Research Paper on "Strategic Operations Plan"

Research Paper 4 pages (1142 words) Sources: 0

[EXCERPT] . . . .

Healthcare management (Strategic operations plan)

Startup requirement - $1,000,000 (instruments, technology etc.)

Operations Expenses - $4,700,000 (salaries, travel expenses, administrative)

Anticipated revenue - $4,950,000 (1st year)

The clinic will be profitable from year 1 and this will ensure the financial solvency over the next period of time. For the services they receive, patients will pay on the spot, so there is no issue of account receivables. The clinic will thus count on a regular cash flow that can support its financial solvency.

Service quality and good communication are the most important best practices that will ensure the success of the clinic. These are general practices, but they refer to the interaction with the patients, to their understanding of the process they are part of, to the way this service is offered (best physicians, best instruments and technology) etc.

How does (quality care) clinical best practice impact the bottom-line?

The risk of medical malpractice is significantly low, both given the area of activity (in-vitro fertilization) and the experience of the medical team. In order to lower the risks even more, periodic reviews and meetings can be undertaken, where the physicians will point to factors that can produce malpractice. After this periodic review, the appropriate steps can be undertaken.

9. Collections is not an issue for a fertility clinic. All consultations are paid on the stop, either by the client or by the insurance company. For bigger medical treatments, part of the treatment is paid for in advance, and the last tranche of the payment is always covered before the treatment is completed.

10. The revenues will be reviewed on a daily, monthly and quarterly basis, just as the expenses. We should also review the accumulated interest that needs to be paid to the bank on a monthly basis. The profit can be evaluated on a quarterly basis, particularly in the first years of operation.

11. The fertility clinic is a capital intensive one: as discussed and described, this is a business where significant investments need to be made in the equipment and technology, as well as in the continuous training of the physicians, so that they are always updated on the new practices in the industry. Some of these expenditures, such as treatments, will also be covered by the patients.

13. The focus area of this practice is fertility and in-vitro fertilization.

14. Our belief is that this targets a particular area of interest in the healthcare industry, namely creating new life. Because of different factors (stress, conditions, lifestyle etc.), reproduction has become difficult, although many couples still want to be parents. We help in this endeavor.

Operations plan

There are several different models of operations plans, but most of them seem to be structured so as to answer four main questions, each reflecting a particular area of concern or activity:

Where are we now?

We are at the start of a new business, a fertility clinic that aims to be a for-profit organization providing fertilization and other specialized services to women in the community. The start of the business means that we are defining the missions, values and objectives for the company (presented in Part I), we are creating financial projections, so as to ensure financial health (part III) and we are creating the infrastructure and resources with which to operate the business, including

Where do we want to be?

The company has proposed two business objectives that it wants to… READ MORE

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