As a culminating project this assignment has two parts: an executive summary and a project plan created in Apple Merlin (MAC). Use the information and data gathered for your Business Plan to complete this assignment.
Write an executive summary of the Business Plan.
Write a project plan in Apple Merlin.
Prepare this assignment according to the APA Style.
Include permalink on the references.
Plagiarism MUST be less than 10%.
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TYPICAL BUSINESS PLAN MODELS
INTRODUCTION
Business plans form an integral part of running an organizational operation. All types of organizations need business plans to help in the running of their activities. In this regard business plans act as guide that tells organizations where there are going where they are and what they ought to do in order to reach where they are going(Szycher Ph.D 2014). There are several types and categories of business plans but the four main ones are the operating business plan expansion/growth business plans startup business plan and the lean business plan.
OPERATING BUSINESS PLAN
Operating business plans are one of the most important type of business plan. It is a times referred as internal business plans as they tend to be more detailed in terms of the various operations that the business is to undertake(Sahay 2009). Internal business plans are meant for internal usage as they contain important dates that various activities have to be accomplished various milestones managers that have been assigned to oversee specific tasks plus their deadlines. Information is this plans can be presented in any form such as diagrams bullet form among many more.
It is important also to note that these plans tend to focus on portraying an organizations best practices such as key operational lines as well as customer service. In addition they are also prepared to highlight areas that might need an improvement. Finally but not least they are often used to finalize or rather formalize an organizations strategy goals corporate culture as well as identifying specific values(Kaplan & Warren 2009).
GROWTH/EXPANSION BUSINESS PLANS
These types of business plans are mainly developed targeting a specific product specific market segment or for expansion purposes. For instance if a business plan has been developed for specific product then it is a growth business plan. Growth or rather expansion business plans tend to be sub plans that may even be carried out under one department alone.
For the case of this plans it is important to note that they are specifically meant to improve a companys product portfolio or their market segment. The reason why separate plans are need for such actions is due to the fact that undertaking such tasks may make a company deviate from the current operations.
START-UP BUSINESS PLANS
The initial step of starting a business involves coming up with a startup business plan that will act as a blue print to direct the company in the infantry stages of development. Such business plans are not only needed for direction but they are also indispensable in seeking finance. It is important to note that most startup business plans are lean so as to reduce operational expenses during the initial years when the business is yet to break-even. Such plans thus contains projected costs breakeven sales and milestones that have to be achieved after some period.
LEAN FINANCIAL PLANS
A lean business plan is simply a plan that has been developed to reduce or minimize the costs as well as wastage as much as possible. They are meant to facilitate faster production of goods and services at the least cost possible. Such plans help in setting a business strategy in the simplest way possible while offering insightful directions to be followed.
THE STRENGTHS AND LIMITATIONS OF THESE MODELS.
Operational plan always keep illustrations orderly and to make comments to emphasize the ideas that has been proposed with evidence of its successful projected application and cover all the key points and explain the ideas from concept and mission statement through financial forecasts method. In addition operational plan is extremely important in realigning management to the goals and objectives of an organization. Last but not least operational plans are very illustrative and therefore gives enough guidance to the users of such plans how best to execute their mandate.
The lean plans is mostly preferred by a good number of recipients because the plan can be read easily and can be understood easily in addition it can be transferred quickly as they tend to small in volume. With such effectiveness they are preferred by many recipients as they are easily interpreted the plan by reading anytime they feel like doing so thus eliminating the cost that are incurred in advertising and other marketing strategies of the items or products
LIMITATIONS
Business plan models tend to suffer from limitations such lack of homogeneity. These therefore means that they might be unreliable especially where competition is intense particularly while dealing with similar products and services in the market. Furthermore developing business plans is time consuming thereby making the process to be tedious. Consequently it is common to note that some business plans are not fully developed towards the last chapters. Such scenarios then become the undoing of most of these organizations. Change in the administration regulation or the international law may interfere with some of the models. Financial constrain is a major limitation since conducting research on how to come up with a business plan consumes a lot of resources and may cost the organization a lot.
THE BUSINESS PLAN MODELS IN APPLE MERLIN.
