A Business Plan of Medical Services Marketing Essay

A Business course of study of checkup exam Services mart placeing EssayThe medical examination examination checkup exam examination touristry exertion is in a rapid state of growth, both in capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of Singapore and world-widely. Growth in consumer demand for wellness function delivered by opposed medical professionals continues to grow for a variety of reasons, including insufficient regional health condole with systems and the growing expense of performing domestic procedures in their countries of origin. Sometimes, reserve a medical tourism package is hardly an excuse to masticate a remote land whilst likewise to consolidate their tour interests and authorise birth salutes. This growth in medical tourism provides enormous opportunities for launching Singapore MedTours and ensuring it only ift end grow an d be sustained. medical checkup Services touristry is not without m each melodic line attempts, including soaring levels of competition from in terminalinalediary companies designed to abet consumers plan itineraries for medical dishs. in that location atomic number 18 also risks to the client that must be considered, including ensuring that they fully understand their own health risks so as to secure liability f spellors for the occupation itself. In terms of st directgic objectives, a encompassing risk management system must be developed. however, away(p) of these risks, pro sum electric potential is quite considerable due to the larger node demand that exists in many different foreign countries. Singapore was elect as the plain to launch the new medical exam Services Tourism Company because of its award-winning foot, the ability to raise new capital through a variety of means and even for the education system that shtup provide quality employment for the t ask by skilled professionals. Singapore is holy man for Medical Services Tourism and this blood line plan provides a comprehensive plan for the launch of the confederation.2.0 Business descriptionMedical tourism involves availing medical procedure in a foreign nation. Hesperianers form a large segment of medical tourists who be attracted to quality healthc atomic number 18 and large savings as comp ard to the medical termss in their own countries. The patients because notify take a vacation in the host rural after receiving their medical manipulations. Often patients skunk coer their surgery expense, line of add-onment and hotel appointment charges for quarter of the operation cost they would go paid in their country (Puah, 2008).The Company would be named Singapore MedTours and it bequeath be a Private Limited Company (See Appendix 1). The firm get out act as an agent that facilitates tourism of international citizens looking for quality and inexpensive health c argon that they might not be able to achieve in their home country. It go out be a start-up company with an onsite rapidity for receipt of lastlers and to punish their inquiries on medical tourism. The agency de expound give birth profit by charging heraldic bearing on these transfers and any additional favorableness fatherd from supplementary, non-medical tourism that might be booked through the agents or its online website.MissionOur missionis to provide Safe, Affordable and Quality health c ar options to our nodes through world class health c are system of Singapore. witness Author2.2 Industry backgroundThe medical tourism market has some doubled in recent forms, and is currently valued at over $20 billion every year (Gaddum, 2010). This invites medical tourism i take aim as a profit-generating business with huge growth potential. Medical tourism fills a valuable niche that is desperately enquireed in countries with bureaucratically flawed or unaffordable health c are (discovermedicaltourism.com, 2008, p.2). One of the reasons that make foreign prompt so appealing to a variety of international tourists is in areas of cost. For example, in the United States, it might cost approximately $30,000 for a knee heir surgery, where in Singapore these costs testament be much little at only $18,000 (placidway.com, 2010). It is largely this cost difference, for the like medical expertise, that is fashioning medical tourism such a booming business not just in Singapore.Some of the major countries that are avering Medical Tourism in the world areCountriesMedical Inbound Tourists2002200420052006Thailand390,000520,000Malaysia210,000320,000374,000410,000Singapore117,000179,000India100,000150,000Source http//www.ihf-fih.org/pdf/25-28.pdfSingapore is among the most attractive polishs for health care travel. The country has been awarded as the Best Medical/Wellness Tourism terminal figurein 2007 and entrust be the Leading Destination for health Care Service in southeastward Asia (MedTourismReview, n.d).2.3 Goals and Potential of the BusinessAccording to Singapores minister of trade and application Singapore is a good place to raise funds, both equity and loans, including chance capital. (Satapathy, 2003, p.1745). Singapore was chosen as the start up location because