Healfast Health Center & Nursing Home - Essay Example

? Business Plan Healfast Health Center & Nursing Home Mot Restoring health and hope to the Sick Prepared by: Mike Heal Health Center Owner 6305 Hamilton Lebanon Rd. Monroe, OH 47068 Phone (513) 538-6385 Fax (513) 538-6900 mikeheal@dobrozsifh.com Presented to: Monilend Commercial Bank November 5, 2011 Statement of Confidentiality The confidentiality of this document is has necessitated its presentation only to the individual to whom it is directed with strict observance that its important and private content will not be disclosed whatsoever or discussed rather to any third party other than in circumstances and scenarios that such disclosure or presentation will lead to fulfilling of the objectives of the document. Since it is issue under strict confidentiality and privacy the recipient should ensure that this is upheld at all cost failure to which legal actions may be taken. High risks are involved in investment of new and small businesses especially within the healthcare industry that demands a lot of privacy and confidentiality. Notably, these high risks are also associated with high rewards. Businesswise, investment with high risks in most cases have higher rewards that those with little or no risk. Speculations and potentiality of various investments especially the health industry within United States of America are subjected to various aspects of not only the market but environmental factors affecting such an industry. Moreover, this is a plan strictly providing information whilst soliciting for adequate funds to help in saving lives. As such this document is far from being a prospectus or an invitation to share subscription. All projections done within this plan provides an overview of the future health market.. The eventual outcome may be more or less favourable than that portrayed. Table of Contents Executive Summary Health is an important aspect for a growing and developing population. USA is struggling to ensure accessible healthcare facilities and services to all humanity irrespective of social, economical, or sexual orientation. There have been ongoing discussions for the recently upgraded Medicare and Medicaid that ensure accessibility of healthcare services and facilities to all citizens. With a healthy nation, USA is likely to have potential personality to achieve its set objectives, goals and aims as well as experience an increased in the living standards and life expectancy of individuals. Ohio is also struggling to ensure enough healthcare facilities and services to meet citizen’s health needs. In particular, Monroe town requires additional healthcare facilities and services. The following is a plan outlining a strategy by which Healfast Health Center will define and dominate a new perspective of providing healthcare services and facilities to residents of Monroe town and to the extended United States of America. In a bid to be the best amongst existing healthcare facilities within Monroe town, the proposed health center and nursing will have caring for the elderly who have been rejected in the society. By being a nursing home to the elderly other than the sick is likely to create more opportunities for Healfast Health Center and Nursing home. This plan outlines how the ‘about to be formed’ health center and nursing will take up such opportunities and many more in a bid to not only meet forecasted targets but also to surpass the same. Moreover, this business plan will also outline how the aforementioned services are going to be achieved within both short and long time whilst trying to explain acquisition of competitive advantage over its competitors. A business must have driving factors such as the mission, vision, and objectives. The mission, vision, and objectives of the proposed health center and nursing home is included within this plan. Analysis of the Healfast Health Center and Nursing Home coupled with its organizational culture provides a better understanding of the business. The philosophy under which this health center will operate is “holistic, coordinated, efficient, and effective patient care is based on scientific and ethical principles, research findings, experienced-based intuition, and cultural understanding”. This philosophical statement will be elaborated on in the following discussions. On a different perspective, this plan outlines the proposed health center and nursing home, which is going to be a non-governmental institution thus a private limited company. From the philosophical statement, the plan also analyzes the available opportunities through researches and their findings. Making the business progress requires many good opportunities, entities for collaboration, as well as the market. This business plan will discuss the creation of such opportunities through enhancing competitive advantage. Further on the plan provides a description of marketing strategy applicable in counter acting its competitors especially the already established. Identification of customers is discussed under marketing strategies coupled with marketing segmentation whilst attempting to enhance health status for women, men, children, and the elderly hence the four market segments. The target market is discussed in this section as well. In addition, this plan discussed management and operations of the service business that Healfast Health Center and Nursing Home will engage in with a view of meeting needs of the aforementioned market segments. A vivid description of competition within the industry is provided in order to develop better strategies for enhancing competitive advantage. In this regard competitive edge and sales strategy to follow identified buying patterns are also outlined. In conclusion the plan provides a financial breakdown for start-up capital. This will be the amount asked from the Monilend Commercial Bank. A formal request for finding coupled with appendices forms the last piece of this plan. I. Mission, Vision, Philosophy, Core