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30 Cards in this Set
- Front
- Back
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What are the components of an internal analysis?
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Mission, vision, and value statements
Assessment of strengths and weaknesses Performance outcome measures (ie. financial or pt care related) Benchmarking & employee productivity Input from across organization-- input from stakeholders & employees |
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Questions to ask yourself when doing an internal analysis?
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How can we leverage our strengths to achieve our goals?
What is the competitive advantage that we have or can have? How can our weaknesses by minimized? |
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Benchmarking
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Look at a good bsiness and figure out whaty have that you don't
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If starting a practice for the first time, what must you consider?
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1. Skills you have that set you apart
2. Strengths/weaknesses 3. Business skills (may need business advisors, but need to know enough to not get robbed blind) 4. What makes you more competitive (specializations) 5.. What resources do you need 6. How will you manage finanaces a) What financial resources do you have--properties, donators, ect b) What loans do you need? What type of interest can you get? |
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People you may need when starting a business?
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Lawyer (contracts)
Marketing pro Accountnant Receptionist (Andrew Ross) Relationship with a physician for referral source |
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What does the Business plan contain?
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1. Executive summary - abstract at begining with cover sheet
2. Table of contents 3. Elements of the business plan, including: The business, Financial data, supporitng documentation Should be about 15 pgs |
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Laundry list of things ot include in "the business" part of the business plan
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Description of business (ie. for profit, co-owner--organizational form used)
Product/service and why it will be profitable New, take over, or expansion Demand for services When will open, location, space needed How services benefit customers and who are your customers Why is location desireable? Is it accessible? Are there market shifts or population shifts occuring? Is market large enough to expand? Pricing strategy Nearest 5 competitors and how there business is Stengths/weaknesses of competitors |
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What things do you includ ein the "Financial data/mgt" part of the business plan?
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Income projections (profit and loss statement)
Line of credit analysis Assumptions upon which projections ere made Profit? 15% is reasonable profit Statements of cash flows (Do you have sufficient resources so you can cover debts during accts receivable periods) Assets and liabilities |
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Accounts receivables
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Provided tx, and billed
30-60 day lag time before you can collect |
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What things do you include in the "Supporting documents" part of the business plan?
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Tax returns for last 3 years
Copies of: proposed lease, licenses, legal documents, resumes of all the principals, letters of intent (from suppliers--so you know how much it will cost to output things) Creditors may not look kindly on resumes of new grads |
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3 types of "formal guiding assumptions"
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1. Mission statement
2. Vision statement 3. Guiding principles AKA core values or phiolosophical principles 1st things to decide when you want to start a practice |
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What are core values (guiding principles)?
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What you hold dear; deals with issues encoutered in human interactions
How members of organization are expected to tx each other, pts, and stakeholders May contain moral stance (societal guidelines that society values most) Usually formulated before anything else |
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Importance of core values?
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Assists with being consistent in behavior and responses and in decision making
Allows society to know your moral stance |
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What is a mission statement?
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Describes the purpose of an organization and what you do well
Written for members of org and external ppl Expresses distinctive qualities of org. and broad goals Gives direction to expanding & producing revenue Gives direction to planning, setting goals |
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Components of a mission statement
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Target customers and market
Core services (what you intend to provide) Self-image and desireable public image Elements of philosophy (option; if no core values) |
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Common inclusions of a mission statement?
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What org. does well
Geographial locations or site Organizational culture |
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SMART
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Specific, measureable, action-oriented, realistic, timebound
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3 types of ownership
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Public-- owner decides how money is spent
Tax supported (VA)-- govt decides how $ is spent Private: not-for or for profit |
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Not-for-profit
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Not taxed, so you give all earnings back to community or put it back into organization
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Sole proprietorship
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The business and owner are one in the same
Easy/inexpensive, but profit is taxed as personal income Personal assests are at risk if business fials Owner directly liable for all debts and expesnes Can't provide tax-free benefits such as health and lift insureance May have difficulty borrowing money |
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Partnership
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2 or more
Easy to organize Partners share control and profit Taxed as personal income at individual tax rates Unlimited liability, jointly liable which includes malpractie May have difficulty wiht loans |
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Internal analysis if starting a business for FIRST tiem?
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1. What skills do I have? ie. specialist?
2. What are my business skills? What skills do I need to recruit in order to set up practice? (ie. lawyer, acct, marketing) Finances - credit line, investors, land |
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Advantages of a "takeover"
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If last clinic was in good standng, have a good reputation
Have supplies Have clients (most likely) |
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What type of population shifts are you interested in when starting a business?
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Up and coming area
Medical area New parts of town |
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How long before you make a profit with a new business?
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3-6 months
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Who is the external analysis for
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Creditors
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What things do you need to consider in internal analysis if already have an established business
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1. Business Performance (benchmarking)
-Comparing pt outcomes with other businesses -FIM--rehab pt outcomes -Online resources like CONNECT & FOTO 2. Business structure 3. Labor availability 4. Market Position 5. Regulatory Requirements--regulation requirements; insurance 6. Customer Satisfaction |
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What is the ultimate goal of core values
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To do what is best for the pt at all times
We therefore prize pt participation in decision-making & the pursuit of clinical excellence |
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Explain the moral stance a business should strive for
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Stakeholders will be treated as we would like to be treated--requires preserving dignity, honoring their informed decisions, telling the truth, ect
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4 important aspects of goal setting
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1. Must be phrased in terms of outcomes
2. Must be measurable 3. Must be challenging & realistic 4. Must be communicated |
