Final Project: Business Plan
Business planning is a mapping of your vision for the future of an organization. As a health care administrator, it is important that you are able to create an effective business plan. For this Assignment, you examine the following scenario and develop a business plan for the organization.
A city-based community hospital is looking at adding an urgent care facility in a rural area. Urgent care is the delivery of ambulatory care in a facility dedicated to the delivery of unscheduled, walk-in care outside of a hospital emergency department. Development of the Rural Urgent Care (RUC) facility will facilitate access to care providers through extended service hours within closer geographic proximity to patients, families, and caregivers. RUC will act to alleviate demand for emergency department services by shifting lower acute patients to a less resource-intensive environment.
This project is in response to the shift from volume- to value-based health care. Payers and purchasers are interested in improving economic efficiency by shifting utilization from emergency department to lower cost settings, such as RUC. Several competing hospitals have hired emergency department physicians, as part of their integration strategy to participate in accountable care organizations (ACO) contracts. The hospital needs to respond to the competitive situation by making a sound investment in the RUC facility that addresses both financial and economic situations. The facility will be staffed with physicians and will include a radiology suite, laboratory suite, and other health-related ventures to help the hospital grow. You must help the board develop a business plan for this urgent care unit.
To prepare for this Final Project:
•Examine the provided scenario.
•Refer to the document “Executive Summary, Overview, and Financial Data for Investment in the Rural Urgent Care Center” provided here and in this week’s Learning Resources. Analyze the background and financial data for the RUC facility.
Note: This Assignment will be graded using this rubric: Week 11 Project Rubric (Word document). The “Week 11 Business Plan Excel Template” will guide the financial analysis portion of this assignment.
The Final Project Assignment:
Using the “Week 11 Project Business Plan Template”, create a business plan (8–10 pages) that includes the following:
•Market analysis, including: ?Macro- and microeconomic implications of market competition
?ACO payment incentives to the organization
?How the RUC impacts economic efficiency
•Financial analysis, including: ?Capital requirements
?Cost per patient visit
?Pro forma, including: ?Patient revenue
?Income from operations
?Net cash flow
Note: You must support your business plan with financial documents in an Excel spreadsheet. The 8- to 10-page paper requirement, submitted as a Word document, does not include the title, Excel spreadsheet, or reference pages. Your Assignment must be written in standard edited English. Be sure to support your work with specific citations from this module’s Learning Resources and additional scholarly sources as appropriate. Refer to the Essential Guide to APA Style for Walden Students to ensure that your in-text citations and reference list are correct. See the rubric for additional requirements related to research and scholarly writing.