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38 Cards in this Set
- Front
- Back
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Describe a limited partnership
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1. Limits liability for one or more partners according to their investment
2. The general partner is at full risk 3. Limited partners are silent; cannot be involved in day-to-day operations 4. The general partner has full control of the organization 5. Advisable to have an agreement that delineates -Structure -Funding -Distribution of profits and losses -Memberships of the partnership, ect |
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Describe a corporation
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1. Legally separates a business from the owners
2. Has an elected Board of Directors that controls the organization Three types: a) C Corporation b) S Corporation c) Personal service corporation |
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Describe a C Corporation
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1. Legal entity distinct from the owners--so you personally have direct protection from liability--corporation as a whole will get sued
2. More expensive to organize than the others 3. Ease of ownership transfer 4. Easier to raise money 5. Subject to income tax on profits (corporate tax rate); graduated rate that starts at 15% 6. If after tax profits are distributed to owners--there is a second tax individually on what each shareholder takes home 7. More regulation and legal restrictions than parternership 8. Shareholders are passive investors and not liable for the action of corporate officers Not getting taxed if you're not for profit |
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Describe a Personal Service Corporation
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1. Members of professions can form these
2. They are for persons who are owners and providers of service 3. Benefits such as health care can be deducted as expenses of the organization 4. Computer equipment and software, mileage to and from work, continuing education, business expenses and salaries can be deducted from taxes 5. Owner-service providers must be members of the same profession 6. No personal liability protection; each owner is liable for the actions of the other 7. When there is a profit, it is taxed at 35% |
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S Corporation
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1. Limited personal liability and pass through tax treatment for federal income tax
2. Corporate taxes are avoided because all of the profit passes directly to the owners who are shareholders 3. Owner's are taxed at the individual tax rate 4. Shareholders are limited to 35 persons |
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Limited Liability Company
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1. Members of the company govern and own this type of corporation; they are essentially shareholders
2. Taxed like a partnership 3. Unregulated corporation that is regulated 4. Separate legal entity different from owners 5. Has the profit pass through feature (#6 describes this) 6. Profit is treated as personal income by all of the members, so double tax is avoided 7. Can have limited liability for limited partner; limited to amount of investment 8. Not limited in number of shareholders, one person can form an LLC 9. More complexity, more formality and more cost to set up than partnership |
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What are the 3 main specializations of Parts of an organization
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1. Management
2. Operating Core -People Performing the work 3. Support Services -Technical support a) Supervisor / administrator: development of work standards -Non-technical b) Marketing, public relations |
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Organizational Charts
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1. Graphic representation of an organizational structure
2. Solid lines indicate direct reporting relationship 3. Dotted lines represent communication/indirect control 4. Typically pyramidal although can be flat 5. Subordinate positions and departments are ranked from high to low |
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What are the stages of an organization
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1. Craft Stage
2. Entrepreneurial Stage 3. Bureaucratic Stage 4. Divisional Stage |
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What are the components of the craft stage
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1. One or more workers
2. All workers can perfrom all duties within the organization 3. Usually mutual accommodation is used here--workers must agree on things 4. If supervision, then working supervisor--but supervision is not common this early |
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What are the components of the entrepreneurial stage
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1. Supervision is required; mutual accommodation and standardization alone do not work--to many workers
2. Division of labor is needed |
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Bureaucratic stage components
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1. Division of labor increases
2. More complex work coordination system is needed 3. Highly specialized employees 4. Larger, more complex management structure 5. Distinct departments structured along lines of specialization 6. May be difficult to respond to change with this strucutre |
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Divisional stage components
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1. Expand through product diversification and/or market expansion
2. Vertical or horizontal integration |
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What is horizontal integration
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1. Expansion into new markets
2. Acquire or develop additional practices to cover larger geographical areas |
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What is vertical integration
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1. Product diversification
2. Broadening services to the same customer or adding a new customer base |
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What are the components of the entrepreneurial stage
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1. Supervision is required; mutual accommodation and standardization alone do not work--to many workers
2. Division of labor is needed |
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Bureaucratic stage components
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1. Division of labor increases
2. More complex work coordination system is needed 3. Highly specialized employees 4. Larger, more complex management structure 5. Distinct departments structured along lines of specialization 6. May be difficult to respond to change with this strucutre |
