Financial Physician Business Plan PPT 14-15 SLIDES NOT INCLUDING TITLE AND REFERENCE PAGE

Physician Care Business Plan

Type of Practice/Location/Office Hours/Accessibility (after hours, weekends; patient mode of contacting the office – duty day and after hours)

Starting a healthcare organization requires intensive planning, that will be used to establish a highly effective organization likely to achieve what it is intended for by all means. Being a physician with an aim of starting one; therefore, I should ensure to incorporate all the important aspects of healthcare in the plan (Zuckerman, 2012).

The organization will offer medical care and assistance to people suffering from all forms of illnesses and health condition, and will be located in the state of California in Los Angeles city. Since diseases and medical emergencies are not time conscious, the organization will be operational throughout the 24 hours of a day. Other ways through which people will be able to access services from the organization apart from geographical attendance will be through telephone services, where the organization will establish customer care services, with practitioners that are well conversant with all the operations of the organization and thus will be able to address fully all issues that might be enquired about. With services being available to patients during the day and night, practitioners within the organization will, therefore, be in two sets that will cover daytime and the night shift effectively.

Mission Statement

The mission statement will guide the organization in all the activities that it should involve in to ensure that it manages to accomplish its targets and goals. The statement should be a source of motivation that reminds all practitioners within it about their responsibility and what they should be doing to achieve the organizational goal and service (Gabel, 2001). The most appropriate statement for the organization, therefore, is “striving harder and maintaining focus to manage the establishment of a healthy community, by providing quality services at a cheap cost”. This statement will always motivate all organizational practitioners and encourage them to remain focused, since it is only through them that the organization can manage to achieve its set goals and targets, or simply fulfill its vision statement.

Vision Statement

The vision statement expresses to the world the impact that an organization hopes to create or establish. My organization, being a healthcare organization that hopes to assist people with all forms of medical complications and problems, therefore, wishes to establish a society that is illnesses and disease free, and one that all people can easily access high quality, but affordable and cheap services about Heath. The most appropriate vision statement for this organization and the one that will be applicable is “Establishment of a society where medical care is easily accessed and provided in the most professional way, with high-quality regards”. This statement will act as the aim of the organization, and thus, all workers and stakeholders will strive to provide services that are of high quality and cheap.

Value Statement

The value statement describes how the organization will carry out its activities. Since the organization aims at positively impacting the society, there is a need for carrying out its activities in a way that they highly reflect the values of the society. This statement is thus mostly an assurance to the community that the organization will involve in the best practices possible while impacting the community, and will hold to the moral values of the community. The most appropriate value statement for the organization, therefore, is conforming to all community and organizational ethical code and always putting the needs of the customers first. This statement, therefore, describes how the organization will involve in its operations and how it will ensure that the welfare of the community is fully safeguarded.

Services Offered

The organization as well described earlier will offer all forms of medical services. During its starting duration, however, it will start by offering the basic medical care services that do not require high-level facilities which the organization may lack. This is because healthcare provision requires many facilities and highly skilled personnel in many diversified areas. In its initial state, it would be difficult to establish an organization that has all these resources in place all at once. The organization will, therefore, offer basic services that do not require high-level resources. It will, however, ensure that all practitioners are highly skilled to guarantee high-quality service provision. The organization will also have aims of further expansion and increasing the services it offers by acquiring new resources and much more skilled practitioners to ensure that the quality work is maintained.

Develop Standards

Standards within healthcare organizations are of extreme importance. Apart from having to assess the care needed, standards help healthcare organizations improve their operations and offer much higher quality care. The United States have many organizations that set standards for healthcare organizations. An example of these organizations among others is The American National Standards Institute (ANSI). I will, therefore, collaborate with these organizations to ensure that the care offered to patients is of high quality and much preferable. I will also assess the standards of information technology used within the organization and ensure that it is up to the required standards, to avoid circumstances like data breach which might expose confidential information of customers to the organization.

Select Accountable Care Organization Model: (IDS, MSGP, PHO, IPA, or VPO) Why?

