MERCADO VEIN SOLUTIONS S CORPORATION | Application Preview
MERCADO VEIN SOLUTIONS S CORPORATION is seeking $100,000 in government funding to establish a vein treatment clinic focused on providing quality care for patients suffering from chronic venous insufficiency and related conditions. The funding will be allocated across several essential areas, including clinical medical equipment, office improvements, lease costs, insurance, and employee salaries.
The business plan underscores the growing need for varicose vein treatments in the U.S., noting that over 25 million adults are affected. The clinic aims to capitalize on industry trends favoring minimally invasive procedures, such as Endovenous Laser Ablation, which are both effective and increasingly preferred by patients. With a CAGR of 6.0% expected in the varicose vein treatment market, the clinic anticipates strong future demand.
Marketing strategies include Google Ads, direct mail, local pop-up events, physician referrals, business cards, and targeted ads in Hispanic newspapers and churches. These approaches aim to reach local residents, particularly those in underserved Hispanic communities, which the founder is passionate about serving.
The clinic differentiates itself from competitors by providing fully bilingual services, fostering a family-oriented atmosphere with consistent care from the same provider, and focusing specifically on the Hispanic population. The founder's extensive experience in vein treatment and understanding of the specific community's healthcare needs further establish the clinic's competitive edge. By gaining the funding, Mercado Vein Solutions plans to offer accessible, personalized care that addresses both language barriers and healthcare access for the Hispanic community.
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General Information
Business Registration Number: MERCADO VEIN SOLUTIONS S CORPORATION
Location: West Palm Beach, FL, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
Clinical Medical Equipment Inventory: 20,000 Office Furniture, Appliances Office & Fixtures: 5,000 Office build out/ Leasehold Improvements: 25,000 Real Estate/Lease of Office space : 20,000 Malpractice Insurance, EHR, Phone System, Computers, Payroll/Quick books accounting software: 15,000 Salaries Employees: 10,000 Other (Credentialing, misc): 5,000 Time, may accrue more charges if consultation is needed) TOTAL FUNDING REQUESTED: 100,000
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Business Plan
Mercado Vein Solutions, LLC will join a growing medical industry to provide quality patient care to patients suffering from Chronic venous insufficiency(CVI) and subsequently varicose veins and spider veins. According to a recent study published from Seminars in Vascular Surgery, “CVI affects more than 25 million adults in the United States alone, and more than 6 million also have advanced states of venous disease”. A study done by Piazza, G. (2014), identified that varicose veins affected 23% of the adult population in the US while the superficial leg veins (also known as spider and reticular veins) affected 80% of men and 85% of women. This study was in accordance with another study done more recently by Salim, S., Machin, M., Patterson, B. O., Onida, S., & Davies, A. (2021) which looked at global prevalence of chronic venous disease. Similar data results were found including risk factors for chronic venous disease in the US and globally increase with patients’ age, family history, obesity, pregnancy, occupations that include prolonged standing as well as higher prevalence in the female population. Comparing this data confirmed that treating varicose veins has been and will continue to be among the most consistent medical procedures performed as it has remained a medical necessity among our population. The Varicose Vein industry is established and growing as many insurances regularly reimburse Vein clinics for minimally invasive treatments performed in private practices across the United States. According to a recent study published by Mortar Intelligence, “The varicose veins treatment market is expected to register a CAGR of 6.0% over the forecast period, 2022-2027”. Compound annual growth rate (CAGR) represents one of the most accurate ways to calculate and determine returns for anything that can rise or fall in value over time, in this case Varicose vein treatment reimbursement. Also noted in this article, “The market for the treatment of varicose veins is majorly driven by factors such as the growing preference of the general population for minimally-invasive surgeries, the rising geriatric population, and the technological advancements in the devices used for this treatment”. This current trend in the varicose vein industry bodes well for our new practice which will focus solely on minimally invasive techniques such as Endovenous Laser Ablation. Besides the fact that Varicose vein treatment is projected to increase over the next 5 years, specifically Laser Ablation Devices is also expected to witness considerable growth over the next 5 years according to the aforementioned study. Endovenous Laser ablation is the exact procedure I have been performing for the last 7 years during my time treating patients with varicose veins. Laser ablation treatment offers many advantages compared to traditional ligation and stripping, such as a