Medical Tourism Business Plan
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Table of Contents
1.0 MEDICAL TOURISM BUSINESS PLAN EXECUTIVE SUMMARY
1.1 COMPANY
Medical Travel, Inc., (“the Company”) is an early stage start up that will serve as a full service “medical tourism” agency. It will focus on helping upscale U.S. patients receive cosmetic and non-elective surgery in foreign countries through relationships with world-class medical facilities in India, the Philippines, Indonesia and Thailand. The Company’s founders have identified factors indicating an opportunity to enter the market for upscale medical tourism services.
In the spring of 20XX the Company was formed and capitalized with equal investments of $25,000 from each of the founders. In May, 20XX the founders traveled to Thailand and the Philippines to meet with representatives of medical facilities to discuss the terms of a working relationship. To date, the Company has signed deals with three hospitals and two out patient clinics in Bangkok, Thailand and one hospital in Manila, the Philippines.
1.2 PRODUCTS & SERVICES
The Company will make all necessary arrangements for US patients to receive world-class medical procedures in Thailand, the Philippines and other Asian countries. The Company will arrange for initial consultations between patients and foreign doctors, schedule procedures and make all travel arrangements.
For the procedure itself, the client will be contracting directly with the medical provider. Financial arrangements, including necessary deposits, will be finalized before travel itineraries are booked and before the client is admitted to the medical facility. The Company will work directly with the client’s insurance provider to determine in advance whether a portion of the treatment and related expenses will be covered.
1.3 MARKET ANALYSIS
Market indicators in the United States show that the prospects for medical tourism have great potential over the next decade and beyond. In 20XX, approximately 500,000 Americans traveled overseas for health care in other countries. The United States has 78 million people who were born in the baby boom generation, and the oldest members of this group turned 60 years of age in 20XX. As people get older, their health care requirements go up. Many baby boomers have inadequate medical insurance, or don’t have any at all. Meanwhile, medical costs are going up much faster than inflation. These factors make medical tourism an increasingly more attractive option for patients in the United States, especially those that are uninsured and underinsured.
1.4 STRATEGY & IMPLEMENTATION
As a premium medical tourism agency, the Company will offer its clients VIP service while they are traveling abroad. In order to ensure the highest levels of customer service, the Company will contract with the premier medical facilities and service providers in foreign countries. The Company will invest in a best-in-class website that is designed to appeal to the sensibilities of upscale customers. The Company will seek to develop brand awareness among upscale clients by advertising in niche print publications that reach this audience. The Company will hire a PR firm to generate publicity that will reinforce the Company’s image as an agency that caters to the VIP crowd, including celebrities. By focusing on customer satisfaction, the Company expects to achieve strong word-of-mouth advertising as clients share their medical tourism experience with their close friends. The Company will seek strategic alliances and affinity relationships with a select group of upscale merchants in the Southern California region.
1.5 MANAGEMENT
Company founder Ted Francis will serve as the Company’s CEO. With 10 years of experience in the travel business, Ted Francis will provide overall leadership of the enterprise. He will work closely with Company founders Dr. Bob Robinson, MD, and Dr. Donna Springfield, MD, who will sit on the Board of Directors. The Company will be organized into two general departments – Service and Marketing. The Service department will be led by a Vice President of Case Management, who will be responsible for supervising the provision of services to the Company’s clients. The Marketing department will be led by a Vice President of Marketing who will be in charge of promoting the Company to the target market.
1.6 FINANCIAL PLAN
As indicated in the attached income statements of this medical tourism business plan, the Company expects to achieve profitability by month 10. This will be achieved by gradually increasing the number of clients per month from 3 in month 1 to 15 in month 10. Given the current level of projections, the initial investment will be sufficient to carry the Company until it reaches a positive cash flow position.
1.7 SOURCES & USE OF FUNDS
In order to get the business off the ground and achieve a self-sustaining level of cash flow, the Company requires $500,000 from equity investors. Funds will be used to acquire a lease on office space, outfit the office with necessary equipment, hire key management and support staff, develop a best-in-class website and brand identity and begin marketing the Company’s services to potential clients. Remaining funds will be used to support business operations until the Company becomes self-sustaining.
2.0 COMPANY
2.1 COMPANY & INDUSTRY
Medical Travel, Inc., will operate out of offices in San Diego, California. As a premium full service “medical tourism” agency, the Company will help patients to receive high quality medical procedures in foreign countries at prices far below comparable procedures in the United States. While traveling abroad, the Company’s clients will have the opportunity to enjoy a world-class travel experience with all of the amenities associated with 5-Star travel.
2.2 LEGAL ENTITY & OWNERSHIP
2.3 COMPANY HISTORY TO DATE
The Company is an early stage start up in the process of developing a full service “medical tourism” agency that will be focused on helping U.S. patients receive cosmetic and non-elective medical procedures in foreign countries through relationships with world class medical facilities in India, the Philippines, Indonesia and Thailand. The Company’s founders recognized market factors that indicate a strong opportunity to provide premium service to upscale VIP patients from the United States. In the spring of 20XX the Company was formed and capitalized with equal investments of $25,000 from each of the founders. In May, 20XX the founders traveled to India and the Philippines to meet with representatives of medical facilities in India and the Philippines to discuss the terms of a working relationship. To date the Company has signed deals with three hospitals and two out patient clinics in Bangkok, Thailand, and one hospital in Manila, the Philippines.
2.4 FACILITIES
The Company plans on renting a 1,500 square foot office space in a medium sized building in or near downtown San Diego. A facility of this size is expected to be adequate for at least the first three years of the Company’s anticipated growth. Market rate for office space in downtown San Diego is $XX – XX SF/Year.
2.5 KEY ASSETS
The Company’s founders have each invested $25,000 in order to provide the Company with an initial capitalization. After paying for the exploratory trip to Asia, the Company has $50,000 in the bank. Other key assets include the signed contracts with the medical facilities in Asia.
3.0 PRODUCTS AND SERVICES
3.1 DESCRIPTION
The Company will make all necessary arrangements for U.S. patients to receive world class medical procedures in Thailand, the Philippines and other Asian countries. The Company will arrange for initial consultations between patients and foreign doctors, schedule procedures and make all travel arrangements. In the majority of cases, an all-inclusive quote will be provided for prospective clients. The quote will include the Company’s fees, which will account for approximately 20% of the total. For the procedure itself, the client will be contracting directly with the medical provider. Financial arrangements, including necessary deposits, will be finalized before travel itineraries are booked and before the client is admitted to the medical facility. The Company will work directly with the client’s insurance provider to determine in advance whether a portion of the treatment and related expenses will be covered.
3.2 FEATURES & BENEFITS
The Company’s services will include the following:
- Help with procuring a medical visa;
- Booking travel to the country where the services will be provided;
- Airport pick up and drop off;
- Consultation with appropriate specialists;
- Pre-operation accommodation;
- Booking into the hospital for the operation;
- Accommodation for post-operative recuperation;
- Arrangements for post-operative care in the foreign country;
- Book travel home from the country where the services have been provided;
- Arranging emergency insurance coverage for any unexpected serious adverse events arising from the surgery that means prolonged hospitalization and/or a medical flight back to the U.S.;
- Arranging Travel insurance.
The Company’s services will be more comprehensive than any competitor in its industry. Premium one-stop-shopping will differentiate it from competitors that concentrate on specific packages and/or countries.
3.3 COMPETITION
There are several US based medical tourism agencies that offer services to U.S. patients. These agencies are all relatively similar to each other, except that they have relationships with hospitals in specific countries. The Company’s competitors include the following U.S.-based medical tourism agencies:
- Med Journeys
- The Medtrava Group
- Quest MedTourism
- IndUShealth
- Med Retreat
In addition to U.S.-based agencies, there are several foreign-based medical tourism agencies that market their services directly to U.S. patients. Generally these agencies are affiliated with medical providers in only one specific country. A few of these agencies are listed below.
- Health Tours India
- Medical Tourism China
- Medtral New Zealand
3.4 COMPETITIVE ADVANTAGES / BARRIERS TO ENTRY
The Company will distinguish itself from its competitors by focusing on the niche market for upscale premium service. While most medical travel agencies are targeting bargain hunters, the Company will position itself to appeal to upscale market segments. The Company will derive a competitive advantage from the fact that two of its founders are medical doctors, which will enhance the Company’s reputation for safety, and obviates the need to pay for medical experts to evaluate the quality of foreign medical facilities. The Company will also have an advantage because of its location in the San Diego area. San Diego county has an aging population that is far above average in terms of wealth. In addition to web-based marketing, the Company will take advantage of its location among large population of potential clients by using an innovative regional marketing campaign that is designed to appeal to the sensibilities of people in Southern California.
The medical travel industry has significant barriers to entry, because it requires expertise in the provision of both medical services and travel services. Startup costs are higher in medical travel because it requires hiring expensive medical experts who can evaluate foreign medical facilities. While there is nothing to prevent additional competitors from entering the market, the start up costs are going to be quite high.
3.5 DEVELOPMENT
The Company aims to develop into the country’s premier medical tourism agency for upscale clients who want to have a first class experience while Company will seek to diversify both its services and the number of countries where packages can be offered.
4.0 MARKET ANALYSIS
4.1 TARGET CUSTOMER
The Company will target upscale clients who seek cosmetic and other elective surgery procedures. Rather than spending the recovery period after surgery in their homes, these clients will prefer to spend time in a resort environment where all of their needs are met. While these clients could afford the higher prices for cosmetic surgery in the United States, they would rather go abroad to receive treatment. They can spend the money they save on the treatment by indulging in a vacation. Many clients will travel abroad with a spouse or a group of friends. In general, the Company’s upscale clients will be from older demographics, generally between the ages of 45-65.
A secondary market segment is people who have a medical need for surgery and are looking to save money by traveling abroad. In order to accommodate the needs of these clients, the Company will develop relationships with hotels and other foreign service providers that are at the lower end of the luxury scale.
4.2 MARKET SIZE
Expected to be a $40 billion industry by 20XX, medical tourism provides patients with the opportunity to receive top quality medical services in foreign countries at lower prices than in their home country. Market indicators in the United States show that the prospects for medical tourism have great potential over the next decade and beyond. In 20XX, approximately 500,000 Americans traveled overseas for health care in other countries. The United States has 78 million people who were born in the baby boom generation, and the oldest members of this group turned 60 years of age in 20XX. As people get older, their health care requirements go up. Many baby boomers have inadequate medical insurance, or don’t have any at all. Meanwhile, medical costs are going up much faster than inflation. These factors make medical tourism an increasingly more attractive option for patients in the United States, especially those that are uninsured and underinsured.
Over the past decade the medical tourism industry has exploded, with many new companies emerging to help people in developed countries obtain health care services in developing countries. This is due to a convergence of factors in both developed and developing countries:
- Aging populations in developed countries;
- Rising health care costs and/or long waiting periods in developed countries;
- Inadequate health insurance coverage in developed countries;
- Technological and care standard upgrades in developing countries;
- Relatively lower medical costs in developing countries;
- Added value of leisure and tourist activities in addition to receiving medical care;
- Relatively low cost of travel to developing countries.
Both elective procedures and specialized surgical operations (dental surgery, cosmetic surgery, cardiac surgery, knee and hip joint replacement) are commonly carried out as part of medical tourism packages. Countries that offer medical travel packages include Belgium, Brunei, Cuba, Colombia, Hong Kong, Hungary, India, Israel, Jordan, Lithuania, Malaysia, The Philippines, Poland, Singapore, Slovakia, South Africa, Thailand, the United Arab Emirates (UAE), and New Zealand. Argentina, Bolivia, Brazil, Colombia, Costa Rica, Cuba, Mexico and Turkey also specialize in cosmetic surgery procedures.
4.4 SWOT ANALYSIS
- Experience and understanding up medical procedures
- Experience and understanding of the travel industry
- Strategic location in region with high density of potential customers
- New player in a competitive market
Opportunities
- Establishing a new reputation as a boutique agency for upscale clients
- Entering a fast-growing market
- Economic downturn could impact demand for elective surgeries
- Competitive market could increase marketing costs
5.0 STRATEGY & IMPLEMENTATION
5.1 PHILOSOPHY
5.2 PRODUCT DEVELOPMENT
In order to ensure the highest levels of customer service, the Company will contract with the premier medical facilities and service providers in foreign countries. The Company will also employ executive travel coordinators who will arrange for the client’s transportation and lodging needs, and help the client to secure medical visas and comply with other travel-related formalities. The Company will employ case managers with a background in nursing who will work with the client, and the client’s U.S. based doctors, and coordinate and schedule the treatment with the Company’s network of health care providers abroad.
5.3 INTERNET STRATEGY
Most medical tourism agencies use the Internet to promote themselves. The Company will invest in a best-in-class website that is designed to appeal to the sensibilities of upscale customers. The website will make extensive use of Flash technology, videos and photos to achieve high production values and a sense of exclusivity. Because there are many established medical tourism websites the Company expects that it would be quite expensive to achieve high ranking on search engine results for search terms such as “medical travel” and “medical tourism”. Rather than invest in an expensive SEO strategy, the Company will budget for extensive paid search advertising in order to attract traffic to its website.
5.4 MARKETING STRATEGY
The Company will seek to develop brand awareness among upscale clients by advertising in niche print publications that reach this audience. The Company will hire a PR firm to generate publicity that will reinforce the Company’s image as an agency that caters to the VIP crowd, including celebrities. In order to minimize advertising costs, the Company will execute a regional marketing campaign that is focused on Southern California. This may include sponsorship of charity golf tournaments and other events that appeal to the Company’s target demographic. The Company will make limited use of direct mail by creating an extremely high quality mail piece that will be sent to high income zip codes. Direct mail will be closely monitored to ensure that it is achieving ROI. By focusing on customer satisfaction, the Company expects to achieve strong word-of-mouth advertising as clients share their medical tourism experience with their close friends.
