Business Plan
Business Plan
Executive Summary
A business plan is a particular statement that contains the goals of a business and the way of attainment of these goals. The paper presents a business plan that employs a business strategy in defining the business’s overall goals, management team, staffing of the organization and other factors. This plan ideally presents my idea of establishing a new business venture in the field of health care. Initially, the paper presents a well-detailed description of the business that is to be established. This includes defining the overall objectives of the business the particular products that the business intends to trade in the market. Furthermore, important aspects such as the business culture and the operational strategies including the human resource management strategies are well stipulated. This is followed by a critical analysis of the business situation that particularly provides an environmental scan of the business’s atmosphere. The part IV of the business plan presents the customer and market analysis while part V outlines the Business Strategy, Leadership and Management. The 6th section of the business plan provides a comprehensive overview of the Business Process. Lastly, an account of the Financial Projections is provided.
Business Description
Each medical coverage arrangement in the Marketplace will offer center advantages and expanded assurances from high out-of-pocket costs, and shoppers will have the capacity to look at their protection alternatives taking into account value, advantages, and quality. The business will establish Health Insurance Marketplaces in each state to grow access to scope for people and little organizations lessen managerial costs and build rivalry. The establishment of market places will provide easy and quick access of the healthcare services. The business will also attempt to give scope premium-and cost-sharing help through the Health Insurance Marketplace for individuals who cannot stand to buy protection all alone. This ensures that people of low economic and social status within the marketplaces also gets access to the available services. The business will also attempt to reduce the physician recommended drug scope hole for those getting the Medicare Prescription Drug advantage. Everybody will be able to receive the Medicare prescription at affordable costs. None is to be advantageous than the other.
The economic sector is full of several business activities that take place on daily basis. These ranges from the healthcare sector, farm activities and even the industrial sector. Every business requires certain strategies to be put in place for it to run smoothly. The target market is essentially middle and low class subpopulations. An opportunity in the market includes the large number clientele as these subpopulations comprise the biggest portion of population. Another opportunity is includes less competition as few companies have engaged in this model of business. Furthermore, the few companies with the similar model of business have essentially targeted the rich and the royalty leaving a gap in the market. The company’s strengths include a huge financial base and strategic human resources management strategies. Furthermore, the company will be managed by experienced and highly skilled management team. Weaknesses include the unfamiliarity of the business model as it will be trading with services that are not common in market. Furthermore, knowledge gap due to lack of real life examples and simulation of this kind of the business presents as a weakness. This may prompt unforeseen and extremely challenging situations that might be hard to overcome. Worthwhile noting threat to the business includes the low financial capacity of its target clients. This might prompt serious turnout as clients withdraws from the plan as they are unable to afford the services.
Customer and Market Analysis
The business primarily targets the middle and low earners clientele. Lower-and direct wage families and numerous little organizations will be qualified for budgetary help, including a premium assessment credit and cost-sharing decreases, to pay for medical coverage. The objective is to lower general social insurance costs by enhancing wellbeing status among people and groups. The social insurance costs often involve government or organizations’ subsidiaries. An example of this in the health sector is the Medicare. Its major aim is to aid in the provision of more benefits to the people. Lowering the social insurance will attract more clients hence ensuring that the overall business goals are achieved.
The business will target middle and low class consumers who essentially are not able to afford health plans provided by other companies. The market research to be conducted to establish the needs of the customers will include comprehensive surveys. This will include administering structured questionnaires and customer feedback tickets which will later be analyzed. In market research Pynes & Lombardi (2011), guides the need of using interviews as a two-way road. As imperative as it is for the interviewee to hand-off his/her encounters and capabilities to the questioner, it is generally as essential for the questioner to impart to the prospect the way of life, environment, day by day methods, and by and large "feel" for the association. This can guarantee a solid worker business relationship for high degrees of consistency (Pynes & Lombardi, 2011).
The product will essentially be the health coverage and insurance services. The price of the services will widely vary with the type of the premium plan that the clients subscribes. However, the pricing strategy will primarily be informed by the concept of the affordability with the minimum possible price tagged to each plan. The place of the business will include the countrywide distribution as the company targets to establish its branches in every part of the country. This will include offering online services where possible to enhance the coverage. Promotion will include airing adverts in media and utilizing the social media. Furthermore, the use of bill boards will be utilized to promote the company’s products. Lastly, the on-target strategy will be employed which will include visiting strategic social grouping to promote the company’s products.
