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Transcript of Creating a Business ..
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Creating a Business Plan for Clinical Practice
By:
LeeAnn Klemetson BSN RN
Lindsay Holt
BSN RN
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Introduction
The purpose of this presentation is to take you through the steps of constructing a business plan for creating a nurse practitioner clinic including reasons for generating a business plan and overcoming the most common excuses.
The number 1 reason for business failure is lack of a business plan.
Starting a clinic can be an overwhelming task and by using a business plan the work is broken down into manageable steps.
A business plan is the foundation for which you build your business
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What is a business plan?
A strategic plan of a clinical practice that details the set up, goals, and expectations of your clinic.
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Excuses for not creating a business plan.
Time Fear of Failure Lack of Business Knowledge Fear of Money Fear of Undertaking a Huge Project
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D'Angelo, J. M., 2007
Why create a business plan?
Avoid the primary cause of most business failures.
Understand the needs and wants of target market.
Get a jump start on the competition.
Choose the right avenue of care or niche in the market.
Hire and maintain the right staff.
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Why create a business plan? Cont.
Address problems before they arise
Maintain a solid patient base Develop a solid financial plan Build a marketing program
that will drive business Keep your business from
growing to fast Securing a business loan
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Key points of a business plan:
Executive Summary Company description Product or health care
service Market analysis Strategy and
implementation Web plan summary Management team
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Executive Summary
Objectives Mission statement Health care service and products Market analysis Strategy
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Company description
Ownership Company history for ongoing clinics Startup plan for new clinics Clinic location and facilities
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Product or Health care service
Health care service description Competitive comparison Service literature Technology Future services
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Market analysis
Market segmentation, segmentation strategy Market needs Market trends Changes is market size Industry analysis Industry participants Distribution patterns
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Strategy and Implementation
Value proposition Competitive edge Sales forecast Strategic alliances Strengths and weaknesses Marketing
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Web plan Summary
Website marketing strategy Development requirements
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Management Team
Organizational structure Management team Management team gap Personnel plan
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Financial Analysis
Important assumptions Break even analysis
– Projected profit and loss– Projected cash flow– Projected balance sheet– Income per visit – variable costs / into fixed costs= #
of pts to be seen to break even.
Long term plan
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Help for writing a business plan
www.score.com www.bplans.com www.nursepractitionerbusinessowner.com
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Conclusion
Take home message: – A business plan is must and increases your
chances of success – You have to put in the effort to do the research to
formulate a good business plan.– Don’t be afraid to ask questions and use the
resources available to you.
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Resources
Berry, T. (nd). Bplans. Retrieved October 24, 2008, from www.bplans.com. Building your practice through word-of-mouth referrals. (2008). Retrieved
November 3, 2008 from http://www.nursepractionerbusinessowner.com D’Angelo, J. M., (2007). Top 10 reasons for writing a business plan. Message &
Bodywork.122-126. Danna, D., & Porche, D. (2007). Business plan: An entrepreneurial proposal.
The Journal for Nurse Practitioners. 173-174. Heiser, S. (2004). How to write a business plan. Professional Nurse. 19(12) 54-55. Huss, W., Coleman, M. M., (2006). Start your own medical practice: What they
don’t teach you in medical school. Sphinx Publishing, Naperville. North Portland Nurse Practitioner Community Health Clinic, Mission statement.
Retrieved October 28, 2008, from www.volunteermatch.org.
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Resources cont.
Marfell, J., Stone, S. (2008). Defining your mission statement. Advance for Nurse Practitioners. Retrieved October 28, 2008, from nurse-
practitioners.advanceweb.com Moore, P., & Dayhoff, N. E. (2005). Business plan development: The first step to
building a successful cns business. Clinical Nurse Specialist. 19(1) 20-22. SCORE, (2008). Business plan for a startup business. Retrieved October 23, 2008,
from www.score.org. Small business readiness assessment tool (2008). Retrieved November 10, 2008
from http://web .sba.gov/sbat/sbat/dsp_sbat.cfm?Tool=4 US Department of Health and Human Services, (2008). Shortage
designation:Hpsa’s, mua’s, mup’s. Retrieved October 24, 2008, bhpr.hrsa.gov/shortage/
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Resources cont.
Online business registration (2008). Retrieved November 11, 2008 from http;//secure.utah.gov/osbr-user/user/whatdoineed.html
Zaumeyer, C. R., (2003). How to start an independent practice: The nurse practitioners guide to success. F.A. Davis Publishers, Philadelphia.