Deliverable 7 - Business Planning

Module VII Recording - HSA6900

February 19, 2026, 11:59PM

30m 7s

Merle Point-Johnson started transcription

Merle Point-Johnson 0:03 We are going to be covering Deliverable 7 for the Capstone course. Congratulations. You have reached an incredible milestone. This deliverable is the final deliverable of the course, and for some of you, this is the final deliverable that you have for your program. So congratulations. Our presentation goals are to articulate the final deadline. We're going to continue to remind you of the final deadline so that you guys are pacing yourself well and the process for completing the coursework. We're going to be describing the competencies for this particular module. We'll review the scenario for this week's deliverable. Examine the role of a health facility administrator and we're going to describe the purpose of business plans and discuss the grading criteria for the deliverable. Just as we do very often in the course, I want to remind you of the very, very, very, very important and firm deadline of March 20th at 11:59 PM Central Time for you to get all of your coursework submitted. So think about let's just reflect for a moment and I want you to think about what are some of the critical skill sets that you've learned throughout your program, given that you've probably been in many courses because again, this is usually the final course, close to the final course in an individual in a student's program. So how do you plan to incorporate what you've learned into your professional and everyday life? And how can you improve your portfolio by sharing what you've learned? These are three reflective questions that I really want you guys to think about because this is going to help you as you build that resume as you. you present yourself in terms of what you can do with the information that you've gained throughout the program. All right, so let's just offer. I'm gonna offer a the final motivational quote for the course. It is. Empathy is about finding echoes of another person in yourself. This is really such an important quote for anyone who works in healthcare. Healthcare is one of those fields where everyone at some point in time will encounter. Healthcare services and those individuals who are encountering healthcare services, they will be diverse, not just in terms of race, but in sexuality and skill sets and disabilities. You'll see some with disabilities. So having empathy, even in times when you don't understand, is going to go a lot. Long way in helping individuals to get the type of service that they so deserve. All right. So I also want to encourage you all to continue sending those questions. I want you to you guys to feel welcomed to send questions. And you know, there are so many things that you guys are going to be covering throughout this course. Now many of you are. You who are at Deliverable 7, but there are others of you who are still trying to work on some of the other deliverables. So don't get lost in the fact that we have moved into Deliverable 7 in terms of what we cover in live sessions. It really is still your playground, so you get to choose what you want covered going forward. So please. Don't sleep on the fact that you do have support that will continue to follow you throughout the course. Let's look at the competencies for this particular deliverable. Apply critical problem solving skills through evidence based and evidence informed practices in organizational outcomes. Analyze financial information for the purpose of making viable management decisions. Evaluate healthcare information technology systems to ensure optimal performance outcomes in business and clinical processes. Develop sustainable operational processes that create opportunities to utilize best practices and patient care and business Options. To design strategic plans for organizational change in alignment with socioeconomics, market forces, and trends. And finally, to analyze the various healthcare delivery systems and models needed to address population health needs. Now I did go through and read each one of these to you and obviously. Obviously you can read for yourself. However, what I'd like to do, I like to read these to the students at the end of each course. All right, during this particular deliverable presentation, Deliverable 7's presentation, because in each one of your courses, your Deliverable 7 is your culminating deliverable. That means that you're going to be taking into consideration every competency that you've covered in the course. Now in this particular course, because we are talking about the Capstone course, it's a little bit different, even more important that you understand these competencies, because this is not just about the course, this is about your entire. program. So you will get engaged in some of the material that you've covered throughout your entire program. So that's the culminating effect on this particular course and these deliverables. All right, so question. Think about it. Ever thought of owning your own Healthcare business. Perhaps you own a healthcare business, but you're looking to get investors seeking investment. What can you do to secure funding? Well, Deliverable 7 is what you need. Deliverable 7 is going to take into consideration the one thing that our healthcare system does. Other healthcare systems, it offers entrepreneurship opportunities. So healthcare students, I've got had a few students in my classes that have told me, Doctor Point, after this particular deliverable, I actually started my own non-medical