V. Business Strategy, Leadership and Resources Management
Overall Business Goals
Management Team
Groups that completely comprehend the motivation behind what they do are typically more drawn in than groups without this core interest (Abrams, 2003). This is the reason it's imperative to make mission and vision explanations Add to My Personal Learning Plan for your kin. These announcements are rousing messages that express the more profound reason for the work that you are doing.
Make a group contract Add to My Personal Learning Plan to characterize every individual's part, the gathering's anticipated result, and your own desires. Group contracts are valuable for a cheerful group, since they give center and bearing (Abrams, 2003). All things considered, when your colleagues recognize what they're doing, they would all be able to push ahead together, rather than pulling in various bearings.
The targets and ambitions set for the group should be considered. The members of the working group needs to feel motivated. Ensure that your colleagues' objectives adjust to those of the association by utilizing Management by Objectives Add to My Personal Learning Plan. Summer et al. (2005) presents sentiments that without such a system set up, your colleagues may feel unmotivated, basically on the grounds that they're not certain what they ought to do, or in light of the fact that they fail to see how their part advantages the association
Summer et al. (2005), guides that it is important for one to remember that he or she has colossal impact in how the customer feels every day and in addition in their long haul achievement. Take a gander at how you're speaking with them, and how you're helping them create on an individual level. Keep your group educated about what's going on in the association, and additionally inside the group; the more open and straightforward you are, the less demanding it will be to fabricate trust Add to My Personal Learning Plan and make great connections(Abrams, 2003).. This likewise allows your colleagues to voice any worries or issues that they're having with their work.
Staffing the Organization
There are a few worries that human services officials have with regards to enlisting for their association. With a large number of dollars hanging in the balance, it is critical that procuring supervisors select the best ability for their association (Barlow, 2007). Amid the enrolling and enlisting process, there are some principle worries that employing chiefs dependably have on their psyches. A considerable lot of the medicinal services staffing deficiencies are a source of devastating problems on spending plans. It also affects the prosperity of current workers, and filling in these crevices in an opportune way is critical (Summer et al. 2005). The working staff should not experience deficiency challenges in terms of workers. On account of this, restorative staffing supervisors must not enlist exclusively to fill the position; they are likewise worried with maintenance of their representatives, spending confinements where compensations and advantages are concerned, and the capability of the new contract to carry out the employment as they are required. According to Summer et al. (2005), the present workers’ work life should be taken into account. The way they perform and their mode of delivery should be overseen as they work. medicinal services is an upsetting situation as a matter of course, so it is basic to listen to worries of current representatives with respect to push, proficiency, hours, and so on to decrease the danger for "burnout" and reaffirm their pride in their work for the association (Summer et al. 2005). In this respect, there will be the need to create painstakingly composed sets of expectations – ensure that planned workers know about the obligations they will execute and what will be anticipated from them immediately. That way, new contracts will be more averse to leave a position when they are confronted with surprising obligations. Pynes & Lombardi (2011) advises the need of setting up close relations with social groupings. Building ability requires some serious energy, and by working hands-on with understudies that are seeking after human services and medicinal degrees, solid connections can be set up that can transform into experienced, very much prepared, and faithful representatives later on. In the provision of medicinal services, you will need to look into several other important key areas. These areas will enable the business strategies to be carried out efficiently (Pynes & Lombardi, 2011).
Strategic Human Resource Management
The strategic resources management is required for any business to run. In the provision of medical services, you will need to have a proper strategy on the human resource. This involves developing and maintaining a qualified workforce for the business. The Medicare business requires proper human resource strategies to be put in place. The workforce needed will have a great contribution to the effectiveness of the business (Pynes & Lombardi, 2011). It will enable efficient achievement of the goals and objectives of the business.
Successful personnel for the healthcare business should have an understanding of the human behavior. He or she should be able to work with other employees effectively. The person must also be aware of the technological, social, economic and legal issues that will affect the human resources (Pynes & Lombardi, 2011). The selection, training, evaluation and the act of rewarding the personnel for the healthcare business should be done carefully. The wrong people should not be selected. The people to be selected should be those that have the experience in the health care sector.
On the basis of job description, one will need to get an employee that has much experience in the medical sector (Pynes & Lombardi, 2011). The highly experienced employees will earn a higher amount of money as compared to the less experienced. The cash to be spent on these employees will be determined by the sources of finances that were already discussed above in this paper. With high sales and services offered in the business, there will be good salary for the employees.
