Health Care Business Plan

Health Care Business Plan

1. Business Name

The proposed business name for the healthcare institution is Eric Hilton Medical Center. The medical centre shall take after the leading medical professional who was recognized for his contribution in promoting healthcare for the homeless, the destitute and those who could not afford healthcare. Mr Eric Hilton is famously known for his contribution to the development of medical centres countrywide. Its contribution provided more medical service access to women, adolescents and the elderly in dire need of the services without the means to afford it. Accordingly, the proposed business name shall be under Eric Hilton Medical Center as a commemoration of the efforts he contributed to the society- redefining medical care. Below is the logo of the proposed Business. The medical care centre shall be a non-profit corporation created to enhance the lives of Americans.

Figure 1: A representation of the proposed business logo.

1. Description of the Business

Purpose, Mission and Objective

Vision Statement

To enhance the lives of Americans through improved access to and quality healthcare services those are affordable and innovative.

Mission Statement

To improve America’s Healthcare system and the health of all Americans and those who visit the country by endorsing besides supporting the partnership and modernization in the medical community, and inaugurating performance metric besides wellbeing pointers to identify primacies and determine community accomplishment.

Objectives:

1. The inclusion of individual as well as community health which shall be measured as the total of the mental, physical and spiritual wellbeing.

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2. Promote the core elements of healthy living, which include an obligation to wellbeing, access to qualified healthcare specialized in addition to, willingness to assimilate adequate supervision in the clients.
3. Emphasis on wellbeing and wellness of the community to attract qualified healthcare workers and promote healthy living for both residents and visitors.
4. Improve the health of the community to enjoy life in a more fulfilling perspective through encouraging playful and engaging mindset; health body results from maintaining a healthy immune system.
5. The Business shall promote collaborative health conversations concerning the priorities in addition to the targeted community healthcare needs for its participants and supporters.
6. Promote community healthcare collaborations under the Eric Hilton Medical Center for partnership and innovation.

Background Information and Description of Product/ Service

Based on the reviews regarding the healthcare and mortality rates in the United States of America, the case for Eric Hilton Medical Center becomes apparent. According to the Centres for Diseases Control and Prevention, it is estimated that 4.8% of the population is unable to obtain medical care due to the costs; however, the access to healthcare facilities is ranked at 87.6%. The daunting reality is that the majority of those living, working, or are dependents on another citizen lack the basic health insurance coverage. The concern for such medical care services can be observed from a two-pronged position. On one end, physicians, the government, public as well as the private institutions are straining in keeping pace with patient requests regarding service experience due to budget constraints (NCBI, 2020).

On the other hand, citizens are continuously and worryingly losing their medical cover; thus, it provides a situational analysis conveying data that there is an increase in vulnerable populations across America. Several issues are restraining medical care access and poor health. Among them is the poor access to healthcare. The NCBI (2020) reports indicate that the issue is pandemic. News coverage shows the plight of pregnant teenagers, children with low-income families, homeless, minority groups, refugees and residents in rural areas.  Worse still, is the growing epidemic issue regarding HIV/AIDS, cancer, drug abuse and infant mortality (NCBI, 2020). Through the Eric Hilton Medical Center, evaluation of the current situation simulated the need to encourage collaborative conversations around the chronic healthcare status in America. There is a need to focus on innovation in preventative care, including the establishment of wellness programs, body’s defences function, play knowledge and other packages. The primary target, therefore, is in access to health care services.

Access to healthcare services is “described as the timely response to personal health services to achieve a successful outcome.”  The process encompasses three modules: (1) gaining entry into the system, (2) accessing a location where medical services are provided and (3) finding a healthcare provider willing to put trust in the patients and can communicate well (Healthy People, 2020).

Figure 2: Working-age mortality rates in America. Source: https://news.vcu.edu/article/Workingage_Americans_dying_at_higher_rates_especially_in_economically

Several uninsured and uninsured rate among the non-elderly population in America. Source: https://www.kff.org/uninsured/issue-brief/key-facts-about-the-uninsured-population/

The venture is worth pursuing given the rate of mortality in America. As seen in figure 2, the markers show that the rate of mortality in America is growing to a more hazardous marker.  There is a need for accountability in the healthcare system provided that practitioners, the government and the stakeholders are willing to provide healthcare services regardless of the budgetary limitations or uninsured clients.

For this reason, there has been an increase in demand for innovative and accessible medical services that are holistic in their approach and provide more accommodation to all walks of life. The product or services to be provided under the Eric Hilton Medical Center is based on a five core principle. Each principle is a representation of the products or services to be provided within the low-income and homeless neighbourhoods.

