Marketing homework

Market research For Surgery Clinic

· Demographics

Total Population of Portland Metro Area (Portland, Vancouver, Beaverton, Gresham, Hillsboro, Milwaukie, Lake Oswego, Fairview, Wood Village,Troutdale, Tualatin, Tigard, West Linn) is 2,389,228. The median age in Portland-Vancouver-Hillsboro Metro Area is 37.3

· Target Market Segmentation Strategy

Demographic Segmentation

Our Vascular Surgery Clinic will focus its efforts on the specific demographics - Caucasian females ages 35-55 with income over 75K living within 25 miles from the clinic. Our segmentation strategy is demographic for a number of reasons:

1. According to Census Report, there are 1.79M Caucasians that live in Portland Metro Area (75% of the Portland metro area population)

2. There are 895K females (50% of all Caucasians) that live in Portland metro area. 92% of all cosmetic procedures are provided to women ages 35-55 years old.

3. 660K of 895K Caucasian women living in Portland metro area are females between ages 35-55

4. 83.7K households with caucasian women between ages 35-55 in Portland metro area have incomes over $75K

Geographic Segmentation

1. Top 5 richest neighborhoods in Portland within 15 miles from our clinic (Tanasbourne area): 1. Forest Park - the median income is $130,959; median home value is $627,750; own homes 75%; population 9,514 2. Alameda – the median income is $105,707; median home value is $571,653; own homes 87%; population 8,052 3. Linnton – the median income is $105,693; median home value is $422,900; own homes 84%; population 1,062 4. Southwest Hills – the median income is $105,675; median home value is $656,342 ; own homes 73%; population 13,652 5. Bridlemile – the median income is $103,252; median home value is $532,693; own homes 73%; population 6,937

2. Cities in Portland Metro area within 25 miles of our clinic:

1 . Vancouver

Total: 175.673

Ethnicity: Caucasians

There are 134,463 Caucasians that live in Vancouver (77% of all people living in that area), 69K of which are women (51.34%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (21.7k)

2. Beaverton

Total: 97,514

Ethnicity: Caucasians

There are 70,381 Caucasians that live in Beaverton (72% of all people living in that area), 35.5K of which are women (50.5%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (5.3k)

3. Gresham

Total: 111,053

Ethnicity: Caucasians

There are 85,816 Caucasians that live in Gresham (77.2% of all people living in that area), 42.7K of which are women (49.8%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (12k)

4. Hillsboro

Total: 106,894

Ethnicity: Caucasians

There are 74,137 Caucasians that live in Hillsboro (69.3% of all people living in this area), 37.88K of which are women (51.1%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (1.3k)

5. Milwaukie

Total: 20,801

Ethnicity: Caucasians

There are 18,277 Caucasians that live in Milwaukie (87.86% of all people living in this area), 9.12K of which are women (49.9%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (2.37K)

6. Lake Oswego

Total: 39,196

Ethnicity: Caucasians

There are 33.838 Caucasians that live in Lake Oswego (86.3% of all the people living in this area), 18.2K of which are women (53.8%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (6.9k)

7. Fairview

Total: 9,302

Ethnicity: Caucasians

There are 7.878 Caucasians that live in Fairview (84.7% of all people living in this area), 4.3K of which are women (54.5%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (1.1k)

8. Portland

Total ; 647,805

Ethnicity: Caucasians

There are 482,410 Caucasians that live in Portland (77.7% of all people living in this area), 31K of which are women (50.63%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (18k)

9. West Linn

Total: 26,703

Ethnicity: Caucasians

There are 23,357 Caucasians that live in West Linn (87% of all people living in this area), 244K of which are women (51.1%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (5.6k)

10. Tualatin

Total: 27478

Ethnicity: Caucasians

There are 23,671 Caucasians that live in Tualatin (86% of all people living in this area), 1.2K of which are women (51.8%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (0.62k)

11. Troutdale

Total: 16554

Ethnicity: Caucasians

There are 13,483 Caucasians that live in Troutdale (81% of all people living in this area), 6.9K of which are women (51.2%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (3k)

12. Wood Village

Total: 4040

Ethnicity: Caucasians

There are 3,074 Caucasians that live in Wood Village (76% of all people living in this area), 1.6K of which are women (53.3%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (0.56k)

13. Tigard

Total: 53,148

Ethnicity: Caucasians

There are 41,760 Caucasians that live in Tigard (78.5% of all people living in this area), 32.8K of which are women (51.1%) according to Census Reporter.

