Business Plan Development
The expanded role for nurses as recommended by the Institute of Medicine (IOM) report has enabled the nurses to pursue independent practice and therefore practice o the full extent of their knowledge and education. Most of the states have in recent times reviewed their respective scope of practice for nurses to reflect these new roles for nurses at least to help reduce the burden that has been previously placed on physicians and nurses (Kraus, & DuBois, 2016). The urge to own independent practice settings has been growing within the profession but nurses have had a challenge in ensuring the long term success of these settings. There has been a persistent need to help nurses develop an entrepreneurial spirit alongside their clinical skills so as to help the healthcare systems meets the demands of an ever-growing patient population (Barberio, 2010).
Business structure
My chosen business structure is a Nurse-Managed Health Clinic (NMHC) which is normally authorized under the Public Health Service Act Title III and it is defined as a setting that can be operated by an advanced practice registered nurse or generally a nurse practitioner. Apparently, due to the reimbursement rules, I will have to work in close collaboration with one of the colleges within the locality. The Center for Medicare and Medicaid requires that all NPs seeking to own a NHMC have to partner with a school, college, department of nursing, a federally-qualified health facility or a department in a non-governmental or non-profit health organization through which the funds can be reimbursed (Smolowitz et al., 2015). In this case, since the facility will be located within an urban locality, I will partner with a nursing college which I have sought approval and the response so far has been positive and only awaiting the approval of the faculty board (Kraus, & DuBois, 2016).
Clinical site expenses: The costs for the site, which is within the Palm Beach County, will initially be at the rate of $36 a square foot monthly including all the related Common Area Maintenance costs (CAMS). The total costs for every month accrue to $18, 600 which indicates that the available space is up to 516.67 square foot. The amount to be paid for the rental will include an advance $180, 600 for the next ten months whereby the first month of commencement has been subsidized as a settling period and therefore the next payment on rental space will be made at the end of the 11th month. The equipment, furniture, telecommunications and the computer systems will be installed at a total cost of $100,000.
Credit card vendors and the medical supply vendors will be hired on contractual basis at the existing fee for such services within the locality. On marketing, we will utilize the broadcast media, printed media as well as social media to enable the facility to reach a larger clientele within a short period. The staff and workers will significantly work with the communities to sensitize them on health and wellness as well as create contact with them and this will be achieved through organizing two free health screening days for every month. This exercise is estimated to cost up to $30,000 for the first six months since most of the services and labor will be through the college students as organized by the faculty (Barberio, 2010).
Employee structure and expenses: This facility is collaboration between me and a colleague nurse practitioner and therefore we will not hire any other nurse practitioners. However, we will have a medical assistant whose annual base salary will be in the range of $30,060. A receptionist, an office manager and a coder/biller will also be hired. Two social workers will also be hired and their combined yearly salary base will range at $72,000 based on the local and national salary rates. On insurance, The facility will be within the general business liability and we will have a malpractice insurance which is basically a critical aspect for any healthcare facility due to the nature of services that the facility is expected to offer.
Since the insurance networking process takes a period of up to three months on the minimum to establish, I have already partnered and made necessary contact with the Medicare, Medicaid, PPO/HMO, Workman’s Compensation Programs and the Insurance Trusts and Unions Plans we will have the necessary documentation at the commencement of the operation of the facility. Ultimately, I will also obtain an OSHA license and the Local Business License so as to ensure compliance with safety, quality, competition and corporate regulations (Barberio, 2010). The overall expenses for these technical issues are estimated to be within the range of $50,000.
Services available
At this facility, we will provide services ranging from physical examinations, immunizations, diabetes checks, cardiovascular checks and management, smoking-cessation programs, primary care services, prevention and disease management services, family and couple therapy as well as Department of Transportation (DOT) exams (Smolowitz et al., 2015).
Projected monthly income
Within any business, the return on investment is a key factor. A business cannot run of losses since it has to support its continuity and as well pay the workers/staff as well as provide significant profits to the owners. Based on the expenses within the facility and the, the initial three months are expected to generate revenue totaling to $45,000 for each of the respective months. This is based on the fact that this is a new facility in the locality and we are yet to make inroads to the consumer population and thus an expectation of low client numbers in these months during which we will focus on marketing (Kraus, & DuBois, 2016). In the period after the third month, the revenue/income generated is expected to boom to around $300,000 with expenses of up to $108,000 every month.
References
Barberio, J. A. (2010). Establishing an independent nurse practitioner practice. Advance for NPs and PAs.
Kraus, E., & DuBois, J. M. (2016). Knowing Your Limits: A Qualitative Study of Physician and Nurse Practitioner Perspectives on NP Independence in Primary Care. Journal of General Internal Medicine, 1-7.
Smolowitz, J., Speakman, E., Wojnar, D., Whelan, E. M., Ulrich, S., Hayes, C., & Wood, L. (2015). Role of the registered nurse in primary health care: Meeting health care needs in the 21st century. Nursing Outlook, 63(2), 130-136.