Principle 1: Data Portal Project. The medical centre will provide a partnership, data-based project that will seek to access health outcomes and healthcare initiatives. Metadata shall be extracted from the healthcare database in America for specific clients and regions. The importance of collaboration is to focus on the enhancement of health system performance, such as unmet healthcare requirements. The framework of the database is to ensure that with the increased access to and exposure to the healthcare database, there is the responsibility of leaders and practitioners in the healthcare industry to make data-driven decisions that positively impact the targeted community. The presumption is that the proposed model will impact the partnership mantra regarding maximization of health care access to uninsured patients through prioritization of resources.

Principle 2: The Health Commission. Through the framework of operation of the medical centre, the aim is to partner with public and private experts in the healthcare system to recommend the best alternative quality-based priorities for the centre. The responsibilities include annual meetings regarding data-driven decisions, recommendation, and appointment of healthcare practitioners, healthcare organization and associated partner entity collaborations. The idea is to set out priorities regarding the evaluation of the initiatives under the Eric Hilton Medical Center.

Principle 3: The Collaboration and Innovation Institute. The centre will provide an innovation platform that enforces the capacity to foster collaboration programs to enhance healthcare-related needs such as community spaces, research, public forum, seminars, policy thinking arenas and community outreach. For instance, the centre hopes to collaborate with the Global Science of Play Institute and the Global Immune Institute. For income generation, the centre will provide office space, board rooms and conference space that will encourage business meetings and other amenities provision. The long-term vision is for the centre to provide a physical structure that will house healthcare services and leaders in the country.

Principle 4: Immune System Institute. Scientists believe that the human immune system can protect the body against diseases and other opportunistic infections. From this approach, the avenues in which scientists can conduct their research is pertinent to achieving the goal. Therefore, the centre shall provide platforms for such scientists to research the immune system from the complex system of the healthcare industry. The aim, therefore, is to ensure research is independent alongside the provision of innovative technology that can be used to care for the patients.

1. Target Location

The prevalence of homelessness, increase in low-income families, and impoverished individuals prompt the need to establish an accessible medical care centre. As noted through the business plan, there is a need to encompass all sets of packages to such individuals since they are not able to afford basic healthcare. Accordingly, the proposed set-up for the Eric Hilton Medical Center will be at the heart of the low-income neighbourhood. The provision is that giving access to healthcare closer to such families, individuals and the community will replace the stereotypic mindset regarding social justice of about the 35 million people who require the services (NCBI, 2020). Such neighbourhoods are designated as having the highest rates of mortality, increased rates of infections of sexually transmitted diseases, epidemic in drug abuse, infant mortality and chronic illnesses. The inability to access medical care is the main reason for increased infections and rates of chronic illnesses in such areas. Therefore, the Eric Hilton Medical Center shall be situated in an open-space neighbourhood that promotes good security and parking for the health personnel. Additionally, the situation of the medical centre in low-income territories will ensure all those who cannot afford medical care have access to medical care through collaborative initiatives such as community outreach programs.

1. Market Analysis

Target Market

The target market for the Eric Hilton Medical Center is the homeless, low-income families, destitute and children within low-income families. Statistics show that there are at least 500 000 Americans that experience homelessness every night (End Homelessness.org, 2020). The 2017 data shows that there is a vast majority of homeless people in America either living in housing – at least 300 000. Similarly, it is estimated that 34% ( approximately 200 000) of the population under homelessness are living in areas unqualified for human habitation such as abandoned buildings and streets (End Homelessness.org, 2020). In-depth analysis shows that 66.7% (approximately 370 000) of single individuals experience homelessness, while 33.3% of those with families experience homelessness. For veterans, 7.2% (40 000) and 7.4 ( 40 700) comprise of unaccompanied young adults or children (End Homelessness.org, 2020). With respect to low-income families, the NCCP (Addy, Engelhardt and Skinner, 2020) indicated that children represent 24% of the population but, comprise 34% of people living in poverty.  For those under the age of eighteen, NCCP (Addy, Engelhardt and Skinner, 2020) indicates that they comprise 45% of the population. The underlying issues are that such families and individuals have a range of socio-economic issues including insecurity, lack of access to education and most of all, importance to access to healthcare services.

From the data provided, it is estimated that at least 200 000 individuals living homeless and within the low-income bracket are in demand for access to and quality healthcare service. The population data is reliant on the statistics provided above given that the region does not experience a surge of a population boom in the next five years. With regard to children, it is estimated that those under the age of eighteen comprise 100 000 whereas, adults both in low-income and homeless comprise of 90 000 whereas, veterans and children without families comprise of 10 000.

