Chest
POSTGRADUATE EDUCATION CORNERCONTEMPORARY REVIEWS IN SLEEP MEDICINEStarting a Sleep Center
Section snippets
Market Dynamics
When investigating new practice opportunities, it is critical to first understand the market dynamics affecting the profession that influence the growth or contraction of the need for sleep medicine services (Table 1). Identification of these drivers will help those considering opening a center make an educated guess about the direction the local market is heading. The key drivers are outlined in the following sections.
Does An Opportunity Exist?
Multiple factors go into the decision to open a new sleep center. Is there sufficient need for a new center? Are there other centers, and if so, how does a new center compete with them? What financial resources are required to start and maintain a new operation? Can the barriers for entry into the marketplace be overcome?
The first step is completing a market analysis to assess the current situation in the prospective catchment area. This will determine if there is sufficient need for a new
The Business Plan and Implementation
The business plan is “a selling document that conveys the excitement and promise of your business to any potential backers or stakeholders”.33 Although not everyone will need to resort to others for financial support, the concept of underlining the excitement and promise of an opportunity is integral to business planning. A business plan should help determine if the opportunity is worthy of time and resources, uncover relevant business aspects that would not otherwise have been considered, and
Subsequent Planning and Analysis
Ongoing planning is necessary to ensure the organization responds to the changing environment. This involves both strategic and tactical planning.
Strategic planning typically focuses on the big picture: where is the market going, and how do businesses respond to the market? Managers should hold meetings at all levels of the organization (eg, board, and medical, technical, and administrative staffs). Planning should consider sources of revenue growth as well as the resources required to
Conclusions
Sleep medicine is a new, independent field of medicine. New technologies, changes in the health-care system, and increased regulatory scrutiny pose challenges to continued growth of the field. However, an increase in the appreciation of the importance of good sleep to good health, an increase in the understanding and recognition of new sleep disorders, and a continued rise in the prevalence of obesity and sleep deprivation suggest a continued growth in the need for sleep medicine services and
Acknowledgments
Financial/nonfinancial disclosures: The authors have reported to CHEST the following conflicts of interest: Dr Epstein is the chief medical officer and Mr Valentine the chief executive officer of Sleep HealthCenters, a sleep medicine specialty practice group.
References (0)
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