Business Essay Example: Starting Up a Healthcare Center for Sleep Disorder

Introduction/description of the business

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New River Valley Healthcare Center for Sleep Disorder (NVHCSD), a private healthcare organization, will offer healthcare care services to people diagnosed with a sleep disorder in the Melbourne area in Victoria, Australia. NVHCSD will alongside provide health education and awareness to many people who may be suffering from sleep disorder but have not gone for medical help. New Valley Healthcare Center will primarily focus on the health of the young and elderly people around Melbourne city. Sleep disorder is a kind of health disorder that affects the sleep patterns of the victims (Thorpy, 2012). Most people in Melbourne do not realize that they have sleep disorder problem until it is too late when the effects have started coming out. Sometimes, it might take long before it is realized; this will have affected the person severely. Sleep disorder is associated with various health problems which include physical, psychological, and emotional (Hiscock et al., 2015). The wide need for sleep disorder healthcare center and inadequate sleep disorder centers in Melbourne impact my understanding of establishing a sleep disorder center in the city.

Vision Statement of the business

New River Valley Healthcare Center for Sleep Disorder, (NVHCSD) offers quality healthcare and educational awareness based on individual differences and uniqueness irrespective of the race, religion, age, or gender. The services offered by NVHCSD will be directed to both the young and the elderly in Melbourne city, Victoria, Australia.

Mission Statement of the business

Successful healthcare service provision cannot be achieved or realized without teamwork and partnership. NVHCSD realizes the significance of another stakeholder in the healthcare sector such as clients/patients, government, and healthcare learning institutions in the provision of quality services, fair, and efficient healthcare services to the people of Melbourne. Therefore, in partnership with the healthcare learning institutions, the government, and clients, NVHCSD provides efficient, affordable, and quality healthcare to many residents of Melbourne city who suffer from a sleep disorder. The partnership aims at providing affordable, personalized, knowledgeable, and quality healthcare services and also reduces the rate of sleep disorder diagnosis amongst the productive members of Melbourne city. With modern healthcare resources, NVHCSD will provide advanced and affordable healthcare services which include annual free examination, management, and treatment of sleep disorder condition, monthly awareness conference on sleep management and functions of sleep for quality health.

Targeted Location

New River Valley Healthcare Center for Sleep Disorder, (NVHCSD) will be established some distance away from Melbourne central city towards the suburb areas. Melbourne city has a significant population with many healthcare centers; however, most of the healthcare centers do not provide the sleep disorder management services. Sleep disorder has been recognized as one of the vital healthcare disorders or problems that affect huge worlds population. Sleep disorder is associated with some other effects that might affect the victim emotionally, psychologically, and physically (Hiscock et al., 2015). Therefore, there is need to curb or control the problem. Melbourne city has a huge population that is steadily and rapidly increasing due to rural-urban migration. Therefore, New River Valley Healthcare Center for Sleep Disorder, (NVHCSD) will be established to serve the young and the elderly in Melbourne city. The city is also attached to some suburb areas where most of the employees reside. Therefore, the establishment of New River Valley Healthcare Center for Sleep Disorder, (NVHCSD) will also target the population in suburb region as they are also considered part of the city. NVHCSD will offer educational training and increase awareness about the effects of sleep disorder, causes, and the management strategies to individuals in Melbourne city and suburb areas. Again, the establishment of NVHCSD in Melbourne will enhance the citys healthcare condition based on sleep disorder issues. The expectation for improving and establishing more healthcare institutions in Melbourne city continues as many people continue to getting diagnosed with sleep disorder problems. Most people have the sleep disorder problem, but they do not consider it dangerous; most of them think that it is normal. No one can be able to associate the effects of the sleep disorder health problem easily (Thorpy, 2012); therefore, many people neglect the need to seek medical support from the limited healthcare institutions around the city.