zero downtime, no hospital stays, minimal discomfort during recovery allowing patients to return back to normal activities. A research study titled “Compression following treatment of superficial venous incompetence: systematic review” published in the British Journal of Surgery in May 2022, reported laser ablation therapy was both cost effective and the preferred initial treatment for symptomatic varicose veins of at least 3mm, with evidence of saphenous reflux. In conclusion, due to the aforementioned factors listed above, we feel here at Mercado Vein Solutions that both Varicose Vein and Spider vein treatment will continue to be a service sought after for many patients and be a growing industry over the next 5 years. We also plan to employ the below marketing strategies to help us grow over the next 5 years: Use Google Ads to help promote our business This will allow us to reach potential customers right when they're searching for our services. We plan to target our google ads with keywords words and phrases our ideal patients might enter into search engines. We also plan to use Keyword Planner to help us research the keywords for our search campaigns. This free tool will allow us to discover new keywords related to our business, see estimates of the searches they receive and the cost to target them. Direct Mail Marketing- we plan on sending postcards to potential customers in hopes of gaining their business. Our postcards will offer free consultation visits Up to 90% of direct mail gets opened as per a recent study Local Advertising Pop Ups We plan to set up tents and tables where can connect locally and directly to members of the community We feel that in this new post-pandemic world many people miss feeling connected to brands as well as each other in a physical environment as most people have had to get used to doing everything online or digitally We feel if we can add a physical presence to our business in the community directly we can increase awareness to our services; certainly feels more tangible This is also a rather inexpensive way to advertise and market ourselves however can go a long way towards bringing in customers; we want to emphasize that our new office will be a community staple for years to come Physician Referrals We plan to meet and speak with local community physicians specifically primary medical doctors/internists, Vascular surgeons to raise awareness of the services our medical clinic will be offering This will allow for future referrals and recommendations It is important to communicate with other local medical offices as with any business, if they feel threatened by a competing clinic we could lose a future ally; rather we establish rapport as we can also gain valuable information on what makes our shared demographic tick Business cards The exchange of business cards is still one of the most effective marketing tactics Our business cards will capture the spirit of our business We can provide our business cards to satisfied customers/patients as they may be able to display them at their place of work or different sites Our business cards will contain our website, in this digital age bringing potential customers to our website is of the utmost importance for business Ads in the Local Hispanic Newspapers and Churches We plan to purchase local ads which can be displayed in local newspapers at hispanic super markets such as the Supermercados El Bodegon, Presidente Supermarket, Walmart as well as local Hispanic Churches Social Network Advertising We plan to leverage digital marketing via social media such as Instagram and Facebook We feel Social media advertising is a must to help us stand out to help gain content view and attract new patients/customers Become members of Local Hispanic Nonprofit organizations where we can get involved and give back to the surrounding local Hispanic Community such as: Hispanic Education Coalition of Palm Beach County Hispanic Chamber of Commerce Palm Beach County In order to join must have a business, we plan to apply once our business is up and running We decided to go with these marketing strategies because I witnessed first hand that they are both cost effective and work for a small medical vein practice. Prior to relocating down to South Florida, I used to work for a separate private company providing these same services for a similar population demographic. The founder of the company began with one office, and within 5 years we had 4 different offices which were all successful. He employed all of the above strategies, demonstrating that they do work as he ran a very profitable business. In addition many of our competitors use some of these marketing strategies so it is the industry norm and seems to be a great way to bring patients into our new medical practice. However, I do not see any of our competitors with local Advertising pop ups within the community, this is where I feel we will gain most of our business as patients will feel connected and will also be able to put a face to our business. As the founder/CEO of the company I have been working in a Vein clinic now for more than 7 years, so I know exactly how business should be run. For the past 4 years I have been the sole Vein Specialist who performs all of the assessments, diagnosis and treatment. I understand all elements of the Vein practice including insurance reimbursement