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Divisional stage components
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1. Expand through product diversification and/or market expansion
2. Vertical or horizontal integration |
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What is horizontal integration
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1. Expansion into new markets
2. Acquire or develop additional practices to cover larger geographical areas For example adding more clinics in different locations |
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What is vertical integration
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1. Product diversification
2. Broadening services to the same customer or adding a new customer base Adding a component of PT that you dont have--DME, vestibular rehab, ect when you didnt practice these before |
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What is the major key on deciding on whether or not to go from bureaucratic stage to divisional
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Do you want to expand your business--go on to divisional stage
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What is the major key on deciding on whether or not to go from bureaucratic stage to divisional
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Do you want to expand your business--go on to divisional stage
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Describe a matrix organization
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1. Hybrid between product line and traditional bureaucratic
2. Product line: patient focused care; pain clinics -Shuns traditional work-specific operating untis like PT 3. Matrix: maintains a department structure but overlays a product line structure--dont give up youre relationship with your professional group but you are part of an interdisciplinary team Only see them in hospital situations |
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Centralization vs Decentralization
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Centralization: when clinics are established they all look the same or are organized similarly
-Gives you buying power--have all the same equipment in each clinic so you can buy in bulk--cheaper Decentralization: each operating unit can look very different depending on what the needs are in the area -More expensive but more flexible |
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What is included in a job description
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1. Specific job duties
2. Personal and physical requirements 3. Minimum education, skills and experience 4. Performance expectations 5. Standards by which the work will be evaluated 6. Relationship to manager, other employees Job descriptions are legally binding statements |
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Describe a highly specialized job description
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A highly specialized job will include only a few focused defined tasks; the more limited, the greater degree of specialization
The second element is depth of the job and the worker's autonomy If an employee does something outside their job description they are liable--not the company |
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Central requirements (Essential Functions)
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Physical things that you have to be able to do to be able to have a job
May be called physical demands |
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Job descriptions should include:
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1. General description of the job title
2. Organizational relationships: -Supervises whom -Is supervised by 3. A list of duties with enough detail and flexibility 4. Professional standards and policies 5. Minimum Job Requirements -Formal education -Knowledge, skills, licensure -Certifications -Physical abilities -Personal characteristics |
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Current PT licensure requirement of educational degree
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If graduated after 2000 you have to have you're masters
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Clinical education included in job description
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PT clinics should have clinical education in their job description if they have it
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Job descriptions should include:
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1. General description of the job title
2. Organizational relationships: -Supervises whom -Is supervised by 3. A list of duties with enough detail and flexibility 4. Professional standards and policies 5. Minimum Job Requirements -Formal education -Knowledge, skills, licensure -Certifications -Physical abilities -Personal characteristics |
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Current PT licensure requirement of educational degree
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If graduated after 2000 you have to have you're masters
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Clinical education included in job description
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PT clinics should have clinical education in their job description if they have it
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Good things to include on job description
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Evaluation criteria of employees--what they are evaluated on
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Describe the planning stages
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1. Pre-Design (Budget--need to know this up front)
a. What will the space be used for and how b. Planning team 2. Design Development a. Detailed planning: Schematic drawings, meeting with architects b. Final planning / contingency plan i) Final Drawings: floor plan with electrical plumbing, equipment 3. Contstruction: keep on top of the job 4. Pre-Operations: checkout and punch list 5. Occupancy |
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Common Mistakes in planning
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1. Inefficient traffic flow
2. Inappropriate placement of clinical areas 3. Inadequate flexibility 4. Inadequate storage 5. Inadequate office space for staff/manager 6. Inadequate equipment 7. Excessive noise |
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Process
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Philosphy (Values) ---Mission (Purpose)---- Faculty Planning Initiated (Initial planner or planning group)--- Activities Desireed ---ect
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5 Main areas in PT dept
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1. Waiting room
2. Treatment Area -Gym -Private Txt Rooms -Functional/ADL area -Pool 3. Offices 4. Restrooms 5. Storage |