of the comfort of access for funds related to the launch as well as securing future loans or capital for remediatement and expansion of the business. Because of the quality accessibility to investment funds and separate loan-generating entities in Singapore, the business has several goals for hapless term gainSource AuthorA long term goal of Singapore MedTours is to create an internationally-recognised name in medical tourism that outperforms competition. There is massive potential for creating a strong trade heading internationally based not only on growing consumer demand, but because of the systems already in place in Singapore to assist in developing a sound publicise programme with eminenter global exposure.2.4 Uniqueness of profitSingapore MedTours go out contain several funny features designed to make it outperform competitive entities in this industry.Singapore MedTours would outer a low-risk guarantee to enable the customers in moving forward with their medical tour with strong faith. In any case if after arriving at the destination, the conditions of treatment seem unacceptable to the client, we will give the liberty to instigate the surgery. The only charge the client will be responsible of is the song fare and accommodation. To our knowledge, were the only medical tourism companythatoffers this type of defense in Singapore.Also MedTours would be unique in supplementary function related to medical tourism that will improve profitability and improve the joint of mouth reputation for the business. Offers the founder of Scotland-based Company public wellness Tours This is a huge word of mouth business (Crawford, 2006, p.1). Therefore, Singapore MedTours will be equipped with superior quality value dimensions that please the travelling tourist and also improve customer relationships using advanced CRM systems (Customer alliance Management software).3.0 merchandiseingMarketing will be crucial to the victor of this new business launch because of the grandeur of word of mouth to the company. With high levels of competition in this industry, an improved and superior marketing armorial bearing must be available and the funds needed to make this a man will be allocated to this effort.3.1 Target market determineThere is no one, singular market available to this business because of the ability to capture the tutelage of many different consumers hailing from many international locations. No two patients are the same, both in their unavoidably or the type of journey they either want or require (newsweekshowcase.com, 2010, p.1). This means that it would be quite trying for the business t o isolate a single object lens market outline that would fit the needs of the majority of travellers who look toward our services.However, despite these unique consumer needs, medical tourism industry is dominated by patients from United States. In 2008 solo estimates put that much than 1.3 Ameri tooshies travelled abroad for the exclusive purpose of quest medical care ( health-Tourism.com, 2008). The marketing strategy should take into consideration the high the great unwashed of customers that will come from this region and use communications strategies that fit the needs of this high profit-generating customer client. Other international customers will be measured using software and database tools to determine which international location brings the highest volume of customers, and ongoing, future research methods will be used to determine their needs as they arise.Market SurveyResearch ObjectivesTo analyze the growth potential for the business.To analyze the consumer need s according to their relative priority.To analyze the level of affirmatory consumer expenditure.Customer Profiling and CharacteristicsCustomer profiling is tradeant as it help in identifying and catering to customers in every achievable way (Anderson, 1997, pg 71). found on the market survey conducted, most of the respondents show favourable solution for medical tourism. A majority of respondents with negative response towards medical tourism shifted to need more reading aspect when medical tourism benefits were mentioned.However the two main factors motivating respondents to be favourable to medical tourism are cost savings and high quality healthcare from internationally accredited infirmarys.The most preferred service attribute is high standards of service with considerable savings indicating that not all consumers bargain hunters. It also indicates that respondents are not willing to compromise on quality for cost reduction.determine the critical factors for success majori ty of respondents preferred English speaking race and exceedingly accredited hospitals. The most influential means of promotion is word of mouth followed by hospital referrals and company website.In addition, with the various competitors spot and competitive comparisons, most consumers decisions are influenced by Brand equity and knowingness play an important role.Target market base on the Market Survey conducted, Singapore MedTours will focus on target markets which are of high growth potential. The market is divided into the next segments