Accountable care organization models are associations formed by physicians through which they manage to provide cheap but quality care to patients. These models, therefore, are extremely important in any healthcare organization. There are certain standards that every Accountable care organization model is required to meet. Physicians formulate the ACOs through certain models among which include IDS, MSGP, PHO, IPA, and VPO. For this organization, I would recommend a model that bonds the physicians with the organization thus ensuring that the best care provided by those physicians will always be available to all patients that seek medical care to the organization. The only model that provides this preference is the physician-hospital organization (PHO) and thus, would be the most appropriate (Cimasi, 2013).

Information Technology (what other IT will the office feature besides EMR/EHR?):

Information Technology within an organization is of extreme importance. EMR and EHR are among the most crucial systems that the organization must incorporate within its operations, there, however, exist other systems that the organization must also have in its systems among which include online information references, communication and picture recording systems to be used in filmless imaging, systems that will be used for clinical decision making and systems of monitoring patients in intensive care units among others. Most common infrastructure that will be required for these systems includes computer desktops, tablet computers, laptops, systems that can recognize voice bar-coding technology for drugs and medical devices among others (Berkowitz, & McCarthy, 2013).

Facilities Management

The management of an organization is of extreme importance. Since the organization will have many facilities and infrastructure, it will require a certain unit whose main task will be managing them. The management of the infrastructure will have a major infrastructure manager, but will also have two personnel in every department who will also be the part of this department. The department’s purpose will be assessing the most important facilities within the organization and reporting the same to other decision makers. The management will also have the task of arranging for maintenance of the facilities and ensuring that the most updated and efficient facilities that are capable of offering the highest quality care are the once that the organization uses. It will also make arrangements for any educative programs that the organizational practitioners might need regarding the use of those facilities.

Purchasing and Supply Management

The organization will have to make numerous purchase and may also have other firms where it supplies with resources or services. It will, therefore, require a section that manages these functions to ensure that they are carried out in the most efficient way. The supply and purchasing management will be done by the purchasing department whose main function will be the identification of the best suppliers who offer high-quality products at fair prices. It will be responsible for making any purchase for the organization and is still the department that will involve in any price negotiations on behalf of the organization when the need arises (Ginter, Duncan, & Swayne, 2013).

Quality Improvement and the Effective Medical Group (Identify issues requiring monitoring to improve):

Quality will be regarded as an extremely important aspect of this organization. It is only to it that the organization can act according to its value statement, mission statement and manage to achieve its mission statement. To ensure that quality services are maintained throughout the organization, a team will be formulated with the primary purpose of making regular assessments within the organization to determine the quality of care provided. The team will also make certain recommendations after every test, which will be aimed at helping the organization incorporate more methods through which much higher quality services will be provided (McLaughlin, & Kaluzny, 2004).

Opportunities, Risk, and Vulnerabilities

The available opportunities for this organization will be identified when the organization has been established. However, currently, opportunities in an organization of this sort in Los Angeles, the city with the highest population in California, are likely to be many. The huge population will provide a large number of potential customers to its services. The organization is designed to be large, and one that will require a huge amount of capital to establish fully. If therefore an unfortunate outcome occurs and the organization does not acquire customers or clients as hoped, a lot of funds and resources are likely to have been lost. This is thus the greatest risk that the organization faces.

Barriers to Success

Many hindrances are likely to hinder this organization from succeeding. To begin with, the many large and already established healthcare firms in Los Angeles like the Cedars-Sinai Medical Center are likely to impose a huge competition to the organization. Customers and clients are the main sources of capital for healthcare organizations. In case an organization lacked customers to purchase their services, then the organization is likely to lack the means of operating. The high competition in the region will, therefore, be a barrier to success. In case the organization lacks good management and decision-making strategies, then it will also have major problems succeeding.

Measuring Success

The measure of success within healthcare organizations can be made by the use of several means and methods. The main way that one can, however, assess the success of a firm is by the number of customers and clients who seek the services of the firm. The organization will, therefore, utilize this measure to assess its success level, in addition to other criteria like the ability to offer high-quality care at low prices and the ability of the organization to increase its facilities and services due to demand and when the gains are sufficient. The organization can also assess its level of success by comparing its operations to those of its most successful competitor. All these means and methods will help the organization to understand its level of success.