transportation service and we're doing great. I had another student whose husband was already in healthcare business and they're doing pretty well because of this particular deliverable. I've had individuals say that they started a supply retail outlet based on the fact that they were able to finally understand. Using this particular instrument, your business plan to finally understand how they could seek funding. So this particular deliverable not only helps you in terms of being a student, it also helps you tremendously if you're ever thinking about either owning a business of your own. Or funding a business that you already own. So those are really the takeaways from this particular deliverable. All right, so let's look at the scenario. Now, the scenario goes as follows. You've worked as a healthcare administrator for an assistant living facility for the past 10 years. In your role as administrator, your organization has achieved enormous growth. And you've received accolades for your part in that growth. How many times have you thought to yourself, I've really done a really good job of helping my organization to grow. So some individuals will like the idea that they're working in that environment. They love their jobs and and so be it, you know. And then there are other individuals who will say, well, I love my job, but I think it's time for me to carve a little niche for myself. And sometimes individuals will stay on their jobs and have a separate business opportunity. So in this particular case, you're going to be working as a healthcare administrator. In an assisted living facility, your experience over 10 years have really gotten you. You've developed expertise in this field, you've helped your organization, and so those are the things you want to consider. The role of an administrator will mean that you're you've got that industry knowledge. In addition to that, you've gotten leadership capabilities and critical thinking as well as relationship building. You've got that ethical judgment and adaptability. So all of those are the skill sets that an administrator absolutely has to have. A healthcare administrator has to have each one of these. In order to really be considered successful in their role. So let's look at a second part of the scenario. You've also gained an appreciable amount of experience in all areas where it comes down to operations in this particular industry. You feel as though the experience that you've gained has put you in a position where you can actually pursue. Your long term goal of becoming a health services entrepreneur. You're preparing to develop a a proposal for investors, and the keyword here is you're going to be developing a proposal. The other keyword is to seek funding for investor from investors. So before you can seek assistance from potential investors, you must develop a business plan to pitch your idea. That's what you have to consider. Think about that. In order for you to get an investor to go along with your program, they have to see what value is going to be in it for them. OK, you have to pitch the idea to them. Think about that show that comes on. I don't. I know it's no longer. I don't think it's on anymore. It might be. I just haven't seen it in a long time. Shark Tank. That's one way of looking at this as this deliverable, where you're pitching your idea towards people who has money. The money that you need in order to fund your venture, right? So consider would you as an investor when you're completing this deliverable, after you've completed the deliverable and before you submit, look back over it over all areas of it and ask yourself, would you if you were an investor? Would you invest your resources into that company that you're going to be building this business plan for? Because that's what you're going to be doing. You're going to be creating a business plan. For a business, for yourself, and you're going to look at it and think of it in terms of objectively, is this something that I would invest in and why or why not? OK. So step one, you're going to research at least one example of a business plan, preferably in healthcare. There's so many business plans out there, so you don't need to go this alone. You just look for examples of a business plan. The format is pretty general. Please refer to it as a guide or a template, not something you're copying. OK, because that's going to be a problem. That's a no, no. So you're going to retrieve an example. All you have to do is Google using a key phrase. Whatever type of business that you're going to be looking to have a business plan for. So you're going to create a business plan for a new health services organization. It could be anything that you want to do a business plan for if it's assisted living, because you remember we just talked about you having that experience. Is it a dialysis clinic? Is it a Wellness clinic? Is it a nursing home? Is it a mobile clinic? All right. So any of those things, anyone of those business opportunities that you would like to create a business plan for? And as I said before, I had a student that did a non-medical, non-emergency medical transportation service, so you could do that as well. So what should be included is an executive summary. A vision statement. You're going to discuss what your organization aims to achieve. Your mission statement, where you're explaining why your organization exists. What's the purpose of your organization? Who are you catering to? A description of the business structure? Your management team, your profit status, whether it's a