Health Information Management was formed by Jackie and Sandra as a partnership firm and consists of 6 other specialists (Elements of a Business Plan).
As this market niche has not been identified so there are no competitors at all as yet. Therefore, considerable profits can be reaped but competitors will penetrate in future so the firm should provide cost-effective and premium quality services to retain its market share even in future.
Presently, there exists an untapped market niche for home health care personnel and resources. Hence, the firm has an excellent opportunity to cater to the entire industry and establish its monopoly before competitors enter the market .Customers’ expectations and industry standards are based around providing prompt and quality home health care benefits. Market trend seems to suggest growth in future years.
Prompt and premium home health care services shall be provided. Price skimming shall be used to reap the maximum profits, as demand for these services is unfulfilled so customers will pay the high prices. The services should be promoted through hospitals and clinics and shall be provided at homes of patients (Crow & Goldstein, 2003).
In addition to Jackie and Sandra, the management team is composed of 2 RRAs and 4 ARTs. The principal partners as well as the specialist staff are highly motivated and committed to business growth and betterment.