Conclusion

When it comes to creating a business plan for any business, especially a health care facility, it’s very important to have all the necessary steps in order. You have to be prepared for the good and bad and to be prepared to let your patients know what your business stands for. It’s also important to have a business plan for financial institutes that you may be using for funding. Business plans are in order to help the business get and maintain the ethics of the business.

References

Berkowitz, L. & McCarthy, C. (2013). Innovation with information technologies in healthcare. London New York: Springer.

Cimasi, R. (2013). Accountable care organizations value metrics and capital formation. Boca Raton: CRC Press.

Gabel, S. (2001). Leaders and healthcare organizational change : art, politics, and process. New York: Kluwer Academic/Plenum Publishers.

Ginter, P., Duncan, W. & Swayne, L. (2013). Strategic management of health care organizations. San Francisco, CA: Jossey-Bass, Wiley.

McLaughlin, C. & Kaluzny, A. (2004). Continuous quality improvement in health care : theory, implementation, and applications. Sudbury, Mass Boston London: Jones and Bartlett.

Zuckerman, A. (2012). Healthcare strategic planning. Chicago IL: Health Administration Press.

Physician Business Plan

1. Introduction

A physician’s business plan should be based on the needs of the immediate community. The services offered by this plan must be rolled up in an organized panel where both the requirements of the service providers and the patients are taken care of indiscriminately. In Los Angeles County in California, health provision has been cited as a national achievement that needs more funding and concentration to spur more success and service provision. A service provision physician will generally target a network that needs the needed basic services for a reliable society. The success of the strategic plan will base on the manner in which the various services are offered and implemented. Concisely, this is the preferred mode of a successful implementation of such program. Financial accountability, suitable fee billings, and management care contracts will help in the realization of the vision.

Diseases and medical challenges will vary from patient to the other and therefore, the physician will have to employ a reliable staff and co-physicians to contribute towards achievement of the project. Application of an organized and strategically dedicated business planning process will work towards improving the project both along short and long term lines. Preparing and using well-documented business ideals will always be an added advantage to the project. The project’s mission, vision, objectives and timeline should also be well described to counter any delays in achievement of the set goals.

2. Fixed versus Flexible Budgets

A stable and strong business plan will always depend on the understanding of the budgets applicable at any given stage of the transaction. A fixed budget does not change and assumes that factors will remain static. It therefore allows the physician to set a strong base noting the challenges faced by any project start up. On the other hand, the flexible budget is suitably recanted basing on the level of activity gained by the entity. The flexible budget will also help the physician in the financial business plan re-adjust the budget due to the nature of variability. The realization and implementation of the program will go hand in hand with a stable location. The stability of the fixed budget shall be of assistance during the actualization of any external budgeting system within the project. Therefore, the staff will need to work as a unit to balance between expenditure and benefits in a logistically easy to access manner.

3. Develop and display an Operating Budget

The operating budget must involve a detailed estimated income and expenses. The figure used in this case should be based on future sales and revenue targets during the given point in time. Both short and long-term goals should put into consideration during this implementation. A follow up, preparation, and presentation of a report will be a source to guide the management of the realization and effectiveness of the project. The operating budget rarely focuses on long term goals, therefore the budget should consist of a short term budget. The long term costs and capital outlays will then be left out during this stage in production.

The organization can then have financial plans that includes budgets linked to operational affairs and capital flows. The operating budget should be planned in relation to the available operational structure. It will help improve the other sectors related to the final target therefore securing dependable capital flows within the organization. The organization must also realize her dreams in line with the assets she (the organization) possesses. Well-informed and trained physicians will be expected to make approvals of all the medical services for the sake of comprehensively researched feedback. The patients will therefore have to make decisions depending on the advice of the physician to avoid complicating results because this may lead to more medical complications (Blesi, 2016).

4. Capital Needs and Long Term Needs

Any stable and goal oriented organization shall be developed and maintained on an itemized and well-structured format. This will eventually help the entity earn from vendor estimates, which will work in her favor. The physician will supervise the staff employed and provide order in the organization but he must have a reliable and qualified assistant in case of emergencies. Capital needs will include all funds towards the set up and implementation of the project. The capital needs should be linked to any financial institution for cases of growth and prospective increase in the network being served. The management will therefore match the long term finance related programs within the project. All commercial papers will be handled together with the promissory notes and asset- based loans.

