Business plan service
Part one
- What is most important to my business success?
Many factors matter for my business success. The most important ones have a sound strategy, having a product and service that is marketable. The people within the business should make sure that the plans, policies, and processes are well executed to make the business successful. Also, to get the company off the ground, it is essential to learn to adapt to new changes in the business world and be innovative to remain competitive in the market.
- Market factors that influence the financial performance of the business
Competition– competitors in the business industry keep on launching new products and doing expansion into other new markets. It is imperative to keep an eye on what the competitors are doing (Lesonsky, 2015). It gives someone a hint of new threats that might come up or even new opportunities.
Technology changes in the industry-It include trends that are transforming in the industry (Lesonsky, 2015)—for example, keeping track of the new technology tools that can help the business to be more productive.
- Steps that can be taken to improve the market share of the business
Staying ahead of competitors- It entails making sure that you are always offering something better than that of the competitors. This can be achieved through innovation as part of the business marketing strategy (“5 Effective Ways to Increase Market Share Online”, 2020). Innovation ensures growth when focused on addressing consumer needs. It keeps customers around the business hence increasing market share.
Having a unique brand position in the market means that the business can address customers’ needs in a unique way that no other company can (“5 Effective Ways to Increase Market Share Online”, 2020). Doing so helps in maintaining the business’s current market share and increasing it over the long term.
- Payer sources that will impact my organization
Private funds– This includes funds paid directly by individuals. It can be informed of checks, cash, money order, or card.
Medicaid– It helps people who have financial resources that are limited. It can cover personal care and costs of nursing that is long-term.
- The payer source that brings the best revenue is private funds. This is because money is received directly, and therefore there will be no lengthy procedures to follow to receive the funds.
- Highest cost categories/centers that will impact the business
Cost centers in the business do not add profits directly, and they still cost the business money for their operation (Agrawal, 2020). The cost centers impact the business by increasing operational efficiency through customer service and increased product value. They help the management to use resources in the right way. Some of the cost centers include:
Service and production cost centers- Service cost centers deal with rendering services to the production cost centers while production cost centers engage in converting raw products into finished goods.
The operations cost center includes machines that are used in the production process and people who carry out the production activities.
Personal cost center- It consists of people like sales or operational managers in the business.
- How financial position will impact the financial decision-making process for the business
The financial position plays a critical role when it comes to financial decision making, for the business to come up with any decision, it has to analyze the financial statements because they assist in ascertaining viability when it comes to aspects related to financing (Education & Education, 2020). For instance, regarding decisions on labor personnel, the business’s excellent financial position means that it can recruit persons who are skilled in running the business. Also, decisions on cost and pricing will be affected by the finances of the organization.
Part two
- The role of Finance in the Health Care system. Resources available to better understand Finance. My role as a DNP in relationship to the role of Finance in the Health Care System.
The primary role of Finance in the healthcare system is managing funds and risks to achieve the organization’s financial objectives (Marcinko & Hetico, 2014). A healthcare system that has robust financial management plans can provide excellent healthcare to all patients. Some of the resources available to understand Finance are internet, printed journal articles, and books. DNP in the healthcare system must understand all intricacies of budgeting healthcare insurance, among others. In financial management, a DNP should have the ability to develop and manage operating budgets.
- The role of Accounting in the Health Care system. Resources available to better understand Accounting. My role as a DNP in relationship to the role of Accounting in the Health Care System.
Accounting is essential to ensure that the healthcare organization is running at its full potential. It helps in understanding the revenue cycle management (Angie Walters, 2018). The payments received have to be monitored, payrolls prepared, pay bills, and so on. Some of the resources available to help understand accounting better are Quickbooks, Sage, and Xero. They help in managing invoicing, bookkeeping, and reconciliation among more. The role of DNP in the accounting healthcare system can be collecting patient co-pay, tracking claims, and ensuring that coding is done accurately.
- The role of Micro Economics in the Health Care system. Resources available to better understand Microeconomics. My role as a DNP in relationship to the role of MicroEconomics in the Health Care System.
Microeconomics is essential when healthcare wants to make choices among the limited resources that are available. It is an essential aspect because it ensures efficiency. In the case of supply and demand, microeconomics serves as a foundation of price determination. Also, efficiency is in the usage of resources is ensured using the available resources (Meyer, n.d.). Some available resources to help understand microeconomics better are OCW – MIT Economics, books on microeconomics, and online courses. The role of a DNP can help in choosing the best alternatives during decision-making in the healthcare facility to ensure efficiency.
- The role of Macro Economics in the Health Care system. Resources available to better understand MacroEconomics. My role as a DNP in relationship to the role of MacroEconomics in the Health Care System.
Macroeconomics is essential in determining factors like income levels and the population’s age structures to plan its operations (Meyer, n.d.). Macroeconomics is also applied in analyzing the direct fiscal implications that impact long term sustainability of resources. The labor force is also influenced hence affecting productivity and human capital formation. Some resources available to a better understanding of Macroeconomics are macroeconomist textbooks, journals on economics, and magazines, among more. The DNP can help in planning and forecasting macroeconomic factors that may affect the healthcare system like the changes in national productivity and interest rates.
- The role of Government Regulation in the Health Care system. Resources available to better understand Government Regulation. My role as a DNP in relationship to the role of Government Regulation in the Health Care System.
The federal government plays an essential role in regulating the financing of healthcare systems. This is achieved by encouraging residents to acquire health insurance (“Role of Government: International Health Care System Profiles,” 2020). The government also ensures the quality of healthcare services like safety and quality of pharmaceuticals. Some of the resources available to understand government regulation are government website on healthcare regulations, government and healthcare magazines, and periodicals and printed books. The role of DNP concerning government regulation is to establish a coalition that is effective to obtain legislative and regulatory approval of the healthcare policy agenda. DNP’s advanced knowledge and skills can also be utilized to address policy intervention to ensure effective patients care.
References
5 Effective Ways to Increase Market Share Online. Webfx.com. (2020). Retrieved 4 June 2020,
from https://www.webfx.com/internet-marketing/how-to-increase-market-share-online.html.
Agrawal, M. (2020). Cost Centre: Definition, Types, and Purposes | Cost Accounting. Your
Article Library. Retrieved 4 June 2020, from https://www.yourarticlelibrary.com/cost-accounting/cost-centres/cost-centre-definition-types-and-purposes-cost-accounting/74314.
Angie Walters, C. (2018). The Role of Accounting in Healthcare Management.
Blog.gppcpa.com. Retrieved 4 June 2020, from https://blog.gppcpa.com/blog/the-role-of-accounting-in-healthcare-management.
Education, H., & Education, H. (2020). How does Finance Impact Business Decisions? |
Henry Harvin. Henry Harvin. Retrieved 4 June 2020, from https://www.henryharvin.com/blog/impact-of-finance-on-business-decisions/
Lesonsky, R. (2015). 4 Market Factors You Should Monitor for Business Success. Business
Trends and Insights. Retrieved 4 June 2020, from https://www.americanexpress.com/en-us/business/trends-and-insights/articles/monitor-market-factors-business-success/.
Marcinko, D., & Hetico, H. (2014). Financial management strategies for hospitals and
healthcare organizations. Taylor & Francis.
Meyer, D. (n.d)The economics of health.
Role of Government: International Health Care System Profiles.
International.commonwealthfund.org. (2020). Retrieved 4 June 2020, from https://international.commonwealthfund.org/features/government_role/.