profit, for-profit, non-profit, whatever. Corporation. Is it a corporation? Is it a partnership? Is it a sole proprietorship? That's the legal business structure. So again, you're looking at creating that business structure. You want to discuss your management team. So if you're going to be the CEO, discuss that and that could also be your organizational chart could also be included as far as your appendix is concerned. Again, you want to discuss whether it's a for profit or a nonprofit and you want to also discuss whether it's a corporation partnership. or sole proprietorship. You want to include a SWOT analysis. This is your environmental scan. You can use a different type of environmental scan like a pestle if you'd like to, but you're going to have to have an environmental scan, a market analysis. Talk about the competition. OK, Who? Who is your competition and what are you facing in terms of setting your business aside from theirs? This is so important. Your financial plan. What does an investor want to know? How am I going to get a return on my investment? So you want to include projections. You want to have that budget worksheet. You want to have a pro forma financial statement, like your balance sheet, your income statement, your statement of cash flows. And then you want to have the appendix and your appendix. You want to make sure that you're having different. Like for instance, your organizational chart, you'll have a discussion of your organization and within the business structure part of your your your business plan. But you want to make sure that you're including the organizations, the the organization chart, OK. You want to make sure that you're including things like your real pro forma statements. The budget worksheet should be included as well as a part of your appendix. Now you want to have a discussion of those things, but you want to have a visual included, OK? All right, so there are some resources that are available to you. Those resources include writing how to write a business plan, writing an executive summary, creating a SWOT analysis. So all of those are. Available to you in the classroom. All right, so I would highly recommend. So if you want to do, let's just go back to the example of the other student where there's a non-emergency medical transportation system, right? You would want to then Google search a a business plan for it. Maybe you have some expertise in technology. technology and you want to develop an app, right? Some kind of an app for maybe checking in at the emergency department or something. Look for a business plan that's existing there because many of your business plans are already in existence because many of these businesses have already been created. I don't want you copying because everything you submit is going through a plagiarism checker, so don't do that. But I want you to pull it off, look at it just to see what it looks like. Gives you an idea. All right, so your rubric will contain the following a comprehensive executive summary. This executive summary is a brief introduction. And it summarizes the contents of your document. So your executive summary, while it shows up at the beginning of your business plan, it should be written at the. That should be the last thing you write because you're summarizing. But again, it shows up at the beginning of your business plan, but you want to write it. After you've completed all the other components so you can summarize those components, OK. So your executive summary should be concise. It should be a snapshot of your business. Second rubric criterion is your comprehensive vision statement. You know, a vision statement says what the organization wants to achieve. OK. These are examples of vision statements. Alzheimer's Association. Their vision statement is a world without Alzheimer's disease. LinkedIn. Their vision statement is create economic opportunity for every member of the global workforce. Facebook, their vision statement is connect with friends and the world and the world around you on Facebook. So the next rubric criterion is your mission statement. Your mission statement tells you the purpose, why your business exists to begin with. So it articulates the purpose of your business. In a few sentences, you want to describe what your company does and your core values. These are examples of mission statements. Sweetgreens. Their mission statement is to inspire healthier communities by connecting people to real food. Honest Tea. Their mission statement is to create and promote great tasting, healthy, organic beverages and universal. Health Services. This Their mission statement is to provide superior quality healthcare services that patients recommend to their family and friends. Physicians prefer for their patients, purchasers select for their clients, employees are proud of, and investors seek for long-term returns. All right. So your next rubric criterion is making sure that you include a comprehensive description of the business structure. Your business structure is your legal structure, which is going to be whether it's an LLC, sole proprietorship, corporation or what have you. Also, you want to include the organizational structure here. Now who's going to be the CEO and what are their credentials? OK, so all of that is going to be part of it. You want to talk about whether it's a for profit entity or a nonprofit entity. So you want to look at your SWOT analysis. You want to look at your strengths, weaknesses, opportunities, and threats. Your strengths and weaknesses are internal factors, whereas your opportunities and threats are