Market Analysis

Healthcare service provision has become one of the most productive and growing businesses in most parts of the globe (Nah & Osifo-Dawodu, 2007). Sleep disorder infection continues to affect many people; therefore, there is a large population group suffering from the problem around the city. Quality healthcare provision has been one of the factors that Melbournes city council of management has given more priority. A review of healthcare provision plans of the city council in Melbourne city will significantly assist us to determine the healthcare demands of Melbourne people and its surrounding. Healthcare provision in Melbourne has been majorly based key fatal ailments such as cancer, cardiovascular problems, and diabetes. Very little attention has been placed on the sleep disorder treatment in most parts of the city. There are few physicians known to deal with the sleep disorder health problems; however, the few cannot serve a large population of the whole Melbourne city and its environment. However, the city management has tried to establish various healthcare centers to help solve the sleep disorder problems. No healthcare center deals with sleep disorder alone as the primary goal of its establishment (Cheng et al., 2011); most of the centers dealing with the treatment or management of sleep disorder health problems integrate the service with other services. With minimal sleep disorder healthcare centers around the city, New River Valley Healthcare Center for Sleep Disorder, (NVHCSD) will provide diverse and unique sleep disorder health services including sleep management and significance of sleep.

Melbournes healthcare system consists of various healthcare providers integrated within the city and even outside (Cheng et al., 2011). Healthcare services have become very expensive such that many people are not able to access quality health services (Astell-Burt et al., 2014). However, to ensure that everyone access basic health care services the city council of management in partnership with other private healthcare providers have merged some institutions so as to economize the costs. The merger of some of the healthcare centers has created a shortage of healthcare providers because patients are forced to seek healthcare services from a central location which also might be congested as many people come there. There are three key central healthcare centers in Melbourne and its surrounding; the first is located some miles from the central city which can be able to handle critical conditions; therefore, people are forced to move to the central location so as to receive medical attention. The distance is challenging to many people especially those who reside away from the city such as the suburb areas. For the people who reside outside the central city, one has to travel over 100 miles away so as to be able to get to the central healthcare center (Cheng et al., 2011). The second center is located some 60 miles from the suburb region, just some miles away from the central city to the West. Someone has to travel almost half a day to reach there. Another center is located at the center of the city which serves a large population within the city. Most of the people who reside around the city have the advantage of accessing healthcare facility within a short time. Establishing the hospital away from the central city will give many people who live in suburb areas the chance to access quality healthcare services at affordable rate. Public healthcare department of Melbourne had declared the area medically underserved region; therefore, this will be an opportunity both for the residents and also for the government.

The target market will involve the young and elderly people residing in suburb region and its the citys surrounding. The focus of the service provision will be in the population suffering from the sleep disorder health issues since it is one of the important healthcare problems currently that affects many people around the world. Sleep disorder patients need more attention and care because it is associated with some other health challenges such as psychological, emotional, and physical problems. Therefore, they need more healthcare attention and proper medical service provision. Different races and religion will also be targeted for this service provision. A substantial population of approximately 300,000 of different races, religion, social class and ages reside in Melbourne and its surrounding; it is one of the most populous cities in Australia (Astell-Burt et al., 2014). No one will be denied the right and chance to access better healthcare service at this healthcare center irrespective of his/her racial background, age, gender, religion background, social status, or any other social distinction. The doors will be open to anyone who needs the help or assistance offered in this facility.

Budget

Starting up a business is not easy; it needs one to prepare enough capital to cater for the startup expenditure. The expense fee might vary depending on the country where one wants to establish the business; for example, the laws in Australia require one to fulfill all the legal requirements before opening up a hospital. However, almost each of these requirements needs to be fulfilled with money. For example, for one to qualify to start up a business he/she must incur several costs including:

Paying a registration fee of approximately $700

Paying approximately $1,000 to obtain a legal operating license and business permit.

Approximately $ 100,000 for purchasing startup resources such as computers and drugs, refrigerators,

Approximately $ 25,000 for renting the business house and refurbishing it.

Employee salary for the first three months before the business starts to run its operations and other expenses.

Some of the costs intended to be incurred for the establishment of this hospital have been listed above; however, the total amount required for the startup of this business was estimated to be approximate $1.7 million. This amount includes all the expenses intended to be incurred in the business for the first three months of its operations. There are several strategies established to help raise this amount such that when the project begins it does not experience financial challenges. This amount will be generated through various ways. Some part of the money will come from personal savings, soft loans, and loans from the banks. We have already saved $700,000 as personal savings; this will contribute to almost half of the money needed. We intend to obtain another $ 100,000 from a soft loan from family members. The rest $900,000 will be obtained from the bank loan. The bank process has been completed, and all the legal documents have been signed and submitted to the bank branch. The loan has been approved, and we are only waiting for its maturity so that we can commence with the establishment of the hospital.

Risks and uncertainties

The future performance of this new hospital depends on the loyalty of customers because they are the key stakeholders in...