Difference between fixed and flexible budget in Healthcare Practice Management

HCMG745 Healthcare Practice Management

Research Paper – Develop a Physician Practice Business Plan for your Medical Group​. Due: Day 7 of Weeks 2, 4, and 6 Points: 180 for each of three sections for a total of 540 points Background information: ​A Physician Practice Business Plan can serve as a “blueprint” for those physicians who are planning on opening up 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 2, 4 and 6 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 2, 4 and 6. 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 section 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.

HCMG745 Healthcare Practice Management

Background information: ​A Physician Practice Business Plan can serve as a “blueprint” for those physicians who are planning on opening up 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 2, 4 and 6 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 2, 4 and 6. A portion of the Physician Business Plan is written during these weeks based on the instructions for that week. The HEADINGS for each assignment originate from the assigned reading from the textbook. Minimum 6 pages in length in Sessions 2, 4 and 6 excluding title, table of contents and references pages with 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). 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.

HCMG745 Healthcare Practice Management

Part I: Organization and Operations Due: Week 2, Day 7 Points: 180 For Part 1, 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

● Type of Practice/Location/Office Hours/Accessibility (after hours, holidays and weekends; patient mode of contacting the office – duty day)

● Write a Mission Statement Only ● Write a Vision Statement Only ● Write a Value Statement Only ● Services Offered ● Develop Standards ● Select Accountable Care Organization Model: (IDS, MSGP, PHO, IPA, or VPO)

Why? ● Information Technology (what other IT will the office feature besides

EMR/EHR?): ● Facilities Management ● Purchasing and Supply Management ● Quality Improvement and the Effective Medical Group (Identify issues requiring

monitoring to improve): ● Opportunities, Risk and Vulnerabilities ● Barriers to Success ● Measuring Success

Business plan paper set-up. Three papers will be written – since the 2nd and 3rd papers are continuous the following applies – On the Table of Content page: Label the 1st paper – Part I on the Table of Content page Label the 2nd paper – Part II on the Table of Content page Label the 3rd and final paper – Part III on the Table of Content page Submit paper by Day 7 – to the Week 2 Research Paper link under the Written Assignments area of the course.

HCMG745 Healthcare Practice Management

Part II: Financial Requirements Due: Week 4, 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

● TOTAL INCOME ● EXPENSES

o Equipment o Insurance: o Supplies: o 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 4 Research Paper link under the Written Assignments area of the course.

HCMG745 Healthcare Practice Management

Part III: Risk/HR/Marketing/Future Goals Due: Week 6, Day 7 Points: 200 For Part III, you are to provide a continuous 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:

● Identified Physician Compliance Risk Area – Coding and Billing: Which risk areas are you ​most concerned about ​? Why? What can be done to​ minimize it?

● Human Resources and Staffing Practices – Employees handbook – discuss your top important 5 employee office policies. Why is each one important?

● Social Media/Marketing Efforts to Recruit Employees, Physicians and Patients/Staying Ahead of Competitors

● Internal Cost-Cutting Measures Implemented ● Expansion Efforts (e.g. new product and services) ● Financial Plan (Bank loans, lease, mortgage, cash flow, etc)

In addition, you are to create a Future Goals/Implementation Plan/Estimated Date of Completion (EDC) graph (Example: Future Goal/Implementation Plan: After opening your practice; here is an example of something you may want to get done within the next year – keep it on your “radar” after opening your practice). Set it up this way: Task EDC Post announcement to hire NP Interview candidates for NP position Hire NP candidate to fill position Final Research Paper is Due Day 7 of Week 6 under the Written Assignments area. NOTE: Your FINAL PAPER is a compilation of all your papers. Therefore, include your previous two research papers. Here is an example of how to display your FINAL PAPER: TABLE OF CONTENTS – PART ONE PAGE NUMBER PART TWO – PART THREE – FINAL PAPER

HCMG745 Healthcare Practice Management