Healthcare Budget Request – Executive Summary
Develop an executive summary and structure for a healthcare budget request for your new product or service idea by completing the following:
Part 1: Executive Summary
Using the Healthcare Budget Request Template, develop a 1- to 2-page executive summary that describes the issue or opportunity that you are analyzing. In your executive summary, you should:
• Describe the healthcare issue or opportunity you selected.
• Describe the stakeholder groups impacted by this issue/opportunity.
• Explain which stakeholder groups would most likely be responsible for helping you address the healthcare issue or opportunity you selected and why. Be specific and provide examples.
• Describe the healthcare product or service that you propose to address the identified gaps/opportunities and explain why. Healthcare Budget Request – Executive Summary.
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The instructions from the Healthcare Budget Request Workbook say:
Part 1: Executive Summary
Your executive summary will be a critical first component of your formal healthcare budget request. It will be your first real opportunity to sell leadership and other stakeholders on the value of your proposed product or service. Hence it should be persuasive. It should also be informative without explaining every facet in more detail that anyone cares to read up front. It should outline why the organization should invest resources in your idea. It should be specific and focus on results.
For the purposes of this Assignment, your executive summary should be 1-2 pages in length. Be sure to review the Learning Resources and conduct your own research to review samples of executive summaries (many examples can be found online).
Be sure to save your Executive Summary and submit it to the appropriate Assignment 2 Part 1 submission link by the due date specified in the classroom.
Part 2: Workbook Template
As you progress through this course on the development of a Healthcare Budget Request, you will apply financial ratios and other calculations to make the business case for your idea. In this component of the assignment, you will customize a spreadsheet workbook and prepare it for use in your analysis. To do this, you will:
• Review the Healthcare Budget Request Workbook Step-by-Step Guide found in the Resources.Follow the instructions in the guide, which will help you:
o Create a workbook tab for each analysis you will conduct in subsequent parts of your Healthcare Budget Request.
o Format your spreadsheet and presentation of results.
o Save and close the spreadsheet file.
Submit both Part 1 and Part 2 of your Assignment by Day 7 of Week 2.
The instructions from the Healthcare Budget Request Workbook say:
Part 2: Workbook Template
As you progress through this course on the development of your Healthcare Budget Request, you will apply financial ratios and other calculations to make the business case for your idea. In this Part 2 of this Assignment, you will develop a workbook that will be used in subsequent Assignments for use in your analysis. To do this:
1) Open a blank Excel workbook. Name this “lastname_firstname_assn2part2.xlsx” (where “lastname_firstname” is your last and first name).
2) Create a worksheet for each analysis you will conduct in subsequent parts of your Health Budget Request. Name each worksheet as follows:
• A3 Estimated Expenses
• A4 Budget Development
• A5 Ratio Analysis
• A6 Financial Statement Analysis
Healthcare Budget Request – Executive Summary
3) On each worksheet, include a title/header that reads similar to the following:
You may format these however you see fit, but you should make each worksheet presentable as these will be used by stakeholders considering your budget request.
4) Save and submit the workbook to the appropriate Assignment 2 Part B submission link by the due date specified in the classroom.
An Executive Summary for a Healthcare Business Opportunity Proposal for the Hospital Catering Company Healthy Meals Inc.
Executive Summary
Mission
Healthy Meals Inc. Is a hospital catering outsourcing company that purposes to fill the void in professional catering services offered to hospitals. To cut costs and concentrate on treating patients, many hospitals are now outsourcing patient catering services. Healthy meals Inc. will provide the best tailor-made and suitable meals to all patients of Pristine Hospital of Pasadena as per their nutritional requirements.
The Management
Healthy Meals Inc. will be incorporated in the state of Texas and based in Pasadena. It will be a limited liability company co-owned by myself and another investor/ investors who will get 30% equity on financing provided. That investor is you. I will be the Chief Executive Officer running the day-to-day business of the company. Directorship of the company will be shared on a 3:1 ratio between my team and the investor.
The Services
The company will deliver meals that conform to the requirements of the hospital patients as directed by their doctors. Diabetic patients will get suitable diabetic meals as will be renal patients, hypertensive patients, low-fat diet patients, and so on. This will be possible because I have a background in nursing. Market research done by my team has showed that many hospitals within Pasadena are willing to outsource catering services if convinced they will be professional, and the company has a health expert within its ranks. Healthcare Budget Request – Executive Summary.
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Start-up Financing
The business is looking for USD 300,000 to help with the start-up costs of the company. As co-owner and founder, I have set aside USD 150,000 from my own savings to go towards starting operating expenses and working capital.
