Posted: March 22nd, 2023
The business plan entails a concierge nursing facility that will be established to support individuals with their post-operative care needs. The facility will have a physical location, with additional web-based services to enhance patients’ experiences. The concierge nursing facility will engage qualified nurses, some with experience in providing care in intensive care units. Therefore, such professionals will understand the health care needs of patients who have undergone major surgical procedures and require adequate support during the healing process. Besides, the facility will help patients to receive the necessary services at an affordable cost and less than it would cost if they remained in the hospital longer than it is necessary after the operation (Debra Cascardo, 2014). The business plan will have various sections, including the needs analysis, a description of services, market analysis, operational budget, capital budget, human resource cost budget, and the rationale for the service.
In the current economy with various trends, such as the aging population and an increase in the prevalence of chronic conditions, many patients are financially drained. Thus, to cut on the cost of care, some patients compromise their health by leaving the hospital immediately after surgery or operation without proper care in the healing process (Davis, Davis, & Gabriel, 2019). Besides, the country experiences a shortage of physicians, which makes it a challenge for the few doctors to follow up and provide the necessary postoperative care. Hence, those challenges remain the primary reason for adverse outcomes for many patients who undergo surgical operations, such as slow healing of the wound or readmission after a medical procedure when the patient has already been discharged (Paul III & Skiba, 2016). The challenge is made worse by the lack of the necessary patient-physician relationship that supports the healing process. In essence, care in postoperative settings has not been adequate, creating the need for other sources of care such as concierge nursing.
Concierge nursing setup provides critical services in health care and addresses the increasing needs for support in postoperative settings. Notably, concierge nursing is not a home care service provider. The proposed facility will offer improved nursing and coordinated services to patients to improve their health care experience. The facility is proposed to help patients to have a worry-free care process. Debra Cascardo (2014) reveals that for many patients, especially those without adequate social support, major surgery or operation can be a cause for concern. However, with affordable cost, the proposed facility will provide patients with the necessary support to help them achieve proper healing without additional psychological and emotional burden. The facility will engage professionals with adequate experience to support patients in the journey to holistic recovery and healing.
Overview of the Product or the Service
Business plans should have a list of the services or products that the proposed venture will provide. It should be clear from the beginning what the entrepreneur plans to invest in. The proposed business will provide concierge-nursing care in various categories. One of the category of services that the facility will offer includes care coordination, which covers all the services that concierge nurses provide. The nurses will support patients to receive and process information to support the care process (Davis, Davis, & Gabriel, 2019). For example, nurses will help the patient during doctor’s visits to communicate the symptoms, understand the diagnosis and medical instructions, and to ask the right questions. They will play an important advocacy role on behalf of patients and make sure that they access proper care from both the general physicians and specialists.
Another category of services that the nurses will provide to patients is care after surgery for a minimum of three hours. Nurses realize that patients require critical care immediately after an operation (Davis, Davis, & Gabriel, 2019). Therefore, the facility will offer support after the procedure for 24 hours to ensure that patients are recovering and healing effectively. They will help in identifying emerging postoperative issues and support in ambulating, eating, and bathing. The nurses will help with dressing, hygiene, and compliance with physical therapy. Besides, the nurses will provide illness and injury support to patients, especially for those individuals who are bed-ridden, helping them to perform various tasks to improve range of motion. Nurses will provide necessary support during illness or injury and in the event of an operation (Davis, Davis, & Gabriel, 2019). They will also support medication use by ensuring that they are accessible to the patient while being in the right quantities to prevent medication errors while at home.
A third category of service that nurses at the proposed facility will provide is travel nursing care and transportation services. The facility will offer transportation services to and fro the hospital or the doctor’s office. They will facilitate transportation to procedures and same-day surgeries. After an operation, they can move the patient home to continue recuperating. The facility will provide the client with critical transportation services needed to meet their healthcare needs (Davis, Davis, & Gabriel, 2019). The facility will provide a nurse to accompany a patient on personal or business trips to support care management and treatment while in transit or attending to their tasks away from home. Nurses will support blood draw services for patients who are at home and unwilling to visit a clinic or hospital.