Gender: Females (92% of all cosmetic procedures)

Age: 35-55 years old (11.2k)

· Market size is 16,740 (20% of all Caucasian women between ages 35-55 with household income over 75K that live in Portland Metro Area)

· Market Analysis Summary

Demand for surgical specialists, including vascular surgeons has been on the rise and is expected to increase, primarily due to population growth and aging. Specifically, the population of Hillsboro area (within 25 miles from our clinic) is predicted to grow 1.91% per year and has a population roughly around 106,894 people as of 2017.

There are currently 2-3 Vascular Surgery Clinics in Hillsboro area, with 4,192 people living within 1 mile. With a limited number of competition in given area and excellent patient - to -surgeon ratio, these are favorable statistics.

https://censusreporter.org/profiles/31000US38900-portlandvancouverhillsboro-orwa-metro-area/

https://statisticalatlas.com/metro-area/Oregon/Portland/Age-and-Sex

https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?src=CF

https://guides.library.pdx.edu/c.php?g=271294&p=1811001

https://datausa.io/profile/geo/portland-vancouver-hillsboro-or-wa-metro-area/?compare=minneapolis-st.-paul-bloomington-mn-wi-metro-area

https://www.bestplaces.net/people/metro/oregon/portland-vancouver-hillsboro

http://www.medicaleconomics.com/practice-management/going-solo-start-basics

https://www.bplans.com/family_medicine_clinic_business_plan/management_summary_fc.php

https://blog.projectionhub.com/financial-projections-for-a-startup-medical-practice/

· Vascular Surgery Procedures: (sole proprietorship) - Radiofrequency ablation of greater saphenous vein or short saphenous vein

Duration: 30-60 minutes Cost: $600-$3000 1800 - Greater saphenous vein stripping

Duration: 60-90 minutes

Cost: $1,500-$3,000 2250 - Phlebectomy/Microphlebectomy

Duration: 30-60 minutes Cost: $1350- $1,700 1526 - Sealing of greater saphenous vein or short saphenous vein with cyanoacrylate glue

Duration: 15 minutes Cost: $900-$3000 1950 - Sclerotherapy with sclerosants such as sodium tetradecyl or hypertonic saline

Duration: 15-30 minutes Cost: $250-$550 400 - Laser treatment of veins of legs, arms, torso of face

Duration: 10 minutes Cost: $250-$750 500 - Duplex venous ultrasound examinations of the lower extremities Chronic venous reflux/insufficiency study Standard bilateral duplex venous ultrasound of lower extremities Duration: 15-30 mins

Cost: $400-$1,750 1075

Total average cost for each procedure: $1,336

· Noninvasive Procedures: (Partnership)

· Botulinum toxin type A

Duration: Up to an hour

Cost: $385

· Soft tissue fillers

Duration: Up to an hour

Cost: $650-$1200

· Chemical peels

Duration: Up to an hour

Cost: $150

· Lip Implants

Duration: Up to an hour

Cost: $2500

·

Total average cost of procedures: $990

· Sales Forecast

The 1st month prior to opening will be used to begin marketing activities, get clinic in order and start appointment scheduling. It will take a lot of cash to get startup practice off the ground, because there will be a 90 day pay cycle once the clinic sees its first patients. That means the clinic need to have the cash to operate the business, to pay rent/lease, employee payrolls, utilities, etc for at least 3 months before the first reimbursement for services. To cover some of the startup expenses of the first few months of operation, we suggest to find an investor or get a business loan. Also, in order to increase billing and decrease expenses, we suggest to work more hours, see more patients and decrease overhead expenses.

The following charts represent the amount of money that the clinic expects to be making from cosmetic procedures.

Column1	# of work days	# of clinic days	# of administrative days	# of work hours	# of clients	# of procedures	Average $ per procedure	Total for all procedures
Week	3	2	1	40	4 to 6	2 to 3	$1,336	$5,344 - $8,016
First 6 months	72	48	24	960	192 to 288	96 to 144	$1,336	$128,256 - $192,384
1st year	144	96	48	1,920	384 to 576	192 to 288	$1,336	$256,512 - $384,768

2. Partnership (1 Partner)

· Success/Failure Rates

Revenue	Annual Growth 2012-17	Forecast growth 2017-22
$16.7 Billions	5%	4.3%
Total # of cosmetic procedures in 2018	Employment	Businesses
1,790,832	50,606	7,660

.

· Startup cost

1. For a midscale design, the estimated startup costs would be about $300,000 for approximately 1,500 sq ft.

2. That covers only the build-out and assumes that equipment would be leased, rather than bought, which is additional, as is cabinets, furniture, and other amenities.

3. If you are planning to buy equipment, then the average high end costs for furniture, equipment, copiers, computers, and telephones can range from $50,000 to $65,000. A first-class practice management computer system can cost in upwards of $25,000, while some are available for as little as $10,000.