which in work on will provide the company with clear focus to direct its marketing strategiesGeographic segmentation North American Citizens.Demographic segmentation sequence 45-65Income U.S $24000- $70000Psychographic segmentation Customers keen on quality of service and interested in good savings while not in favour to conciliate on soundty.US Medical Tourism MarketAccording to the Market indicators United States medical tourism has got good prospects in coming tenner and beyond. In the United States, medical surgeries are very expensive, and every year millions of Americans default to earnings for the health care expenses they require they are either uninsured, uninsurable or underinsured. According to a study in 2007 50% of individualal bankruptcies are related to medical crises (Star Health Vacations, 2010).3.2 Market coat and trendsIn 2006, Singapore drew 410,000 international customers that received medical services primarily in form of Liver Transplants, Cardiac Surgery, and Joint switch (Hadi, 2009). And this number of inbound patients will exceed 1 million by 2012, with forecasted value of 3 Billion USD (The cyberspace Journal of healthcare Administration, 2010). Scotland-based Globe Health Tours put throughd a 600 percent increase in business only after six months of operations (Crawford, 2006). In all, Singapore Medical Tourism is aiming to become a leading health care destination in all Asia and it witnessed a steady growth of 11.9% per year from 2004 to 2008 (prlog.org, 2009).3.3 competitionIntensive competition exists in medical tourism, both internationally and in Singapore itself. Therefore, the company must create strong marketing presence and advertising know-how to make the business outperform competition step by step or service by service. Within the country, there are currently 29 hospitals that already provide health services to foreign travellers, with services being performed by over 7,000 physicians and 15,000 registered nurses (health-tourism.com, 2010). Because these hospitals already get contracts and/or relationships with other health tourism agents, there is a great deal of marketing work that needs to be performed by the business to make it stand out and be the preferred agency for these profitable customer groups. This well-developed profits of physicians and agencies can be quite risky to the business impersonate and require competitive focus to ensur e improved customer preferences for the company.U.S agencies direct in Singapore There are several U.S based medical tourism agencies, like Health Base Medical Tourism Agency, artificial satellite Hospital, which are providing health tourism services in Singapore to patients of America. The companies are similar to each other only differing in the fact that they are tied up with different hospitals in different locations.U.S Agencies operate in other medical tourism countries These agencies are tied up with develop medical tourism countries such as India, Thailand, and so forth secern players complicate World Med Assist, Indus health, Quest Tourism, Med Journeys, Med RetreatSWOT Analysis of Singapore MedTours personnelWell trained cater with heavy focus on construct customer relationship before and after their block in Singapore.Creating an at large(p) to use entanglementsite and employing advance Customer Relationship Software to attract and hold in clients interested i n Medical Tourism.Singapore is ranked 6th in world for the quality of health care provided by the World Health Organization (WHO).Medical tourists should not be able to witness disorganized events during their stay in comparison to the other Asian countries as Singapore is urbanized and clean country.JCI-certified hospitals and healthcare facilities are found in copiousness throughout Singapore.English is one of Singapores official dialects.Though the cost of healthcare in Singapore is not as low as India or Thailand but they are still lower in comparison to Western Europe and the USA.WeaknessThe cost expenses in medical influencees and treatments in Singapore are relatively high when compared to other Asian medical tourism countries like Thailand, Malaysia and India.The geographical location of Singapore is such that the climate is earlier hot and humid which whitethornbe a hindrance to the westerners especially during the stigmatise procedure and recovery defends.Accommodati on, superman and the cost of goods in Singapore is more expensive as compared to other Asian countriesThe travel times to Singapore are considerably very lengthy for the US medical patients.Opportunitiesinitiatory tourism service industry present in Singapore can help in recruiting trump out talent for the Medical Tourism.High market Growth Healthcare services from countries with aging population increasingly look for medical tourism.U.S. workforce is seen to be increasing more in linguistic context to globalizationLow-cost global air travel had made Singapore all the more accessible for inbound patients.Employers and health plans targeting commercial populations have become accepting of the various benefit of medical tourism.ThreatsThere is