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Business plan: Elizabeth Jones Nursing Practice

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Executive Summary

The core aim of the business plan is to seek support for the establishment of an independent practice as a nursing practitioner. The mission of Elizabeth Jones Nursing Practice is to deliver quality care to patients through commitment to nursing standards and ethics. Innovation and technology will be embraced to enhance clinical practice and continued improvement of health to the patients and the community. Evidence-based practices will be applied to as the key to success for the entity. The practice will uphold the philosophy of respecting the dignity, upholding human rights and delivery of holistic care to the patients. The scope of service delivery will be client centered through the promotion of compassion and professionalism.

Business Description

Elizabeth Jones Nursing Practice will be a primary and urgent care setting clinic to persons of all ages within the area. The business model will be sole proprietorship with consideration for partnership in the future. The clinic will be based in Washington where nurses have the ability to work without the supervision of a physician ([email protected], 2016). The office will be partitioned to ensure privacy for clients. Additionally, there will be a parking area for eight vehicles within the building to serve the clients.

Quality care will be provided by competent staff equipped with the latest technology and within reach of a referral hospital to enhance care provision to the patients. The practice will be open for 24 hours to allow access at all time. All employees will work on shifts of six hours in a day to prevent burn out and ensure patient safety by avoiding errors due to exhaustion (Rogers, et. al, 2004).

Financial analysis

The practice will cost $83,000 to start up that will be generated through personal financing and bank loan (Figure 1). Key fees include an application for a license at a fee of $88 with a renewal fee of $96 annually (DOH, 2017). It is a fundamental necessity for nurses to acquire a malpractice license due to the risky nature of the role they play. Lawsuits against nurses cost billions of dollars a year and to be safe against such, an approximate fee of $3500 will be paid as insurance premiums (Mello, Chandra, Gawande, & Studdert, 2010).

Rental fee for adequate space will cost $3,500 per month with an additional $1000 for utilities. The startup fee will cater for the acquisition of furniture, computers, stationary and remodel the office space according to legal health standards (Figure 2). Supplier negotiations will be done to ensure credit days are allowed particularly in the beginning when cash flows are not consistent. Good relations will be maintained to ensure payment within the set period.

Understanding the needs of the clinic in staffing is critical in the provision of quality service. Part time staff should adequately cover the full-time employees (Reeves, 2002). Staff will initially consist of me as the independent nursing practitioner, three nursing assistants rotating the shifts, two receptionist, and a part-time nurse who will assist in case one person fails to come to work. As the business grows, additional recruitment will be done.

Washington has a huge population, and thereby the target marketing has extensive coverage. Adequate marketing through a momentous opening ceremony that will publicly make its presence felt and brand portrayed to the people. Marketing materials will be polished and factual to give information to all potential customers as it is key in the performance of the organization (Wirtz, Tuzovic, & G. Kuppelwieser, 2014). Educational materials will be provided, and the team will participate in events to ensure market penetration. It is anticipated that 15 clients will be served in a day generating revenues of $2500 per day which is sustainable for the practice generating a monthly income of $75,000 that translates to a net gain of $30,000 (See figure 2). Below is the summary of the financials.

Summary of financials

Elizabeth Jones Nursing Practice

Start Up Fees

Initial Setup Costs

 

 Amount

Furniture and Fittings

 

$5,000

4 Computers

 

$2,000

Hospital Equipment

 

$20,000

Remodeling office space

 

$5,000

Nursing Licence

 

$88

Malpractice Insurance

 

$3,500

Branding and Marketing

 

$2,000

Monthly Expense (As below)

 

$44,770

 

TOTAL EXPENDITURE

$82,358

Figure 1: Startup fees

Elizabeth Jones Nursing Practice

Statement of Financial Income

Projected Income

   

Revenues from the practice

 

$75,000

     

Monthly Expenses

   

Office Rent

 

$3,500

Primary and urgent care fees

 

$5,000

Utilities

 

$800

Staffing Costs

   
 

Independent Nursing practitioner

$6,250

 

Three Nursing Assistants

$25,920

 

Receptionist

$1,500

Printing and stationery

 

$1,000

Accounting Fees

 

$250

Legal Fees

 

$250

Continuous Education Fee

 

$300

   

$44,770

 

NET INCOME

$30,230

Figure 2: Statement of financial income

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