Business Plan for The Medical Group of South Florida
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The legal name of the business
The Medical Group of South Florida
It was started in 2001 by Dr Steven H. Spangler, and the first location opened on Nebraska Avenue in Miami Beach. In 2011, they relocated to a new location directly across the street, at 6701 North Kendall Drive, Suite 1000, on the corner of Sunset Drive (The Medical Group of South Florida, 2022). The second location promises more convenience for patients who can now be treated in Fort Lauderdale than in Miami Beach.
Its ownership
Dr Joshua Smith is the owner of The Medical Group of South Florida. The Medical Group of South Florida has provided quality care to families for 50 years. It is the most extensive family practice, combining comprehensive primary care and specialty services. The main office is located on West Cypress Creek Road, with additional offices in Pembroke Pines.
Dr Joshua Smith graduated from Dartmouth College in 2000 and received his medical degree from Cornell University Medical College in 2004. Dr Smith completed his internship at Jackson Memorial Hospital and his residency in Family Medicine at Jackson Memorial Hospital. After completing his residency, he moved to Key West, Florida, where he practiced as a family and internal medicine physician until 2006.
The Medical Group of South Florida is the largest physician organization in Boca Raton, employed by over 7,000 patients and the second largest in Palm Beach County. The Medical Group of South Florida employs over 200 physicians with a wide range of specialties, including family practice, internal medicine, paediatrics, obstetrics/gynaecology and allergy testing (The Medical Group of South Florida, 2022).
Legal Structure
The Legal structure of The Medical Group of South Florida involves a membership club with two divisions; one is the Medical Group itself, and the other is the American Society of Consulting Ophthalmologists. The Medical Group of South Florida offers ophthalmology consultations. There are no requirements for its members in terms of age or qualifications. There is no fee for them to join. However, some prices are required to be paid by every member that joins once a year in return for their services and additional costs as required by different treatment clinics and hospitals within the company’s network, which falls under the American Society of Consulting Ophthalmologists division.
Board-certified physicians run this organization to ensure the highest standard of treatment in South Florida. The Medical Group of South Florida has set itself apart from others with this primary core value in mind. It has been recognized for it many times with awards like Most Trusted Provider in Miami-Dade County and Best Internal Medicine Practice for Surgeons in Miami-Dade County (Carrasquillo et al., 2018).
The company is a private medical company specializing in ophthalmology consulting and has offices all over the country. It is an independent service affiliate of the American Society of Consulting Ophthalmologists, a for-profit entity in Sarasota, Florida. The Medical Group sells its services to hospitals, clinics, doctors and other health care facilities.
They specialize in providing the best treatment options available from some of the best eye surgeons throughout their network to improve their patients’ quality of life through enhanced vision.
The Medical Group of South Florida members are not employees of the American Society of Consulting Ophthalmologists and, as such, can choose to work independently from the company after being accepted into its membership by paying an annual membership fee.
The American Society of Consulting Ophthalmologists was created in 1987 by Dr Robert M. Foreman, founder of the Medical Group and president emeritus of The Mayo Clinic, who recognized a need for a world-class second opinion facility for physicians seeking specialized medical care. Due to this lack, he founded a network system that connects eye surgeons throughout the United States and Canada with hospitals that perform complex eye surgeries.
Product or Service Being Offered
The main products or services being offered by The Medical Group of South Florida include a primary care team that can handle all of your basic general needs. Additionally, there’s an emergency and urgent care service and a variety of testing options. They also offer support for cancer services, weight loss assistance, and other offerings to promote positive health overall. It is possible that The Medical Group of South Florida will be able to provide other products and services in the near future. When it comes to referrals, The Medical Group of South Florida is able to offer patients with a variety of options. One of the most common and preferred methods is through medical networks (South Florida Business Journal, 2022). They can also provide referrals for other medical professionals who can help treat the patient in question. The Medical Group of South Florida does not recommend that every patient would need referral services from them, but they do encourage people to explore all avenues possible for treatment or help.
The Medical Group of South Florida does have a staff that has been trained and certified through the National Commission on Certification of Allied Health Professionals (NCCAHP). This means that doctors and other medical professionals are able to meet all state requirements for certification, including having continuing education regularly completed. Additionally, they do not provide services to minors and only treat adults. The Medical Group of South Florida also does not accept any form of insurance or payment plan.
The Proposed Market (Marketing Plan)
The primary proposed market for The Medical Group of South Florida is, as of now, the South Florida region. This proposed market will consist of the entire South Florida region and include all towns and cities situated in that region.
The Medical Group of South Florida has proposed a marketing plan to promote their organization in media outlets and by utilizing social media. The primary marketing strategy for their proposal is to reach out to current customers and target new ones who are interested or invested in similar organizations. The Medical Group of South Florida sees this as a strategy since they are competing with various other medical organizations within the same area, such as Kaiser Permanente, Novant Health System and Miami Children’s Health System (Mohl, 2021). The Medical Group of South Florida has found that this strategy provides the best results for their unique needs. The content on their website focuses on the following: what they do and why people should invest their time in them; patient satisfaction and reviews; and customer references.