5.5 SALES STRATEGY
In most cases, customers will initiate contact with the Company by phone. The Company will employ professional case managers who will be the first point of contact with prospective clients. Case managers will be compensated in part on a commission basis to encourage up-selling of the Company’s VIP services. The Company will only hire case managers who have significant experience catering to the needs of upscale clients. The key to the Company’s sales strategy is to achieve an extremely high close ratio on sales opportunities. Case managers will be closely supervised and monitored by company management to ensure that they are presenting the Company in the best possible light.
5.6 STRATEGIC ALLIANCES
The Company will seek strategic alliances and affinity relationships with a select group of upscale merchants in the Southern California region. This will including luxury car dealerships, charter jet airlines, exclusive clothing boutiques and medical spas.
5.7 OPERATIONS
The Company plans to operate out of a suite of offices located in San Diego. The Company will seek an office location that will allow for gradual expansion as the Company head count grows over time. The Company offices will be maintained in a manner such that they are appropriate for inviting clients to visit for in-person consultations. Office hours will be from 8am to 5pm Monday through Friday. The Company may establish an affiliate office abroad so that it will be better able to meet the needs of its clients during their travel to the host country.
In order to become the world’s leading upscale medical tourism agency, the Company has established a set of goals:
- Attract an equity investment of $500,000 to finance growth
- Establish a Company headquarters in downtown San Diego
- Hire key management personnel and staff
- Establish working protocols for case management and service
- Develop a best-in-class website
- Begin to offer services by Q2 200X
- Launch public relations and marketing campaigns in Q2 200X
- Develop reputation for superior customer service
- Become profitable by Q4 2009
5.9 EXIT STRATEGY
By developing the premier VIP brand in the world of medical tourism, the founders plan to exit by selling the Company to a larger travel service business. Potential acquisition targets include large luxury travel agencies that want to leverage their strong customer base by adding medical travel to their offering.
6.0 MANAGEMENT
6.1 ORGANIZATIONAL STRUCTURE
6.2 LEADERSHIP
With 10 years of experience in the travel business, Ted Francis will provide overall leadership of the enterprise. He will act as CEO and work closely with Company founders Dr. Bob Robinson, MD, and Dr. Donna Springfield, MD, who will sit on the Board of Directors. The Board of Directors will ensure that the Company maintains the highest standards of medical ethics and maintains relationships with only the most professional medical professionals abroad.
6.3 STAFF MEMBERS
Once the Company has a management team in place, it will gradually scale up its personnel in order to execute a 5-year growth strategy. Because the Company seeks to become the world’s premier VIP medical tourism agency, it will seek to hire exceptional professionals who are committed to the highest standards of excellence. The staff will be comprised of the following members:
VP of Case Management
VP of Marketing
Case Managers – from 1 to 5 by Year 5
Travel Coordinators – from 1 to 4 by Year 5
Administrative Staff – from 1 to 3 by Year 5
7.0 FINANCIAL PLAN
7.1 REQUIREMENTS
In order to get the business off the ground and achieve a self-sustaining level of cash flow, the Company requires $500,000 in investment capital.
7.2 USE OF FUNDS
Funds will be used to acquire a lease on office space, outfit the office with necessary equipment, hire key management and support staff, develop a best-in-class website and brand identity and begin marketing the Company’s services to potential clients. Remaining funds will be used to support business operations until the Company becomes self sustaining.
7.3 INCOME STATEMENT PROJECTIONS
As indicated in the attached income statements, the Company expects to achieve profitability by month 10. This will be achieved by gradually increasing the number of clients per month from 3 in month 1 to 15 in month 10. The Company will bill clients a fee based on the total cost of their travel expenses , along with a medical consultation fee that is based on the total cost of their medical expenses. By Year 3, the Company expects to receive an average of two new clients per day. As indicated, the largest portion of the Company’s expenses will come from salary expense. The Company will hire Case Managers and other support staff gradually over Years 1-5 as necessary to meet demand. The second largest expense will be for marketing. Once the initial marketing efforts enable the Company to achieve a base level of sales in Year 1, marketing will be scaled back to a consistent level for years 2-5.
7.4 CASH FLOW PROJECTIONS
The accompanying cash flow statement projects that the Company will be cash positive by month 10. Because the company will require upfront payment from customers at the time the medical procedure is scheduled, the Company will be able to avoid risks associated with deferred payment. Given the current level of projections, the initial investment of $500,000 will be sufficient to carry the Company until it reaches a positive cash flow position.
7.5 BALANCE SHEET
The Company will acquire office furniture and equipment to begin operations. The Company’s initial Balance Sheet will maintain a high proportion of Cash, which will be used to fund operations. There will be no initial debt or other liabilities.
7.6 ASSUMPTIONS
The key assumptions in the Company’s projections relate to the estimates of new business. As indicated in the Income Statements, the Company projects a gradual increase in new customers from Month 1 through Month 36, at which point the company predicts a slower rate of growth. For each new customer the Company expects to receive an average of $X,XXX of revenue, which represents X% of the client’s total travel and medical expenses.
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How to Start a Medical Tourism Business in 8 Steps
Are you interested in Medical Tourism Business? Here is a detailed business plan guide to starting a medical tourism business.
Before we discuss the fine print of setting up a medical tourism company, it is important to understand what is medical tourism all about?
What is Medical Tourism?
A medical tourism service is all about helping patients to find the right doctors and healthcare facilities and coordinating the entire trip plan abroad or in other states and counties. A medical tourism facilitator works as a bridge between the patient family and the doctors or healthcare providers. Furthermore, they are also responsible to make the health trip an enjoyable one by providing recreational activities to the patient parties.
The medical tourism business is alternatively called health tourism and wellness tourism. It is a term that has arisen from the rapid growth of an industry where people from all around the world are traveling to other countries to obtain medical, dental, and surgical care at the same time traveling.
The medical tourism business is a greatly lucrative potential opportunity for entrepreneurs who have knowledge of medical services and facilities available in the places they will be catering to.
Is Medical Tourism Business Profitable?
Over the past decade, the medical tourism business industry has exploded. New companies are emerging to help people in developed countries obtain health care services in developing countries. This is due to a convergence of factors in both developed and developing countries.
The reasons for the growth of the medical tourism business are as follows:
- Aging populations in developed countries.
- Rising health care costs and/or long waiting periods in developed countries.
- Inadequate health insurance coverage in developed countries.
- Technological and care standard upgrades in developing countries.
- Relatively lower medical costs in developing countries.
- The added value of leisure and tourism activities in addition to receiving medical care.
In the United States alone, the latest reports suggest The U.S. medical tourism market size was valued at USD 6.7 billion in 2018. Industry experts predict a CAGR of 8.7% over the coming years.
8 Steps to Start a Medical Tourism Agency Business
To be successful in a career in medical tourism, the two most important aspects are networking and excellent customer service. You need to provide your clients with the opportunity to receive top-quality medical services in foreign countries at lower prices than in their home countries. To ensure the highest levels of customer service, you will need to be competent with the knowledge of premier medical facilities and service providers in foreign countries.
1. Understand the Market
It is extremely critical to find out the market potential of the medical tourism industry. Before investing, it is advised to conduct exhaustive market research and gather information regarding the opportunities and threats in medical tourism. If budget permits, hire a professional market survey agency and find out the feasibility of the business.
2. Tie-up with Best Medical Care Facilities
The single most critical factor in establishing a successful medical tourism agency business is to tie up with the best and most reputed healthcare facilities and doctors. It is always advised to visit them in person if possible and check the facilities yourself. Otherwise, collect information about their credibilities online.
You need to negotiate them and get the best pricing packages. It is without saying unless you get a low-price package, you won’t be able to offer competitive prices to your customers.
3. Create a Business Plan
After you receive the market research report, it is time to document the business plan . This report will not only help you in properly planning but also arrange finance. Some of the critical issues the medical tourism business plan must address are the following:
- How much initial and recurring investment is needed?
- What would be the earnings?
- Market Research Report
- Operational Plan
- Manpower Plan
- Financial Plan
- Marketing Plan
- Services to be Offered
- Tour Plan Packages
One most essential aspect while documenting the plan as a beginner is to decide on how many patients can you handle at a time. Do keep in mind medical tourism agency business is a service-centric venture and customer service plays an extremely critical role in the make or break of the business.
4. Services You Can Provide in Medical Tourism Business
There are many kinds of services you can offer to customers in the medical tourism business. Some of them are the following:
- Help with procuring a medical visa;
- Booking travel to the country where the services will be provided;
- Airport pick up and drop off;
- Consultation with appropriate specialists;
- Pre-operation accommodation;
- Booking into the hospital for the operation;
- Accommodation for post-operative recuperation;
- Arrangements for post-operative care in a foreign country;
- Book travel home from the country where the services have been provided;
- Arranging emergency insurance coverage for any unexpected serious adverse events arising from the surgery that means prolonged hospitalization;
- Arranging Travel insurance.
5. Form a Business Structure
Depending on the state and country you live in, you need to decide the appropriate business structure under which you are going to run the business. Talk to the local competent authority or a professional and find the appropriate form of company structure based on your scale of operation.
For example, if you are from the United States, forming an LLC is preferred by most serious business owners, as it provides certain benefits with nominal investment. There are many online LLC formation providers you can contact to get your company registered without much headache.
6. Get Certified and Procure Licenses and Permits
To be a serious player in the medical tourism industry, it is extremely important to enhance your credentials as a medical tourism operator. Check with the tourism authority of the government, and try to arrange the required certificates.
Since the medical tourism business is related to the tourism industry, you will be required to deal with foreign customers. If you are not aware of the licenses required, hiring a professional makes your job easy.
7. How to Setup Medical Tourism Business
Initiating the medical tourism business demands substantial capital investment. As you are entering the service industry and going to offer top-class hospitality facilities, you will need to concentrate on hiring people for your organization. You will need to set up an office at a good retail location for the activity. Establish paneled vendors for your company.
Fix proper pricing for the service packages offered to customers. As medical tourism business service provider, you are supposed to advise your client on specialized, cost-effective medical facilities within their budget.
In addition, talk to the local competent authorities for required licenses and permits to operate medical tourism ventures.
8. Promote Your Medical Tourism Business
It is advisable to recruit a PR agency for advertisement activity. Focus online and offline both. Create your online presence by having a b usiness website . In today’s world, 87% of travelers use the internet for the bulk of their travel planning. Concentrate on SEO and the most important element in enhancing your SEO is to simply create engaging content.
As people’s time and attention span decrease, a heavier focus is increasingly placed on eye-catching visuals. Capture enticing visuals and post them on your website, blog, and social media. It makes it easy for your audience to share, which in turn spreads genuine awareness about your service to others.
Focus on crafting customized tour plans for every client. Focus on customer satisfaction and ask them for feedback. Plan the trip carefully to ensure that you will have eminent, very experienced physicians – effectively the best that country has to offer.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.
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Category: Travel
Date: January 20, 2023
Medical Tourism Business – A Complete Guide
Across the world, there is an emerging class of voyagers who are crossing international borders to obtain a range of medical services from dental care to liposuction. This type of travel is known as medical or healthcare tourism.
Business in this sector is booming. On a global scale, healthcare tourism is higher than oil and gold industry.
If you have plans to enter the medical tourism industry, this blog is for you. We hope that this blog will guide and help you make an informed decision.
What Is Medical Tourism?
Medical tourism involves traveling to another country for the purpose of getting care.
Originally, patients from less-developed countries traveled to developed countries to get treatments that were not available in their homeland.
Today, people from developed countries travel to developing countries to get health care services. This shift is driven by low-cost treatments offered by developing countries, inexpensive flights and the easy availability of online information about medical services.
The word ‘tourism’ is included in this because in most cases people stay in a foreign country to get medical assistance. So, travelers can take advantage of this situation to get to know the country in that short time.
According to the WHO , here are the main drivers of medical tourism.
Here is a graphical representation of a consumer’s path to medical tourism by Deloitte
Types of Medical Tourism
Medical tourism is one of the highly emerging concepts in the tourism industry. There are three main categories in medical tourism.
- Outbound medical tourism – In this type of tourism, a person leaves the country of their origin to another country to get medical help. For example, leaving Denver to get medical care in India
- Inbound medical tourism – In this type of tourism, a person from another country travels to a host country to get medical help. For example, leaving Canada to get medical treatment in the US
- Domestic medical tourism – In this type of tourism, a person travels to another city in the same country to get medical help. For example, leaving Texas to get medical treatment in New York
55 Healthcare & Medical Industry Website Design Ideas and Inspiration
Top Medical Tourism Destinations in The World
According to Bookimed and Medical Tourism Magazine, here is a list of the top medical tourism destinations in the world.
What Are The Business Models for Medical Tourism?
Here are the different types of business models in medical tourism.
1. Business to Customer
This model involves targeting patients through online marketing and connecting them to the provider. It is also known as direct to patient model
2. Business to Business
This model involves doctors directly referring to other doctors or hospitals. It is also known as provider to provider model
3. Exporting Brand Presence
Exporting brand presence means bringing your brand to the patients directly. For example, many US hospitals want to mark their presence in China
4. Payer Driven
In this model, a payer or employer who is looking to reduce the cost for their insureds will ask them to get medical care away from their homes. The payer or employer may also give incentives for doing it
5. Additional Information
These are some other ways medical tourism businesses earn money.