4. As a plastic clinics, it should have fundamental functions including three kinds surgeries, each of them need equipments. We will have exactly numbers after we know how many programs she wants to have:

a. Face Surgeries (Facelift; Brow lift; Liposuction of neck; Fat transfer to face; Nose surgery...).

b. Body Surgeries (Arm lift; Mommy makeover; Tummy tuck...).

c. Breast Surgeries (Breast augmentation; Breast lift; Breast reduction; Breast implant exchange...)

Market research For App

· Startup cost. Asim

· Potential profit. Asim

· Demographics. Artuz

· Competitors. Artuz

Failure Rates Luis

“Gartner Says Less Than 0.01 Percent of Consumer Mobile Apps Will Be Considered a Financial Success by Their Developers Through 2018” (https://www.gartner.com/newsroom/id/2648515).

Market size Luis

Key Points:

· Between 4,459(ReferenceUSA) and 7,750 (IBISWorld) Plastic surgery clinics nationwide

· 59 Plastic surgery clinics in Oregon (ReferenceUSA)

· 840 Plastic surgery clinics in California (ReferenceUSA)

· 120 Plastic surgery clinics in Washington (ReferenceUSA)

Competitors

· Legacy Health - Legacy Health is leading the mobile-friendly patient experience in Oregon. First, the Portland, Oregon-based health system launched a responsive website; then it rolled out a mobile app for iOS and Android—the first in its city.

· Mychart - is a free service that offers you online access to your health record. Whether you are at work, at home or on the go, you can view test results, send messages to your care team, pay bills and much more. You can even schedule your next primary-care appointment online.

· Aetna, ITriage- This patient-facing mobile app allows patients to directly find information on their health conditions and gives them step-by-step guidance to treat conditions in the most effective way possible.

· Cerner, CareAware Connect - CareAware Connect offers providers a mobile solution to complete workflows and manage clinical communications on a single device. Multiple teams — from care teams to ancillary staff — can collaborate and communicate for the purpose of improving care coordination. Users can also view patient data from a list that includes vitals, measurements, allergies, and orders on medication and care services.

· DSS Inc. - gives providers a suite of EHR-based mobile features that enhance care coordination, patient care and safety, and provides interoperable workflows aimed at reducing administrative costs. DSS provides both clinical and administrative tools that range from emergency room and home health mobile care management to automatic billing systems and scheduling tools.

· MEDITECH, Ambulatory HER - Ambulatory EHR allows providers to access complete web charts, giving them instant access to patient records across healthcare organizations on a single mobile device. Providers can tap on a patient’s record to view test results, order prescriptions, schedule appointments and procedures, and note the progress of health conditions.

Demographics.

Market size is 39,217

Demographic segmentation:

5. Ethnicity - Caucasians

6. Gender – Females (92% of all cosmetic procedures)

7. Age – 35-55 years old

8. Children in household – 15% - 20%

9. Income – $103,252 - $130,959

10. Education – Master’s 24% - 43%; Bachelor’s 26% - 37%; Associate’s 15% - 24%

11. Home ownership – 73% - 87%

Note: Nationwide stats for U.S.

Startup Costs

· Initial cost for simple apps with small platform starts from $25,000, but more complex apps can start from $1,000,000. (median cost $171,000)

· Apps built by small shops (2-3 people) cost $50,000~$100,000

· Apps built by agencies such as Savvy Apps cost $150,000~$450,000

· Apps build by largest app companies cost $500,000~$1,000,000

· Apps that are built for smartphone and tablet have a complex user interface, which can require a significant backend cost $250,000-$1,500,000.

· First round raise in the first 18 months is $750,000

· $120,000 of operational fees for accounting, legal, and comparable fees.

· $35,000 per month for a team of four (standard team size for an app)

· $23,000 per month for building teams and prototyping

· Bringing an app to the market is beyond the numbers of initial budget, UX, design, or project management fees. Need to consider:

· Advertising, marketing

· UX design is an ongoing cost

· Budget for updates, server costs

· Net Income (own profit)

https://www.healthcareglobal.com/top-10/cosmetic-surgery-apps

https://www.northtexasplasticsurgery.com/blog/4-free-cosmetic-surgery-apps-you-can-trust

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4413494/

Slogan:

Better legs, for a better tomorrow

One small change, a big difference

Give your beauty a chance

Give your legs a new life

Lose your veins, find your smile

New legs, new you

Better care, better legs, better life

Dr. Khanh’s mission is to provide compassionate and sensitive care to her patients. Better care, better legs, better life!

Dr. Khanh’s expertise and professionalism allows her to provide patients with the highest quality of care that will help you to regain your legs’ natural beauty. Give your legs a new life!

Regain your power, regain your beauty

Gift of beauty