Commonwealth Pain Management and Wellness, Pllc | Application Preview
Commonwealth Pain Management and Wellness, PLLC is seeking government grant funding to cover startup costs and operational expenses for the initial 1-2 months of the business. The funds will be essential until the practice can secure insurance collections and grow its patient volume.
The company’s business strategy includes hiring an additional provider by the second year, which is expected to double patient visits and increase net revenue. Alongside this, Commonwealth plans to introduce more services in the first two years and aims to expand to a second location within five years. This growth is anticipated to enhance access to care and significantly multiply the company's annual revenue.
The rationale for funding approval emphasizes that as a private practice, Commonwealth is in an excellent position to deliver high-quality, affordable care while improving clinical outcomes. The practice will focus on chronic pain management by utilizing evidence-based medicine and alternative treatments, while also addressing mental health and wellness needs. With a considerable percentage of Americans suffering from chronic pain, there is an urgent need for effective pain management solutions.
In terms of competition, Commonwealth faces established entities like National Pain and Spine Centers and Commonwealth Spine and Pain. However, its competitive advantage lies in its holistic approach, offering a range of services, including medication management, acupuncture, therapeutic injections, mental health treatment, wellness visits, smoking cessation programs, and weight loss management, all fostered through direct community partnerships. This unique blend of services positions Commonwealth favorably in the market, meeting a high demand for comprehensive pain management care.
-
General Information
Business Registration Number: 874334492
Location: Richmond, VA, United States
Length of Operation: 0 (startup practice)
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
-
Funding Usage
Funds will be utilized for start up cost and operations for the first 1-2 months until the company can obtain insurance collections and volume growth.
-
Business Plan
The company plans to hire an additional provider at year 2 to double its volume visits and net revenue. In addition, the company plans to add on additional services within the first two years and expand to a second location in five years. This expansion will position the company to expand access to care and quadruple its annual revenue. As a private practice provider, I am well positioned to provide high quality, affordable care that is cost efficient to improve clinical outcomes while providing a service that is in high demand. The scope of services includes chronic pain management utilizing the most current evidenced based medicine, alternative modalities while incorporating mental health and wellness. According to the CDC (2016) and IOM (2015), 11-40% of Americans suffer from chronic pain which is approximately 100 million people. Chronic pain is one of the most common reasons adults seek medical care, have decreased mobility, function, loss of productivity, dependence on opioids, increased anxiety, depression, and poor quality of life. Thus, development, access and implementation of population wide pain care is in high demand.
-
Self Identified Competition
National pain and spine centers Commonwealth spine and pain Dr. Charles Bonner All of these competitors are practices that are well established and offers interventional based therapies. Our practice is holistically based and offers medication management, acupuncture, therapeutic injections, mental health treatment, wellness visits, smoking cessation and weight loss management through direct community partnerships.
-
Contact Applicant
Subscribe to our Administrator Dashboard to gain full access to this application. Learn More