5. Benefits Provided By The Practice

A number of benefits will be provided to the staff. Motivation and encouragement will give them the needed team spirit and increase productivity as outlined below;

i) Vacation

Employees providing the organization with the needed skills will be allowed a vacation to improve performance. The vacation will also be pinned to certain awareness skills that shall involve mentorship from professionals on the physiology section. After every twelve months, each employee should be entitled to at least two or three weeks of a standard vacation.

ii) Sick Leave

A maximum of three months sick leave to every employee will also be encouraged and implemented for the benefit of the involved partners. The employees will be the immediate persons of interest in this program that will be supervised by the Human resource manager in partnership with the medical providers (Garber, Gross & Slonim, 2010). The basic aim will be to give them a sound working environment that will assure the chief physician, the employee, and the project stakeholders a suitable ground for productivity.

iii) Life Insurance

Life insurance, also referred to as life assurance is a basic in every working class. Therefore, all the staff participating in this project shall be assured of at least a cover to assure them of any unexpected circumstances like diseases and obviously death. The family of the particular employees must be assured of a better token in case any of the unexpected occurs. The 401K retirement program shall be applied to ensure a provision of a standard investment, savings and last expense whenever need arises. The 401K is an employer’s trusted retirement package for the employees due to the benefits and reliability it offers to the general community. In case of waiting period inclusion, the period shall be applied with the employer’s needs being observed and reviewed annually.

iv) Physician Salaries

The physicians’ salaries should be as per the set standards by the national government or if there is any rule set by the county authorities in respect to the national laws and provisions. Any salary issued shall include bonuses and other benefits for example vacation fee, annual leave(s) and any emerging sick leave (Slonim, 2010). To better the services offered by the physician, trainings and seminars on financial management shall be encouraged. The salary offered must reflect the trend of economic growth and financial stability in the state of California.

v) Staff Salaries and Bonuses

The bonuses issued to staff members shall be divided into two main sections. The first one shall base on the employee’s annual productivity. The number of successful cases one shall handle and the general stall appearance and presentation at work shall determine this. The second phase shall be determined on the national laws set in relation to the percentage of annual productivity of the organization (Solomon, 2008). This will however be fixed depending on the enactments made in that particular field of engagement. Since it is a 24-hour system, each employee will be entitled to eight hours working time to allow rest and increase dedication.

Salaries to be issued will mainly carter for the betterment of the employee’s life. The Californian employment conditions do not allow discrimination of persons basing on their skin color, age, gender, or nationality. Any qualified persons shall be eligible for the available jobs basing on the current laws. The settlement on the salary allocations shall be set and all employees shall be informed of their role and expected results. To make working competitive, employees shall be involved in a bargain mode on the salaries to be offered during selection and employment.

vi) Accounts Receivable Management

All records on the receivable accounts shall be managed by the accounts department. The department must be run by professionalism for productivity. Use of a digital financial system shall be employed to spearhead timely innovation and better service delivery. At least once per month audit will be done internally and presented to the management board for review and opinion analysis. Payment of debts and salaries, preparation of invoices and statements will be considered as a source of accountability.

It will therefore be done with a high degree of transparency and accountability. The application of professionalism and social ethics plays a big role in the service industry. Olson, E. (Stanley, 2007). The services provide must therefore be financed on time and in consideration of the organization’s development plans (Jackson, J. (2006). On such a platform, it will be logical to embrace technology for a better payment process for both the suppliers of various materials and employees.

References

Olson, E. E., Stanley, K., & Coker Group. (2007). Physician recruitment and employment: A complete reference guide. Sudbury, Mass: Jones and Bartlett Publishers.

Solomon, R. J. (2008). The physician manager's handbook: Essential business skills for succeeding in health care. Sudbury, Mass: Jones and Bartlett Publishers.

Blesi, M. (2016). Medical assisting: Administrative and clinical competencies. S.l.: Cengage Learning.