Values, & Culture Mission and vision statements are vital for organizations as they do not only provide direction but also framework within which operations are carried out. They help in understanding companies and organizations much better with the best insight. In addition, core values define how organizations and companies will be able to incorporate all stakeholders within the business. Culture defines the diversity in stakeholders and how their unique needs will be attained in order to foster development and mutual understanding. Mission: The mission of Healfast Health Center and Nursing Home is to be the leader in provision of high quality health services and facilities as well as compassionate, quality, holistic, coordinated, and efficient care whilst focusing on unique needs of patients and their families. The health center and nursing home will grow to be the leading providing in healthcare industry through efficient and effective services not only on Monroe, Ohio but within America. Vision: The vision of the health center and nursing home is to be the first successful healthcare provider that encompasses all specs of patients without specializing on only one form of disease. This is attainable through providing variety of high quality health services with well the best facilities in the state, well trained, and experienced personnel at the most affordable rates. Philosophy: The health center and nursing home’s philosophical statements is, holistic, coordinated, efficient, and effective patient care is based on scientific and ethical principles, research findings, experienced-based intuition, and cultural understanding. Core Values: Healfast Health Center and Nursing Home cares about; Our Patient: Various needs of our patients and their families form the basis of our services. Our Team: In Healfast we have the commitment of fostering a community characterized with respect, collaboration, and positive communication. Our Hospital: All the practices carried within this health facility reflect the vision of the hospital that concentrates on leading, teaching, and caring. Our Community: The proposed health facility will be driven by dedication to serving people of Monroe, Ohio State and its environs whilst honoring unique needs of citizens. Our Profession: This health facility will be committed to excellence in treating variety of diseases as well as providing nursing care to elderly thereby creating a culture of lifelong learning having the possibility and capability of integrating evidence-based practices, research, as well as professional development. Culture: Achieving set mission, vision, objectives, and aligning services to the provided philosophical statement requires a culture highly characterized by healthy work environment, learning, research, and commitment of fostering a community of respect, collaboration, and positive communication. This is going to be the culture of Healfast Health Center and Nursing Home, HHCNC. The healthy work environment will be ensured through provision of better working equipment to the employees with good pay in turn promoting hard work amongst them. The main concern of this proposed health facility is to restore life and hope to the sick as proposed by the motto, which is attainable through a culture of providing better services and more especially customer service. II. Company Description Healfast Health Center and Nursing Home is a comprehensive type of health facility with capability of providing treatment to all diseases especially the contemporary stubborn diseases for example cancer. Healfast Health Center and Nursing Home provides unique services from other health institutions, which only concentrate in particular forms of illness. Monroe town has been on the verge of a problem where a patient with multiple health complications my have to be moved across many states in search for different experts in certain fields. Located at 47068 Monroe, Ohio State along 6305 Hamilton, which is along the Lebanon Rd, Healfast Health Center and Nursing Home, will provide various health facilities through its competent and experienced health practitioners in various fields. The operations are scheduled to begin on September 1, 2012 with the months of November 2011 to August 2012 for construction process. Healfast Health Center and Nursing Home is to be a non-governmental organization, which is a private limited company since its shares will not be offered for sale to the public. Mike Heal, the owner and entrepreneur of Healfast Health Center and Nursing Home will be the sole owner of all the shares of the company whilst also being responsible for managerial practices within the healthcare institution. Mike has a PhD in Medicine with specialization in tropical diseases. As a result, he brings so much skill that extends from medicine to entrepreneurial part. This is why he has been able to come up with a proper structure of starting up a health facility that will be beneficial to many Americans especially those living within Monroe town in Ohio State. This will be an exceptional healthcare facility though with stiff competition from Cedarview Health Care Center, Loveland Health Care Nursing and Rehabilitation Center, Senior Independence, and Mason Health Care Center amongst others. III. Opportunity Analysis and Research Ohio State is ranked as the seventh most populated state in USA with a population of approximately 11.5 million people (Monroetownship-miamicounty-ohio.com, 2011). Like many other nations, the USA death rate has been on the increasing note every year according to research conducted of late. In Monroe, the death rate has significantly been increasing as a result of limited services within available medical care facilities. Amongst the aforementioned health care centers there is no one that provides variety of health care services to patients. Consequently patients suffering from multiple complications have to be transferred from one hospital to another thus loosing their lives in