Apple merlin focuses on project plan designs tracking the status of undertakings assignment of capital and managing budgets. The business plan includes the following checklist for tracking purposes project budgeting resources allocation Gantt chats project mapping work breakdown structures designs etc. this is a software company that must design the business plan by employing a well-structured strategized ideas due the overwhelming competition from other players in the market.
Business plan therefore varies from one organization to another due the variation in the business environment objectives goals financial strategy the market trends level of competition economic trends government regulation international law etc.
In nutshell the four modeled business plan is not comprehensive compared to that witnessed in the Apple Merlin as a result of the variation in purpose mission and vision and the goals which varies relatively.
The lean plan is the best for the electronic medical recording because the presenter may choose to use graphs charts symbols while presenting the plan to the audience or the investor. Secondly the presenter can provide handouts so that the audiences can jot down some notes about the effectiveness of the medics. Thirdly the presenter is able to set a limit time so that the audience dont fall into the track of boredom(Kaplan & Warren 2009). Lastly the presenter can perform the exercise by designing slides that are efficient visible and more precise and brief for the audience or the customers. This will fully capture the attention of the target people or investor.
In addition it also encourages the target person to ask questions concerning the medical items and gives the presenter to explain more about the business plan objectives and how much it will work best to deliver to the expectation of the target person it also gives time to the audience to get quick response as the presentation proceeds.
CONCLUSION.
In conclusion business plan is a important factor for investors and financiers in order for them to make proper decision making or judgments before allocating funds for a given business because the plan captures all the factors both in the internal and external environment. Choosing the right model will make an investor achieve the goals set at the specified time frame.
References
Kaplan J. M. & Warren A. C. (2009). Patterns of Entrepreneurship Management. New Jersey: John Wiley & Sons Publishers.
Sahay. (2009). Entrepreneurship and New Venture Creation. Excell Publishers.
Szycher Ph.D M. (2014). The Guide to Entrepreneurship: How to Create Wealth for Your Company and. New York: CRC Publishers.
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Business Plan
Table of Contents
Section 1 Business and Industry Profile3-4
Section 2 Product and Service Description5
2.1 MEDITECH Product Description5
2.2 Features of MEDITECH..5-6
2.3 Federal and Local Regulations6-7
2.4 Collaborative Solutions…8-9
Section 3 Operational Plan.10
3.1 Selection of Vendor.10
3.2 Staffing for Design…..10-11
3.3 Space Requirement for Main Equipment11
3.4 Workstations for Clinicians……..11-12
3.5 Staff Training..12-13
3.6 Physician Training..13-15
3.7 Methods and Benefits of Physician Training………15-16
3.8 Future Support….16-17
3.9 Integration with Current Electronic Data Sources..18-19
3.10 Cost of Implementation and Maintenance.19
3.11 Culture..19-20
3.12 Literacy.20-21
3.13 Implementation.21
Section 4 Market Analysis.22
4.1 Target Market…22
4.2 Hospital Staff22
4.3 Market Need.23
4.4 Competition….23-24
4.5 Market Growth Rate..24
4.6 Internal and External Marketing…25
Section 5 Financial Analysis…26
5.1 Financial Benefits..26
5.2 Earnings Figure26-27
5.3 Cost Benefit Analysis27-28
Section 6 References..29-30
Appendix A..31
Section 1 Business and Industry Profile
Patient centric features in the MEDITECH enable financial departments to scan and retrieve specific patient data. This can be linked to the business departments database for easier billing purposes. In a financial application the patients information can easily be sought without wasting mush time in searching papers. In addition scanned documents do not need physical space for storage. MEDITECH may contain digitized pictures of paper records close photographs of alert systems for the case X-shafts and EKGs. In the United States MEDITECH has made EHR approaches holding the ability to shape established structure when interconnected. Specific EMR shippers over U.S. have changed their responsibilities into EHR answers as the remedial affiliations group (News n.d.)
