This week, you will develop a mini business plan for a new service or product within your healthcare facility or a healthcare facility you are familiar with (e.g., a hospital, a health clinic, a nursing home

Rubric
Based on your research, write a 9-10 page paper EXCLUDING title page and references that addresses the following questions:
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This week, you will develop a mini business plan for a new service or product within your healthcare facility or a healthcare facility you are familiar with (e.g., a hospital, a health clinic, a nursing home, or an outpatient center).
Create a 9- to 10-page business plan that:
 Describes the need for the service, factors impacting the need for the service, fiscal planning issues, and human capital issues and needs.
 Provides an overview of the product or the service.
 Analyze the market, explaining why this product or service is necessary and how much you will get paid for selling the product or providing this service.
 Provides an operational budget.
 Provides a capital budget (major purchases required).
 Provides a human resource cost budget—if you are borrowing staff from other departments, you must account for its costs in the human resource budget.
 Summarizes why this product or service should be given the green light

This week Project will be to develop a business plan (proposal) for a “new” service or project for your organization or a “make believe organization. I have created a business plan template which may be helpful to you.  Below, I have attached the document for reference.  You are NOT required to use this document and feel free to edit as needed to adequately present your project or new service.  I am not looking for actual costs or revenues per se.  Do not spend a lot of time finding the exact costs of items as estimates are acceptable.  However, calculations need to be correct.
The purpose of this assignment is to demonstrate your understanding of financial concepts and ability to apply them through the development of a business plan/proposal.

Business Plan Grading Rubric Maximum Points
Discussed the need for the service, factors impacting the need for the service, fiscal planning issues, and human capital issues and needs. 20

Provided an overview of the product or the service. 20

Analyzed the market and explained why this product or service is necessary and how much you will get paid for selling the product or providing this service. 20

Created an operational budget. 20

Created a capital budget, including major purchases required. 20

Created a human resource cost budget, accounting for the staff required from other departments. 20

Summarized why this product or service should be given the green light. 20

Used correct spelling, grammar, professional vocabulary, and writing mechanics. Cited all sources using APA format. 20
Total: 160

Sample

This proposal template is your opportunity to clearly articulate your idea and provide a business plan about how to successfully implement and sustain the idea. Development of Business Plans are covered in Chapter 6 of the Dunham-Taylor, Janne, Pinczuk (2023) textbook. You must provide recent scholarly support and authoritative sources of information for your proposal.

What are you trying to accomplish and why? What is the problem you are looking to solve (or, what is the outcome you are looking to achieve)? What led you to conceiving this idea? Consider: (1) data foundation, (2) main point, (3) explanatory focus, (4) linear sequence, (5) dramatic elements, & (6) visual anchors.

Describe the need for the service/project, factors impacting the need for the service/project, fiscal planning issues, and human capital issues and needs.
You may use a SWOT analysis if helpful in structuring your response (Chapter 6).

Narrative:

Provide an overview of the product or service. [add content here}

Describe your market (Is your organization in a rural/urban area? What are the geographic characteristics, citizen demographics, payer mix, etc.)? Who are your competitors? How is the economy within your community, region or State? How do you know there is a need for your proposed service or project? How will you be reimbursed for your services?
[add content here]

Revenue Assumptions Narrative:
[add content here]
Expense Assumptions Narrative:
[add content here]

Example Only (delete prior to submitting assignment):

What equipment (over $1,000) is required for your service/project proposal? Rationale of why this equipment needs to be included in the capital budget.

Narrative:
[add content here – If you do not have capital items associated with your proposal, then you need to provide an overview of the capital budgeting process in this section.]

Detail:
Equipment Cost Useful Life Priority

[add content here]

Explain the proposed staffing plan. Full Time Equivalent (FTE) = 2,080 hours (40 hours x 52 weeks).
Narrative:
[add content here – remember, this is staffing associated with the project only.]

Detail:
Example Only (delete prior to submitting assignment):

Identify the measures you can use to identify whether your idea will achieve your desired outcome, using the SMART approach:
 Specific
 Measurable
 Attainable
 Realistic
 Time bound

Narrative:
[add content here]

Why should this project be funded? What is the cost-benefit analysis? (Do not forget to support your assertions with in-text citation).

Narrative:

[add content here]

What are the risks to the organization if the project IS NOT funded?
Narrative:
[add content here]

References (Start on New Page)
(Example Only – Delete prior to submitting assignment)
Dunham-Taylor, Janne, Pinczuk. (2023). Financial Management for Nurse Managers: Merging
the Heart with the Dollar, 2nd Edition. Jones & Bartlett Learning. [Bookshelf Online].

Finkler, S., Jones, C., Kovner, C. (2013). Financial Management for Nurse Managers and
Executives, 4th Edition. [Bookshelf Online]. Retrieved from https://bookshelf.vitalsource.com/#/books/978-1-4557-0088-2/

Johnson, J. E., & Garvin, W. S. (2017). Advanced practice nurses: Developing a business
plan for an independent ambulatory clinical practice. Nursing Economics, 35(3), 126.
Waxman & Knighten. (2023). Financial and Business Management for the Doctor of Nurse Practice. Springer Publications: New York, NY. ISBN: 978-0-8261-6016-4

Appendix (Start on New Page)
Resources:
Community Commons – Data, tools, and stories to improve communities and inspire change. Free membership. https://www.communitycommons.org/

Small Business Administration – Significant resources on starting and managing a small business. https://www.sba.gov/