the process. This has necessitated establishment of health care institution that provides holistic heath care services encompassing variety of diseases thus minimize movement of patients from one hospital to another and in the event reducing deaths arising from the same (Monroeohio.org, 2011). It is very sad that the youth and strong people are the ones that die at this faster rate with the elderly being left alone hence creating a need for nursing home as well. This will surely provide better market for the Healfast Health Care Center and Nursing Home. Many people in turn are getting disappointed and demoralized when they, in real sense as supposed to have hope and life restoration. Though there are several heath care centers within Monroe town, none of them provides holistic patient care as well as nursing services to patients hence motivating Mike in starting up such a facility. What’s more, most of the available services are done at higher rates, which cannot be accessed by low-income earners. This is against the wish of President Obama’s reign to have accessible health care to every American. For this reason Tesler and Malone (2010) confirm that Medicaid and Medicare have been enhanced to ensure equality in healthcare. Most of health care facilities providing affordable heath care only do so for some specific forms of diseases and not the contemporary contagious ones. Of late cancer has been taking away lives of individuals as a result of few centers that have the capacity to reduce its impact of treat it during earlier stages of development. For the centers that provide cancer screening and treating, the service is done at very high costs that people in the middle and lower classes cannot afford. Another example is the nursing of elderly, which is done at Loveland Healthcare Nursing and Rehabilitation Center though not seriously developed. In order to attain all these aspects of human health there is need for not only equipment but well trained and experienced personnel. In this respective, Healfast Health Center and Nursing Home is in the event of recruiting experienced doctors and other healthcare practitioners from all specs of medicine. Research indicate that with all these facilities under one roof helps in reducing mortality resulting from movement of patients from one place to another (Monroeohio.org, 2011). In addition, the Healfast Health Center and Nursing Home will provide nursing facilities to the elderly. Such nursing facilities will provide better care and nutritious diet to prolong their lives. It will also provide proper treatment and medical check. This will significantly reduce mortality amongst elderly people resulting from poor attention. Qualified nurses for taking care of elderly will be one of our priorities. In addition it will have a funeral home to help in providing funeral services to patients not lucky enough to come out alive. IV. Market Strategy and Plan A. Identification of the customers Market segmentation is the best way in identifying the clients and their needs in order to enhance efficiency and effectiveness in providing healthcare services. The four five main segments identified within this business include, children, men, women, elderly, and the dead people coupled with their friends and relatives. Though buying behavior of Americans vary with age there is no doubt that with healthcare one is able to do all that is possible in order to restore life and add hope of seeing tomorrow and the day after (Asubonteng, Tucker & Munchus, 2006). B. Market Segmentation Statistics from Monroe town indicate that the region has a family percentage of 76% with an average age of 39.7 years old. Market segmentation in this regard will be based on age, living status as well as sex. Under age there are three segments, the young, mature, and the elderly. On the other perspective using sex we have female market and male market. With regards to living statues there are two segments; the living and the dead. Combing age, sex, and living status there are five main segments that Healfast Health Center and Nursing Home will focus on (Asubonteng, Tucker & Munchus, 2006). The divided market is segments based on a combination of age, sex and living status has the following five segments: The Children: Children require specialized treatments, which significantly differ from the other segments. In any case, diseases contracted by children are far much different from those contracted by adults and elderly. Therefore, it is important that services conforming to children health be provided. The Women: Unlike their male counterparts women are usually considered weaker hence the need to have specialized treatments. In any case, there are certain diseases that can only be found amongst women and not men. For instance, cervical cancers can only affect women and not mean. In addition, women also require specialized care especially during their pregnancy. Consequently, there will be a section for women and also for maternity care. The Men: This is not really a lucrative market based on market research since men are always considered to be stronger hence are exposed to fewer diseases. What’s more, just like women mane also have certain diseases identifiable only with them. For instance, prostate cancer can only be found amongst men. This means that there will be a wing dealing with men diseases just like there will be a wing for female diseases. The Elderly: This group has been ignored for a long time yet they face so many challenges that require some attention. Healfast Health Center and Nursing Home will be the first health provider institution proving holistic health services to the elderly as well. The services will include love, care, and regular check up. The Dead: It is true that most hospitals within Monroe believe that having a funeral home within the hospital is a way of discouraging the sick making them think that they have come to a place where their lives are going to end. C. Marketing Strategy Our main