Garber, J., Gross, M., & Slonim, A. (2010). Avoiding common nursing errors. Philadelphia: Wolters Kluwer Health/Lippincott Williams & Wilkins.

Jackson, J. (2006). Ethics in medicine. Cambridge, UK: Polity.

Introduction

Coding and billing is one of the major risk areas that physicians are faced with in their daily operations. This is because many physicians rely on other external companies and staff members to process their medical bills without further reviews to determine how correct the payments are before submission to clients. Some of the billing and coding mistakes might include; billing for services that were never rendered, Creation of wrong bills or duplication of bills, up coding of bills like billing for a service that is not covered by Medicare to a covered service in its place, inefficient internal controls, inappropriate evaluations and coding and unlawful collection practices (Abbey, 2008). Mostly, they do not sufficiently oversee the medical practices on billing and coding patterns hence they end up receiving payments which might not be accurate. This might damage their relationship with the clients not to mention the amount of money it can cost their office. In order to manage this risk, physicians therefore need to use this business plan as a strategy to reduce coding and billing errors in their medical reports through efficiently monitoring and auditing of all medical documentations.

Mission Statement

To be the best medical consulting firm committed to providing efficient medical practices that saves on client’s money by including Medicare covers in our billing. We intend to be a one-stop medical provider availing all our clients’ medical practice administration functions under one roof by 2020.

Vision Statement

To become a premier medical consulting firm globally that exceeds the clients’ expectations.

Human Resource and Staffing Practices

It is of paramount importance that all the physicians and office staff follow these policies to ensure smooth flow of patients wasting less time and efforts as possible. The main theme is to provide a well organized environment for easy accessibility by clients as well running of operations. These five office policies are a must be followed or else get ready for trouble.

1) Efficiency

The goal of all the office staff and medical practitioners will be to ensure there is efficiency in the interactions with the patients. For instance, they will ensure all bills reflect only services that are rendered in the center and Medicare insurance covers will only be billed against covered policies. The firm will install efficient internal control systems that will ensure all receipts are printed timely and correct records are kept for audit trail. Professionalism will be applied in handling clients and all consultations provided will be timely, private and efficient. Regardless of the numbers, patients will not be left waiting since there will be adequate number of office staff and physicians to serve them. Moreover, there will be a biometric system installed to ensure patients will not cross each other’s paths but rather first come first served.

2) Protective Heath Information

All the medical consultations to the doctors will be held private and confidential at the discretion of doctors. The medical records and documentation of individuals that include; patient forms, insurance statements, lab reports, prescription forms and all other patient related records will be well protected in the control systems providing limited access to only authorized personnel (Ackerman, 2007). Every staff member will be trained on the Health Insurance portability and Accountability act (HIPA) about private rule of patient’s information confidentiality as it applies to the practice. Access will be limited to personnel with passwords and all computer backups copies secured and locked up safely. Businesses outside the practice will have limited access to patient’s information and legal measures taken against any unauthorized access. In addition, all patients will be made aware of all their rights in the medical centre through well explained brochures available at the reception desk.

3) Practice objectives and philosophy

Patient satisfaction is our main concern. All patients will be handled with patience and utmost professionalism. For insurance policies, only covered Medicare will be treated and billed for by our systems hence cases of cheating will not be tolerated. The success of the firm will depend on the retention rate of our patients hence all physicians will be highly interested on the patients progress step by step and ensure all complains are taken care of in advance. High levels of hygiene will be observed and protective measures of ensuring all contagious diseases are handled under quarantine protection to ensure no further infections.

4) Management and Delegation

All our office staff and medical practitioners will be well acquitted with their duties and responsibilities on how to attend to patients. Doctors will only be authorized to perform licensed procedures they are qualified for. Delegation of duties will be observed according to duties and areas of specialization to ensure the assistants handle the telephone calls, make appointments, send statements to patient and attend to all the various duties related to the business side of the firm. These will ensure that the doctors and nurses focus fully on the patients and ensure full recovery without unnecessary outside interruptions.

5) Policies and procedures

For smooth and efficient practices, all procedures will be carefully planned and followed for timely decision making. Doctors will focus their attention to the requirements of the patients and ensure all necessary measures are taken on time for full recovery of the patients. All necessary equipment will be made available under the doctor’s requisition.