Many people within the South Florida region see this proposed market as a great opportunity due to the rapid population growth. Many people are attracted to living in such a region with so many medical centres that are readily available, thus forming a greater chance of being able to obtain health care. Also, the South Florida region has a large elderly population that is continuously growing, thus increasing the need for medical care. South Florida is also known for being a leader in world health care, diagnostics, and genomic medicine.
The Medical Group of South Florida has already begun its marketing campaign by looking at demographics, competitors, and existing products. Currently, there is an overwhelming number of uninsured people within the South Florida region, resulting in adverse outcomes for patients. The Medical Group of South Florida has looked at this statistic and seen this as an opportunity to obtain potential customers by offering a free health screening to those who are uninsured or under-insured as part of their initial marketing strategy.
The marketing plan for The Medical Group of South Florida is not just a marketing plan. And it is a business plan. It is different from any other marketing plan because it has been designed to consider the board of directors and stakeholders of the company before creating any promotional materials. Therefore, the marketing plan for the Medical Group of South Florida serves as an integral part of its business strategy rather than just an essential piece of its sales strategy.
A well-thought-out and well-written marketing plan will save time (and money) for both you and your company by helping you meet your objectives faster to reallocate resources accordingly.
A SWOT analysis includes five sections. Each section is broken down into four sub-sections, detailing the strengths and weaknesses of the organization on that specific point. The SWOT Analysis process also emphasizes opportunities and threats from external sources, specifically competitors in its market. The analysis can identify if any gaps in the company’s competitiveness must be addressed to succeed (Benzaghta et al., 2021).
To further help them get a picture of how profitable their business would be, the Medical Group of South Florida can do a Calculation Impact Analysis which provides them with an idea of how revenue increases or decreases by altering various pricing factors. By assessing strengths, weaknesses, opportunities and threats, your company is forced to take an honest look at the present state of its business (and, therefore, its goals). The assessment of strengths and weaknesses provides insight into what your company already has going for it and what it lacks; this creates a realistic starting point for creating a successful marketing plan (Benzaghta et al., 2021). The assessment of opportunities and threats will give your company a glimpse into what your competitors are doing in the marketplace and how your company can use that information.
After evaluating strengths, weaknesses, opportunities and threats, it is time to develop strategies. Each strategy should target one specific business area, such as marketing strategy or operations strategy. These strategies aim to identify ways to capitalize on your strengths while minimizing any potential pitfalls that stand in achieving your objectives.
In conjunction with the development of each strategy, you will need to create action plans associated with each system you have made. Action plans are concise and straightforward steps that will allow you to monitor and measure your progress in the short term. At this point, the marketing plan for The Medical Group of South Florida is complete. Once completed, it can be used to keep its strategy on track.
The marketing plan works hand in hand with strategic planning, where it will give an executive committee a vision of what the company should be doing and how they will measure success. The actions described thus far will provide a starting point for strategic planning. Still, it is not until you have created goals that strategy has any bearing on whether or not you are achieving those goals that the creation of the marketing plan becomes relevant (Nick Hernandez, 2018).
A Financial Plan
The financial plan for The Medical Group of South Florida includes projections that illustrate how the organization will grow over time, set goals for increased profitability, and determine appropriate investment levels. The plan also includes a forecast of projected future cash flows (Myers, 2021).
The Medical Group of South Florida is preparing for potential changes in the health care marketplace that could affect their growth. This plan provides a way to expand their current business model by increasing market share and managing risk factors associated with hurricane season. By assessing new market opportunities, this financial plan can provide more excellent value to both the Medical Group of South Florida employees and investors as they look forward to continued success in the evolving health care marketplace.
The Medical Group of South Florida is a corporation with over 700 licensed medical providers. Founded in 1973, the company has committed to providing high-quality medical care across South Florida and the Caribbean. Currently, their facilities include ten hospitals, one rehabilitation center, and all have emergency rooms open 24/7. They employ more than 8300 employees at their hospitals in the US and overseas. All facilities located in Florida are accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO), while the appropriate local agencies accredit those located outside of Florida.
References
(2022). Retrieved 1 April 2022, from https://partners.bizjournals.com/providing-the-edge/south-florida-leads-the-pack-in-transforming-health-care-an-executive-discussion/
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73.
Carrasquillo, O., Seay, J., Amofah, A., Pierre, L., Alonzo, Y., McCann, S., … & Kobetz, E. (2018). HPV self-sampling for cervical cancer screening among ethnic minority women in South Florida: a randomized trial. Journal of general internal medicine, 33(7), 1077-1083.
Home | The Medical Group of South Florida. (2022). Retrieved 1 April 2022, from https://mgsfl.com/
Lab and Diagnostics | The Medical Group of South Florida. (2022). Retrieved 1 April 2022, from https://mgsfl.com/lab-and-diagnostics/
Mohl, R. A. (2021). 3 MIAMI: THE ETHNIC CAULDRON. In Sunbelt cities (pp. 58-99). University of Texas Press.
Myers, K. (2021). Healthcare Risk Lessons for Financial Managers. The Journal of Government Financial Management, 70(3), 34-39.
Nick Hernandez, M. B. A. (2018). Strategic Planning for the Medical Group. The Journal of Medical Practice Management: MPM, 34(1), 6-9.
