HCMG745 Healthcare Practice Management: Physician Practice Business Plan Part II:  Financial Requirements

Description

Research Paper – Develop a Physician Practice Business Plan for your Medical Group.

Due: Day 7 of Weeks 3 and 5

Points: 200 for each section for a total of 400 points

Background information: A Physician Practice Business Plan can serve as a “blueprint” for those physicians who are planning on opening a practice.  Physicians and class employees who are already working in a physician practice can compare their Physician Practice Business Plan to the organization’s own. Last, for those physicians who will be interviewing and asking questions at a prospective physician practice; this information will be useful in your decision-making.

Plan:  As the practice leader, you are to write a realistic Physician Practice Business Plan. Three research papers are due in Weeks 3 and 5 pertaining to a Physician Practice Business Plan for your Medical Group. These assignments will be cumulative in nature, building each week in your physician practice management knowledge, synthesizing it into a Physician Practice Business Plan.

Overall Assignment Details:  The Physician Practice Business Plan is a continuous document to focus on a practice business strategy, developed and written by each student in Weeks 3 and 5. A portion of the Physician Business Plan is written during these weeks based on the instructions for that week.

• The HEADINGS for each assignment are provided to you and originate from the assigned reading from the textbook.
• Each part (part one due in week 3 and part two due in week 5) should be a minimum 6 pages in length, excluding title, table of contents and references pages.
• There must be a minimum of 5 – 7 scholarly peer-reviewed references. The textbook is not considered a peer-reviewed reference.
• The title page is first, and it will be followed by the Table of Contents (TOC). Use the HEADINGS below to create the TOC (include page numbers in your TOC).
• Use a running header (see APA format)
• Each paper will have an introduction and a conclusion paragraph since there is new information.
• There is no abstract required in the written assignments.
• Each weekly paper will follow APA format and standards.

Part II:  Financial Requirements

Due:  Week 5, Day 7

Points:  200

For Part II, you are to provide a Table of Contents using the headings below. Discuss each area this week as part of your Physician Practice Business Plan:

USE THESE HEADINGS IN YOUR PAPER:

• Fixed versus Flexible Budgets (Explain the difference between fixed and flexible budget in a paragraph – what are your concerns here? How can it affect your practice?)
• Develop and display an Operating Budget (categories and totals only): Operating Monthly Budget – This is an example of categories: the list is not all inclusive – you can add more categories
• INCOME: This is your revenue source from 3^rd party: Medicaid, Medicare or the insurance companies you are contracted with refund from insurance companies. What are you expecting? Based on your office fee and schedule. The items below should be in a chart/table format.

• TOTAL INCOME
• EXPENSES
  • Equipment
  • Insurance:
  • Supplies:
  • Telephone
• TOTAL EXPENSES
• Income – Expenses:
• GRAND TOTAL

• A full discussion of each one below: Use each question as a HEADING:
  • Capital Needs/Long-term needs
  • Benefits Provided by the Practice (example – vacation – how many vacation/sick, physician & employees? life insurance, 401K? Company match? etc.)
  • Physician salaries
  • Staff salaries/raises/bonuses/job performance
  • Accounts Receivable Management

Submit paper by Day 7 – to the Week 5 Research Paper link under the Written Assignments area of the course. *This will be a conglomerate (parts 1 and 2 combined in a single document.