Financial Goals
The co-owners of the Bondi Junction 7 Day Medical Centre declined my request to provide me with any financial data, stating privacy and confidentiality reasons. However, they admitted that profitability is their main financial objective.
As the medical centre is brand new and involved considerable expense to set up, the co-owners’ primary financial goal at this early growth stage is to break-even each month and to start earning a healthy return for
their investment.
The co-owners explained that the centre’s profitability is
entirely dependent on patient’s numbers. Put simply, the more patients the centre bulk bills the greater the sales revenue. The profit is the amount of revenue left over when expenses(such as rent, salaries etc) are met.
To date, the co-owners are quietly pleased with initial growth of the centre. It has only has only been operating for approximately sixteen months and the number of
patients bulk billed by the centre has been growing at a pleasing rate of 15% each month.
Naturally, the co-owners expect that this initial sharp growth will start to plateau as soon as the centre becomes more established. The co-owners then aim to grow their patient numbers (ie. Sales revenue) by 10% per annum.
Strategies Employed To Achieve Financial
Goals
The level of profitability achieved by the Bondi Junction 7 Day Medical Centre is entirely dependent on the number of patients bulk billed. In order to achieve their financial goals, the co-owners deliberately adopt strategies which will specifically attract patients to the
centre.
These include:
As the medical centre is brand new and involved considerable expense to set up, the co-owners’ primary financial goal at this early growth stage is to break-even each month and to start earning a healthy return for
their investment.
The co-owners explained that the centre’s profitability is
entirely dependent on patient’s numbers. Put simply, the more patients the centre bulk bills the greater the sales revenue. The profit is the amount of revenue left over when expenses(such as rent, salaries etc) are met.
To date, the co-owners are quietly pleased with initial growth of the centre. It has only has only been operating for approximately sixteen months and the number of
patients bulk billed by the centre has been growing at a pleasing rate of 15% each month.
Naturally, the co-owners expect that this initial sharp growth will start to plateau as soon as the centre becomes more established. The co-owners then aim to grow their patient numbers (ie. Sales revenue) by 10% per annum.
Strategies Employed To Achieve Financial
Goals
The level of profitability achieved by the Bondi Junction 7 Day Medical Centre is entirely dependent on the number of patients bulk billed. In order to achieve their financial goals, the co-owners deliberately adopt strategies which will specifically attract patients to the
centre.
These include:
- Having Google and Telstra search engine prominence;
- Advertising in the Wentworth Courier;
- Locating the business at street level at a busy prominent corner;
- Providing 7 day service;
- Providing pathology services on-site;
- Employing an adequate level of staff to minimise wait times;
- Bulk billing to minimise cost;
- Employing highly qualified and friendly staff;
- Providing modern, comfortable and clean facilities;