seen to be fierce competition posed by other Asian medical tourism countries like Malaysia, India and Thailand.Popularity of Medical Tourism may encourage more competition to open business in Singapore.New technological breakthroughs can mak e previously very expensive healthcare affordable in the clients home country.Global endemic outbreaks like H1N1, SARS, and Bird-flu etc in western countries can inhibit travel of foreign travellers to Singapore as government may impose restrictions.Source Author3.4 Estimated Market ShareIn rules of order to estimate the market share few of the assumptions has been taken into accountThat the rate of people seeking foreign medical services continues to grow at the same pace, with 1 million people entering Singapore in 2012 for this purpose.Very High volume of competition present in the country.Based on the above two considerations the firm is taking the minimum target of just 0.1% Market share, i.e., 1000 customers for the 1st year which it plans to grow to 1,500 in 2nd year and by 2013 the target is to telescope 2,000 customers. The firm believes that this extremely low market share can be easily manageable by utilizing good marketing and promotion strategy and following silk h at practices in the business.3.5 Market strategyPositioningMedTours intends to work on a clear postal serviceing statement of Quality, You can be Assured off which encourages customers to have complete faith in the company. The company will position itself as a reliable and friendly agency with utmost importance effrontery to customer safety. The point of difference which separates the company from its competitors is the Quality reassure what the company provides and the idea of personalization of medical tours. This will help the company stay competitive while being positioned as a differentiated medical tourism agency.To be able to live up to the positioning the company will tie up with best in class hospitals and service providers with highest priority presumptuousness to details of service dimensions. The company will grease ones palms advanced CRM systems to improve overall delivery of customer services.The business will use, as one, marketing strategy, advanced training f or its employees related to customer service to make the short encounter with the company one that is remembered and would help in creating good word-of-mouth publicity.ProductSingapore MedTours will offer best of the medical services present in the Singapore by acquiring tie-ups with world-class hospitals of Singapore. Specific focus will be made on JCI- trustworthy (Joint Commission International) hospitals like Alexandra Hospital, Changi General Hospital, Raffles Hospital, Parkway Group etc so that inbound patients from US and other countries are assured that they are getting best quality service in a very safe environment.Services Offered By Singapore MedToursThe following are the exact constitution of services being offered by Singapore MedTours. Personalpreferences of patients would be given priority to select best hospitals and doctors.Source AuthorPlaceSingapore MedTours will have a dedicated well-furnished stake from where its entire staff can operate. Also in this offic e the customers would be received for the first time and will be given initial briefing about the Medical Services they would be going through as well as general tuition about Singapore, its culture, famous tourist attraction etc. The main purpose of the office would be to make sure customers have one single easily identifiable and approachable location from where they could satisfy all their queries and solve their jobs during their stay in Singapore.PromotionApproximately 78 percent of all medical travellers use the World Wide Web as their first choice for booking medical tourism (medicaltourism.com, 2010). Because of this high volume, market strategy will include a strong Internet presence that will require the expertise of information technology specialists to give the business a colourful, interactive and engaging online booking experience. The majority of the business will likely come from Internet exploration, and then the cypher must be allocated to a web design that ou tperforms competition and has the necessary information to make Singapore MedTours their first choice in booking their travel needs.The first consequence of choice to improve visibility and awareness in customer groups will be the Medical Tourism Magazine, a bi-monthly publication that is distributed in a variety of international countries. Costs for these ads are $4000 for a full page ad and $2000 for a half page ad (medicaltourismassociation.com, 2010). This is a respected and well established advertising publication that will give Singapore MedTours better marketing presence. The company will buy half page ads several times yearly to update its books based on consumer research and success with other marketing formats.Additionally, web-based advertising will be part of the ad strategy that includes links to gabble our business website on partnership or contract agreements with different hospitals, travel agencies, and physician