Social Media/Marketing Efforts to Recruit Employees

The firm will use strong marketing and social media campaigns that will convey our mission and vision to better the Medicare sector and make the process of recruitment and retention of physicians a lot easier. Once the brand is out there and becomes well known, many professional candidates will be on the lookout for job vacancies advertisements trough our online website, Newspapers as well as recruitments website and will pursue the firm for opportunities. Social media will play a key role on the way our patients access our medical services through tweet posts, instagram and face book sharing of videos on YouTube how a typical day at the center is like hence attracting more patients as well as physicians to be part of the clinic. Innovative marketing strategies in healthcare will be implemented ensuring special case medical requirements by clients will be taken care off at affordable prices (Lefebvre, 2013). Tweets and retweets through the hash tag will lead to global awareness of our brand and make heart clinic the outstanding place to work. Patients will be able to ask all sorts of medical related questions and get answers from our professional’s through those tweets directing them to our website for more clarifications that would therefore end up at the clinic.

Staying Ahead Of Competition

Heart clinic will use the latest technology equipment, internal control systems and facilities to ensure all patients are attended most efficiently and on time. The maximum use of the social media will ensure all clients are well aware of our services and the affordable rates associated with them. First we will find out what really matters to our clients; know who they are what they want and the products that motivate them. Focusing on our clients need is our main objective and will only be achieved through expanding our offers on products like providing free internet access within the clinic. We will be able to expand our target markets through advertisements or online sales of our products diversifying our services that will result to increased customer base. Our services will also be readily available within a call and answer required services will be at their door step. We intent to invest in the latest technology follow consumer trends and keep up with developments in the sector and that way we will be always ahead of our competitors.

Internal Cost-Cutting Measures Implemented

The firm will use improved supply chains and use suppliers that deliver more frequent small batch deliveries that will reduce cash tied up in inventories and the amount of space used for internal warehouse (Sox & Huth, 2009). Reduced working hours will ensure less cash is spend on financing overtime hours hence employees will be able to have sufficient time with their families boosting their morale at work as well as reducing costs. Well planning and communication will ensure that all patients do not extent their stay in the hospital and all errors that might delay them are prevented and patients are discharged as soon as they are ready to go home. Reducing unnecessary delays in billing will work a great step towards cost reduction. The clinic will ensure there is a proper billing procedure in place that will reduce delays and ensure no voluntary giving away of revenues due to improper bills. There will be a clear outline of process to follow in the billing department to ensure all claims are handled immediately without delays.

Expansion Efforts

The heart clinic is further investing on constructing a new facility that will change the face of the firm. The firm will spend on $150 million plus to build a cancer care unit that will be the best modernized facility in the region. Moreover, more specialized medical practitioners and facilities costing millions of dollars will be required hence advance planning on capital requirements and sources will be made. More diversified products will be provided in future that include a variety of medical cover policies like dental care, optical care and special needs patients will be taken care of in the clinic expanding the services offered.

Financial Plan

The finances required having the clinic up and running will be sourced from all the stakeholders savings for start. In additional cash will be sourced from the firms retained earnings and debt financing through long-term bank loans since the interests payable on the principle amount will be a tax allowable deduction.

Future Goals and Implementation Plan

Heart clinic has a plan to develop a physician contractor in future. The plan is to develop database software that will keep track of all physicians’ contracts and review their payment data enabling the firm to develop and maintain a good relationship with the independent physicians (Wootton, 2009). Physician’s contract will be handled in a timely manner and contract review process will be used to uncover all potential compliance issues.

References

Ackerman, L. (2007). Blackwell's five-minute veterinary practice management consult. Ames, Iowa: Bla

Lefebvre, R. (2013). Social marketing and social change. San Francisco, CA: Jossey-Bass, Wiley.ckwell Pub.

Sox, H., & Huth, E. (2009). Landmark papers in internal medicine. Philadelphia: ACP Press, American College of Physicians.

Wootton, R. (2009). Telehealth in the developing world. Ottawa, ON: International Development Research Centre.

Abbey, D. (2008). Compliance for coding, billing & reimbursement. Boca Raton: CRC Press.