- Commission – The hospital will pay a fee to the facilitator for sending patients to them
- Revenue – The tourism company will decide the treatment cost of the patient. After the patient makes the payment to the company, it will settle the bill with the hospital. The difference is the actual revenue earned by the company
- Other information – After surgery, people may want to go shopping in the city or even take a vacation. The medical tourism company can also charge a commission for these activities
How to Start a Medical Tourism Service Agency?
If you are planning to start a medical tourism business, here are some points you must consider.
Analyze The Industry and Understand Your Clientele
Analyzing the medical sector of a particular destination will help you to easily determine where you want to target your business. For example, India is famous for heart surgery while Thailand is famous for HIV/AIDS treatment and Spain for neurosurgery.
Understand why certain people prefer to travel for treatment and what type of help you can provide to satisfy their needs.
Additionally, analyze the strong points of the locations you want to choose from. For instance, Germany is known for using cutting-edge equipment and Costa Rica is well known for its world-class plastic surgeons.
Next, you must get a market needs assessment and financial feasibility study from service providers such as The Fox Group . You must also figure out the financial plan. and talk with industry experts to figure out how much to charge for the services you offer.
Certifications, Permits and License
You may be required to undergo training and licensing before opening up the business. Displaying badges from recognized accreditation bodies on your website and other materials will give a message to tourists that your business is properly managed and has undergone rigorous evaluations.
The Joint Commission on Accreditation of Healthcare Organizations (JCAHO) is a prominent healthcare accreditation organization in the US. They formed the Joint Commission International (JCI) to help medical tourism businesses find good healthcare providers around the globe. For example, The Apollo Hospitals was the 1st one in India to get this certification. Click here to view the full list of the medical tourism industry certifications.
Other Points To Keep In Mind
- Insurance is one of the most important elements in the medical tourism business. Make sure that the policy your clients have will cover most of the sections of your business
- To make your client’s medical trip smooth, you have to coordinate and collaborate with the whole medical tourism network. They include travel agencies, hotels, airlines, insurance providers, translators and dealing with the embassy
- Most people find medical tourism-based services online. So, creating a website is important when you are planning to start a medical tourism business A professional website design and development company will have the core expertise to create a customized solution according to your requirements. So, it is highly recommended that you get help from such professionals
- Have a good online marketing plan to spread the word of your business. You can also get help from digital marketing experts to get high-quality results
Medical Tourism Statistics And Facts
Here are some interesting statistics and facts you need to know about the medical tourism industry.
- According to a CII-Grant Thornton study, the Indian medical tourism market is expected to grow from the current $3 billion to around $8 billion by 2020.
- According to MarketWatch, Global Medical Tourism Market will grow at a CAGR of 16.1% during the forecast period 2019-2025
- According to BD Health & Fitness, Medical tourism is one of Turkey’s fastest-growing industries and is estimated to contribute $4 Billion to the country’s economy annually
- According to Statistica, 53% of EU citizens are willing to travel to another country for better quality treatment
- According to CNN, India’s medical tourism industry could grow by 200% by 2020, hitting $9 billion
- According to Statistics, here is the percentage of adults in the U.S. who had traveled abroad specifically to receive medical treatment
- According to Statistica, as of 2019, here is the percentage of adults in the U.S. who had traveled abroad specifically to receive medical treatment and were satisfied with their treatment
- This graph explains the growth of the medical tourism market
Top Medical Tourism Service Providers in The World
Here are some of the top medical tourism companies in the world.
- Bumrungrad International Hospital
- Costa Rica Medical Travel
- Medical Tourism Malaysia
- Seoul Guide Medical
- Ventures Healthcare
- Istanbul Safe Medical
Useful Guides About Medical Tourism
Here are some guides which will help you to get more information about the medical tourism industry.
- Treatment Abroad
- International Medical Travel Journal
- Patients Beyond Borders
- The Medical Tourism Directory For Costa Rica
- Medical Tourism Magazine
- Dr. Prem Medical Tourism Guide
Mobile Apps
Mobile apps are revolutionizing medical tourism and it’s going to be the next big thing in the industry. Here are some of the medical tourism companies that have already created mobile apps and attracting the attention of medical travelers. If you need any help to create a mobile app , you can contact our ColorWhistle team anytime.
- HealthTraveler™
- TaiwanTrade
- HealthTraveler
- PlacidMobile
Medical tourism service providers play a crucial role in making the travel experience easy and comfortable.
Here are some of the basic facilities that a good medical tourism facilitator must provide.
- Custom treatment packages
- Round the clock support and guidance
- Assistance for procuring a medical visa letter
- Timely doctor appointments
- Quick in-patient admissions
- Money exchange
- Safe accommodation
- Provide local sim cards
- Proper end-to-end transportation guidance
- Post-treatment follow-ups
International healthcare services are booming because of the globalization of capital funding and advancement in medical technology. The changing technologies and economic conditions have created many opportunities for patients and businesses in world-wide medical tourism.
The future of medical tourism will be profitable as experts predict the revenue growth to be in billions of dollars in the coming years.
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About the Author - Anjana
Anjana is a full-time Copywriter at ColorWhistle managing content-related projects. She writes about website technologies, digital marketing, and industries such as travel. Plus, she has an unhealthy addiction towards online marketing, watching crime shows, and chocolates.
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Starting a Medical Tourism Business – Growing Business Opportunity
The medical sector is one of the biggest sectors in the world. Given the field in which it deals, the world suffers with lots of health issues and with the changing times the health issues among individuals have only grown. A disadvantage to one is an advantage to another. As many people are suffering from various health problems, the medical world that includes doctors, nurses, hospital, chemists, medicine industry, all are seeing immense growth.
As the world is much more connected than ever before, people are also engaging for medical services at global level going for treatment to the best hospital in the world rather than limiting their approach to regional or national level. Some countries are known to be the best in the world for medical treatment and thus they attract patients all across the globe who come for treatment. This has led to the rise in medical tourism.
Medical tourism in simple words is traveling from one place to another, especially from country to another to obtain medical treatment. There are many reasons that compel or encourage people to go for medical tourism. Some of them are:
- Relatively cheaper treatment that can easily be afforded
- Better medical facilities and treatment opportunities
- Renowned doctors who have made their names
- Excellent medical services and facilities
- For special and specific treatment that is limited to only few places
There are many developing countries and underdeveloped countries that have poor medical infra and facilities. This leads to health crisis and people who can afford have to seek help from doctors of other countries like USA, China, Singapore, London and India.
Similarly, some treatments are expensive in many developed nations and people there prefer to get treated in other countries that offer relatively cheaper treatment like India, Thailand, Singapore, Costa Rica, etc. Thus the business of medical tourism grows and is now one of the sectors that is witnessing immense growth all over world. If you are interested to try hands in medical tourism then this article is of help to you.
Role of a Medical Tourism Business:
Before you move ahead do you know what exactly will be the role of your business? What exactly a medical tourism business does? Such questions deserve a brief answer so that before you invest in the business you get to know what exactly it is all about. As a medical tourism business you are expected to have details of doctors who are specialized in specific medical field, are physicians, are much renowned, list of hospitals along with the service they offer and their location, cost of treatment for various health disorder in various hospitals and under various doctors, contact details of all such doctors and hospitals with verified credentials for all such doctors and hospitals.
You are also required to have healthy network in the medical tourism field in order to accommodate the visiting client, travel route, his stay in the place and other necessary needs. Thus as a medical tourism business you are required not only to facilitate the best medical treatment to your client but to also assist him in his stay and accommodation. For all the above things you will charge them your required fees.
Though these things look simple but get very tough when you go and work inside. Arranging medical visa, booking emergency flights, managing bed in some very sought after hospitals are quite tough tasks that require experience and good source and networking within the medical sector.
Feasibility Analysis and Research on Medical Tourism:
Before you enter any field it is necessary to be well informed about the various aspects of that field. Thus when you plan to invest in the medical tourism industry it is necessary that you get well informed and for that you need to do deep research on the topic. The best way for you to get detailed information is to hire a professional and conduct a feasibility analysis report that will give you the true picture of the medical tourism industry.
You can get all the answer you deem fit to know through this based on various researches and data analyzed. This ensures that you will take an informed decision in the field of your business and plan accordingly. Some of the common questions that come across are:
- How much investment is required?
- How much profit will one make in this field?
- What exactly is medical tourism? Various aspects of it
- Key points related to the industry
- What to do and not to do while starting your business
- Opportunities, competition and return.
You can also and specific questions based on your area of operation, investment, resources and your role in the business. Based on the results prepare a solid business plan that will help you in shaping up your business idea and moving up towards its implementation.
Get yourself Certified:
Credentials are important in medical tourism and therefore you should get yourself certified from the required authority. By fulfilling the required criteria you can get yourself certified and a license will be issued that will help you in the later while of your business. Most of the countries through their health ministries and tourism ministry grant licenses to the qualified businesses so that they can continue in their business.
Since you will be dealing beyond your country therefore you have to get various certifications and permissions. In order to make your job easy, you can hire a professional advisor in medical tourism to help you out from various technical glitches you may face. As you get all the required certification and permissions move ahead by teaming up with hospitals and doctors.
Networking: Teaming up with Doctors and Hospitals
Teaming and networking with group of hospitals and doctors is a necessary step in order to create your own circle where you can refer your clients. The formal way is to first sit up with the hospital head or the doctors concerned and explain your terms. Since you are giving new clients to the hospital your work would be easy.
In return the hospitals give a percentage of the total profit made from fees that the patient pays along with endorsement and reviews. If you have successfully closed the deal you can get a Memorandum of Understanding (MoU) signed by them. You should also network with some renowned doctors who are in demand for special treatment. Thus connecting your client directly with the concerned doctor gives an edge over the rest.
There are two sides of medical tourism. First is when you facilitate your own countrymen to another country for treatment and second is when you facilitate foreigners from different countries in your own country. The second is a bit easy when it comes to networking with hospitals and doctors in your own country. For the first, you can also team up with other such medical tourism businesses operating in those countries and on each referral you can get a pre-determined commission.
Getting Medical Visas:
There is a determined process through which everyone gets the required medical visa to travel to another country both from his country and to the country he aims to visit. This may sometimes get delayed at times and that is when medical tourism agencies play their role by using their sources in the Visa department. In order to facilitate easy and immediate visa approvals build your contacts in the ministry of External Affairs of your country.
Arranging Travel Tickets, Accommodations and Departure:
An ailing person traveling to a different country cannot afford to get these things done especially in a foreign country and that is when you will come at their rescue. Get all the travel details of your client and book their tickets, manage their accommodations in advance including their departure. In case of emergency booking tickets and rooms becomes hard and that is why you should be in close terms with traveling booking sites and agencies for smoother work.
Special Traveling and Ambulances:
Some critical patients require special treatment and travel facilities like air ambulances, and specially equipped ambulances which are not easily found unless asked for. It is necessary that you are in contacts with them in case of emergency to ensure your client is treated well on time.
Your Presence in the Market:
Your presence in the market is needed to be felt in order to grow. Get your own website with a presentable business name along with logo. Be active on all social media and digital platform using social media marketing. The traditional way is to network with doctors, hospitals, nursing homes, chemists to endorse you.
Many of the clients look on internet or consult their friends, relatives, and family doctors for the same while the rest do Google searches. Whatever the method they adopt you should be present at all platforms in order to rope your clients. In common cases, a patient who cannot be treated further because of lack of resources and facility in a particular hospital is referred to foreign hospitals. They usually give the reference for a particular hospital along with the agency that will manage all the travel and accommodations. This is where your contact will be helpful for your business.
Your Business Team:
Build up your core team that will manage your client and entertain them passionately. Another team that will manage your relations with the hospitals, doctors and other medical institutions. Third team would be managing the paperwork including that of visa approval, tickets, passports, etc. Your team should be efficient and proactive in dealing at all fronts especially with clients and immediate service providers like travel agents, visa approval authority, hospital accommodations, etc.
Your Business Marketing and Business Branding:
People will get to know you only when you are present at all the platforms they will use to get to you. Social media, digital platforms, websites are common ways to make your presence felt. It is important to present yourself in a professional and sophisticated manner in order to build yourself as a brand. Get your own website which has all the details a client searches for. Be objective and clear to ensure that your client returns satisfied. Some common queries that should be answered are:
- Countries known for treating particular diseases
- Medical hospitals known for treating particular and specific medical disorder
- Renowned doctors specialized in specific field
- Contact details of the aforesaid
- Ways to get operated in those hospitals, countries and by doctors
- Managing travel tickets, medical visa, accommodation, etc.
- Reviews by clients, of hospitals, doctors and your business.
With such information on your website your client will return satisfied and will most probably choose you for help. Using advanced methods of digital marketing you can also target your clients who require particular medical help and are in need to travel abroad. You can set up a call center where you can connect with your potential clients and entertain the clients approaching you.
Always Remember:
- While connecting and networking with hospitals and doctors, do a personal check and enquiry about them and the service they offer. Only after you are satisfied with their work commitment and quality medical services, go ahead and network with them.
- Always remind yourself about the role you are limited to play. Do exactly what your job is rather that going ahead and doing things not in your domain as in case you fail you will lose your reputation unnecessarily.
- Do not offer which you cannot fulfil. Tell your clients clearly about the responsibility you are limited to.
- Operate as a genuine and certified medical tourism business to ensure your credibility. Have a registered business and office.
- Charge what is charged in a competitive market and based on your service and client review you can review your fee model. Be ethical in your business and do not ever exploit your helpless client. It is not only sin but has worse impact on your business as any client in contract with you will do so with full trust and once it is gone your business is over.
Professionalism and promptness is the key to success in service industry. In medical service things go much serious and requires critical approach. It would be best for you if you spend few years in this field before you go on your own as such experience will ease your work when you start on your own.