websites. The goal of this rather inexpensive adv ertising method is to simply give the company more ad presence and ensure budget needs are met. Since most customers will not visit the business location prior to making their travel needs, web presence is merry to building higher profit and consumer demand.3.6 PricingCost of Medical sermon in SingaporeIf the procedure would cost $6000 in the U.S. financial savings might not be realized by the patients even if the same surgery costs $1500 in other country. By the time the airfare, accommodation and stay charges are covered patients may only realize a break-even scenario (Med Retreat, 2010). Hence with careful consideration the following procedures would be offered by Singapore MedTours.Comparison of cost between Medical procedures in USA and SingaporeSource http//www.health-tourism.com/singapore-medical-tourism/Although the industry standard is 15% (See Appendix X) for each referral to the hospital by an agency but the firm would initially keep the commission fee at minimum 12% in order to gain competitive edge while start-up. This also aligns with our market survey where cost saving has been attributed as most important consideration for the customers.PeopleSince this is highly service-oriented industry and the mission of Singapore MedTours is to have best customer experience as possible, so Singapore MedTours will make sure that it will hire competitive employees. Furthermore sufficient training would be given so as and when needed in order to cope up with market demands and competition. Lastly special packages and policies will be design to get and retain the best employees of the firm.ProcessProcess is extremely important part of any Service-oriented industry. Hence Singapore MedTours will make sure that its work out is as efficient and as customer-friendly possible. Quality Control would be done regularly to identify and improve any bottlenecks and promote the best practices.Reviewing and authorise Online Membership Forms Once an application is fille d, detailed information based on the customer requirement will be provided allowing customers to make an informed decision. fitting of an U.S Consultant to the patient The consultant would cater to patients medical needs by designing a health tour plan.Informing the Medical desexualize By sending digital copies of clients medical transcripts to the affiliated doctors for their approval to receive patient.Arranging for a Facilitating interaction between the Client and Surgeon The process will be coordinated via email, teleconference etc. in this stage. appealingness of Expectations Form and Desired Travel Dates To plan for exact tour plan.Checking Hotel engagement at desired dates The information will be obtained in this stage in order to be able to provide price quotations to the clients.Submitting the last-place price quotation for the health tour to the client This is to avoid any further confusion and also to provide relevant information to the client. depository of necessary funds for health tour by client into Singapore MedTours bank account.These next few processes occur simultaneouslyFinalize Clients medical consultation and surgery dates with the preferred doctor and hospital.Assisting clients in acquisition toss/VisaBook clients Air Travel Itinerary which best suits their preferences. mental reservation of accommodation for clientSending the booked travel and hospital information back to client Now the client will make the motivate from his or her own country to host country (Singapore).Assigning Destination Program Manager (DPM) to the client Upon arrival of client in Singapore a DPM will be assigned permanently to client and the person will be their Personal assistant throughout the visit. This person will accompany the client to all their doctors appointments and medical treatments.Arranging for Pre-Surgery consultation with the sawbones This process would be completed within 24 hours of clients arrival. The surgeon would retrospect medical t ranscripts and tests to ensure that procedure can be performed on the specify dates.Assistance to client during surgical procedure and post surgery convalescence After the client would be discharged from the hospital they would be accommodated in resort or hotel to begin recuperation process.Arranging for Post treatment vacation After obtaining an authorization letter from surgeon, an enjoying vacation would be logical for in Singapore.Assisting for Safe Return home of the clients At the end of the tour the client will be send back to home country and the assigned US consultant would assist in any post-medical needs.4.0 operationsOperational aspects of how the business is managed and structured will be key to its success.4.1 discern locationThe main requirements of indentifying the location for our business are Low cost per square feet, large pedestrian volume and easy access to superman (Abrams Kleiner 2003, pp67-68). Thus, after searching on the internet and checking the rea lity of the information with the agent, following address can be an alternative to the location of our