MEDITECH is a pushing thought starting from getting impressive records on paper copies- moving to mechanized comprehension records and starting late being gone ahead as an Electronic Health Records (EHR) structure. Suitable execution of MEDITECH partners in diminishing honest to goodness overheads that may show the fundamental concern inclines for government-managed savings suppliers. Despite this it may get a handle on expanded pay through the sensible usage of purposes of excitement fulfilling the most significant number of patients being gone to (News n.d.). Regardless the nonappearance of measures for the progress of EMR methods has made shifting EMR follows in the business area that needs blend and interoperability among themselves.
MEDITECH approaches make paperless relationship over the personal affiliations industry. This kind of relationship empowers and creates a united patient vault. The records gotten by the easy usage of MEDITECH in helpful affiliations practices can be used for various purposes for the event cautious thought association look at only systems quality change and get planned of reimbursement. A study conducted by Harvard Medical Academy in 2008 showed administrative computerization may get a handle on saving 5% of the total helpful affiliations spending or $100 billion in the United States. This is done by decreasing deficiently sorted out events for case unfavorable solution times obliging bumbles and wounds of interventions including office snatched sicknesses. Also abuse of emergency divisions and pointless asking for of clinical and radiology tests result in loss of $55 billion which could be saved by the use of EMR systems at human affiliations sharpens (Meditech news n.d.).
Section 2 Product and Service Description
2.1 MEDITECH Product Description
An electronic health record (EHR) is a digital copy of a patients paper chart (What is an electronic 2013). Electronic health records contain medical and treatment histories of patients which can be available instantly to users who are authorized to access the information. MEDITECHs electronic health record is built by physicians who understand the needs of healthcare providers. MEDITECH allows healthcare providers to transform healthcare with the ability to use innovative tools. The EHR benefits healthcare providers by maximizing productivity providing mobile solutions providing evidence-based decision making and physician-driven implementation.
2.2 Features of MEDITECH
MEDITECHs electronic health record maximizes productivity by taking patient care to another level. MEDITECH can be used in various settings like the office the clinic the hospital and home. This EHR allows providers to personalize screen settings which allows providers to look at all the information that is needed in order to assist with informed decision making (Physicians first n.d.). Data can be organized and a personalized method for documentation can be chosen either by voice template or a combination of the two.
MEDITECH EHR can be used as mobile solution. It is designed for tablets and can run on any device. With just a swipe or tap patient information can be accessed anywhere and everywhere. MEDITECH is web-based which can be retrieved fast and has a flexible touch interface. It can be personalized based on practice by using a variety of widgets and the views can be custom-built to match anyones workstyle (Physicians first n.d.).
There is expert content that is embedded in the MEDITECH EHR that assists in clinical decision making. This allows providers to treat patients more effectively and safely. The choices that are made by providers are supported by best practices which includes evidence-based order sets rounding lists clinical panels and specialized templates that is already available in the system (Physicians first n.d.).
MEDITECH accessed on tablet (Physicians first n.d.)
2.3 Federal and Local Regulations
MEDITECH follows the current federal and local regulations (EHR solutions n.d.). It is constantly keeping up with changes and requirements. This is part of their ongoing development process which ensures the electronic health record makes the grade. Regulations are supported with ARRA/Meaningful use. The American Reinvestment & Recovery Act (ARRA) includes measures on the infrastructure of the Health Information Technology for Economic and Clinical Health (HITECH) Act (Meaningful use introduction 2012). The HITECH Act supports electronic health records which is led by the Centers for Medicare & Medicaid Services (CMS). HITECH proposes the meaningful use of electronic health records in the United States health care delivery system as a national goal. In 2014 MEDITECH participated in the CMS and ONC EHR Test Program. This confirmed that all participants of MEDITECH EHR would be able to exchange patient information electronically among providers who are eligible (EHR solutions n.d.).
MEDITECH supports regulations with support of HIPAA. The HIPAA Privacy Rule establishes national standards to protect patients medical records and any other personal health information (The hipaa privacy n.d.). There are privacy rules that need to be followed when health care providers conduct health care transactions electronically. MEDITECH offers security and privacy functions as well as support for ARRA security requirements which is necessary in breach notifications.