Medical tourism is the process of travelling to another country for medical care. It may involve travelling abroad for preventive medical treatment, diagnostics tests and treatments, elective procedures, and complex cure.
The major benefits of medical tourism include access to affordable treatments and procedures, a wider range of treatment options, access to expertise from highly qualified doctors and medical staff. In addition, medical tourism often includes a vacation aspect, allowing for the combination of rejuvenating travel, sightseeing and medical care.
Medical tourism covers a broad range of treatments including fertility treatments, cosmetic plastic and reconstructive surgical procedures, organ and tissue transplants, as well as a wide range of medical procedures, such as heart and lung surgery, cancer treatments, dental care and more.
Cost savings are one of the main attractions of medical tourism. Depending on the location, medical procedures and treatments abroad can offer cost savings of anywhere from 25 to 50 percent compared to the same procedure or treatment in the US.
Healthcare tourism is a form of medical tourism, mainly focusing on services including health check-ups, preventive treatments, and other wellness services. Healthcare tourism often covers a broader range of services, like relaxation, wellness, and beauty treatments, than just medical care.
Medical toursim is generally considered safe, however it is important to understand the risks and take necessary precautions. Research thoroughly, take time to find a reliable and trustworthy doctor and clinic, and always be sure to check all applicable laws, regulations and standards.
Choosing the right medical tourism provider is key to having the best and safest experience. Do your research and ask a lot of questions. Make sure to find a reputable and certified provider who has undergone extensive training in order to receive accreditation from international organizations.
While Medical Tourism is generally considered safe, there can be side effects and complications for any procedure or treatment, whether domestic or abroad. It is important to discuss the risks and benefits of any treatment with the provider, seek second or third opinions if needed, and be aware of any potential side effects and complications.
Depending on your insurance plan, you may be able to have medical procedures abroad covered. Make sure to check your insurance plan to see if it covers Medical Tourism. Payment options can also include direct payment, credit cards, and special financing options such as loans.
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Healthcare business plan
Create a business plan for a medical office or any healthcare startup using this detailed business plan template. This healthcare business plan template includes an executive summary, company overview, market analysis, financial plan, and more. This accessible healthcare business plan template includes step-by-step instructions.
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Medical Staffing Agency Business Plan and SWOT Analysis
Medical Staffing Agency Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Medical Staffing Agency Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Medical Staffing Agency business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
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Medical staffing agencies operate in a unique capacity in that they are able to generate a significant amount of income by the placing medical professionals and related staff with homes and medically focus businesses. Given that these companies operate in a healthcare capacity, these companies are wholly immune from negative changes in the economy. In fact, the revenues of medical staffing agencies has increased significantly over the past 10 years as hospitals and practices have shifted their business model towards using independently contracted physicians, nurses, nurse practitioners, and physicians assistants rather than hiring them directly. The industry has experienced 10% annual growth in each of the last five years. Startup costs are associated with a medical staffing agency are considered to be moderate. Typically, these businesses can be started for as little as $100,000 all the way up to about $250,000 depending on whether or not the medical staffing agency is going to directly pay out payroll to contractors prior to when invoices are being paid. This is one of the biggest challenges as relates to operating a medical staffing agency is the management of cash flow given that medical professionals are very well paid and these firms must wait on the receipt of an invoice before they get paid for placing a doctor or nurse with a practice or hospital. The demand for these services is expected to increase significantly over the next two decades as more people enter the baby boomer years and require a greater degree of medical care. One of the things that should be discussed off the bat and is that a medical staffing agency should have a qualified attorney on retainer in order to make sure that the business is complying with all employment laws at all times. These laws are highly complex and they are frequently changing given the constantly changing landscape of healthcare. As such, a medical staffing agency does need to allocate a significant portion of their operating expenses towards professional fees and licensure especially as it relates to receiving competent legal advice.
Almost all private investors and financial institutions are willing to provide a significant amount of capital support for the development of a new medical staffing agency. This is due to the fact that these businesses are able to generate their revenues in any economic climate. Usually, most entrepreneurs looking to get into the medical staffing agency industry will seek to acquire a working capital line of credit in order to finance the ongoing contractor expenses that are associated with this type of business. Provided that the businesses specializing in providing physician, nurse practitioner, nursing, or physician assistant labor then it these businesses are an excellent candidate for this type of financing. Usually, a entrepreneur is going to be required to make a 10% to 20% capital infusion in order to start this type of business. It is important that the entrepreneur also have a significant amount of experience in the medical staffing agency or employment agency industry. Of course, a medical staffing agency business plan is going to be required. This business plan should include a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page that features industry-standard statistics that are on par with that of third-party employment agencies. Beyond the anticipated financial results over a three-year period, a medical staffing agency business plan should offer also focus significantly on the number of hospitals and medical practices within any given market. Given that many people do not stay in the same place for their for their lives, it is important for these businesses to have an understanding of the number of medical professionals that live within any given market, or employment status, and the number of positions that are open at any given time. Given the revolving door nature of employment these days this is something that needs to have special attention paid to at all times.
A medical staffing agency marketing plan should focus significantly on developing ongoing relationships with recruiters and human resources departments within major hospitals, hospital systems, and large-scale group practices. This is the type of business that does not need to market its services to the general public so any type of print or general marketing campaign can be to a minimum. Of course, if a medical staffing agency is going to be providing nurses for in-home care and a modest amount of localized marketing should be carried out. This includes maintaining a website that showcases the business, the types of medical professionals employed by the company, per hour pricing information, and contact information. Presence on social media is not needed for a medical staffing agency unless, again, there are going to be home health aides being placed directly with individual patients or families.
A medical staffing agency SWOT analysis should be produced as well. As it relates to strengths, these businesses are always able to remain profitable and they will have access to capital on an ongoing basis given the economically secure nature of their operations. The barriers to entry are considered to be moderately high once a business is established within any given market. For weaknesses, these businesses have a very high operating costs given that they must front the expenditures relating to providing services to a hospital or medical practice. As such, a large amount of capital needs to be held on hand at any given time in order to properly carry out the services. For opportunities, this is pretty simple given that most medical staffing agencies can aggressively expand their operations by developing satellite offices within any given regional market. Again, there is going to be ongoing and continued demand for these types of services over the next two decades and the opportunities for aggressive expansion are significant. Beyond establishing additional locations and offices, a medical staffing agency can specialize in providing medical professionals that have highly unique specialties. This includes placing surgeons, orthopedists, specialized nurse practitioners, and specialized physicians assistants with large hospital systems. For threats, this is going to be one of the most challenging aspects of developing the business plan and marketing plan specific for a medical staffing agency. There are ongoing changes to the regulations regarding healthcare reimbursement – via both private insurance and publicly funded health systems – that must be addressed on a daily basis. There are highly political aspects to the United States economy and have such an entrepreneur that is looking to enter this field to have a complete understanding of how a potential reduction in publicly funded system reimbursements would impact the way that revenues from medical labor occurs. This is a risk that is being faced by all medical businesses and medical staffing agencies are no different.
In closing, a medical staffing agency can be a wonderful and highly profitable business investment provided that the owner has the appropriate understanding of the industry and the context necessary to develop placement for medical professionals at the onset of operations.
Medical Staffing Agency Business Plan
1.0 Executive Summary
The purpose of this business plan is to raise $100,000 for the development of a medical staffing agency while showcasing the expected financials and operations over the next three years. The Medical Staffing Agency, Inc. (“the Company”) is a New York based corporation that will provide outsourced HR management and employment solutions for clinics, hospitals, and related medical facilities in its targeted market. The Company was founded by John Doe.
1.1 The Operations
The Medical Staffing Agency intends to become a regional provider of temporary and permanent employment solutions for nurses/doctors/medical technicians that work in clinics, hospitals, assisted living facilities, and outpatient centers. The Company will also have the ability to easily source other medical professional such as physical therapists, speech pathologists, X-ray technicians, imaging equipment specialists, and other allied health professionals.
There are a number of other related medical staffing services that are in strong demand among the Company’s potential clients. Once the Medical Staffing Agency establishes is initial revenue streams, the business could easily expand into other aspects of the local medical industry.
The third section of the business plan will further describe the services offered by the Medical Staffing Agency.
1.2 The Financing
Mr. Doe is seeking to raise $100,000 from as a bank loan. The interest rate and loan agreement are to be further discussed during negotiation. This business plan assumes that the business will receive a 10 year loan with a 5% fixed interest rate. The financing will be used for the following:
- Development of the Company’s office location.
- Financing for the first six months of operation.
- Capital to develop ongoing relationships with hospitals, clinics, and medical facilities.
Mr. Doe will contribute $10,000 to the venture.
1.3 Mission Statement
The Medical Staffing Agency’s mission is to become the recognized leader in its targeted market for outsourced employment solutions for medical services businesses.
1.4 Management Team
The Company was founded by John Doe. Mr. Doe has more than 10 years of experience in the medical employment and staffing industry. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.
1 . 5 Revenue Forecasts
1.6 Expansion Plan
The Founder expects that the business will aggressively expand during the first three years of operation. Mr. Doe intends to implement marketing campaigns that will effectively target hospitals, clinics, and other healthcare facilities within the target market.
2.0 The Financing
2.1 Registered Name and Corporate Structure
Medical Staffing Agency, Inc. The Company is registered as a corporation in the State of New York.
2.2 Use of Funds
2.3 Investor Equity
Mr. Doe is not seeking an investment from a third party at this time.
2.4 Management Equity
John Doe owns 100% of the Medical Staffing Agency, Inc.
2.5 Exit Strategy
If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of the Medical Staffing Agency. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.
3.0 Operations
As discussed in the executive summary, Medical Staffing Agency, Inc. will become a regional provider of permanent and temporary employment positions for nurses, doctors, and associated medical staff. Below is a brief overview of the services provided by the business.
The primary focus of the Company’s services is the nursing segment of the market. The Medical Staffing Agency will be able to provide its clients with both traditional registered nurses as well as several nurses that have obtained specialties such as their nurse practitioners license or specific training in fields such as neonatal care, surgery, emergency medicine, psychiatric care, and other medical specialties. The Company will generates substantial gross margins from these services.
The Medical Staffing Agency will also be able to provide clients with other health professionals such as:
- Physicians (internists and specialties)
- Physical Therapists
- X-Ray and Imaging Equipment Technicians
- Speech Therapists
- Pharmacists and Pharmacy Technicians
- Healthcare Administrative Staff
4.0 Market and Strategic Analysis
4.1 Economic Analysis
This section of the analysis will detail the economic climate, the medical staffing industry, the customer profile, and the competition that the business will face as it progresses through its business operations.
Currently, the economic condition as a result of the COVID-19 pandemic is rapidly improving. Interest rates have remained low, which has led to substantial improvement in the economy. Although there are issues with inflation, the US Federal Reserve has indicated that they are willing to adjust monetary policy to combat this issue. The economy is moving back towards normal at this time.
However, medical staffing companies operate with great economic immunity as there is currently a shortage of labor in the medical industry. Additionally, people will continue to get sick and require medical attention despite deleterious economic conditions, and the business will be able to remain profitable in any economic climate.
4.2 Industry Analysis
As a whole, medical staffing agencies in the United States generate about $20 billion dollars with of revenue on a yearly basis. Approximately 1/3 of the industry is specifically geared toward the healthcare segment of the market.
The industry generates $15 billion a year of payrolls, and employs almost 350,000 people. The industry is expected to grow tremendously over the next two decades as more people (especially baby boomers) require medical services.
This is a mature industry, and the future growth rate will mirror that of the economy as a whole. As discussed above, over the next ten years – the growth rate of the industry will accelerate given the greater demand for healthcare among senior citizens. The Company will continue to recruit qualified medical personnel to accommodate these needs.
4.3 Customer Profile
The Medical Staffing Agency intends to target physician practices (group and solo), hospitals, and assisted living families with the intent to develop ongoing employment contracts. Among these facilities, Management has outlined several demographics that it will use when formulating and executing its marketing strategies:
- Annual revenues exceeding $1,000,000 per year
- Has continued needs for qualified nurses, technicians, and associate physicians
- Operates as a general hospital or specialty practice
- Operates within 50 miles of the Company’s office
4.4 Competitive Analysis
This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories. If there are a number of competitors in the same industry (meaning that it is not feasible to describe each one) then showcase the number of businesses that compete with you, and why your business will provide customers with service/products that are of better quality or less expensive than your competition.
5.0 Marketing Plan
The Medical Staffing Agency intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Medical Staffing Agency.
5 .1 Marketing Objectives
- Develop an online presence by developing a website and placing the Company’s name and contact information with online directories.
- Establish relationships with hospitals, assisted living facilities, out patient surgical centers, physicians’ practices, and other medical facilities.
- Develop referrals with allied health professional practices.
- Aggressively use social media networks in order to recruit qualified professionals.
5.2 Marketing Strategies
The Company intends to develop a referral network from doctors, surgeons, hospitals, and post operative clinics within the target market. Since the Company is marketing directly to medical professionals and establishments, the costs associated with advertising are minimal.
The Company will also use traditional forms of marketing that are targeted towards medical professionals in the target market community. Management intends to market directly within locally based medical journals for the medical profession.
In regards to larger clients, like hospitals and outpatient facilities, the Medical Staffing Agency will directly contact these businesses to establish ongoing business relationships. Registered nurse, technician, and physician outsourcing is the most profitable aspect of this business, and the Company. should rapidly establish these relationships so that the business can immediately generate revenue from these sources.
Finally, the Medical Staffing Agency will develop its own website that will feature information about the business, contact information, and preliminary pricing schedules for temporary and permanent medical staffing solutions that the Company offers. The Company will also use targeted advertisements among major social media platforms such as LinkedIn and Facebook. A major focus of these operations will be for recruiting nurses as they are in immense demand at this time among medical staffing companies.