marketing strategy applicable in enhancing competitive advantage is through provision of wide variety of healthcare facilities and services (Asubonteng, Tucker & Munchus, 2006). Proper promotional and corporate social responsibility will also enhance marketing. V. Management and Operations Healfast Health Centre will engage the best management systems with most of the workers being highly trained, qualified, and experience. Life is very precious hence cannot be gambled with at all cost. Competitive advantage will be obtained through provision of not only a wide variety but also of high quality (Tesler & Malone, 2010). In addition, the services will be provided at low costs hence affordable to many patients irrespective of income size. A. Analysis of the service business to be implemented Falling ill is the main set back in growth and development. Most healthcare providers within Monroe provide universal services that includes Laboratory testing and prescription of drugs to cure a disease Referrals in cases where they are unable to handle Provision of pre-natal and post-natal care to pregnant and lactating mother Providing ambulance services for emergence cases B. Competitive Edge Healfast Health Center and Nursing Home is one of the best homes to be started in Monroe. It will provide wide variety of quality health care facilities and services to above mentioned market segments that have diverse and unique needs. VI. Financial Analysis and Projections This analysis and plan aims at getting a loan of $ 1,840,000. Our start-up expenses of $325,000 and asset purchases of $1,515,000 are to be financed by loan Start-up Funding Amount in $ Start-up Expenses to Fund 325,000 Start-up Assets to Fund 1,515,000 Total Funding Required 1,840,000 Assets Non-cash Assets from Start-up 585,000 Cash Requirements from Start-up 1,212,500 Additional Cash Raised - Cash Balance on Starting Date - Total Assets 2,353,000 Liabilities and Capital Liabilities Current Borrowing 1,840,000 Long-term Liabilities - Other Current Liabilities (interest-free) - Total Liabilities 1,840,000 Capital Planned Investment Owner 585,000 Investor - Additional Investment Requirement - Total Planned Investment 585,000 Loss at Start-up (Start-up Expenses) (325,000) Total Capital 260,000 Total Capital and Liabilities 2,100,000 Total Funding 2,425,000 VII. Funding Request and Exit Strategy Starts up costs of health care facilities are much higher than businesses of the same size. Other than buildings and equipment that are up to standards, there is need for qualified and experienced doctors and other healthcare practitioners such as physicians, pediatricians, laboratory attendants, and others. This will require a lot of money. We are therefore requesting for a funding of $ 1,840,000 repayable in a period of 60 months. The amount is to assist us get the required material for the start of the business. We shall repay the amount together with the interest required. On a straight line basis without the inclusion of the interest rate we are sure to pay the following amount. Amount borrowed $ 1,840,000 Period of repayment 60 months Monthly repayment 1,840,000 / 60 months = $ 30,666.67 per month Once the amount is paid up we shall be glad to be a member of the bank. All our proceeds shall be used through your good bank. We therefore humbly request for the financial assistance to help us achieve the objective and promote the lives of the people of Monroe by giving the family members of the deceased a good consolation and ensuring that the deceased is given the best send off by the people he or she loved. We are proud to be associated with you and we look forward to doing business together. References Asubonteng, P., Tucker, J., & Munchus, G. (2006). Medicare health maintenance organizations an industry analysis for the elderly in the USA. Journal of Health Organization and Management, 10(1), 59-59-66. Monroeohio.org (2011). Monroe, OH Nursing homes and skilled nursing units. Retrieved on November 5, 2011 from http://www.ourparents.com/nursing_homes/ohio/monroe Monroetownship-miamicounty-ohio.com (2011). Monroe township Miami County, Ohio: Welcome to Monroe Township. Retrieved on November 5, 2011 from http://www.monroetownship-miamicounty-ohio.com/ Wang, W., Lin, C., & Chu, Y. (2011). Types of competitive advantage and analysis. International Journal of Business and Management, 6(5), 100-104. Tesler, L., & Malone, R. (2010). "Our reach is wide by any corporate standard": How the tobacco industry helped defeat the clinton health plan and why it matters now. American Journal of Public Health, 100(7), 1174-1174-88. Appendices Appendix 1: Financial Requirement Item Cost Estimate/Actual Start-Up Expenses Accountant Fees 1500 Expensed Equipment 2500 Financial Institution Fees Identity Set/Stationary 3000 Insurance 5000 Legal Fees 10000 Licenses/Certificates/Permits 1000 Marketing Materials (cards) 2000 Payroll (with taxes) 2000 Professional Fees – Other 2000 Travel Utilities 1500 Web Fees 2000 Other Total Start-Up Expenses 32500 Start-Up Assets Cash Balance for Starting Date Equipment 25000 Furniture & Fixtures 30000 Leasehold Improvements Cars Rent Deposit Signage 3000 Utility Deposit 500 Other Total Start-Up Assets 58500 Total Start-Up Requirements 151500 Appendix 2: The required assets for Funeral Home Item Quantity Cost Equipment Hearse 1 100000 Removel Van 1 35000 Embalming Table 1 2000 Removal Cot 1 1300 Prep Table 1 900 Embalming Pump 1 800 Church Truck 1 1000 Prep Stuff 1 2500 Cooler 1 8000 Other Costs Start-Up Investment—TOTAL $242500 Cash Reserve $121250 Total Start-Up Investment + Capital Reserve $363750 Appendix 3: The Work plan and how the activities will be done PROJECT Nov’11 Dec’11-Jan’12 Feb’12 Mar-Aug’ 12 Drawing the plan Collection of the materials Seeking for funding Purchase of the assets Building project inception Doing a market research for determination of the demand level Getting the required people in time to begin business Registration of the company Read More