Other services provided by the Client are a plethora of vascular surgery procedures such as greater saphenous vein stripping, Laser treatment of veins of legs, arms, torso of face. Likewise, a substantial part of the growth plan is the evolution of our programs such as our fitness consultation as well as medical supervised weight loss program. Future endeavors include providing a patient driven mobile device application providing a post surgical interface between patients and Physicians.

The Client applied for and was accepted to the Portland State University Capstone Strategic Management program. Westside Consultants (“Consultants”), a group of students in Section BA 495-WKD Fall 2018, conducted a thorough review of the Client’s business opportunities, including a SWOT analysis, marketing studies, financial forecasts and operational reviews, as well as strategic conclusions and recommendations. The work product contained herein is archetypical of client and third party oral representations and written documents, visual observations, internet searches and other means of data compilation. Logical analysis and hypothetical research was used when information was not available on a first hand basis. The Consultants specifically focused on creating a business plan for the Client’s future business, as well as a marketing plan that better suits the concept of a Vascular Surgery Clinic operations. The other conclusions and recommendations that follow are based upon the pursuit of that emerging clinic model. Due to a lack of time, the Consultants only focused on the clinic and did not fully evaluate other business opportunities, such as App, mentioned by the Client. Finally, there was minimal weight given to a scenario in which the Client remained in its current position.

SWOT

Strengths

· Experience

· Dr. Khanh Nguyen, MD is a vascular surgeon and has over 12 years of experience. Prior to the inception of the Client’s enterprise Dr. Khanh Nguyen, MD graduated from Tufts University in 2006 and has worked in the field of vascular surgery ever since. She is currently employed at OHSU. Khanh’s experience in this field is very beneficial to the patients who want to feel secure receiving medical care.

· Broad network in the medical field

· Dr. Khanh Nguyen has been working over 12 years in the medical field. She knows many colleagues and other doctors who have the experience in the vascular and vascular cosmetic surgeries all over the west coast including Portland, OR along with fellow doctors from Alma Mater, Tufts University. Her professional network and the communications are very important to her success, especially, at the beginning as an start up point for the business.

· Good reviews from patients

· Dr. Khanh Nguyen was weighted on a five star rating and received 4.5 out of those five stars. With only one bad rating, Khanh is known for showing promptness, accurate Diagnosis, bedside manner, and appropriate follow ups. With these good reviews from the patients word of mouth will be another beneficier for Khanh’s clinic to gain the proper exposure necessary to obtain customers.

Weaknesses

· No investors

· Currently there are no investors to help with the funding of the formation of the clinic. This will place all responsibility on our client to fund the clinic, or potentially court investors for a contribution. Given that the client does not have experience in courting investors, the learning curve associated with this may delay the founding of the clinic.

· No business experience

· The client has limited business experience and currently does not have a known mentor for this business venture. Which can be catastrophic for a new business, unless she takes the time to learn and get the proper guidance necessary for this venture.

· No capital

· She does not want to use her personal money at the beginning to establish the business. However, she is planning to get a bank loan in the amount of $100,000 or more.

Opportunities

· Increased market need

· Demand for the Plastic Surgeons industry has been on the rise. The aging population and an increasingly favorable public perception of plastic surgery have been driving forces behind the recent rise in industry demand. An increased need for perfecting visual presence become a great opportunity for our client to fulfill this gap through vascular and other cosmetic surgeries.

· Congressional Budget Office estimates that 28 million more U.S. residents will have health insurance by 2023 that they can use towards cosmetic procedures.

· Social Media Presence

· Facebook page, social media marketing allows you to share valuable and appealing information that will educate followers and encourage them to engage with you.

· Increased social media presence would be a great opportunity for our client, because over 90% of cosmetic surgeons are found through social media and word of mouth. Unlike regular surgeries, the success of cosmetic surgeons depends on reviews, success rates and reputation because clients are taking a huge risk when undergoing these procedures.

· Lines of Services

· Broadening lines of services means a huge opportunity for the client because it means that the client is entering multiple markets, and potentially offering services that are never provided by competitors.

· Potential Partners

· Potential partners can increase the presence of the business through the combined reputation of our client and the potential partner. Potential partners and our client will collaborate and potentially impose more in-depth and constructive measurements for growing and perfecting the businesses.

· The client currently has a partner in Florida who is helping her out on the website and App

· Potential Investors

· Potential investors can increase the probability of the business success. The business can benefit from the investor’s network and experience. Since the business is starting small, potential investors will raise capital to make it more profitable. Funding the business is important to pay for marketing effort and keep up with overhead costs.

· Good Economy

· When there is a rise in the economy, it can deliver several opportunity to the business. Good economy growth means more certainty in the market. Beside that, higher average income will enable customers to enjoy more services. High economy growth helps the businesses to be more profitable, so they can spend more on development and research which leads to higher demand on the service.

· As the economy continues to improve over the five years to 2022, IBISWorld projects that revenue will continue to grow with an annual growth rate of 6.6%

Threats

· High competition

· In the Portland Metro/Vancouver area there are approximately 27 clinics operating in the field of vascular surgery. The offerings range from private clinics to large hospitals with vascular surgery departments. There are also plastic surgery clinics in the area that have treatments for vascular diseases.

· Bad economy

· When there is a downturn in the economy, such as during a recession, a persons discretionary budget may be limited or non existent. When this happens, people are less likely to spend money on non-life threatening cosmetic procedures. This would significantly impact the clinics business.

· Insurance fraud

· There are situations when dishonest customers provide misleading or false information and clinic doesn’t get paid for the services provided to those customers. It negatively impacts financial situation of the clinic and affects a future patient-clinician communication.

· Bad reputation (fake negative reviews)

· Reputation of the clinic is one of the most important factors that define clinic’s success. More than 70% of consumers search for health information online, according to Pew Research Center, and 77% of consumers say they use online reviews as the first step in finding a new clinic. Negative patients’ reviews will keep new potential customers away from the clinic.

Competitive Analysis

Key Competitors

Competitive Analysis - Finance

Industry Outlook

The Census shows projections that there will be a demographic shift by 2030, because at least one in five Americans is estimated to be 65 or older. This expected change in demographics has a huge benefit on the Specialist Doctors Industry, as well as our client’s vascular surgery practice, because elderly people have a huge need for specialty care. According to American Association of Medical Colleges, elderly individuals require two to three times more specialty care than the younger population.

Profit (earnings before interests and taxes):

As shown in the image above, the increase in the elderly population along with disposable income of Americans has led to a rising industry profit margin, from 14.4% in 2013 to 16% in 2018. However, along with the increase of profits, there is a huge increase in industry costs as well.

Costs

The biggest industry expense is represented by the wages expense which is approximately 49.5% of the revenue, which is due to the high expertise required from