6.0 Organizational Overview
6.1 Organizational Chart
6.2 Personnel Budget
7.0 Financial Plan
7.1 Underlying Assumptions
The Company has based its proforma financial statements on the following:
- The Medical Staffing Agency will have an annual revenue growth rate of 16% per year.
- The Owner will acquire $100,000 of debt funds to develop the business.
- The loan will have a 10 year term with a 9% interest rate.
7.2 Sensitivity Analysis
The Company’s revenues are not sensitive to changes in the economy. The demand for nurses and associated medical professionals has continued to rise, and will continue to do so regardless of the state of the economy. Medical businesses are fully insulated from changes in the general economy as people will continue to require medical care. As such, there is very little risk that the Company will have any issues with generation.
7.3 Source of Funds
7.4 Profit and Loss Statement
7.5 Cash Flow Analysis
7.6 Balance Sheet
7.7 Breakeven Analysis
7.8 Business Ratios
We make high quality procedures AFFORDABLE.
Possessing experience and relationships that make realities
Some of our brands.
Medical Tourism Agency is a member of the Medical Tourism Association. We're honored to be colleagues with esteemed providers and facilitators of medical tourism.
An exclusive industry association dedicated to working with other medical tourism professionals to promote networking and positive patient outcomes.
Home » Travel & Tourism
How to Start a Travel Agency Online in 2023 [Business Plan]
A travel agency is a business that provides travel and tour-related services to the general public. Please note that a travel agency can also provide outdoor recreation activities, airlines, car rentals, cruise trips, hotels, travel insurance, package tours, insurance, guide books, VIP airport lounge access, arranging logistics for luggage and medical items delivery, public transport timetables, car rentals, and bureau de change services.
Available statistics show that the market size of the travel agency sector in the United States fell to 20.69 billion U.S. dollars in 2020, down from the previous year’s total of 56.96 billion U.S. dollars. But the market size of the Travel Agencies industry is expected to increase by 38.3 percent in 2023. in 2023, the market size of this sector was forecast to reach 34.64 billion and $407.7 billion in 2023.
Steps on How to Start Travel Agency
Conduct market research.
Conducting market research before starting any business is key to the success of the business hence you must not start a travel agency without conducting market research. This is because Market research provides critical information about your market and your business landscape. It can tell you how your business is perceived by the customers and clients you want to reach.
It can help you determine where your customers are, and which customers are most likely to do business with you. Thorough market research will help you understand how your target customers think and adapt to their needs to turn them into regular customers and brand advocates.
a. Who is the Target Market for Travel Agency?
If you are thinking of starting a travel agency then you should make target demographics all-encompassing. It should include corporate executives, socialites, students, migrants, entrepreneurs, business people, celebrities, military men and women, sportsmen and women, tourists, and every adult in your target market.
b. Is a Travel agency a Profitable Business?
Yes, the travel agency is a profitable business. The industry is projected to be worth $407.7 billion in 2023.
c. Are There Existing Niches in the Industry?
Yes, there are existing niches when it comes to the travel agency line of business. Here are some of them;
- Independent Traveling Agencies
- Consortium Traveling Agencies
- Regional Traveling Agencies
- Mega Traveling Agencies (They have offices in different cities of the world).
d. Who are the Major Competitors?
- The American Automobile Association (AAA)
- American Express
- Avenues of the World Travel – Flagstaff, AZ
- Beachfront Travel – Stamford, CT
- Frosch Travel – Houston, Texas
- En Route Travel – Pacific Palisades, CA
- MK All Around Travel, Inc. – Oak Lawn, Illinois
- TravelStore – Sacramento, California
- CruiseOne, Hargarther, Thaler & Associates LLC – Ponte Vedra Beach, Florida
- Independent Agency of Avoya Travel – Dearborn, Michigan
- Cary Travel Express – Cary, Illinois
- Frosch Travel – New York City, New York
- CWT Vacations – Hammond, LA
- Connie Lemmon Travel, an Independent Agency of Avoya Travel – San Diego, CA
- LoBracco Travel, LLC, an Independent Agency of Avoya Travel – Margate, FL
- World Travel – Tulsa, OK
- First in Service – New York, NY
- Bluegreen Travel Services – Indianapolis, IN
- CruiseOne – Gary E. Smith & Associates – Eugene, OR
- My Paradise Planner – Clearwater, FL.
e. Are There County or State Regulations or Zoning Laws for Travel Agency?
No, there are no county or state regulations and zoning laws for travel agencies, but players in this industry are expected to work with the existing regulations governing such businesses in the county or state where their business is domiciled.
f. Is There a Franchise for Travel Agency?
Yes, there are franchise opportunities for travel agencies. Here are some of them;
- The American Express Company
- Cruise Planners
- Dream Vacations
- Travel Leaders
- Expedia Cruises
- Results! Travel
- Tix Travel & Ticket Agency
- Expedia CruiseShipCenters.
g. What Do You Need to Start Travel Agency?
- A Feasibility Report
- Business and Marketing Plans
- Business Licenses and Permits
- A Good Office facility
- EIN (Employer Identification Number)/Federal Tax ID Number.
- A Corporate Bank Account
- Office Equipment
- Startup Capital
Choose a Memorable Business Name
When looking to start a business, before you can begin to file the necessary documents with the constituted authorities or start your website, it is necessary that you come up with a name that you will be recognized with. It is essential that the name you come up with can easily be pronounced, is unique and easily memorable.
Some of the catchy business name ideas suitable for a travel agency business are;
Travel Agency Business Name ideas
- The Queens© Travel Agency, Inc.
- Philadelphian Connect® Travel Agency, LLC
- Moris Jackson© Travel Agency, Inc.
- Travel Solutions® Travel Agency, Inc.
- Mason Gray™ Travel Agency, Inc.
- Like Minds™ Travel Agency, LLC.
- Sight and Sounds© Travel Agency, LLC
- Jonny Moore® Travel Agency, Inc.
- Travel Mamia© Travel Agency, Inc.
- Anthonio Vicar© Travel Agency, Inc.
- Jeff Levi and Sons® Travel Agency, LLC
- Cally Benton® Travel Agency, LLC
- Emily Elton™ Travel Agency, LLC
- Tyler Benston© Travel agency, Inc.
- Around The World® Travel Agency, Inc.
- Santos Marcos™ Travel Agency, Inc.
- Golden Trips™ Travel Agency, Inc.
- Anderson Global© Travel Agency, Inc.
- One Stop® Travel Agency, LLC
- Fritz Greene™ Travel Agency, Inc.
Register Your Business
A. what type of business structure is best for a travel agency.
The truth is that you have several options when it comes to the business structure of a travel agency, but the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.
Please note that an LLC will need an EIN if it has employees or if it will be required to file any of the excise tax forms listed below.
b. Steps to Form an LLC
- Choose a Name for Your LLC.
- File Articles of Organization.
- Choose a registered agent.
- Decide on member vs. manager management.
- Create an LLC operating agreement.
- Comply with other tax and regulatory requirements.
- File annual reports.
c. What Type of License is Needed to Start a Travel Agency?
- General Business License
- Zonal Permits
- Signage Permit
- Operational State Facility Inspections
d. What Type of Certification is Needed to Start Travel Agency?
These are some of the certifications you can work towards achieving if you want to run a travel agency;
- Certified Travel Agent (CTA)
- Travel and Tourism Professional (TTP)
- Total Travel Certification (TTC)
- Professional Travel Agent (PTA)
e. What Documents are Needed to Start Travel Agency?
- Business and liability insurance
- Federal Tax Payer’s ID
- State Permit and Building Approval
- Certificate of Incorporation
- Business License
- Business Plan
- Employment Agreement (offer letters)
- Operating Agreement for LLCs
- Insurance Policy
- Online Terms of Use
- Online Privacy Policy Document
- Contract Document
- Company Bylaws
- Memorandum of Understanding (MoU)
f. Do You Need a Trademark, Copyright, or Patent?
If you are considering starting a travel agency, usually you may not have any need to file for intellectual property protection or trademark. This is because the nature of the business makes it possible for you to successfully run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.
Cost Analysis and Budgeting
A. how much does it cost to start travel agency.
The cost required to start a travel agency may vary significantly. It could be high, moderate, or low. But on average, you can budget between $10,000 to over $100,000 to start your travel agency.
b. What are the Costs Involved in Starting a Travel Agency
- The total fee for registering a business in the United States of America – is $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services total – $1,200.
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $80.
- The cost for hiring a business consultant (writing of business plans inclusive) – is $2,500.
- Insurance (general liability, workers’ compensation, and property-casualty) coverage at a total premium – of $2,400.
- The cost of accounting software, CRM software, and payroll software – is $1,500
- The cost for payment of rent for 12 months at $1.76 per square foot in the total amount of – $35,600.
- The cost for facility remodeling – is $15,000.
- Other start-up expenses including stationery – $500
- Phone and utility deposits will cost – ($2,500)
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $30,000
- The cost for store equipment (cash register, security, ventilation, signage) – $3,150
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound systems, tables and chairs et al) – is $8,000.
- The cost of launching an official website – is $600
- The cost for your grand starting party – is $3,000
- Miscellaneous – $2,500
c. What Factors Determine the Cost of Starting a Travel Agency?
- The size of the travel agency
- The choice of location
- The required licenses and permits
- The type of facility
- The cost for branding, promotion, and marketing of the travel agency
- The cost of furnishing and equipping the facility
- The cost of insurance
- The cost of registering the business
- Cost of recruiting and training your staff
- The cost for the purchase and customizing of uniforms
- The cost for the grand opening of the travel agency
d. Do You Need to Build a Facility? If YES, How Much Will It Cost?
It is not compulsory to build a new facility for your travel agency, but if you have the required finance, it will pay you to build your own facility. The truth is that building or reconstructing a facility will help you come up with a facility that will perfectly fit into your overall business goals and vision.
e. What are the Ongoing Expenses of Travel Agency?
- Utility bills (internet subscriptions, phone bills, signage, and software renewal fees et al)
- Salaries of employees
f. What is the Average Salary of your Staff?
- Chief Executive Officer – $62,000 Per Year
- Admin and HR Manager – $42,000 Per Year
- Travels and Tours Consultant – $40,000 Per Year
- Marketing and Sales Executive $40,000 Per Year
- Accountant – $38,000 Per Year
- Customer Care Executive/Front Desk Officer – $32,000 Per Year
g. How Do You Get Funding to Start a Travel Agency?
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank/banks
- Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
- Source for soft loans from your family members and friends.
Write a Business Plan
A. executive summary.
Travel Mamia© Travel Agency, Inc. is a US-based travel agency with head office in New York City, New York. Travel Mamia© Travel Agency, Inc. is a client-focused and result-driven travel and tours agency that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.
We will offer professional travel and tour services to all our clients at local, state, national, and international levels. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.
b. Products and Service
- Travel and Tour consulting and advisory services
- Selling of traveling-related insurance policy cover, guide books, and foreign currencies.
- Booking for flight tickets
- Securing transit visas
- Booking for shuttle buses/taxi cabs
- Car rental services
- Hotel bookings
- Cruise line bookings.
c. Mission Statement
Our mission is to establish a travel agency that will provide top-notch services to both individual and corporate clients in the United States and across the world.
Vision Statement
Our vision is to establish a standard travel agency that will be become the leading brand in the whole of New York, and also to be amongst the top 20 travel and tours agencies in the United States of America within the first 10 years of operation.
d. Goals and Objectives
The goals and objectives of the travel agency are to provide travel and tourism-related services to the general public.
e. Organizational Structure
- Chief Executive Officer
- Admin and HR Manager
- Travels and Tours Consultant
- Marketing and Sales Executive
- Customer Care Executive/Front Desk Officer
Marketing Plan
A. swot analysis.
- Ideal location for travel agency
- Highly experienced and qualified employees and management
- Access to finance from business partners
- Availability of different types of travel and tourism-related services.
- Financial constraints may restrict the publicity and branding of the business
- A new business that will be competing with well-established travel agencies and franchises in the city and on the internet.
- Inability to retain our highly experienced and qualified employees longer than we want during the teething stage of the business.
Opportunities:
- A rise in the number of travelers
- Online market, new services, new technology, and of course the starting of new markets.
- The arrival of a new travel agency within our market space
- Low demand during the pandemic will reduce industry profitability.
- Economic uncertainty
- Liability problems
- The government could change its regulatory status and decide to regulate and enforce strict regulations that can strangulate new businesses like ours.
b. How Do Travel Agencies Make Money?
Travel agencies make money (commissions) by offering the following services;
- Travels and Tours consulting and advisory services
c. Payment Options
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
d. Sales & Advertising Strategies
- Introduce your travel agency by sending introductory letters alongside your brochure to corporate organizations, hotels, transport companies, households, sports organizations, gyms, schools, socialites, celebrities, and other key stakeholders throughout the city where your travel agency is located.
- Advertise on the internet on blogs and forums, and also on social media like Twitter, Facebook, LinkedIn to get your message across
- Create a basic website for your business to give your business an online presence
- Directly market your products.
- Join local travel agency associations for industry trends and tips
- Provide discount days for your customers
- Advertise our business in community-based newspapers, local TV and radio stations
- List your business on yellow pages ads (local directories)
- Encourage the use of word-of-mouth marketing (referrals)
Financial Projection
A. how much should you charge for your service.
The amount traveling agencies charge their clients depends on the type of services rendered and the commission the third-party provider is willing to give.
b. How Much Profit Do Travel Agency Owners Make a Year?
