Executive Summary
The Maldives Dental Clinic will be fully formed and operating by January 1, 2021. The clinic is a multi-specialty dental center established after spotting the need for quality and affordable dental care to the clients. The proposed location is the Main Street shopping center along with the southwest suburb of Toronto. The clinic will be 850 square feet and will be designed to hold 100 patients at a go. The clinic will be a professional dental surgery center in both functions and appearance. The dental practitioners will offer the most recent and approved dental health care treatments. The main reason for selecting Toronto's suburb area is the convenient office location, higher projected growth rate from the community, favorable demographic populations, and little competition. The area will also provide easy access to the clinic, and due to the high traffic shopping center, it will provide exposure to the clinic.
Mission Statement
To provide quality, affordable, and comprehensive dental care to patients using the latest technology in a serene environment, focusing on the total-wellbeing of the clients. This mission statement leads the clinic towards its vision of being a recognized and respected institution leading to high-quality dental care.
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Market Analysis and Proposal
When analyzing the health care industry in the Toronto area, it will catch someone's attention to the wide gap in dental surgery that is yet to be filled. There are 476 fully functional clinics working at 80 locations across the city of Toronto, with less than 100 of them practicing dental health. The population being served by the clinics is estimated to be 6m. Using a population growth rate of 1.2% annually, one can expect that the Toronto city population will have grown to 7 million next year. It is also insightful to recognize that the southwest area of Toronto contains a population of 2,583,544 . With a health care dental utilization rate of about 20%, the market presents about 500,000 potential dental care patients.
Given that there is an average of 126,000 visits to dentists each year, one requires an average of 0f 4,000 visits annually to be at per with the industry (Ramraj et al., 2012). Considering this, one may project a total of 6,000 patients, representing 3.8% of the dental market share. Given that the demand for dental health care services is higher than the market can address due to the few facilities compared to the market, Maldives Dental Clinic has spotted an enormous opportunity in Toronto city.
Addressing this huge opportunity, Maldives Dental Clinic proposes to set its operation in a very busy shopping center of the southwest Toronto suburb. The area is projected to provide wide exposure to the general public and offer ample parking spaces for the clients. The facility will offer a competitive clinic fee for their clients, which is arrived at after consultation with the market rate in conjunction with the provincial Health Care association regulations.
Objectives
Maldives Dental clinic's main initiative is to become one of the leading dental care providers in the region and gain its financial independence. To achieve this, it presents a business proposal that will serve as a gauge to weigh the clinic's progress and seek financial interventions. Some of the company’s’ objectives are to provide high-quality dental care by preventing dental diseases by promoting good oral health in a very comfortable and serene environment that is friendly and relaxing to the visiting clients. More so, the clinic needs to involve professionalism and ensure that every team member has the right skills and training to conduct their duty incompetent manner. To achieve this, the organization requires $ 125,000 to enable them to buy operational equipment, furniture, and gear. Additionally, this funding will enable the clinic to counteract the starting negative cash flow statements for the first two years and optimize its patient volume with a well-thought-out market strategy.
Market Strategy
The Target Market
The target market of the Maldives Dental Clinic will be the 500,000 dental patients that are located in Toronto. Most of the patients will include middle-class individuals because the suburb of Toronto is mainly exhibited by most of this group.
Product-Service Mix
Maldives Dental clinic will offer dental treatment in more thorough approaches, which will be more robust than the current services offered in the market. Every patient will receive a more comprehensive dental consultation from the dental experts in the clinic. The treatment and consultations the clinic offers include; teeth whitening, tooth filling, braces, and tooth alignment, treatment of gum diseases and root canal, treatment of halitosis (bad breath), replacement of missing tooth which includes bridge, dentures, and dental implants, and crowns which could be gold, silver or any color of clients’ choice. The reason for including services such as dental crowning, whitening, and alignment is that mainstream media has portrayed beauty in a certain way, leading to increased demand for these services (Tin-Oo, Saddki, & Hassan, 2011) . People are struggling to get these beauty levels due to the scarcity of these service providers. Therefore, the clinic's decision to invest in cosmetic dental services will give the clinic a competitive advantage.
Offering such complete dental care packages will enable Maldives dental clinic to grow its patients' base as they attract more referrals due to their growing product portfolio. Moreover, the clinic has increased appointments' scheduling to be forty-five minutes for the first visit and reduced to twenty-five minutes for any subsequent ones. However, the clinic has ruled out any double booking of time slots to respect their clients’ time. Such will reduce the waiting time and improve the clients' satisfaction, which will build the clinic brand. The clinic will also be open during the evenings and weekends to accommodate patients who cannot make it to visit during normal time. During this additional time, the competitors are often closed, which allows the clinic to attract more patients.
Financial Forecast and Pricing
For the clinic to meet its break-even deadline of two years, a great pricing model will be utilized to ensure the company can drive more revenues and offset the negative cash flows. However, it is crucial not to ignore the recommended standard fees to maintain a great professional facility's reputation.
Management and Employees
Four qualified dental practitioners will run the clinic. Other support givers will be selected based on their experience in health care practices. Part of support management will include a chartered Accountant, medical practice consultant who has remarkable experience in the health care business, a lawyer, and a receptionist.
Conclusion
The primary goal to establish Maldives Dental clinic in the health market is to make it one of the leading providers of quality dental care while striving to attain financial independence. This business plan was formulated comprehensively to act as a guide and gauge when monitoring the clinic's progress to meet these expectations. However, to attain the projected success, the clinic needs $125,000 to acquire the required operating materials and equipment and to fund its operation up to the break-even period that is projected to be two years. Maldives Dental Clinic will fill the large dental health care gap that is in the city of Toronto. To achieve this, the clinic will maintain optimal operation in a professional approach while still providing quality and effective treatments and services. The clinic will adhere to its dedicated client care and organized and detailed office procedures. Moreover, they will maintain a great management team, effective market strategy, and having a realistic and well-thought out financial proposal that will be accurately modeled to ensure that clinic attain the predetermined success.
References
Ramraj, C., Azarpazhooh, A., Dempster, L., Ravaghi, V., & Quiñonez, C. (2012). Dental treatment needs in the Canadian population: analysis of a nationwide cross-sectional survey. BMC oral health .
Tin-Oo, M. M., Saddki, N., & Hassan, N. (2011, February 23). Factors influencing patient satisfaction with dental appearance and treatments they desire to improve aesthetics. BMC oral health .