guidelines, billing/coding, the staff necessary to run day to day operations, vendors needed, marketing strategies as well as all medical supplies and equipment necessary for a vein clinic. My wife and I both grew up in underserved hispanic communities to spanish speaking grandparents and witnessed first hand how difficult communicating with medical providers can be when english is not your primary language. Our office staff will all be bilingual (spanish speaking) allowing spanish speaking patients to feel comfortable throughout their entire evaluation and treatment process. We also plan to take Medicaid as well as various insurances many patients of lower socioeconomic status carry. Most Vein clinics do not take Medicaid, nor do they have Spanish speaking staff as a result patients are either unable to perform procedures due to financial constraints or because they are often unable to express their questions and concerns during evaluations resulting in them not pursuing treatment. Utilizing a fully bilingual spanish/english staff will allow patients to be drawn to our clinic and feel comfortable during their evaluations and treatment. Our business will be family owned, providing a familial feel in a small office setting. Many vein clinics streamline treatments, have multiple providers providing treatments so patients may see multiple faces during their evaluation and subsequent treatment process. Here at Mercado Vein Solutions, patients will be seen by one provider and nurse, myself and wife respectively who will oversee their entire treatment process. This will provide a unique family centered experience for patients during their examinations and treatment.
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Self Identified Competition
In Palm Beach county the main competitors which patients may consider are Vein clinics such as Water's Edge Dermatology, Vein Center of the Palm Beaches or United Vein & Vascular Center. We Consider these vein clinics our greatest competition because these vein clinics serve patients closest to the area we currently occupy. Waters Edge Dermatology has over 38 different locations across the state of Florida providing services for Dermatology, Plastic Surgery and recently now Vein Care. Their main strengths include multiple locations with established history of treatment, ease of scheduling appointments due to multiple locations, and also offer services in dermatology for other skin conditions patients may be suffering from providing a one stop shop for skin care. Their main weakness is that since they cover a broad scope of practice veins are not their primary focus, instead skin or dermatological conditions are their primary focus of care and why they were established in the first place. Some other weaknesses include early office hours as most days their offices are closed at 3:30 pm, no availability on weekends, they are unable to offer a personalized experience as patients will likely see multiple providers including different ultrasound technologists during their examination and treatment. United Vein and Vascular Center is another vein clinic which has 27 clinics in Florida, Chicago and Arizona. Similar to Waters Edge Dermatology their strengths include multiple locations, ease of scheduling, however they also treat other vascular conditions such as arterial disease, lymphedema and wound care providing an all inclusive lower extremity clinic experience. Weaknesses include high waiting times, multiple providers with no personalized treatment plans, no continuity of care due to multiple providers. Vein Center of the Palm Beaches is a smaller practice which only has one location located in West Palm Beach, Florida who offers wellness solutions, aesthetic care and vein treatments. Strengths of this practice include: smaller practice which may allow for a more personalized treatment experience, ability to offer a spa experience as they offer facials and other cosmetic procedures, and hormone therapies. Weaknesses include multiple poor reviews describing the office as unorganized and unethical, and also closed on weekends. I have also treated and examined patients who have described poor experiences at this office. What separates us from all of the above vein clinics mentioned is that no other office caters specifically to the hispanic community, offering completely bilingual staff from reception to the provider. Many Spanish speaking patients do not feel comfortable visiting offices where they have to speak English as they are unable to communicate with staff efficiently, many questions go unanswered leaving them uncomfortable and reluctant to pursue treatment. I have witnessed this firsthand as I have come across many Spanish speaking patients who are initially hesitant during their initial evaluation until they find out that I am Spanish speaking. Our goal is to make these patients feel 100% comfortable while examining, treating and answering questions in their primary language of spanish. At Mercado Vein Solutions our advantages include easy accessibility to speak with the Vein specialist as there will only be one provider, completely bilingual staff, family centered patient approach, low wait times, continuity of care, personalized customer service, and better communications between staff due to the small nature of the practice.
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