CLC EMR Business Plan-Executive summary - Essay Example

? CLC EMR Business Plan-Executive summary Executive summary In the current constantly advancing business world, the need to have a well-strategized business plan is one of the most essential elements for the success of any company or organization (‘Focus on your business plan’, 2012, p. 11). That is, organizations all around the globe are doing all their best to promote their competitive advantage in their respective industries. To be specific, hospitals and other institutions all around the world are fighting tooth and nail to remain up to date with all major technological advancements that influence their success in the health industry (Rochelle and Courtney, 2010). It is hereby clear that for any organization to triumph in the current and future status of different industries, technology has to be in the forefront of the day-to-day operations (Kate, 2012). In this sense, this paper aims to provide a market plan for promoting the adoption of Healthland EMR software via an account of Inner City Care LLC. To ensure that the business plan succeeds in promoting the targeted area of concern, this paper is divided into five major sections (Rochelle and Courtney, 2010). The first section analyses the background of the company that this paper aims to lay on its major marketing strategy. This is followed by a thorough analysis of the market that this industry dwells on. Thirdly, a well-planned sales and marketing strategy is described to clarify how exactly the business is going to promote its competitive advantage. This is then followed by an operational plan that clarifies the operational phases that this plan will put into close consideration. Lastly but certainly very crucial, it is the financial plan, which entails a clear and well-described set of concepts on the financial operations of the company. Inner City Care LLC, which is, a profit focused private organization offers high-tech medical services has a great vision towards full adoption of technology in its daily activities. The hospital section of Inner City Care LLC, composed of more than 700 employees and 300 physicians has been doing great work in achieving the company’s business objective. The most vital operations of these health care activities are at the companies two main areas concern, namely, the Inner City Care Hospital (ICCH) and Inner City Care Clinic (ICC) (Rochelle and Courtney, 2010). In addition, recent acquirement of 4 satellite clinics create a clear background of how the company’s focus has greatly benefited from technology (Kate, 2012). To be brief, Inner City Care LLC is made up by a membership of thirty (30) people whom have enjoyed the fact that the company has an expansive customer base. That is, through its technologically focused health care services, the company has created a great customer base, which keeps on expanding day in day out. This great background of Inner City Care hospital has played a huge in ensuring that a more strategized business plan has to be in place to guarantee the company’s vision. The chief vision at Inner City Care LLC has been to create a full service medical centre along with clinics. This is to ensure that Inner City maintains its focus on the use of technologically advanced medical services and advanced learning and research opportunities for the respective stakeholders (Rochelle and Courtney, 2010). Essentially, this vision has been playing a very huge role the partnerships between the company and other education institutions. This is to provide a platform for novices and other advanced members in the industry to get well prepared to be successful in promoting the globally accepted standards of high-tech health care professionals. Among some of the most notable advancements in the United States’ health industry is the use of Electronic Medical Records (EMR) systems (Rochelle and Courtney, 2010). Several health care organizations are taking advantage of the fact there is a large number of software development companies that deliver these products and at quality standards. President Bush’s initial legislation of 2004 to require adoption of EMR within 10 years began the rapid growth of the industry. As indicated by Kalorama Information, the use of EMR systems had been highly on the increase. This is because the systems have greatly promoted the day-to-day operations of different health care companies in the United States of America. Additionally, it is vital note that competition in the development of these systems has resulted in reduction in the number of companies that dwell in this business (Kate, 2012). This business plan paper goes ahead to addressing the subject of market analysis, which is highly critical in promoting the company’s goal of being very competitive in the industry. Due to the need for smoothening, promoting efficiency ensuring accuracy in the processing of hospital data and daily operations by the caregivers, the adoption of the EMR gained a huge lift (Rochelle and Courtney, 2010). On this basis, the plan has laid great emphasis on the notion of target markets where it clarifies that vital variables have to be closely considered in defining the markets (‘Focus on your business plan’, 2012, p. 11). Geographic segmentation on the need for the EMR systems has further indicated as the best way forward in analyzing the market. As aforementioned earlier, technology has been one of the leading area of concern in the daily operations of different health care stations all around the globe (‘Focus on your business plan’, 2012, p. 11). Thus, the market segments have been noted to be undergoing significant growth every time. A large number of hospitals all around the globe are moving towards the EMR advancements. Although majority of the consumers are not individual parties, the