A good company or organization is one that will be able to achieve the human resource strategies set (Abrams, 2003). It defines the success of a business as the achievement of its objectives through the strategies put in place. The company to be used in handling the business should have several qualities. It should provide employment security to all the employees. It should use varied or different criteria in the selection of the personnel. It should offer high compensations because it will produce economic success for the business. The company should offer extensive training and also reduce the barriers and distinctions within the status of the personnel. According to Pynes & Lombardi (2011) guidelines, a good company should also be the one that shares the performance and financial information with its workers.
VI. Business Process
It starts by characterizing the strides it takes to complete something, enhancing those that include esteem and merging or computerizing others, then tweaking electronic work processes to coordinate the procedure maps. Wechsler et al. (2004) notes that such streamlining can be refined through framework reconciliation utilizing middleware, an administration arranged design (SOA) or programming bundles that help with procedure mapping and afterward associating the back-end frameworks required in a procedure.
Numerous associations, for example, innovation firms, that have been in this industry for quite a long time have the limit and vision to change in accordance with money related downturns - meaning key arranges and spending plans are adjusted occasionally. Contingent upon their client base or their worldwide achieve, organizations need to guarantee speculators that they can meet business sector and customer desires.
With declining benefits and no profits issued in over a year, a late senior-level staff shakeup, and proposals of actualizing new components in its items, the truth is soaking in quick (Pynes & Lombardi, 2011). Unless the Twitter authority group devises another battle and fixes the interior tumult, the organization will lose the impact it once had. To stop the winding descending, Oliver Blanchard in this late article recommends a strategy that Twitter ought to follow up on today (Pynes & Lombardi 2011). It is simply humiliating that every one of this comes down to pioneers who don't comprehend the mechanics of maintaining a business.
Concentrate on patient consideration
Instruct patients on the significance of deterrent consideration
Instruct patients with regards to the significance of yearly registration
Execute a forceful and precise review framework in which to remind patients to have general check ups
Information Management
According to Pynes & Lombardi (2011), wellbeing data administration is a mix of business, science, and data innovation. These experts are administrators: specialists in handling, investigating and reporting data crucial to the social insurance industry, regarded staff individuals who connect day by day with the clinical and regulatory staff, every one of whom relies on upon wellbeing data to play out their occupations. A mix of business and PC aptitude, wellbeing data administration joins human services clinicians with data innovation and is the extension between patients' wellbeing data and wellbeing back up plans, state and government, and other controlling organizations. As an essential individual from the social insurance group, the wellbeing data chief is in charge of overseeing wellbeing data frameworks. This expert arranges and creates wellbeing data frameworks that meet gauges of authorizing and administrative organizations. They likewise outline wellbeing data frameworks proper for different sizes and sorts of human services offices.
Since there are various openings for work accessible to HIM graduates, compensations differ essentially relying upon occupation obligation and title. The American Health Information Management Association (AHIMA) and the Advance for Health Information Management magazine both distribute data from pay reviews. Note that pay rates vary between employment sorts as well as geographic areas.
Operations Process
According to Hancock (1993), numerous variables impact wellbeing and prosperity in a group, and numerous elements and people in the group have a part to play in reacting to group wellbeing needs. The board sees a prerequisite for a structure inside which a group can take a thorough way to deal with keeping up and enhancing wellbeing: surveying its wellbeing needs, deciding its assets and resources for advancing wellbeing, creating and actualizing a technique for activity, and setting up where obligation ought to lie for particular results. This part depicts a group wellbeing change prepare that gives such a system.
Basic to this procedure are executions observing exercises to guarantee that proper strides are being taken by mind gatherings and that those activities are having the expected effect on wellbeing in the group (Hancock, 1993). The section likewise incorporates a discourse of the limits expected to bolster execution checking and wellbeing change exercises.
In building up a wellbeing change program, each group will need to consider its own specific circumstances, including variables, for example, wellbeing concerns, assets and limits, social and political points of view, and contending needs. The board of trustees can't endorse what moves a group ought to make to address its wellbeing concerns or who ought to be in charge of what, yet it believes that groups need to address these issues and that an efficient way to deal with wellbeing make strides (Hancock 1993).
Internal Control
According to Wechsler et al. (2004), strong internal controls can stay with a sound by accomplishing four key business destinations: Shielding resources: The right controls ensure a business' physical and money related resources from extortion, burglary, and mistakes. Moreover, appropriate controls rapidly recognize blunders and misrepresentation in the event that they happen. A standout amongst the most vital ideas identified with interior controls is the isolation of obligations since it keeps a solitary individual from asking for, approving, confirming, and/or recording business uses (Wechsler et al. 2004).
