Start-up private practice business plan for advance practice nurse practitioner in Northeast Iowa
Harris, Sharon Eileen Jellings
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Business concepts and business development are not routinely a part of nursing education at the undergraduate or at the graduate level. Business plans are vital if a business is to have a chance to succeed. Many talents of the advanced nurse practitioner are transferable to the development of a business plan. Assessing, identifying problems (diagnosing), developing interventions, implementing solutions, and evaluating activities are equally important to the business plan and to the clinical practice of the nurse practitioner. This project addresses the problem of how nurse practitioners can use their talent to develop a business plan that is sound and can be implemented. The completed project identifies the components of a business plan in business terms and in health care terms. It includes discussions of the relevant components of a business plan that include: an executive summary, the vision and mission statement, a business strategy and strength, weakness, opportunities, and threat analysis (SWOT), an industry analysis, market strategy and plan, operational plan, and a financial plan that includes a projected cash flow for the development of a privately owned, entrepreneurial, family nurse practitioner practice. Included in this project is a specific business model for a practice in rural Northeast Iowa. The entrepreneur nurse practitioner will be able to use this business plan as a model to personalize a business plan, to seek funding, or to actually implement a private nursing practice. Throughout the completion of this project, it was realized that no one plan can solve every problem that may arise. A good plan can determine if a business practice is feasible, provide warning signs for when it is time to reexamine the idea of establishing a private practice and guide contingency plans for unpredicted events in the life of a business.