importance of the systems has guaranteed the fact that consumers have a very positive attitude toward the product. In essence, since the development and necessity of the EMR systems is constantly growing both in United States’ local markets and the internal market, it is clear the market is totally under a great rise (‘The Patient Connection’, 2011, p. 7). The company’s revenue is defined by the sales cycle and three main cost consideration areas, which include the start up costs, optional costs and annual costs. At the early years (2010) of the introduction of EMR, the trend has a lower great rate. However, since the product offers sensible and quality services, the trend has been gradually increasing and it is anticipated that by 2015 the market trend will recording highly increasing positive levels. The competitive aspect of the industry clarifies that six major software development companies are top the profile of competitors. The industry has a monopolistic type of competition where there are many producers selling the EMR products. The top most competitive company in this industry software industry is Greenway PrimeSUITE (Kate, 2012). Using a concept in the strategy clock, low price strategy guarantees a high level of competitive advantage in delivering the product. The third section of this business plan, sales and marketing strategy, emphasizes the need for the HealthLand EMR system to be customizable enough for ensuring that it is fully compatible to all user needs (‘The Patient Connection’, 2011, p. 5). To achieve a stable sales base in the current wide EMR market, a thorough research about custom-made solution is very crucial. This is aimed at gathering the best customer or user requirements thus aid in coming up with a highly satisfying solution. In essence, this sales and marketing strategy enhances customer trust and loyalty thus promoting the company’s sales volumes. As part of the sales and marketing strategy, the key benefits behind the HealthLand EMR system will be highlighted for users (‘Focus on your business plan’, 2012, p. 11). The system shuns off any human errors thus removing the risks of patients suffering from human errors that happen in hospitals. In addition, since the EMR system is a standardized product that is available as both stand-alone and web based applications, it greatly promotes efficiency in the day-to-day health care activities. In fact, this system provides an excellent platform for users to share information and other ideas while there information flow has a high degree of confidentiality, integrity and twenty-four seven (24/7) availability. To ensure that the product is available to a very large customer base, transactions will be conducted online. That is, customers all around the globe will be able to access, pay for and download the product while at their organizations or offices. The internet along with retailer and wholesaler ads will be used as very crucial advertisement modules for this product. The fourth section sheds light on the operational of the HealthLand EMR for Inner City. Firstly, it is crucial to note that the system is aimed at bringing in efficiency to the hospital. This by enhancing a smooth information flow, perfect monitoring of health maintenance activities, reducing medical errors among others (‘The Patient Connection’, 2011, p. 6). To achieve the goals in the implementation of the HealthLand EMR system, as indicated in the main business plan paper, this section has analyzed seven vital stages that act as the key to the success of the system. Lastly but certainly not the least, this business plan has laid great emphasis on the financial plan. This ranges from the financial resources through a cash flow statement to sensitivity analysis. This information is well explained in the business plan. Essentially, the plan goes ahead to providing a significant set of appendices that clarify the operations of HealthLand EMR system (Rochelle and Courtney, 2010). In fact, the appendices a birds eye view of how this business plan has great chances of being successful the health care industry (‘Focus on your business plan’, 2012, p. 11). Finally, project plan is developed and as indicated in the figure below, it plays a very important role in ensuring the plan goes on step wisely and meets the targeted business goal of being competitive in the industry and making significant profits. References Kate, T 2012, Pharmacy informatics aids cancer center care, American Journal of Health-System Pharmacy, Vol. 69 no. 24, p2125-2125. 5/6p. Retrieved from http://ehis.ebscohost.com.library.gcu.edu:2048/eds/detail?sid=0f9547c9-a2f5-43cd-b3b2-720866a7b96f%40sessionmgr14&vid=1&hid=6&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#db=a9h&AN=84388347 Rochelle, B and Courtney, G 2010, Implementation Of Electronic Medical Records: How Healthcare Providers Are Managing The Challenges Of Going Digital, Journal of Business & Economics Research, Vol. 8 no. 6, p73-84. 12p. Retrieved from http://ehis.ebscohost.com.library.gcu.edu:2048/eds/detail?sid=85e25fb9-d2d3-4eee-a1f2-546c0760b753@sessionmgr111&vid=2&hid=105&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ==#db=bth&AN=51545919 ‘Focus on your business plan’, 2012, Enterprise or Salt Lake City, Vol. 42 no. 19, p11-11. 1/2p. Retrieved from http://ehis.ebscohost.com.library.gcu.edu:2048/eds/detail?sid=02c41354-9ce2-46c3-87b5-37bf2f1f9e8b@sessionmgr111&vid=2&hid=105&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ==#db=bwh&AN=85112349 ‘The Patient Connection’, 2011, Marketing Health Services, Vol. 31 no. 4, p5-7. 3p. 1 Color Photograph Retrieved from http://ehis.ebscohost.com.library.gcu.edu:2048/eds/detail?sid=3fa2a061-3b4a-4dda-a5a4-85daf47de254%40sessionmgr15&vid=1&hid=6&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#db=bth&AN=67523941 Read More