MEDITECH EHR provides tools that will allow organizations to keep patients safe and meet The Joint Commissions 2016 National Patient Safety Goals (EHR solutions n.d.). Customers who use MEDITECH receive the support that is needed in order to meet these guidelines. These guidelines are set for organizations to improve quality of care by identifying patients correctly improving the communication between staff improving the use of medications safely improving the safety of clinical alarm systems identifying safety risks of
patients and preventing mistakes that can occur in surgeries (The join commission n.d.).
2.4 Collaborative Solutions
MEDITECH collaborates with many vendors in order to integrate healthcare solutions for their customers. They have integrated clinical financial technical and operational solutions into its EHR. First Databank (FDB) is a part of the clinical content that has been integrated into MEDITECH. First Databank provides MEDITECH customers with dictionaries that can identify drug interactions and monograph information that is needed when using MEDITECHs Pharmacy solution (Collaborative solutions n.d.). First Databanks drug monograph is used when medication is being administered. This enhances patient safety when patients are receiving medications in the hospital or clinical setting. Medications are checked by using the patients medication profile in MEDITECH while using the FDB knowledge base. MEDITECH has collaborated with various hardware vendors. Cisco which is a leader in technology offers healthcare solutions to improve workflow. Cisco Unified Computing System (UCS) uses Intel Xeon processors which is the next development of the hospital data center. Dell is a trusted partner of MEDITECH. Dell has more than 4000 hospitals who have been supported with their transition to MEDITECH EHR (Collaborative solutions n.d.). Dell has PowerEdge Servers that allow MEDITECH applications to be accessed faster and can be used efficiently. MEDITECH has partnered with EMC which offers various storage backup and disaster recovery solutions. EMCs Healthcare Solutions organization provides comprehensive service and support during the planning and implementation of EHR (Collaborative
solutions n.d.). Hewlett Packard (HP) International Business Machines (IBM) and NetApp are other vendors that MEDITECH have joined with in order to create a positive change for customers when MEDITECH EHR is being implemented.
Patient education is an important part in healthcare. MEDITECH uses EBSCO Publishing which provides evidence-based information for patients (Collaborative solutions n.d.). Discharge instructions are integrated into MEDITECHs departure process. This provides information that is easy to understand for patients who are being discharged from the hospital. ExitCare is an Elsevier company that is integrated to MEDITECH as well. It provides prints videos and interactive solutions that can be used for patient education and discharge instructions (Collaborative solutions n.d.). ExitCare can be used in many different healthcare settings and includes many languages. This can improve workflow reduce hospital re-admissions and increase patient knowledge.
Section 3-Operational Plan
3.1 Selection of Vendor
MEDITECH is the EMR vendor of choice because it is affordable and easy to use. The program interface is used by over 2300 companies around the world. With MEDITECH the hospital and clinics will be able to have universal access across the spectrum which will create smoother transitions between the continuum of care. This clinically integrated network has real-time data. The shared mobile patient-centered online electronic health record was designed by clinicians to be as user friendly as possible.
EPIC
MEDITECH
Amazing Charts
Patient Portal
Cost
1000-25000 a month
3x Less than Epic
$200-$700 per provider per month
Clinicals
X
X
Revenue Cycle
X
X
X
Eprescribing
X
X
IT Staff
X
Figure 1. Feature Analysis (Medved 2014)
3.2 Staffing for Design
The hospital/clinical Marketing director will be responsible for putting together promotional material for external marketing such as brochures door handle signs posters advertisements post cards and flyers. These types of marketing devices are the easiest to be consumed by the varied age demographics at the hospital and the clinics though out the city.
3.3 Space Requirement for Main Equipment
Since MEDITECH uses web-based technology there is no need for a large amount of space for hardware requirements. MEDITECH has developed browser-based solutions that allow users to access information from any browser (EHR solutions n.d.). Current wireless routers can be used around the hospitals and clinics to access MEDITECH using a web browser. In order to access MEDITECH a hardware vendor hardware integrator system technology and a hosting service provider is needed. The hospital and clinics will use Dell PowerEdge Servers that will allow for faster access of MEDITECH applications (Collaborative solutions n.d.). Dell MSite will be used as a hosting service that will be managed by MEDITECH Hosting Solution. Citrix a cloud company will be used as the system technology which will enable mobility and provide speedy access to information on the EHR. The hardware integrator that will be used is CloudWave which will implement data center technology virtual desktops and help with backup and disaster recovery solutions (Collaborative solutions n.d.). Using MEDITECH web-based technology will save space and current equipment that is already available can be used.