Guaranteeing solid money related reporting: Proprietors and administrators require precise budgetary data to settle on educated choices. Since strong interior controls keep up the legitimacy of money related information, they additionally prepare administration to make more instructed careful decisions.
Looking after consistence: Sound money related information empowers associations to satisfy their obligations to document complete and exact government forms, and in addition meet any monetary reporting commitments. Proper procedures and strategies additionally permit associations to meet other administrative and statutory documenting or reporting necessities (Wechsler et al. 2004).
Fulfilling operational productivity: Associations normally work all the more viably with procedures and methods set up. A solid inward control environment can encourage proficiency through computerization of manual controls, evacuating superfluous or duplicative strides in a procedure, or joining certain capacities in a savvy way. At last, when monetary information is reliable and effectively open, administration gets opportune and pertinent data to confirm that exercises are in-accordance with business goals (Eddy and Billings, 1988).
Risk Management
Administrators are prepared to handle different issues in numerous settings. The obligations a danger administrator embraces are eventually controlled by the particular association. These experts commonly work in the accompanying territories of restorative organization:
Financing, protection, and cases administration
Occasion and occurrence administration
Clinical exploration
Mental and human medicinal services
Crisis readiness
The improvement and usage of human services hazard administration projects depend on broad progressing research. Their association since examination results could demonstrate conflicting to assumptions that would some way or another shape hazard administration hones. The danger administration result was to guarantee that systems were set up to enhance occupant's rest plans and decrease potential dangers to patients.
Plans for relieving dangers and taking care of them suitably can then be produced (Abrams, 2003). Administration arranges likewise experience quality appraisals so the intercessions and activities proposed are tended to as genuine potential issues. Once a methodology is set up, it is observed and adjusted as required.
VII. Financial Projections
Most business requires funding. Most sources of funds do come from external means. The health care services will not be able to run without good finances. Finances are to be sourced from various sources. The finances will be realized mainly from cash flow through the business operations, sales and the customer services. The sales group will be a very significant strategy to be used to source the funds for the business. According to Abrams (2003), it is an effective way because it will bring more profits especially with the increasing sales being offered throughout the years. Profits will also be notable even in the start-up phases of this business. These will be advantageous to the business. However, a great disadvantage associated with the sales strategy is that much more loss may be realized with the high increasing expenses in the business. The cost of the sales may also be relatively low because the business is a service agency (Abrams, 2003). The services to be offered may be home and community based thus require travel to and from the service locations. Other customer services within the business will also be another source of finances. With the increasing number of services being offered, more funds will be accrued for the business. On the contrary, in case of reduced services, little or no cash will be available for the business to run more efficient and effectively. Abrams (2003) emphasizes the need of ensuring that services offered are of highest possible quality, thus this ideology will be promoted.
A business plan is very essential for any organization that intends to achieve business’ goals. Each and every company requires the business plan for proper and effective functioning of that particular business. It assists in the overall assessment of a business. One is able to know whether his or her business is striving towards the attainment of its goals. A business without any working strategy set cannot be effective and efficient. All business organizations and companies should embrace the idea of having a business strategy. The relevance of this idea has been explicitly explained in the medical sector. It is one that is worth embracing in any business activity of any economic sector.
References
Abrams, M. R. (2003). The Successful Business Plan: Secrets and Strategies. The planning shop.
Barlow, S. E. (2007). Expert committee recommendations regarding the prevention, assessment, and treatment of child and adolescent overweight and obesity. Pediatric.
Duncan, K. 1995. Evolving Community Health Information Networks Frontiers of Health Services Management 12(1):5–41
Eddy, D., and Billings, J. (1988). The Quality of Medical Evidence: Implications for Quality of Care. Health Affairs 7(1):19–32
Hancock, T. 1993. The Evolution, Impact and Significance of the Healthy Cities/Healthy Communities Movement Journal of Public Health Policy 14:5–18.
Pynes, E. J., & Lombardi, N. D. (2011). Human Resources Management for Health Care Organizations:A Strategic Approach. John Wiley & Sons.
Summer, Bell CD, Waters E, Edmunds LD, et al. (2005). Interventions for preventing obesity in children.Cochrane Database System.
Wechsler H, McKenna ML, Lee SM, et al. (2004). The role of schools in preventing childhood obesity. State Education Standard.