The product shall be brought through a non-profit organization that seeks collaboration with corporations such as the Hilton Hotel and associated scientific conglomerates such as the Global Immune System Institute and Global Science of Play Institute, among others. In general, the non-profit p[partnership will target basic healthcare services including emergency department related services, chronic healthcare check and diagnosis and treatment centre including kidney, cardiovascular and trauma such as a burn. The first proposal is that through the partnership, practitioners and medical workers will be paid through the collaboration with corporations such as Hilton. Regarding the concept of physical structure, the organization shall provide a physical premise that will not only house the community outreach programs, and it shall also hold a health commission which shall formulate ideas and decisions regarding leasing out office space for scientific research and business meetings. The provision of such services will allow, for instance, the Global Science of Play Institute to have access to patients who require more healthcare services as well as the Global Immune System Institute.

To comprehend the impact of the Business, the following table presents a SWOT analysis of the plan.

Table 1: SWOT Analysis of Eric Hilton Medical Center Business Plan

The potential competitors for the Business may be regarded from a national level as well as local. Primarily, the local clinical outreach institutes are the greatest threat to the Business. The reason is given that the local clinics already have an established system with the local clientele. In return, there is heightened loyalty among the local community provided that the medical professionals provide a more intuitive, and individualistic approach to medical providers. From a national scale, non-profit organizations such as the Nevada Medical Care centre poses more threat to the Business given that it hopes to expand to every state in the country with success in Nevada, Texas on a non-profit business model.

1. Budget

Table 1: Pro Forma Balance Sheet

Table 2: Cash Flow Statement

Table 3: Income Statement

The total operating costs for the Business based on income statement shall be $ 124 989 within the first year and projected to reduce by 2023 at $ 82 600. A cash balance of $ 60 390 is expected within the first year and increase to $ 95 170 by 2023.

1. Risks and Uncertainties

The following is a hypothesis of the risks and uncertainties associated with the business model along with the business plan.

1. The uncertainty regarding the partnerships to be formed. Given the complexity of the business model, the ambition in medical service provision and the budgetary expectations, there is uncertainty regarding how well partners will be willing to associate with the brand and the Business. The target market in the business plan is individuals who cannot access medical care due to the insurance privileges and lack of consistent financial gains. With an increase in medical care cover and medical services, it may prove difficult to sustain the business from a long-term perspective. Besides, the cost of medical instruments, equipment and salary compensation factors to the employees’ especially specialized medical practitioners may jeopardize the goal success rates of the Business.
2. All in all, the Business may be more expensive to maintain in the long-run and given such projections, partners may opt-out during the process. To deal with this, the health commission will have to assess data-driven evidence on how to reduce expenses within the framework, including reduced healthcare provision on certain issues such as chronic disease treatment. The assessment shall factor in the cost-benefit prospect regarding how well the business will achieve its objectives without disregarding the targeted community.
4. There is a risk regarding access to quality healthcare from specialized and professional medical practitioners. The hypothesis stems from the knowledge that the neighbourhood to be targeted does not offer proper housing and security for the expected personnel. In the long-term, the ability to sustain personnel and avoid turnovers will be critical to the success of the Business. Therefore, the decision to build an facilitate a gated-community for the practitioners may be necessary. The funds shall be allocated from the partnerships formed and income generated from the housing complex that will provide outlets for research organizations. The project shall be done in phases with the basic healthcare nurses and physicians being given priority than the specialized care nurses and specialists. Outsourcing of real-estate developers will be a requirement to provide the best housing project for the staff and visitors.
5. There is also the risk of high overhead costs and unprecedented costs concerning medical care. In retrospect, the Business aims to provide basic health including emergency department services and associated chronic health care targeting cardiovascular, trauma and kidney complications. The latter services require specialized care and treatment, which may have to accrue overhead costs that may cost the Business more operational costs than the revenue generated. In the long-run, the Business may declare more losses than profits. To mitigate these issues, a quid-pro-quo balance on the services provided will ensure that there are limited overhead costs regarding specialized care. Initiatives such as community outreach and healthy living programs will be intensified in campaigns to limit the increased incidences of need to access specialized care.
6. The roll-out of the project in phases may be more risks and have more uncertainties regarding their success. First and foremost, the risks associated with the management and supervision of the business plan roll-out may lead to more costs and unprecedented equipment purchase. The business plan provides an overview of what is needed but, in most cases, the initiation and carrying out the duties required may cost more eventually. To cater for the unprecedented costs, the medical centre will set aside a relief fund for such unprecedented costs. For instance, there might be changes in the cost of equipment, personnel salaries and overhead costs regarding leasing of properties and the project on housing development. The flexibility of the budget may not cater for such unforeseen circumstances. Therefore, the proposition is for setting up an adjacent relief account that will contain at least $ 700 000 to cater for both short-term and long-term unprecedented costs.
7. Marketing Strategy