Although the concierge nursing facility will operate in a service-based industry, it will include some products that clients will purchase, including monthly or yearly subscriptions, online memberships, and mobile apps. The products will be useful to make service provision easy and to reach as many patients as possible to support service provided by the facility.
Concierge nursing practice has steadily gained ground while becoming an important trend in the United States. The trend is driven by the need for patients to seek exclusiveness in their health care process. Increasingly, patients are seeking adequate support and care in the recovery and healing process. In addition, people with financial needs prefer personalized care with exclusive services by providers (Debra Cascardo, 2014). Therefore, the concierge nursing facility is beneficial to patients and nurses who will earn from providing unique quality care. The business operates in the service-based industry, making it scalable and easy to start (Davis, Davis, & Gabriel, 2019). It is anticipated that further development in technology will increase the demand and access to concierge nursing services.
The entrepreneur starting the concierge nursing practice should be convinced about the availability of clients. The proposed facility will appeal to a wide range of clients who need exclusive management of their health care. One of the target groups are patients seeking postoperative care from nursing professionals. The increase in chronic conditions across the country, some requiring surgical operations, is an important trend for the business (Paul III & Skiba, 2016). Another group includes patients with illnesses or injuries that require specific care outside the hospital setting. The facility will create strategies, such as marketing mix that will make it possible to reach diverse clients, individuals, and families (Davis, Davis, & Gabriel, 2019). The business plan includes thorough market research that has revealed the need for a concierge nursing facility. The facility will target people and organizations, including families, doctors/physicians, and hospitals to whom it will market the services.
The Competitive Advantage
The market for concierge services is becoming increasingly competitive, which means that new businesses should be creative and innovative to outdo their rivals. Clients will seek services from a facility that will provide value for their money. They are looking for excellent and better services than they expect from other facilities. The business will compete with other concierge service providers, doctor’s clinics, and hospitals. The competitive advantage of the proposed venture will be in a strong team of providers and the management (FACMPE, 2015). The facility will hire qualified and experienced registered nurses to provide superior care. Besides the synergy in the workforce, the charges for services will follow international best practices within the concierge market.
Sources of Income and Sales Forecast
The concierge nursing facility will focus on a profit maximization strategy to remain competitive and provide quality care to patients. The business will generate revenue from various services, including collecting data on patient diagnosis, admission, and discharge; responding to patient needs in a timely manner; working with clients to effectively meet their needs and health objectives; organizing transportation and travel nursing; establishing courier services; and offering home management amenities (Paul III & Skiba, 2016). The business will be positioned to take advantage of individuals and families in need of the listed services. The business is set to achieve the target goals of generating adequate revenue and profits after the sixth month of operation. Based on information from similar operations, the proposed business will use the following sales projection:
Given that diverse customers prefer different payment methods, the business will apply various payment strategies. The organization will comply with financial rules and regulations in the country regarding health care reimbursements. Some of the payment methods the business will use depending on patient needs are bank transfer, cash payments, credit cards, check, online cash transfer, mobile money transfer, and bank draft. The amount will depend on the nature of the service provided to the client (FACMPE, 2015). Clients will have all contact information and other vital data such as the bank account number to communicate and transact.
The operational budget covers the necessary cost required to support the daily operations of the new business. The operating budget will cover the cost of paying bills, promoting the business, and receiving the necessary certifications and operating license. The overall cost of incorporating the business in the US is $850. The basic insurance policy cover, permit and business license will cost $2,300. Besides, the facility will pay for adverts and promotions, business cards, and signage at the cost of $2,400.