business.Sourcehttp//www.singaporeexpats.com/housing-in-singapore/singapore-property/code4349017-commercial-industrial-buy-FRONTIER.htmThis location, compared with other places, satisfies the above requirements. The charge for buying this office is expected at well-nigh 570,000 SGD, and by using the yellow line MRT routine, the dense population of UBI become bigger and bigger. Also two MRT stations (Tai Seng and Macpherson) are very get along to the location (gothere.com). The business prefers to buy the office instead of renting because in 3-4 years time the amount of rent paid would be mates to the total value of the office and since Singapore MedTours is looking for long term viability of the business hence it is buying the office.Source http//www.gothere.sg/mapsq52%20ubi%20avenue%2034.3 Zoning variant regulates of SingaporeSource http//www.propertyhub.com.sg/images/M_images/ singapore_district_map.jpgThe Zoning of the office was carefully selected while safekeeping the following considerationsThe office should have as low as possible per square feet cost.It should be present in or roughly the nervus of the city.Also the office should be near the Changi International Airport.The current identified location of the office is in district 14 which is quite near the Central Districts 6 12 of the Singapore. Simultaneously the location is near the District 17 in which the Changi Airport is located. It is very important for the office to be near airport as majority of its firms clients would be international medical tourists who would be arriving via air-travel.4.4 measureesThe low tax income rates and positive and encouraging business policies give Singapore a reputation of attracting FDI. The taxes in Singapore are much lower than most others developed countries and regions (Asia Biz). Whats more, the tax rates have continued to decline significantly over the years (Appendix 2). Therefore, from the tax perspective, Singapore is an attractive nation to do the business. Overall, to our service business, the following kinds of taxes are needed to be considered before starting the businessIncome TaxThe amount of Income Tax is based on the income of our companies, and according to Appendix 1, the income tax rate is 17% and as a new start business, some partial tax exemption will be applicable to us.Goods Services TaxGST, also known as VAT, is a broad-based consumption tax levied on theimport of goods, as well as nearly all supplies of goods and services in Singapore. And the rate of GST is 7% (IRAS 2008). Only the sales and leases of properties and financial services need not to pay GST. Therefore, our company needs to pay 7% GST. stereotype DutiesStamp duty is a tax on executed documents relating to properties or interest in properties and shares or interest in shares. Documents such as a lease, sale and purchase, or mortgage of propert y need to pay stamp duties (Appendix 3). Thus, our company needs to pay this kind of tax.4.5 Proximity to suppliesThere will be little concern over supply compass issues because of the quality distribution system that exists in Singapore. But also, the business will only need access to marketing literature and internal office/software support systems that can be easily procured with its renowned infrastructure for these tools. If the need arises for additional supplies, there are 3,000 logistics and supply chain companies operating in Singapore to assist with these needs at no risk to the business (worldcustomsjournal.org, 2007). All supplies needs can be easily satisfied.4.6 glide slope of transportationSingapore has a well developed transportation network consisting of Metro Rail Transport (MRT) systems, Bus systems and Taxi Services that are all air conditioned.As it can be found in the location map, the location of our company near to two MRT stations, which provides convenien ce to our customers to reach our company. The mass rapid transit system in place is comprehensive and connects to almost all parts of the country (Lim, 2008). It is also considered among the best in the world (app.www.sg, 2009). Also with one of the world best airports, Changi International, the access of transportation to other nations is unobstructed (Changi). Transport is no risk to the business and can sustain all traveller needs.5.0 Management5.1 Management Team and Key PersonnelSingapore MedTours being a private business therefore Management team would initially be comprises of the primary investors of the organization. The following will be the structure of the Management TeamSource Author turbid Kamal Agarwal (CEO / Financial Director) Deep Kamal Agarwal is successful Information Engineer from an Internationally Accredited College in India. His both parents are respected doctor with over 25 years of experience and hence he has natural affinity and knowledge about the Medical Service Industry. He posses 2 years industry experience as an operational manager in Sunrise Naturopathy Health Resort in India. His forte lies in encountering any business problem and working out prompt solution for it. He believes in holistic business approach and is critical person for the firm to provide visual modality