Marketing Plan

The marketing strategy of the business will be based on extensive and collaborative marketing and advertisement of the Business to the target market. The extensive marketing shall include creating a marketing strategy. A marketing strategy is crucial to successfully advertise the existence and product or services of the Business. In this case, the business marketing strategy shall include research about the specific illnesses among the target population. Such information may be pivotal to promoting the type of services to the community to lure them into sampling the services. The information shall also encompass the competitors within the region, including the small community medical centres with information pertaining to the clientele and the services provided. From this information, the Business will identify its positioning strategy, including how to outbid the competition as well as articulate the best ways to promote its services.

Budget

Table 2: Marketing Budget for Eric Hilton Medical Center

The marketing budget, as shown above, shows the expected quarterly expenses concerning how the Business will handle advertising and content creation.

Distribution Strategy

Therefore, the marketing strategy will be Business to consumer. Business to consumer marketing requires the Business to identify, analyze and advertise to the target population. The first type of marketing shall be the paid advertising, relationship marketing and word of mouth marketing. The types of marketing are ideal for the customer base since word of mouth will spread faster than paid advertising. For paid advertising, the use of pamphlets, television, radio and billboards will secure the audience view of the Business, including what it is offering. The advertising shall be done in areas frequented by the low-income and the homeless community. These could include community shelters, abandoned houses, churches and community centres.

Value Proposition

The value proposition of the Business includes the provision of non-financial based medical services. Given that medical care services are difficult to access to the target population, the Business proposes to bring such services for free to the community. Through the partnerships, the Business will be able to service the clientele promptly, with quality and specialized care treatment.  The marketing strategy for the Business shall include information regarding the types of services being provided, where to access them, and how the services are to be provided.

1. Profit and Return on Investment

Table 3: Profit Statement

The total amount required for the initial investment would be $ 500, 000.

1. The success of the Business

The above business plan has shown both potential and capability in providing medical care services for the homeless, destitute and low-income families. The plan has shown competence in marketing plan and strategy, and it has also shown competence in financial revenue generation and return on investment. From the evaluation of the above business plan, the success or lack of success of the business plan has been done. From the analysis, it is concluded that the business plan may not provide the right framework for the targeted market. There are a few reasons to be provided for this. Among them is that medical care cover for non-committal patients may be too expensive to commit for any ventures. The reason is that, according to the Healthy People (2020) concept, medical care cover is regarded in America as one of the most expensive initiatives to undertake. Thus, based on the business plan, to take such an initiative would require constant and reliable sources of funding. With consideration of the partnership, catering for such imitative may require some form of medical cover insurance from the recipients. Besides, the other reason for the lack of success of the business plan is the initiative to build residences for the professionals. The process is considered to belong, tenuous and expensive in the long run, given that the business model may not be long-lasting. Therefore, it may be recommended that the business plan be resituated in a location that offers both middle-class and low-income families who qualify for insurance as well as Medicaid and Medicare services. Such sales will improve the overall initiatives of providing healthcare to the destitute and homeless.

References

Healthy People. (2020). Access to Health Services. HealthyPeopole.gov. Retrieved from https://www.healthypeople.gov/2020/topics-objectives/topic/Access-to-Health-Services

Center for Diseases Control and Prevention. (2020). Access to Health Care. National Center for Health Statistics. Retrieved from https://www.cdc.gov/nchs/fastats/access-to-health-care.htm

NCBI. (2020). Access to Health Care in America. National Center for Biostatistics Institute. Retrieved from https://www.ncbi.nlm.nih.gov/books/NBK235885/

Addy, S.,  Engelhardt, Will & Skinner, C. (2020)Basic Facts About Low-Income Children. National Center for Children Poverty. Retrieved from http://www.nccp.org/publications/pub_1074.html

End Homelessness. (2020). The State of Homelessness in America. National Alliance to End Homelessness. Retrieved from https://endhomelessness.org/homelessness-in-america/homelessness-statistics/state-of-homelessness-report-legacy/