It depends, but available reports show that on average, a small to medium-sized travel agency can earn anywhere from $50,000 to $120,000 in personal income.
c. What Factors Determine the Amount of Profit to Be Made?
- The capacity of the travel agency
- The types of services offered
- The location the travel agency is covering
- The management style of the travel agency
- The business approach of the travel agency
- The advertising and marketing strategies adopted by the travel agency
- The number of years the travel agency is in business
e. What is the Profit Margin of a Travel Agency?
Travel agents earn commissions as the bulk of their income. Most travel agents who earn commission booking tickets on airlines earn 5 percent on domestic flights and 10 to 20 percent on international flights. The commission rates are similar for booking hotels.
f. What is the Sales Forecast?
Below is the sales forecast for a travel agency. It is based on the location of the business and other factors as it relates to such startups in the United States;
- First Fiscal Year: $320,000
- Second Fiscal Year: $450,000
- Third Fiscal Year: $540,000
Set Up your Office
A. how do you choose a perfect location for travel agency.
- The demography of the location especially as it relates to people that travel regularly
- The demand for the services offered by travel agencies in the location
- The purchasing power of businesses and residents of the location
- Accessibility of the location
- The number of travel agencies in the location in the location
- The local laws and regulations in the community/state
- Traffic, parking and security et al
b. What State and City are Best to Start a Travel Agency?
- Las Vegas, Nevada
- Los Angeles, California
- Ponte Vedra Beach, Florida
- Dallas, Texas
- Silver Spring, Maryland
- Rowland Heights, California
- Portland, Oregon
- Oak Lawn, Illinois
- Green Bay, Wisconsin
- New York City, New York
c. What Equipment is Needed to Operate a Travel Agency?
- Booking software
- Computers and laptops
- Fax machine.
Hire Employees
When it comes to hiring employees for a standard travel agency, you should make plans to hire a competent chief executive officer (you can occupy this position), human resource and admin manager, accountant, travel consultants, and call center agents.
Launch the Business Proper
No travel agency opens its door for business without first organizing an opening party to officially launch the business. You can choose to do a soft opening if you are operating on a low budget or you can go for a grand opening party.
The bottom line is that with a proper launching of the travel agency, you will officially inform people in your city that your agency is open for business.
a. What Makes Travel Agencies Successful?
- Choose a good location and office facility to launch the business
- Make sure you partner with key stakeholders and offer a wide range of travel and tours services (give your customers options)
- Be deliberate with your marketing sales approach
- Encourage the use of word of mouth to promote your travel agency
- Leverage all available online and offline platforms to promote your travel agency
b. What Happens During a Typical Day at a Travel Agency?
- The office is open for the day’s work
- The walk-in areas, chairs, and tables are properly arranged
- Walk-in customers are attended to
- Deliveries of visas, flight tickets, and hotel bookings are made
- Reports are written and submitted to superior officers
- The business is closed for the day.
c. What Skills and Experience Do You Need to Build Travel Agency?
- Excellent customer services skills
- Interpersonal skill
- Accounting and bookkeeping skills
- Business management skills
- Bargaining skill
- Work experience in a travels and tours environment
- Experience in managing people
- Experience in business administration
- Experience in handling different types of booking software.
More on Travel & Tourism
Business Opportunities in Medical Tourism Industry – An Overview
Well, many of the worldwide people are not even aware of the term medical tourism. So, let us explain this first. Medical tourism refers to the people who cross international borders or travel overseas to seek any kind of medical service. It is also known as healthcare tourism. You will not be the first entrepreneur to know that the business in this domain is rising and is higher as compared to the oil and gas industry.
Earlier, medical tourism was done only by people of less-developed or underdeveloped countries to seek excellent quality medical care in the developed regions of the world. But today, this trend has changed. Medical services are almost available in all the countries; however, the prices vary from each other.
Hence, the people from developed countries travel to less developed regions to seek medical services at cost-effective prices. Sometimes, they even extend the stay to enjoy a relaxing time in a foreign country and recover from the treatment received.
Following are the important factors leading to medical tourism:
- Advanced medical technology and treatment options.
- Better care facilities for certain medical procedures.
- Easy access to medical processes.
- Lower costs of medical care.
- Low costs of discretionary procedures.
Types of Medical Tourism
Further, medical tourism is divided into three types, outbound medical tourism, inbound medical tourism, and domestic medical tourism. Hence, if you start a medical tourism business in the United States, you can surely serve clients heading to other countries like India for medical services. Moreover, you can tie up with companies that provide medical tourism services to the people of their countries coming to the United States. And you can also cater to clients traveling within the United States for medical services. For instance, a person of Texas travelling to New York for a medical procedure.
Business Opportunities in Medical Tourism
We know you are still confused about how to start a medical tourism business in the country. To begin with, entrepreneurs do not know which sub-domain they need to focus on. Hence, we have listed out specific opportunities that you can tap to seek business revenue and growth.
- Healthcare providers – It could be a hospital, a clinic, or even an independent physician. You can become a healthcare provider and help foreign patients.
- Agents and facilitators – These persons are the connecting link between the healthcare provider and the patient. For instance, you can connect a healthcare provider in your country to a foreign patient easily. The patient will rely on you and does not have to personally contact the healthcare provider.
- Travel desks at medical institutions – Each hospital that provides medical services to foreigners requires a travel desk. You have that option as you can cater to the requirements such as visa extension, stay arrangements, and other services.
- Travel and tourism – You can start a travel agency or a company simply to provide for the transportation requirements of the patients. You can arrange for their travel tickets, stay and other requirements and provide ease and comfort to them.
- Medical insurance company – This is an important business opportunity and comes to the rescue for a patient who wants to travel overseas. You can provide medical coverage to these patients. When they are short of money or have currency-related problems, you can come to the rescue. Please note that there is a rising demand for this business industry, and you can indeed tap it.
Medical Tourism Industry Trends
The only thing that can accelerate the growth of the medical industry in the country is the increasing awareness of this concept. When people understand that there are certain helpful services in the market that can let them seek medical services comfortably, then there will be a boom in the industry.
The existing market size of the medical tourism industry is valued at 10.1 billion US dollars. The estimates have stated that this size will rise at a growth rate of 12.1 percent CAGR. The good thing is that you do not have to be the sole entity to promote your services. As the government puts tremendous efforts into promoting medical tourism services, your business can come to the limelight easily without making special efforts.
Even if the global pandemic has made the countries block their borders, this doesn’t mean it is a full-stop to the medical tourism industry. When the situation will be back to much-normal, there is a surge in people travelling to the United States for various medical and cosmetic procedures. During this period, you can restrict the medical services to domestic regions.
How can One Tap Business Opportunities in the Medical Tourism Industry?
The best way to seek business revenue and growth in this industry is to choose a feasible and realistic business model.
- Targeting customers and businesses – The first and foremost way to target customers is through online marketing. You can directly approach them to cater to their medical tourism requirements. Another way is to become an institution tie-up with other medical-related organizations.
- Establishing brand identity amongst patients in a specific country – You can pick up a country of your choice and establish your brand identity at that place. You can connect with the patients; however you might need the country’s permissions and approvals beforehand. You won’t have any intermediary while dealing with other country’s patients, and this is the biggest benefit.
- Payer-driven model – In this model, you will be in touch with the employer or the payer for the insured. You can take care of the financial requirements of the insured, but you will be in connection with the employer and not directly with the insured. You will receive incentives for the services you provide.
- Fees – You have to be particular while levying fees as the agent or facilitator as you send a patient to the hospital. You should not be charging too little or excessively as it might drive future patients.
- Revenue – You can settle a medical bill, and once the patient pays your dues, the difference will become your revenue. However, some patients might require you to ask for the breakup of the expenses, and the commission you have charged. Hence, being truthful is the only choice and you have to be ready with all the documentation.
- Recreation services – All patients do not need bed-rest after the surgery or treatment. Some might need a break from their lives or would like to be a touristy for a while. You can become a tour agency and charge fees for providing these services.
- Good networking – Networking is the key in the medical tourism industry. Even if it is an agency business-to-patient model, you will have to communicate with all the entities in the complete medical tourism network, including interpreters. Hence, the more social and interactive you are, the better for your business.
- Online presence – A patient who wants medical services outside his country will not ask his neighbor for recommendations but will search online. Hence, be active on the online channels.
- Marketing plan – Even if the government takes initiatives to promote certain medical tourism businesses, you need to have a unique marketing plan.
In conclusion, the opportunities are ample in the medical tourism industry; you have to be vigilant and smart in tapping the same.
Medical tourism is a form of tourism in which travelers visit another country to receive medical services. It is also referred to as health tourism, medical travel, and global healthcare.
Medical treatments available through medical tourism include elective surgery, fertility treatments, dentistry, cancer treatment, and cosmetic procedures.
Cost savings can vary greatly depending on the procedure and the country in which it is performed. Generally, procedures costs 30-70% less in countries with lower medical costs.
Medical tourism services are generally safe as long as medical professionals are properly credentialed and facilities are certified. Many medical tourism companies vet their vendors to ensure that they adhere to international standards.
The benefits of medical tourism include cost savings, improved access to specialized care, recovery time in a tourist destination, and the potential for further treatments.
When traveling to a medical tourism destination, make sure to bring valid identification and any medical records, prescriptions, or other paperwork required for your procedures or treatments.
Even with insurance coverage, medical tourism treatments may not be fully covered. It is recommended to look into supplemental medical tourism coverage or travel insurance before going on your medical tourism trip.
Many countries adhere to international standards for the certification of medical devices and procedures. It is important to research providers thoroughly before undergoing a medical tourism treatment.
Choose a provider who is experienced and reputable and who has been certified and endorsed by medical associations. It is important to ask questions and look into the credentials of the medical staff, the quality of the facilities, and the safety record of the hospital or clinic.
A reliable medical tourism company should provide you with a detailed description of their services and treatments, as well as policies and procedures for customer service and quality assurance. They should be forthcoming about their business practices and be willing to answer any questions you may have.
