About the course
Health care organizations hesitate to invest in initiatives without fully understanding the likely return on investments. It is common for organizations to demand a business plan to justify the expense of new projects and ventures. And it is essential for physician leaders to understand business plans; including each key element of a plan. Learn to draft business plans for new programs, projects and ventures for existing organizations -- as well as for new business development.
Note: This course requires your additional purchase of the book, Business Plan Kits for Dummies (ISBN: 978-1119245490). This required resource can be found on Amazon, as well as other similar retailers. Please be sure to order in advance, as you will utilize it throughout your course.
- Defining the purpose and structure of business plans
- Essential elements of a successful plan
- Questions that plans should address
- Explain what a business plan is, how a business plan can help you, and why you would want to develop a business plan.
- Discuss how a business plan should define the business idea or venture under consideration.
- Complete a process for developing a comprehensive business plan, have an understanding of the key questions that should drive the contents of the plan, and explain the key parts of a business plan.
- Explain the importance of understanding the industry you will be competing in, the role of growth, seasonality and cycles, technology, and the reimbursement environment, to the success of your venture.
- Define what a marketing plan and market analysis are, discuss the various issues to be considered in defining your target market; and explain how to evaluate issues related to competition.
- Ascertain the importance of having a clearly defined operational strategy, including consideration of the unexpected.
- Contrast marketing and sales, and explain how to prepare a marketing plan.
- Discuss issues related to organizational structure, including the importance of the right team, the key questions that must be addressed to get that team, and the ways to motivate the team toward the desired end.
- Assess the likelihood that the venture can be financially successful by completing a breakeven analysis.
- Generalize the role of pro forma financial statements in business planning, and utilize pro formas in developing a financial plan for the proposed venture.
- Illustrate the necessity of using time value of money analysis, obtaining adequate financing, and conducting sensitivity analysis to maximize the chances of success.
- Recognize common types of risks that could negatively impact the venture and explain some potential measures to offset those risks.
- Identify the key elements that have to be considered in preparing an implementation plan.
- Assess the importance of an exit plan, and discuss some alternative exit plan strategies.
- Create a high-impact business plan document.
Method of Participation
To complete this program successfully and claim credit, participants must follow these steps:
- Read the educational objectives provided on the course summary page.
- Attend the sessions or watch all the video lectures for this course (if applicable).
- Read any course materials and complete any required activities.
- Complete the course evaluation and post-test via your dashboard on the Association website. Successful completion of a given activity's post-test requires a minimum 75% passing score prior to claiming CME credit, with three attempts allowed.
- CME certificates will be available for printing after claiming CME credit.
- Estimated time for course completion is equivalent to the CME credit hours.
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.