- You have decided to open your own practice(concierge medical services) in Florida– you now need to gain start-up funding. Picture yourself in-front of a group of investors or your local banker – what will you say to them to convince them that you have a good idea, that your services will be a valuable addition to the community, and that you have the business skills to successfully run a practice?
- Discuss marketing, start-up funds, items needed for your practice, etc
Students are expected to:
- Post an initial substantive response of 250 words to each question
- Please be sure to validate your opinions and ideas with citations and references in APA format.
- References and citations should conform to the APA 6th edition.
- Substantive comments add to the discussion and provide your fellow students with information that will enhance the learning environment.
- The peer postings should be at least one paragraph (approximately 100 words) and include references and in text citation
Practice Start Up
If I were to stand in front of a group of investors I would make sure that I would address the following: during my presentation, I would make it clear that I know which results the group of investors expects to obtain if they support my proposal. I would discuss my expected financial and operational results in terms of the metrics that matter most to the investors. I would then explain how I intend to use the resources I am asking for. If I was asking for money, I would provide details on how I would spend it on recruitment, marketing, operations, etc. I would also only ask for resources that would cover the next phase of my plan and not become too greedy by asking for more than I currently need (Ener, 2013) I would also discuss what separates my practice from others and why I would be successful and the practice is necessary within the community. I believe this will allow for the group of investors to feel like my goals are more obtainable. I would also have a list of references and achievements so that the investors can judge my reliability.
My marketing plan would be a strategic document that is designed to facilitate the achievement of my specific business goals and objectives over a specific time period. In this plan, I would discuss multiple items such as hiring contractors to build out the new facility along with the architectural blueprints. My marketing plan would discuss my goals for one year. After that I would have the plan reassessed for modifications, additions, subtractions or entire reinvention depending on the constantly evolving business goals and circumstances. My marketing plan would also allow me to anticipate, assess, prepare, build a road map to follow, construct necessary support systems, and protect myself and dramatically improve my chances for marketing success (Stewart, 2017).
One way to obtain start up funds is by obtaining funds from the U.S government. The U.S. government generally designates federal funding, whether in the form of grants, loans or contracts, to address unmet needs in communities. Clinics, or health centers, that receive federal funds for start-up meet the health care needs of millions of medically under-served people. The Public Health Services Act authorizes several funding programs for clinics that meet the definition of federally qualified health centers. I would register at Grants.gov to apply for federal funding. From there, I would apply for the loan guarantee program under section the Public Health Service Act, Section 330. This section would allow me to plan for grants that may be used for start-up expenses, including planning, purchasing property and equipment, staffing and training (Sessoms, 2016).
Up and Running
In order to get my facility up and running I would need to have the following items: a date to begin the practice, legal representation, accounting firm and medical practice startup consultant selection, an organizational structure, entity name selection and formation, obtain federal, state, and local tax identification numbers, develop employment agreements and physician compensation model, determine my startup budget, prepare furniture and equipment budget, and obtain financing (Hicks, 2016). With all of these items in line, I would feel comfortable with starting my own practice.
Ener. (2013, September 18). Presenting Your Proposal: 5 Ways To Convince Investors To Back Your Idea. Retrieved October 7, 2018, from https://www.forbes.com/sites/iese/2013/09/18/prese…
Stewart. (2017, April 20). What Is A Healthcare Marketing Plan? Retrieved October 7, 2018, from https://www.healthcaresuccess.com/blog/healthcare-…
Sessoms. (2016, October 26). How to Get Federal Funding for a Clinic Start-Up. Retrieved October 7, 2018, from https://smallbusiness.chron.com/federal-funding-cl…
Hicks. (2016). 13 Steps for a Medical Office Start-up Plan. Retrieved October 7, 2018, from https://www.verywellhealth.com
Lack of access to healthcare is a serious problem in Louisiana. I would show them a map that depicts medically underserved areas. According to the Federal Trade Commission (FTC), lack of access to healthcare services in underserved areas has serious health and safety consequences (FTC, 2014). The benefits of adding APNs in healthcare include improvement in the quality of care, cost containment and the expansion to access to care. Adding an office, owned and managed by an APN would provide the skill, support, and experience needed to care for a diverse population of patients and help to meet the healthcare needs of the community.
The care APNs provide is high quality, safe, effective and holistic (Sangster-Gormley, Frisch, & Schreiber, 2013). APNs consistently demonstrate patient satisfaction in the primary care setting while working with patients with multiple disease processes or comorbidities (Sangster-Gormley et al., 2013). For about 50 years, APNs have provided care to vulnerable populations, mostly in underserved areas. According to the U.S. Department of Health and Human Services (2015), more than half of the parishes in the state of Louisiana are medically underserved.
I have been an effective leader and I am proficient in many roles. I have served as a House Supervisor in hospitals, and in the community have served as an Administrator in home care for a total of more than 15 years. Cost containment, process improvement, patient safety, business development, contract negotiation, and national healthcare financing are concepts I am intimately familiar with and have worked directly with the Centers for Medicare and Medicaid (CMS) and private insurance companies to obtain reimbursement for services provided.
Marketing includes professional networking, meeting with business developers and consumers in an effort to demonstrate quality recognizable in practice. Social media also offers opportunism to network. Caution will be used when communicating on social networks because there is no filtering system in social networks. Professional blogs are another networking opportunity. Recognition by peers is a logical career enhancement strategy. A professional portfolio may be presented to interested parties. I would have to research to find out start -up costs and practice needs. I would require an attorney, office space and employees, a practice name, office hours, and equipment.
Federal Trade Commission. (2014). Policy perspectives: Competition and the role of the advanced practice nurse [pdf].
Sangster-Gormley, E., Frisch, N., & Schreiber, R. (2013). Articulating new outcomes of Nurse practitioner practice. Journal of the American Association of Nurse Practitioners, 25(12), 653-658. Doi: 10.1002/2327-6924.12040