordable medical care for all age groups. Park Square Family Medicine is determined to deliver services that surpass the expectations of patients. The result will be a profitable and successful business.
Market
According to the local area “Economic and Demographic Profile Report,” there is an increasing demand for cost-effective health care in the nation and in our region. Particularly, the area’s population is forecast to increase by 3.5% per annum and will eventually reach 160,000.
Competiton
Park Square Family Medicine is part of a larger medical industry, including “Offices and Clinics of Medical Doctors.” Private medical practices are small, usually with only 4 doctors. They may offer general or specialty services. They are well-suited to semi-rural or rural areas which do not have sufficient population to warrant a hospital, larger medical group, or other facilities.
In this 15,000-person town, there are five family doctors. There are 160,000 possible patients within 35 miles. These numbers make for a favorable marketing strategy because of the excellent patient-to–doctor ratio.
Why Us
Park Square Family Medicine’s mission is to improve the health and well-being in the community by providing high-quality, accessible medical care for all ages. Park Square Family Medicine is dedicated to providing high-quality services that meet the needs of our patients. This will result in a profitable and successful business.
Expectations
Forecast
Our current forecast predicts unrealistic profits. Because we know that expenses will continue to rise, we keep it as is. They always do.
Financial Highlights by Year
Financing Required
We will require a loan to cover $288,000. It is estimated that $225,000 of this amount will be spent on long-term asset accumulation. The remainder will be used for medical expenses and startup expenses.
Sunapto will manufacture and market an automated pill dispensing unit, the MedCabinet and a companion monitoring service to fill the medication compliance problem in the United States. Senior citizens often have multiple chronic diseases and/or suffer from multiple conditions. They consume four to five prescription medications and two over-the counter drugs daily. Nearly 67% don’t follow proper dosage instructions when taking their medication. Nearly 6 times as many elderly patients will be hospitalized due to adverse medication results than the general population.
Sunapto’s mission is to give people the chance to live happier and more fulfilling lives through the use of technology. They will offer home medical systems that use patentable technology. This will allow for safety, ease of use, and continuous partnership with healthcare providers. Their target market is 65-plus. Thirty-five million Americans are in this group and the group is growing at 1% per year. They intend to grow their business and establish themselves as an innovator in home-healthcare devices.
Sunapto’s marketing strategy will include awareness campaigns for the industry and pharmacists, as well as executions targeted at specific segments of customers. Sunapto’s first sales strategy is to directly sell the MedCabinet. The MedCabinet is projected to sell for $700 and will provide medication users with the right pill at the right time.
Sunapto faces competition from automated medication dispensers, reminder systems, and compliance services in its medication compliance market. An equivalent product in automated medication dispensers and compliance services is the closest competitor. Its weaknesses are its cost, limited dosing events and its weak marketing and distribution channels. This makes it vulnerable to a new, improved entry.
Sunapto has entered the pre-startup stage. Sunapto is a start-up LLC that will be located in the MidWest of the USA. Management team members have experience in finance, growth-oriented tech, and team leadership. The management team was able to see the struggles of older people with medication compliance and they are determined to make a difference in addressing this issue. Sunapto is looking to add sales, marketing and medical device product development experience to its management team.
The MedCabinet Concept Development Stage is complete. Sunapto anticipates having a working prototype five months after plan initiation and for sales to begin 12 months after plan initiation. Initial sales projections for Year 2 are 11,077 units and 13,419 units, respectively. Year 3 is projected to see sales of 13,419 units.
Sunapto will need substantial investment to bring MedCabinet to the market. They expect two rounds of financing. Round 1 will see the founders pledge a personal financial contribution. Sunapto is currently seeking outside investors to help launch the company. These funds will go towards the development of prototypes, initial product marketing and management team gaps. They expect round 1 outside investors to generate a positive return on investment over three-years. Round 2 funding will be needed during the seventh month of operations. Round 2 funding will be used to fill gaps in the management team, for prototype to product design, product marketing, and for contract manufacturing expenses. Sunapto estimates that Round 2 will see a good return on investment from outside investors over the next three years.
1.1 Mission
Sunapto is a home-based healthcare technology company that aims to improve people’s lives by bringing quality healthcare home. Sunapto offers home medical systems. These systems make use of technology to offer safety, simplicity, and a long-term partnership with healthcare providers. Sunapto wants to achieve a fair and aggressive profit. This will enable Sunapto to be financially sustainable over the long term. It will also compensate both investors and owners for their risk and money. They aim to grow the business as well as establish their brand and reputation for being a pioneer in home healthcare products. They plan to finance further growth using a combination equity investment as well as internally generated cash flow. Sunapto will continue to create new product extensions after their marketing platform has been established. Sunapto will keep a strong, cohesive team environment. There will be a shared ethos.
1.
Two keys to success
Sunapto’s key to success are:
Product quality: Safe, reliable and simple to use product with a well-engineered, quality design, easy-to follow programming, precise dispensing, uncomplicated usage.
Marketing. Once a quality product exists, Sunapto’s marketing platform is key to its success. MedCabinet has been a brand new product. Consumers must be educated about it to increase market penetration in a market where people are often more resistant to accepting new technology.
Partnerships: Sunapto is a management/marketing/technology company, not a manufacturing company. Partners will be required to produce and deliver product. The establishment and maintenance of partnerships will be crucial.
Philosophy Sunapto’s goal is to make a higher return than the average for its business partner. To achieve this, they will employ a balanced approach to managing the company. Sunapto will not only be driven by financial considerations, but also consider the following perspectives: Financial, Customer and Internal Process, as well as Learning & Growth.
1.3 Objectives
By Year 3, more than 24,000 MedCabinets will be sold.
Seven percent of units were subscribed by monitoring and notification service by Year 3.