external factors that the organization cannot control. So characteristics of strength would be what is a business, what what are the advantages over its competitors, right? What are your advantages there? Characteristics of a business which make it disadvantage? They have this. What are your disadvantages? And that's your weaknesses. And your opportunities and threats. All right. So you want to make sure that you give a clear and thorough market analysis. Your investor is going to want to know who your competitors are because they want to know who you're going to be fighting against, who you're going to be trying to get. You're going to probably try to get some market share from these. Competitors, right? But you want to make sure that you're explaining who your competitors are, what's your target market, what sets your business apart from those existing businesses. I want to also offer a clear and thorough financial plan. I cannot stress the importance of your financial plan enough. The statements that you will certainly need are going to be your startup budget, your startup work costs, your pro forma, meaning your projected profit and loss statement, your projected balance sheet. This is an example of a pro forma statement and it's very simple, right? I can be simple for your submission as well. Projected figures will be included. Be sure to include those projected figures, like in this case Bob's Bicycles. This is his pro forma income statement. Statement. So if you look at it, it's very simple, very straightforward. That's what you are going to need for your submission. This is a pro forma balance sheet here. And again, this is Adam's lawn care business. Very straightforward, very simple. This is an example of what a statement of cash flows, the pro forma for it. And again, very simple, very straightforward. But you want to include these things because this is what your investors or your potential investors is going to want to know. So the financial statement of your business plan determines whether or not your business idea is viable and will be the focus of any investors who may be attracted to your business idea. OK, just because you have a good business idea. Doesn't mean it's going to go over well when you do your presentation, because if they don't understand, the investor doesn't understand your business idea, even though it's good. If you're not able to articulate it well, then you may lose out on an opportunity to get funding for your business. You want to have comprehensive appendix. You should include some of the following graphs, charts, tables that supplement the information from other sections of your business plan. You might even include product illustrations or product packaging samples. OK. Marketing material in the organizational chart. So these are just some of the things that you might include in the appendix section because you have to have a comprehensive appendix. Now please be mindful of the time that you have remaining in this course in terms of getting this work done U through March 20th. Really important that you're pacing yourself so you're not finding yourself to be overwhelmed. Towards the end of the course and trying to submit multiple deliverables. That never works out well. Additional assistance is available outside of the live sessions, So what I tend to do, maybe you need some help with. Locating financial statements or of organizations, I would definitely encourage you to use the library resources. OK, but again, we're going to continue having these live sessions, so feel free to come with any questions there as well. You must achieve at least a two, which shows that you're competent on each of your course deliverables in order to succeed in the course. You've got to get at least a two. If you have an R, please make sure you address those Rs in advance of the course ends, because your R will automatically become an F if you don't address it. Now we've covered the final deliverable of the course, but that doesn't mean that we're going away. OK, we're going to continue to have these live sessions. But I would definitely recommend that you consider what questions you have for me because I don't. I won't have any any pre ideas, any ideas before you unless you tell me what you want me to cover. So they're not going to be anything prepared in terms of presentations. OK, so you. Let me know what you need and I can definitely prepare specific presentations. Also, at this point, I highly encourage you all to join a professional organization in order so that you're able to network and discover. New opportunities and insights in the field. I enjoy going to conferences because there's so much more that you learn, right? Student membership. Sometimes there are discounted rates and those seminars and those conferences you get to travel and meet people from all walks. Life and and they're all in your field. OK, people at different levels within the field. So I would encourage you to join a professional organization. If you have any questions, if you think of any questions, please, please, please reach out. Let me know what those questions are. I am more than happy. To work with you on these, I really do love this deliverable because it really puts you in a situation where you can benefit even beyond the classroom. So make sure you're letting me know what those questions are, and I look forward to those deliverables. Again, thanks so much for your attention in, you know, reviewing this recording. And I will see you guys back in class. Thanks so much.

Merle Point-Johnson stopped transcription