3.4 Workstations for Clinicians
Clinicians will be able to access MEDITECH EHR using desktops laptops tablets and personal devices. Current workstations that already have desktops and laptops do not need to be replaced. In order to help with mobile solutions 5-10 tablets will be purchased for each department that is involved with direct patient care and clinicians. This will improve current workflow as well. Different clinical departments throughout the hospital will have instantaneous access to real-time patient information (EHR solutions n.d.). Present results documentation and medication conflicts will be available for clinicians who depend on this information (EHR solutions n.d.).
3.5 Staff Training
Once MEDITECH EHR is ready to be used staff training is a necessary component of the implementation process. All clinicians and other users will go through extensive training. Doctors will have separate training from other users since they will use more features of MEDITECH. Since MEDITECH will be implemented in the hospital and four other clinics the training process will take about a month to complete. The departments in the hospital consist of Medical/Surgical Telemetry Obstetrics Pediatrics and Emergency. There will be representatives from each department who will be trained as super users on the program. These representatives will form a new department in the hospital who will help in the implementation process of MEDITECH. With their knowledge they will be able to teach those in their department. They will also serve as the gate keeper if there are every any updates needed. They will be responsible for the training of the staff in their department and attesting for their skills with the new program. Once training is complete a proficiency exam needs to be taken by all staff to ensure knowledge and understanding of EMR.
All users will be required to attend a training class that will last three hours and will be divided by clinical department. The super users will train a maximum of ten employees at a time. Dividing the classes based on clinical department will allow for ease of training and navigation of MEDITECH applications that are customized for each department. MEDITECH has created a READY implementation plan that can serve as a guide when providing staff training (EHR solutions n.d.).
Rapid adoption will give clinicians and other users individual support that may be needed when using the new system (EHR solutions n.d.). Dedicated teams will provide special training sessions for individuals who may need more time learning how to navigate and use MEDITECH EHR.
3.6 Physician training
End-user training for doctors and other restorative suppliers must be clear thoughtful easier to be understood and use to guarantee effective execution realization end-client fulfilment and suitable in utilization of the EMR. Inability to do as such might bring about patient security quality and productivity issues and additionally doctor disappointment. Critical viewpoints to consider are doctor engagement timing curricular configuration appraisal of capability and acknowledgment.
End-User Training is a crucial component of electronic medical record (EMR) execution and regularly experiences insignificant institutional venture. Free-message remarks from learners concentrated on length of time and timing of preparing the learning environment nature of the teachers and specificity of preparing to their part or office. Based upon member input and institutional experience best practice proposals including doctor engagement curricular outline and appraisal of capability and acknowledgment are recommended for future supplier EMR preparing programs. The EMR creators unequivocally should prescribe the production of coursework to gathering suppliers by regular work process (Software n.d.).
The extent of the project is to prepare all credentialed suppliers to utilize the new EMR for particular work processes; including staff group doctors colleagues and occupants. The preparation group comprised of eight instructional planners who are in charge of the preparation content preparing setting creation and training of the end-client mentors for their given application for example wandering inpatient radiology and so on. Likewise works intimately with the suitable application group to comprehend the specialized improvement of every work process and to give ease of use criticism from a learner’s point of view. The doctor lead works intimately with the preparation administrator to decide the structure substance and logistics of supplier preparing (Meditech n.d.)
3.7 Methods & Benefits of Physician Training
Because of the order of the American Recovery and Reinvestment Act of 2009 there has been an ascent in the quantity of government interests in projects that increment EMR adoption EMR (Pantaleoni Stevens Mailes Goad & Longhurst 2015). The Health Information Technology for Economic and Clinical Health Act bit of this jolt law will give installments to suppliers that show they have achieved the standard for important use. This will drive more doctors facilities to embrace EMR. However they have had diverse encounters in receiving electronic medicinal records.
There are a few stages that should be taken so as to receive electronic medical records.