Starting a concierge nursing facility will not be capital intensive because it will not require a lot of space. The facility will not need expensive machines and equipment may be at first. The main concern is the amount of money needed to acquire enough space for a standard office facility. However, the office will be furnished and equipped for operations (Waddill-Goad, 2017). The budget for obtaining appropriate office space in a business district for six months (refurbishing included) is around $40,000. Equipping the office with PCs, software and apps, fax machines, printers, telephones, furniture, safety gadgets filing cabins, and electronics will cost $4,500. The purchasing of the necessary business software and apps (concierge medicine software, CRM software, and Payroll software) will cost $10,500. The new official website will be launched for $500. The report from the feasibility study indicates that the business will require approximately $190,000 to set up and start operating.
The cost of starting and operating the business will under Dr Lucia Davidson and her partner Georgina Johnson who have agreed to support the facility. However, due to the high cost of operation, the two Registered Nurses might welcome other partners to expand their services. In the future, entrepreneurs can consider incorporating the business to gain more capital as the demand for concierge nursing services increases (Waddill-Goad, 2017). The partners intend to generate a part of the capital, acquire soft loans from friends and family, and take a bank loan.
Human Resource Cost Budget
The concierge nursing facility will advertise the position to attract qualified and experienced registered nurses. The facility will draw its human resources from various healthcare facilities across the country and even outside through a competitive hiring and recruitment process. Therefore, registered nurses who are willing to work in a fulfilling healthcare environment can apply for the job. Concierge nursing is an incredibly lucrative employment area and nurses work in a comfortable environment. The concierge nursing facility should budget for the cost of recruiting and retaining nurses (Davis, Davis, & Gabriel, 2019). Therefore, nurses will be paid competitive salaries and enjoy benefits, according to the industry rates. The cost of hiring one nurse will be around $4,500 ($55,000 a year); hence, the facility will employ ten nurses during the first year of its services. Therefore, the initial human resource capital will be $45,000.
The Importance of the Concierge Nursing Service
It is significant for the concierge nursing facility to receive a green light and support due to the need for services to clients. The facility has many benefits that will be important to patients, doctors, and healthcare facilities (Davis, Davis, & Gabriel, 2019). The facility will be under registered nurses with an entrepreneurial spirit to help patients achieve a holistic recovery and healing process away from the hospital setting. It will provide patients with personalized care at an affordable cost, considering that the cost of care in the hospital has been increasing. Therefore, if a patient remains in the hospital for more than a day after an operation, additional charges besides the payment for the operation process will be incurred (Waddill-Goad, 2017). The proposed concierge nursing facility will help patients to reduce the cost of care. Besides, the patients will have a chance to heal while in the comfort of their homes.
Health care facilities are affected by the shortage of health care providers, including physicians and nurses. Therefore, the concierge nursing facility will help to relieve the burden by taking care of patients outside the hospital. Nurses in doctors’ offices and healthcare facilities are usually overwhelmed because of the increasing number of patients (Davis, Davis, & Gabriel, 2019). As a result, they are forced to take less time when attending to critical tasks and during consultations with the patients. The concierge nurses, at the proposed facility, will address these challenges because they will have the opportunity to spend time with their clients. Nurses are confident with the knowledge that they can spend adequate time with their patients at a personalized level. Thus, the facility will achieve patient satisfaction and quality of care because the nurses will support holistic recovery and healing (Davis, Davis, & Gabriel, 2019). Furthermore, satisfied clients will be willing to pay for services and give positive reviews that will attract more clients.
The proposed business includes a concierge nursing facility that will provide patients with postoperative care and other services outside the conventional hospital setting, such as transportation and treatment in the event of illness or injury. The proposed business is informed by the need to cut on the cost of care for patients and healthcare facilities and to improve the quality of care at a more personalized level. The nurses at the facility will closely interact with patients to provide their health care needs. The cost of the facility is justified because the business will attract a wide range of clients who will benefit from the personalized care. Besides, the facility will hire qualified registered nurses to improve care. In essence, a cost-benefit analysis shows that the concierge nursing facility is a profitable business venture.
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