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Business Plan for a Plastic Surgery Practice
Business plan report
Plastic surgery is an area in the business market that is growing quite rapidly. The cosmetic surgery industry has undergone tremendous changes in the last two decades. While plastic surgeons do undergo extensive training, the practice of this kind of surgery is also a practice and development of a business (Department of Health, 2013; Atiyeh et al., 2008). This business plan report hence focuses on the viability of private plastic surgery practice in Thessaloniki, Greece. Thessaloniki is a major city in Greece with a population of about half a million people (Martin Prosperity, n.d.). Being a major city, the better option of a private practice of plastic surgery is to operate the business at the city center or the ‘inner city’. This can be advantageous as both organizations as well as the employees work better in such environments (known as agglomerate economies) where other competing businesses exist. The elasticity for productivity has been measured at 0.02 and 0.10 in a study conducted in France, which further reinstates the advantages of having a business in the inner city as opposed to the outskirts (Combes et al., 2012). In light of the above, statistics for setting up business and its estimated growth in major cities such as Thessaloniki will be explored.
Before delving into the market for a business in plastic surgery it is imperative to examine the medical business market in Greece presently. It has been projected that Greece does a play an important role in the global development but that more national support is required for the same. However, the presence of private clinics offers a better hope towards the development of this industry. With respect to gaining good turnover as well as expansion of the business, the market in Greece is quite adequate, ranking second for the number of procedures performed (Vasiliki, 2012) (Figure 1).
Source: Adopted from Barreiro (2013)
This can be due to the fact that ‘agglomerate economies’ are present in the major cities of Greece. Besides this, the growing market and awareness for procedures in plastic surgery that is both surgical and non-surgical are on the rise. Currently, the top surgical procedures include breast augmentation (3000 Euro/patient), Rhinoplasty (3000 Euro /patient and liposuction (2000 euro/patient) with the non-surgical procedures at Botox (Average cost 200 Euro/patient) Hyaluronic Acid treatment (Average cost 400 Euro/patient) Mesotherapy (Average cost 100 Euro/patient) (ISAPS, 2014) as evidence in Figure 2 (according to the statistics of ISAPS). Additionally, another more common procedure in practice is local anaesthetic procedures for excision of skin cancers which comes with the cost of 300 Euro/patient.
As the current trend in Europe for the cost of cosmetic procedures is depicted above, the estimated growths are expected to be quite massive in the coming years. This can be attributed towards the demand for better esthetics, increase in the medical tourism industry and also safer more cost effective procedures. Moreover, all the countries in the European Union (EU) are said to be in the second place in the market for plastic surgery procedures just behind the US (Bharat Book Bureau, 2015). A marketing report on the global scenario for plastic surgery has estimated the vertical growth of the market from $20 Billion to $27 billion projected between 2015 and 2019. This can further fuel the market prices for each of these procedures up and thereby stabilize the market of plastic surgery further (Bharat Book Bureau, 2015). This is especially evidenced in the worldwide growth in prices in nominal health care (figure 3) while the costs for medical care have skyrocketed over the last decade (upto2012), the growth for the cosmetic industry has only been at around 30%. But even so, the growth has been steady, and hence runs a low risk for inflation, which in turn may relate to the longer term stability of the market for a more sustainable position (Herrick, 2013).
Source: Adopted form ISAPS (2016)
Source: Adopted from Herrick (2013)
While assessments of the financial aspects with respect to the trends in the market growth are a necessity for a business plan, it is also imperative to discuss the staffing for such a business venture. Most often, the common requirement of any successful business can be attributed to the planning of the same, for which the secretarial staff plays a vital role. The main benefit of hiring a full time secretary for such a venture is that organization and maintaining the appointment of the clients take priority. Furthermore, the secretary also plays an important role for coordinating the payment and also coordination between the doctor and the patient. The secretary essentially bridges the gap between the two and ensures a smooth procedure for both and hence adds more value to the business plan laid out (Figure 4).
Figure 4: Business plan
With all of the above in mind, it can be derived here that the potential for commencing a private plastic surgery practice in a major city such as Thessaloniki as the potential for a the growth of such a market, especially attributed to the stability of the cosmetic surgery industry, its projected growth by revenue in the next 5 years and also the fact that Europe is the second largest market for cosmetic surgery. Furthermore, a surge in the field of medical tourism can also fuel the success for such a business further catapulting the market upwards. Also, the plastic surgery in private practice relates to the microeconomics of the local scenario, which may further help bring about policies and governing norms for such a business venture, making the prospect all the more viable.
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Atiyeh, B.S., Rubeiz, M.T. & Hayek, S.N. (2008). Aesthetic/Cosmetic Surgery and Ethical Challenges. Aesthetic Plastic Surgery. [Online]. 32 (6). pp. 829–839. Available from: http://link.springer.com/10.1007/s00266-008-9246-3.
Barreiro, V. (2013). The Internet, beauty, and obscured perceptions. [Online]. 2013. Rappler. Available from: http://www.rappler.com/move-ph/ispeak/31704-internet-beauty-obscured-perceptions. [Accessed: 2 April 2016].
Bharat Book Bureau (2015). Global Cosmetic Surgery and Service Market Report 2015-2019. [Online]. 2015. PR Newswire. Available from: http://www.prnewswire.com/news-releases/global-cosmetic-surgery-and-service-market-report-2015-2019-295910691.html. [Accessed: 1 April 2016].
Combes, P., Duranton, G., Gobillon, L., Puga, D. & Roux, S. (2012). The Productivity Advantages of Large Cities: Distinguishing Agglomeration from Firm Selection. Discussion Paper. [Online]. Germany. Available from: http://ftp.iza.org/dp6502.pdf.
Department of Health (2013). Review of the Regulation of Cosmetic Interventions. [Online]. United Kingdom. Available from: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/192028/Review_of_the_Regulation_of_Cosmetic_Interventions.pdf.
Herrick, D. (2013). Why Can’t The Market for Medical Care Work Like Cosmetic Surgery? [Online]. 2013. National Center for Policy Analysis. Available from: http://healthblog.ncpa.org/why-cant-the-market-for-medical-care-work-like-cosmetic-surgery/. [Accessed: 1 April 2016].
ISAPS (2016). ISAPS Global Statistic. [Online]. 2016. International Society of Aesthetic Plastic Surgery. Available from: http://www.isaps.org/news/isaps-global-statistics. [Accessed: 1 April 2016].
ISAPS (2014). Quick Facts: Highlights of the ISAPS 2014 Statistics on Cosmetic Surgery. [Online]. Available from: http://www.isaps.org/Media/Default/global-statistics/Quick Facts 2015v2.pdf.
Martin Prosperity (n.d.). Thessaloniki. [Online]. Thessaloniki. Available from: http://martinprosperity.org/global-cities/Global-Cities_Thessaloniki.pdf.
Vasiliki, P. (2012). Exploring and exploiting medical tourism opportunities in Greece. [Online]. University of Patras. Available from: http://nemertes.lis.upatras.gr/jspui/bitstream/10889/5111/3/Nimertis_Papanikolaou.pdf.
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