The benefits of a necessity incorporate consistency of end-client learning base and the fortification that the correct preparing is required to accomplish fancied effectiveness and patient security. Another choice to be made by an association is regardless of whether the doctor preparing ought to be required preceding acquiring security access to the new EMR (Pantaleoni Stevens Mailes Goad & Longhurst 2015).
3.8 Future support
There will be IT staff on campus who will be available and IT staff available remotely. This is an IT staff consisting of eight members who are all trained on the MEDITECH program and have been granted access to all areas of MEDITECH. The IT staff will be able to provide support for the main hospital and clinics. Since MEDITECH reduces the reliance on interfaces it makes information easy to maintain and the IT staff will be more at ease during the transition (EHR solutions n.d.). MEDITECHs dedicated team will be available once MEDITECH EHR goes live (EHR solutions n.d.). They will be available to help with the transition answer any questions the IT staff may have and help solve any issues that may arise.
3.9 Integration with Current Electronic Data Sources
Electronic Medical Records (EMR) are the business standard in medicinal records administration. We can integrate the EMR with other existing electronic data sources (imaging laboratory dictation billing quality software systems by using the latest technology and new methods of business by using the software that is used for connectivity by means of the Data Sources and the EMR. We can actualize EMR framework with computerized reinforcements and makes a straightforward and simple to-use electronic medicinal record for your therapeutic office imaging focus or healing center that takes into account a smooth move when facilitated by our master usage group. Our skill in biomedical clinical innovation informatics empowers us to keep up a far reaching restorative records framework for our association at a commencement expense. The electronic medical record is an electronic record of an individual’s wellbeing. It is an extremely basic for EMR & EHR to be utilized reciprocally notwithstanding the basic contrast to communication is the Interoperability of an EHR.
Electronic medicinal records are the archives made by the social insurance office which records what happened amid a patients’ visit to that human services office. Without appropriate usage of EMR frameworks electronic wellbeing record frameworks cannot legitimately be made or actualized. Appropriately coordinated EMR frameworks will diminish the open door for medicinal record blunder. MEDITECHs customization of a facilitated EMR takes into account your patients’ record in any case their first arrangement in a way that fits your office. Managerial staff can make the individual’s EMR upon their initially planned visit and start an effortlessly open record that tracks your patients the distance from organization to billings. With advanced preparations and professional backing we can guarantee that all staff will see how to utilize the framework appropriately considering paperless and secure capacity for patient records. As a component of a healing facility’s patient wellbeing arrangement research center administration set elevated expectations for dispensing with mislabeled examples. The doctor’s facility’s medical caretakers were resolved to accomplish those elevated expectations and keep staff work process streamlined (Burton Anderson & Kues 2004).
3.10 Cost of Implementation and Maintenance
Exchanging to an Electronic information framework information system is a noteworthy undertaking. It requires an adjustment in work process finding a dependable EHR seller putting capital in equipment and programming changing over records and preparing staff. The monetary and period costs change contingent upon the degree of the clinical & managerial capacities to be overseen by the framework. Costs likewise depend on whether the framework is obtained by and large rented or leased. The time that the doctor spends entering information at every patient experience likewise should be considered. This might be just a few minutes for each patient yet might be a noteworthy deterrent to the boundless usage of the framework given most clinicians’ tight time plans (Meditech news n.d.).
3.11 Culture
As with any new project implementation there is a change of morale that takes place within a work environment. This is expected with the implementation of EMR in our hospitals and clinics but we are hopeful that any loss of workplace morale can be avoided to help encourage and gather those around the implementation of a new and very beneficial project. Some things that we can expect to positively change within the culture of the hospitals and clinics is the physician-to-patient relationship. Having the patients information already taken digitally the physicians and nursing staff are able to really talk with the patients. This can help clinicians and patients understand and determine what treatment options are best. A negative aspect that can affect the physician-to-patient relationship is the fact that all of the patient information will be web-based. Physicians and clinicians will have access to this information on tablets and will carry them from patient to patient. Reading information from a tablet forces physicians and clinicians to make less eye contact with their patients potentially making patients feel less welcomed and unimportant. We can look at ways to avoid doing this during implementation testing phases.
3.12 Literacy
Another potential concern that comes with the implemen