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How to Write an Addiction Treatment Center Business Plan [Sample Template]
Do you want to start an addiction treatment center and need to write a business plan? If YES, here is a sample addiction treatment business plan template. This is a thriving industry in the United States, but it is important to point out that this is a delicate business; you need to network with legal,…
How to Write a Drug & Alcohol Testing Business Plan [Sample Template]
Do you want to start a drug testing business and need to write a plan? If YES, here is a sample alcohol testing business plan template & feasibility report. If you are a scientist and you intend starting your own business, you can decide to start your own drug and alcohol testing business. This industry…
How to Write a Drug Rehab Center Business Plan [Sample Template]
Do you want to start a drug rehab center and need to write a business plan? If YES, here is a sample drug rehab business plan template & feasibility report. A drug rehab center is a rehabilitation/correction center for drug addicts. This business can be described to be in two-folds, that is engaging in a…
How to Write a Float Tank Business Plan [Sample Template]
Do you want to start a float tank business and need to write a plan? If YES, here is a sample float tank business plan template & feasibility report. Float tank therapy gives people a sense of pure weightlessness in a temperature-controlled water. This therapy is typically used to help people meditate by depriving them…
How to Write a Private Duty Nursing Business Plan [Sample Template]
Do you want to start a private duty nursing company and need to write a plan? If YES, here is a sample private duty nursing business plan template & feasibility report. If you are a nurse or a medical practitioner and you are tired of working for someone or the government, you should consider starting…
How to Write an Urgent Care Center Business Plan [Sample Template]
Do you want to start an urgent care center and need to write a plan? If YES, here is a sample urgent care center business plan template & feasibility report. The urgent care industry in recent years have been driven by a new breed of healthcare consumer that wants quality medical care served with the…
How to Write a Salt Room Business Plan [Sample Template]
Do you want to start a salt room company and need to write a business plan? If YES, here is a sample salt room business plan template & feasibility report. There are vast business opportunities in the alternative medical practice industry and salt room business is one of them. This line of business is thriving…
How to Write a Vitamin & Supplement Store Business Plan [Sample Template]
Are you about starting a vitamin & supplement company? If YES, here is a detailed sample vitamin store business plan template & FREE feasibility report. If you are considering starting a vitamins and supplement business, the good news is that you can’t get it wrong because various types of vitamin and supplement products are consumed…
How to Write a Medical Courier Business Plan [Sample Template]
Are you about starting a medical courier company and need to write a plan? If YES, here is a detailed sample medical courier business plan template & FREE feasibility report. If you are interested in starting a business in the medical cum healthcare industry, one of the options open to you especially if you are…
How to Write a Medical Supply Business Plan [Sample Template]
Are you about starting a medical supply company and need to write a plan? If YES, here is a detailed sample medical supply business plan template & FREE feasibility report. If the idea of owning a medical related business sounds good to you, then this is indeed the time to start your own medical supply…
How to Write a CBD Oil Distributor Business Plan [Sample Template]
Are you about starting a CBD oil business? If YES, here is a detailed sample CBD oil distributor business plan template & feasibility report you can use for FREE. A cannabidiol (CBD) oil distribution business is one of the cannabis related businesses that can be started with few challenges as long as you have the…
How to Write a CBD Oil Extraction Business Plan [Sample Template]
Are you about starting a CBD oil business? If YES, here is a detailed sample CBD oil extraction business plan template & feasibility report you can use for FREE. The use of cannabidiol (CBD) oil has continued to soar in popularity. This popularity is associated with the health benefits that come with using cannabidiol (CBD)…
How to Write a DNA Testing Business Plan [Sample Template]
Are you about starting a DNA testing laboratory? If YES, here is a detailed sample DNA testing center business plan template & FREE feasibility report. Okay, so we have considered all the requirements for starting a DNA testing business. We also took it further by analyzing and drafting a sample DNA testing center marketing plan…
How to Write a Dental Hand Piece Repair Business Plan [Sample Template]
Are you about starting a dental hand piece repair business? If YES, here is a complete sample dental hand piece repair business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a dental hand piece repair business. We also took it further by analyzing…
How to Write a Health Coaching Business Plan [Sample Template]
Are you about starting a health coaching company? If YES, here is a complete sample health coaching business plan template & feasibility report you can use for FREE. The fact that people want to live healthy means that they will do whatever it takes to achieve that goal including exercising and eating right and that…
How to Write a Mental Health Counseling Business Plan [Sample Template]
Are you about starting a mental health counseling firm? If YES, here is a complete sample mental health counseling business plan template & FREE feasibility report. Mental health counselors work as primary caregivers for their patients. Duties of a mental health counselors include conducting mental health assessments, developing individualized treatment plans, leading individual or group…
How to Write a Dietitian Private Practice Business Plan [Sample Template]
Are you about starting a dietitian clinic? If YES, here is a complete sample dietitian private practice business plan template & FREE feasibility report. A dietitian is a person who is considered to be an expert in dietetics; that is, in human nutrition and the regulation of diet. A dietitian modifies a person’s nutrition based…
How to Write a Stem Cell Banking Business Plan [Sample Template]
Are you about starting a stem cell bank? If YES, here is a complete sample stem cell banking business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a stem cell bank. We also took it further by analyzing and drafting a sample stem cell…
How to Write a Medical Equipment Rental Business Plan [Sample Template]
Are you about starting a medical equipment rental company? If YES, here is a complete sample medical equipment rental business plan template & feasibility report you can use for FREE. If you are interested in the rental industry and you are looking at launching a business as an aspiring entrepreneur, one of your best bet…
How to Write a Stem Cell Therapy Business Plan [Sample Template]
Are you about starting a stem cell therapy company? If YES, here is a complete sample stem cell therapy business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a stem cell therapy business. We also took it further by analyzing and drafting a sample…
How to Write a Herbal Medicine Products Business Plan [Sample Template]
Are you about starting a herbal medicine company? If YES, here is a complete sample herbal medicine products business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a herbal medicine business. We also took it further by analyzing and drafting a sample herbal medicine…
How to Write a Dental Laboratory Business Plan [Sample Template]
Are you about starting a dental laboratory? If YES, here is a complete sample dental laboratory business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a dental laboratory. We also took it further by analyzing and drafting a sample dental laboratory marketing plan template…
How to Write a Speech Pathology Private Practice Business Plan [Sample Template]
Are you about starting a speech pathology practice? If YES, here’s a complete sample speech pathology private practice business plan template & feasibility report you can use for FREE to raise money. Okay, so we have considered all the requirements for starting a speech pathology private practice. We also took it further by analyzing and drafting…
How to Write an Eye Surgery Equipment Maker Business Plan [Sample Template]
Are you about starting an eye surgery equipment company? If YES, here’s a complete sample eye surgery equipment maker business plan template & feasibility report you can use for FREE to get started. Okay, so we have considered all the requirements for starting an eye surgery equipment maker company. We have analyzed and drafted a…
How to Write a Maple Syrup Production Business Plan [Sample Template]
Are you about starting a maple syrup production business? If YES, here is a complete sample maple syrup production business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a maple syrup production business. We also took it further by analyzing and drafting a sample…
How to Write a Clinical Research Company Business Plan [Sample Template]
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How to Write a Private Ambulance Service Business Plan [Sample Template]
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How to Write a Nutrition Consulting Business Plan [Sample Template]
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How to Write a Teeth Whitening Business Plan [Sample Template]
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How to Write a Sperm Bank Business Plan [Sample Template]
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More on Healthcare & Medical
Department of Human Services
- Medi-Cal & County Medical Services Program
- Covered California
- Health Care Benefits FAQ
- Apply for CalFresh
- COVID-19 Response
- Renew Your Benefits
- Using Your Benefits
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- Other Food Programs
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- Back to Health Care Benefits
Medi-Cal & County Medical Services Program
Medi-Cal benefits offer free or low-cost medical and dental services to eligible residents. It is California’s Medicaid program.
The County Medical Services Program (CMSP) is a county-funded program that provides temporary health care coverage for eligible residents.
When you apply with the county for health care coverage, staff will check your eligibility for coverage.
Per California Executive Order N-29-20, all Medi-Cal beneficiaries are currently protected from discontinuance or negative actions. Beneficiaries are still receiving their annual renewal packets and should complete and return those packets – with all verification – to ensure their coverage is maintained once the public health crisis is over. To submit documents for your Medi-Cal or CMSP case, you can: - Upload your documents online at MyBenefitsCalwin.org or CoveredCA.com - Fax them to our office at 707-565-2929 - Mail them in using the pre-paid postage envelope - Drop them in our drop boxes available at our offices at 2550 Paulin Drive in Santa Rosa or 5350 Old Redwood Highway Ste 100 in Petaluma - Return them in person. Clients should continue to report all changes including changes in income, tax filing status or immigration status. Once the public health crisis is over, we will resume actively processing renewals and will send requests for additional information.
Who May Be Eligible for Medi-Cal
Low-income adults, families with children, seniors, persons with disabilities, pregnant women, children in foster care and former foster youth up to age 26.
How to Apply
Applications are accepted year-round.
Online: CoveredCA.com . By filling out this single application, you’ll know if you qualify for coverage through Medi-Cal or Covered California.
- Call (877) 699-6868 (toll-free)
- Covered California at (800) 300-1506
- Economic Assistance, 2550 Paulin Drive, Santa Rosa
- Human Services South County Center , 5350 Old Redwood Highway, Suite 100, Petaluma
- Redwood Community Health Coalition Member Centers countywide
Renew Your Medi-Cal Benefits
Medi-Cal benefits must be renewed each year
Some members may be renewed automatically. If you cannot be renewed automatically, we will mail you forms that you need to submit within 90 days. The information verifies your address, income, immigration status and other details.
After you renew, Economic Assistance will send you a letter to let you know if you still qualify for Medi-Cal coverage.
Return your renewal forms:
By Mail: Economic Assistance Medi-Cal Renewal P.O. Box 1539 Santa Rosa, CA 95402
By Fax: (707) 565-5252
County Medical Services Program
If you are ineligible for Medi-Cal, you may be able to get time-limited health care benefits through the County Medical Services Program (CMSP). Apply for up to six months of coverage, which may then be renewed. Coverage is for a limited amount of medical care visits, testing and prescriptions.
Who May Be Eligible?
Low- or no-income adults, ages 21 and 64, who are legal residents, or undocumented persons and not eligible for Medi-Cal, Covered California or Medicare.
Apply any time of year.
- Call (877) 699-6868 (toll-free)
- Human Services South County Center , 5350 Old Redwood Highway, Suite 100, Petaluma
- Redwood Community Health Coalition Member Centers countywide
- CalFresh food benefits
- Medi-Cal benefits
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Do business
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- Birth certificate
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Register or request
- Public records
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Departments & Agencies
- Adult and Aging Division
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- Client Accounting
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- Facilities Development and Management
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- Information Systems
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- Jail Industries
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- Local Agency Formation Commission
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- Sheriff's Office
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- Sonoma Water
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- Transportation Authority
- UC Cooperative Extension
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- Zero Waste Sonoma
vta.org/covid-19 - VTA recommends, but no longer requires, masks on board.
Benefits at VTA
Benefits at VTA vary by representation unit and employee group, and depend on collective bargaining agreements and benefit policies. In the event of discrepancies between this information and the Plan’s Certificate or Summary of Coverage, the Plan Documents prevail.
Benefits by Collective Bargaining Unit
96 hours per year unlimited accumulation
Vacation Leave
Employees accrue 10 days first year, 15 days fourth year, 20 days tenth year, 25 days twentieth year, 30 days twenty-fifth year. Vacation is not cumulative. It must be used during the calendar year following the year in which it is earned (unless postponed due to injury or illness).
12 days/year includes birthday holiday and five floating holidays
Assault Insurance
VTA provides a $50,000 Assault Insurance Policy, at no cost to employees, for ATU represented employees. Accidental death or dismemberment or permanent disability is covered if death or disability occur as a result of a criminal act of violence while on duty.
ATU represented employees pay any premium in excess of the Kaiser Bay Area Family premium plus $100.00 under the CalPERS sponsored medical plan.
Life Insurance
ATU represented employees are covered by a $35,000 basic life insurance policy.
Employees accrue 15 days first year, 17 days second year, 21 days fifth year, 23 days tenth year, 25 days fifteenth year, 27 days twentieth year. May accumulate vacation up to three times the annual accrual. Specified cash-out provisions.
12 days per year
64 hours per year. Unlimited accumulation. First 8 hours are charged to STO; subsequent hours are charged to sick leave bank. Specified cash-out provisions.
Scheduled Time Off Program
Employees accrue 19 days first year, 21 days second year, 25 days fifth year, 27 days tenth year, 29 days fifteenth year, 31 days twentieth year. May accumulate vacation up to three times the annual accrual. Specified cash-out provisions.
11 days/year and one floating holiday per fiscal year (except for the first year of employment)
80 hours per year. Unlimited accumulation. Specified cash-out provisions.
Employees accrue 17 days first year, 19 days second year, 23 days fifth year, 25 days tenth year, 27 days fifteenth year, 29 days twentieth year. Specified cash-out provisions and accumulation limits.
80 hours per year unlimited accumulation
Employees accrue 17 days first year, 19 days second year, 23 days fifth year, 25 days tenth year, 27 days fifteenth year, 29 days twentieth year. May accumulate vacation up to three times the annual accrual. Specified cash-out provisions
Scheduled Time Off
Employees are credited with 31 days of Scheduled Time Off (STO), and 8 days of sick leave, the first pay period in July of each year. STO may be used for any time away from work including vacation, or personal leave. The maximum accumulation for STO is 93 days. Employees appointed after the beginning of the fiscal year receive pro-rated days of STO/sick leave.
Executive Management employees are covered by a $100,000 life insurance coverage at no cost to the employee.
A D & D
Executive Management employees are covered by a $100,000 A D & D policy at no cost to the employee.
Long Term Disability
Executive Management employees who become disabled and are unable to perform their duties for more than 45 continuous days receive their regular salary, less deductions for a period not to exceed 12 months, followed by a Long Term Disability insurance plan, fully paid by VTA. The Plan covers 66.6% of salary up to a maximum monthly benefit of $6,800.
Benefits for all Administrative Employees
Administrative employees are those represented by SEIU, AFSCME, and TAEA as well as non-represented employees.
Administrative Employees pay a monthly contribution of any amount in excess of the Kaiser Bay Area Family rate under the CalPERS sponsored medical plan.
Administrative employees are covered by a $50,000 basic life insurance policy.
Optional Supplemental Life
Administrative employees may purchase supplemental life insurance coverage in increments of $10,000, to a maximum benefit of $250,000. Cost depends on the coverage selected. Proof of insurability is required if the employee does not elect coverage when first eligible to participate, or if the coverage is in excess of $120,000. Employees may apply for supplemental life insurance at any time.
Administrative employees may purchase accidental death and dismemberment coverage in increments of $10,000, to a maximum benefit of $250,000. Cost depends on coverage selected. Proof of insurability is not required. Employees may apply for AD&D at any time.
Administrative employees may choose one of three long-term disability plans. Each plan covers 66.6% of salary, up to a monthly benefit of $1,333, $2,500, or $5,000. Cost depends on the coverage selected. There is a 60-day waiting period.
Administrative employees participate in the California Public Employees' Retirement System (CalPERS) which is a defined benefit plan. Retirement benefits are based on the employee’s CalPERS membership status, age and years of CalPERS service credit.
As defined by California Public Employees’ Pension Reform Act (PEPRA):
- Classic Members’ retirement benefit formula is 2%@55
- New Members’ retirement benefit formula is 2%@62
- Classic Members hired before 1/9/12 pay 6% of salary toward the required employee contribution.
- Classic Members hired after 1/9/12 pay 7% of salary toward the required employee contribution.
- New Members are required to pay fifty percent of the total normal cost as determined by the annual CalPERS valuation.
For more detailed information regarding CalPERS retirement benefits, visit the Calpers webpage .
457 Deferred Compensation Plan
The purpose of the Deferred Compensation Plan is to help you establish an investment savings program that grows over time and from which you can withdraw money that will supplement your retirement. Deferred Compensation contributions are automatically withdrawn from your paycheck which provides a convenient way to save for retirement. The amount you defer does not reduce the earnings upon which your pension is calculated.
Any VTA employee (excluding Contractors, Extra-Help and Student Interns) is qualified to enroll in this plan.
Two Types of 457 Accounts
- Regular 457: pre-tax Contributions to the plan and earnings on your contributions are exempt from income taxes until you begin to withdraw the money. Typically, you will be in a lower tax bracket when you begin your withdrawals.
- Roth 457: Contributions you make to the plan are taxed before they are contributed. Earnings are exempt from income taxes and distributions are tax free if all distribution requirements are met.
You invest in the plan by authorizing an amount of money that will be automatically deducted from your paycheck. When you receive your paycheck, your contributions are wired to an investment provider and invested in the specific investment vehicles that you have chosen.
For more detailed information regarding 457 Deferred Compensation Plan, visit the MissionSquare Retirement website .
Can I increase or decrease my contribution?
Yes. You just need to complete an Enrollment/Change Form to increase or decrease your deduction from your paycheck. Your change will take effect the first of the month following receipt of the form by the VTA Human Resources Department, unless you specify a later date. The Enrollment/Change Form can be obtained from the VTA Human Resources Department, or from your division.
What are the minimum and maximum amounts that I can invest in the plan?
You can enroll with as little as $10 (or 1% of your compensation, whichever is greater) every paycheck, or as much as 100% of your biweekly gross income. You cannot contribute more than the annual maximum contribution limit.
Defer up to the annual IRS maximum or 100% of salary, whichever is less.
- Choice of pretax and/or post-tax contributions
- Accumulate tax-deferred savings
- Invest in popular mutual funds including bond, stock, target date and stable value funds
- Be eligible for loans of up to 50% of your funds (minimum $1,000 and maximum $50,000) for purchasing a principal residence, paying college tuition and fees, or for unreimbursed medical expenses
- Can begin receiving distributions, with no penalty, immediately after separation
A detailed quarterly investment newsletter
- 24-hour personal on-line access to your account, including fund transfers and account statements on-demand
- On-site educational seminars and individual meetings with a deferred compensation representative
- Self-directed brokerage option for employees with $25,000 or more in deferred compensation
ICMA Retirement Corporation Website
Deferred Compensation Plan Document
Deferred Compensation Plan Investment Options
VTA Deferred Compensation Committee
The ‘Age 50 Catch-up’ provision permits participants who are age 50 or older to contribute an additional amount each year. The ‘Age 50 Catch-Up’ limit may change each year.
Additionally, if you have not made all the contributions you were eligible to make while employed at VTA, you may enroll in the 'Regular Catchup.' You cannot enroll any sooner than the year you will turn 52 nor any sooner than the last three calendar years prior to the year you plan to retire. The amount you can contribute under this provision usually changes each year. This allows you to contribute the missed contributions. 'Regular Catchup' allows you to contribute twice the annual maximum amount (not to exceed the amount of the missed contributions).
You cannot participate in 'Age 50' and 'Regular' Catchup at the same time.
You may borrow up to 50% of your pre-tax balance (minimum $1,000 and maximum $50,000) for purchasing a principal residence, paying for college tuition and fees, or to pay for unreimbursed medical expenses. You cannot borrow from a ROTH 457.
Emergency Withdrawal
In the event of an unforeseeable, unbudgetable hardship situation, you may be eligible to receive an emergency withdrawal from the Deferred Compensation Plan.
- You will be required to establish that you have exhausted your financial resources and cannot obtain a loan or other resources to cover the expense.
- You will be taxed on the distribution as ordinary income.
- You will not be allowed to make contributions to the plan for one year after an emergency distribution.
- You cannot take an emergency withdrawal from your ROTH account.
Remember that the Deferred Compensation Plan is not an ordinary savings account, but a retirement account. Accordingly, you must be certain you have sufficient money saved for a “rainy day” before you begin to participate in the Deferred Compensation Plan.
Employees with $25,000 or more in deferred compensation have the option of investing in a self-directed brokerage account with access to over 5,000 mutual funds. There are fees related to the self-directed brokerage account.
You can keep the balance in the VTA plan if you so choose, provided you have $1,000 or more in your account. You may be able to roll over your Deferred Compensation Plan funds into another type of retirement savings plan if you so choose. Please see VTA's Deferred Compensation Analyst or the ICMA-RC Retirement Plan Specialist for specific information.
You may choose to receive distributions as soon as you retire or officially separate from service with VTA. Information regarding distributions is available in the VTA Human Resources Department.
If you are no longer employed by VTA, you must begin to receive distributions no later than April 1st of the calendar year after you turn age 70. If you are still working at age 70, you must commence distributions no later than April 1st of the year after you separate from employment.
Retiree Medical Plans
To be eligible for retiree medical coverage, administrative employees must retire directly from VTA, be age 50 (Classic Members) or 52 (New Members), and meet the minimum days of service requirement – 5 years (1,305 days).
Administrative employees’ spouses and registered domestic partners may continue under the retiree's medical plan at the retiree's expense.
Administrative employees’ surviving spouses or surviving domestic partners are eligible for medical coverage paid for by VTA at the same rate it paid for the retiree. Should you precede your spouse/domestic partner in death, VTA will cover the cost of your survivor’s medical up to the Kaiser Single Bay Area rate in California, and up to the Kaiser Out-of-State living outside of California, as long as your survivor is receiving a pension check.
Administrative retirees enroll in the CalPERS Medical plans. VTA pays up to the Kaiser Bay area single rate for retirees in California. Retirees pay the excess above the Kaiser Bay Area single rate. VTA pays up to the Kaiser out-of-state single rate for retirees living outside of California. The retiree pays the excess above the Kaiser out-of-state rate.
Retirees (and spouses/registered domestic partners, if applicable) who are age 65 or disabled must enroll in Medicare Parts A & B, and in a VTA Medicare supplemental plan. Retirees are reimbursed for the cost of the Medicare Part B monthly premium. The amount of reimbursement is based on the current year's rate the retiree pays (minus any penalties). An additional amount above the standard reimbursement will be paid if the retiree provides proof from SSA of the premium paid for the current year. (Prior years are not retroactively reimbursed).
As long as retirees retain enrollment in a VTA sponsored Medicare supplemental plan, they should not enroll in Medicare Part D outside of VTA. Medicare Part D reimbursement is handled by the health plan. Enrollment is only through the health plan.
- Anthem Blue Cross Traditional or Select HMO, or EPO: (855) 839-4524
- Blue Shield Access+ or Blue Shield NetValue: (800) 334-5847
- Kaiser Permanente: (800) 464-4000
- United Healthcare: (877) 359-3714
- Health Net: (888) 926-4921
- Western Health Advantage: (888) 942-7377
- Sharp Health Plan: (855) 995-5004 (available in San Diego County only)
PERS Choice, PERS Select, PERSCare: (877) 737-7776
Benefits for All Employees
Eligible dependents covered under employee health plans are:
- Legal spouse or registered domestic partner
- Dependent children, stepchildren, or registered domestic partner's children, up to age 26 for medical and dental coverage
- A disabled child above age 26 who meets the disabled child requirements of the health plans
- ATU: dependent children age 19-24 are eligible for vision coverage if they are a verified full-time student
- TAEA/SEIU/AFSCME/Non-Represented: dependent children up to age 26 are eligible for vision coverage. Student status not required
- Medical insurance coverage administered and provided by CalPERS Medical.
A dependent must be added to a health plan within 60 days of loss of other coverage, adoption, birth, legal guardianship, marriage, or establishment of registered domestic partnership. If not, dependents can be added only during Annual Open Enrollment in Mid-September – Mid-October, for coverage effective January 1 the following year.
Ineligible dependents must be dropped from coverage within 60 days of a divorce, legal separation or dissolution of registered domestic partnership; or when an overage dependent is no longer eligible. Employees failing to drop ineligible dependents will be held liable for repayment of health premiums and reimbursement for medical expenses.
Employees may set aside pre-tax dollars to pay for health or dependent care expenses. Annual enrollment is required during Mid-September-Mid-October Open Enrollment period for the following January.
Health Care Spending Account
Employees may set aside up to $2,750 on a pre-tax basis per calendar year to cover health care expenses not covered under their health plans. These expenses may include prescription medications, deductibles, co-payments, dental and orthodontia expenses, prescription sunglasses, contact lenses, and co-insurance expenses. Premiums are excluded. Administrative Employees receive $300 in an employer funded FSA account each year.
Dependent Care Spending Account
Employees may set aside up to $5,000 on a pre-tax basis per calendar year for eligible dependent care expenses, including childcare, care for a disabled spouse, or care for an elderly incapacitated parent.
Transit/Parking Commuter Pre-Tax Benefit
The parking and/or transit account enable employees to pay for work-related parking and/or transit costs with pre-tax dollars. Maximum contribution for parking is $270 per month. The maximum contribution for mass transit is $270 per month.
The Employee Assistance Program (EAP) is available to each employee, eligible dependent, and household member, 24 hours a day, seven days a week. EAP services are confidential.
EAP Services
- Five counseling visits per problem, per calendar year, for each employee and eligible dependent
- Education, counseling, and referrals
- Unlimited telephone legal and financial consultations
- Child and elder care referrals
- One-hour legal consultation office visit per matter
- Discounts on continuing legal matters
Aetna Resources for Living
(800) 962-1306 www.mylifevalues.com
All regular employees are covered by State Disability Insurance and a Basic Life Insurance Policy.
State Disability Insurance (SDI)
Regular employees are covered by State Disability Insurance (SDI) benefits (paid for by payroll deduction). There is a 7-day waiting period. For additional information, access the Employment Development Department's web site at: www.edd.cahwnet.gov .
All active full-time employees and their eligible dependents are eligible for transit passes for use over VTA lines, including VTA Paratransit services.
Dependents of ATU represented employees are eligible for a transit pass only if they are a verified full-time student between ages 19 - 24. Verification is required annually. Not eligible after age 24.
Dependents of Administrative employees are eligible for a transit pass up to age 26. Not eligible after age 26.
All retirees, spouses, and surviving spouses of retirees are eligible for transit passes.
Employee & Retiree Health Benefits (408) 952-8919
Retirement Services - Pension (408) 321-5808
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Medical Travel, Inc., ("the Company") is an early stage start up that will serve as a full service "medical tourism" agency. It will focus on helping upscale U.S. patients receive cosmetic and non-elective surgery in foreign countries through relationships with world-class medical facilities in India, the Philippines, Indonesia and Thailand.
Our intention of starting our medical tours agency is to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below; Helping international patients secure doctor's appointment in the United States
A medical tourism service is all about helping patients to find the right doctors and healthcare facilities and coordinating the entire trip plan abroad or in other states and counties. A medical tourism facilitator works as a bridge between the patient family and the doctors or healthcare providers.
Here are the different types of business models in medical tourism. 1. Business to Customer This model involves targeting patients through online marketing and connecting them to the provider. It is also known as direct to patient model 2. Business to Business This model involves doctors directly referring to other doctors or hospitals.
Medial Tourism Business Plan 1.0 EXECUTIVE SUMMARY 1.1 COMPANY Medical Travel, Inc., ("the Company") is an early stage start up that will serve as a full service "medical tourism" agency. It will focus on helping upscale U.S. patients receive cosmetic and non-elective surgery in foreign countries through relationships with world-class medical facilities in India, the Philippines, Indonesia and ...
As a medical tourism business you are expected to have details of doctors who are specialized in specific medical field, are physicians, are much renowned, list of hospitals along with the service they offer and their location, cost of treatment for various health disorder in various hospitals and under various doctors, contact details of all …
Create a business plan for a medical office or any healthcare startup using this detailed business plan template. This healthcare business plan template includes an executive summary, company overview, market analysis, financial plan, and more. This accessible healthcare business plan template includes step-by-step instructions.
MEDICAL TOURISM AGENCY BUSINESS PLAN Learn about Prezi PS Pimnara Suwannatrai Wed Aug 24 2016 Outline 33 frames Reader view SO Create differentiation with attractive destination and activities Promote sales with affordable high quality system strategy Integrated wellness and restorative activities
A travel agency can also provide outdoor recreation activities, airline booking, car rentals, cruise trips, hotels, travel insurance, package tours, guide books, VIP airport lounge access, arranging logistics for luggage and medical items delivery, public transport timetables, car rentals, and bureau de change services.
The Medical Staffing Agency Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Medical Staffing Agency business.
Medical Tourism Agency We make high quality procedures AFFORDABLE. Possessing experience and relationships that make realities Some Of Our Brands View More Medical Tourism Association Member
Comprehensive Medical Tourism Marketing Planning. Agency will provide strategic marketing plan based on services offered, current trends, destination trends, strategic branding and strategic positioning. Segmentation, Targeting and Positioning Analysis SWOT analysis Marketing Mix Opportunities Target Marekt Identification and Stragies
The cost for hiring a business consultant (writing of business plans inclusive) - is $2,500. Insurance (general liability, workers' compensation, and property-casualty) coverage at a total premium - of $2,400. The cost for payment of rent for 12 months at $1.76 per square foot in the total amount of - $35,600.
Here Are Some Steps For Launching A Medical Tourism Business: 1.) Medical Tourism Training Courses The first and foremost step for launching your medical tourism business is taking...
The existing market size of the medical tourism industry is valued at 10.1 billion US dollars. The estimates have stated that this size will rise at a growth rate of 12.1 percent CAGR. The good thing is that you do not have to be the sole entity to promote your services.
How to Write a Medical Tourism Agency Business Plan [Sample Template] Are you about starting a medical tourism agency? If YES, here is a complete sample medical tourism agency business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a medical tourism agency.
Step #1: Get a Feasibility Analyst Report. You can hire a professional service to complete this task. It will give you a snapshot of the medical tourism industry. As the name suggests, the report will help to determine how practical it is for you to launch a startup company based on various factors. These reports involve research and analysis ...
All Plan Letter 17-006 at All Plan Letter 17-006. You can also read our publication on this subject at: Medi-Cal Managed Care: Appeals and Grievances. Also see our publication on Independent Medical Reviews at Medi-Cal Managed Care: An Independent Medical review (IMR) Can Change a Plan's No to Yes. 21
Health Coverage (Medi-Cal) Medi-Cal is California's version of the federal Medicaid health coverage program. This is a public health care program for California residents with low income and resources. Medi-Cal is a large program that provides a range of free or low-cost health services aimed to assist Californians with medical needs.
The County Medical Services Program (CMSP) is a county-funded program that provides temporary health care coverage for eligible residents. When you apply with the county for health care coverage, staff will check your eligibility for coverage. Per California Executive Order N-29-20, all Medi-Cal beneficiaries are currently protected from ...
Medical. ATU represented employees pay any premium in excess of the Kaiser Bay Area Family premium plus $100.00 under the CalPERS sponsored medical plan. Life Insurance. ATU represented employees are covered by a $35,000 basic life insurance policy.