References
Answer Man (2016). It’s a dog-eat-dog world in food service. Retrieved 9 March 2020 from https://www.postbulletin.com/news/answer_man/answer-man-it-s-a-dog-eat-dog-world-in/article_8fb6b4c9-070a-532a-8e4b-02c56b65c2aa.html
CFI Education Inc. (2020). Analysis of financial statements: A guide to analyzing financial statements for financial analysts. Retrieved 9 March 2020 from https://corporatefinanceinstitute.com/resources/knowledge/finance/analysis-of-financial-statements/
MyAccountingCourse.com. (2019). Financial ratio analysis. Retrieved 9 March 2020 from https://www.myaccountingcourse.com/financial-ratios
Nix, K. (2012). Pristine hospital coming to Pasadena’s north side. Retrieved 9 March 2020 from https://www.chron.com/neighborhood/pasadena/news/article/Pristine-Hospital-coming-to-Pasadena-s-north-9555222.php
Roberts, J.G., Henderson, J.G., Olive, L.A. & Obaka, D. (2013). A review of outsourcing of services in healthcare organizations. Journal of Outsourcing & Organizational Information Management. Doi: 10.5171/2013.985197
Executive Summary
Mission
Nurse On Wheels Inc. is a company that specialises in offering private nursing services to those who need it. The company purposes to fill the void in professional freelance nursing services where one can hire a nurse for the period of time they need her without necessarily having to employ her. Nurse On Wheels Inc. therefore targets to be the best freelance nursing service in the whole of the United States.
The Management
Nurse On Wheels Inc. will be incorporated in the state of Texas and based in Pasadena. It will be a limited liability company co-owned by myself and another investor/ investors who will get 30% equity on financing provided. That investor is you. I will be the Chief Executive Officer running the day-to-day business of the company. Directorship of the company will be shared on a 3:1 ratio between my team and the investor.
The Services
The company will provide nursing care services on short contracts for the period of time desired by the client. They will then only pay for the services as our company will equip the nurse with the equipments they need such as a stethoscope, digital thermometer, and a sphygmomanometer. Examples of potential clients for the company include families of bedridden patients who have been discharged but will need home nursing care, aged persons whose families require home nursing services, and sick persons travelling by air requiring a nurse escort among others. Market research done by my team has showed that many people are from time to time in need of private nursing services but find it hard to make arrangements with nurses who are formally employed elsewhere. Healthcare Budget Request – Executive Summary.
Start-up Financing
The business is looking for USD 300,000 to help with the start-up costs of the company. As co-owner and founder, I have set aside USD 150,000 from my own savings to go towards starting operating expenses and working capital.
References
CFI Education Inc. (2020). Analysis of financial statements: A guide to analyzing financial statements for financial analysts. Retrieved 9 March 2020 from https://corporatefinanceinstitute.com/resources/knowledge/finance/analysis-of-financial-statements/
Jooble (n.d.). Private nurse jobs in the United States. Retrieved 9 March 2020 from https://jooble.org/jobs-private-nurse/United-States
Learn4Good (n.d.). Private duty nurse jobs in USA: Search and apply or post jobs for free. Retrieved 9 March 2020 from https://www.learn4good.com/jobs/privatedutynurse/usa_united_states/postings/
MyAccountingCourse.com. (2019). Financial ratio analysis. Retrieved 9 March 2020 from https://www.myaccountingcourse.com/financial-ratios
UPMC (2020). Private duty nursing. Retrieved 9 March 2020 from https://www.upmc.com/services/aginginstitute/resources-for-caregivers/senior-living-and-home-based-care-options/home-based-care-services/private-duty-nursing
An Executive Summary for a Healthcare Business Opportunity Proposal for the Private Nursing Services Company Nurse On Wheels Inc. Healthcare Budget Request – Executive Summary.
Executive Summary
Mission/ Healthcare Service Proposed
Nurse On Wheels Inc. is a company that will specialise in offering private nursing services to those who need it. Nurse On Wheels Inc. therefore targets to be the best freelance nursing service in the whole of the United States.
Identified Gap/ Opportunity
The company purposes to fill the void in professional freelance (private) nursing services where one can hire a nurse for the period of time they need her without necessarily having to employ her.
The Management
Nurse On Wheels Inc. will be incorporated in the state of Texas and based in Pasadena. It will be a limited liability company co-owned by myself and another investor/ investors who will get 30% equity on financing provided. That investor is you. I will be the Chief Executive Officer running the day-to-day business of the company. Directorship of the company will be shared on a 3:1 ratio between my team and the investor.
The Services
The company will provide nursing care services on short contracts for the period of time desired by the client. They will then only pay for the services as our company will equip the nurse with the equipments they need such as a stethoscope, digital thermometer, and a sphygmomanometer. Healthcare Budget Request – Executive Summary. Examples of potential clients for the company include families of bedridden patients who have been discharged but will need home nursing care, aged persons whose families require home nursing services, and sick persons travelling by air requiring a nurse escort among others. Market research done by my team has showed that many people are from time to time in need of private nursing services but find it hard to make arrangements with nurses who are formally employed elsewhere.
Stakeholders
Stakeholders who will be most impacted by this opportunity are persons with chronic illnesses who may need home care nursing for particular periods of time until remission of their condition. These are, for instance, patients with cystic fibrosis post intensive care ventilatory support who want to reduce hospitalisation costs by continuing care at home until full recovery from the respiratory episode. v.
The stakeholder groups that would be of most of assistance in helping me address this healthcare issue are the state regulatory and licensing authorities like the State Nursing Board. Their agreement to register and license the practice will be the starting point in enabling me to address this issue.
Start-up Financing
The business is looking for USD 300,000 to help with the start-up costs of the company. As co-owner and founder, I have set aside USD 150,000 from my own savings to go towards starting operating expenses and working capital.
References
CFI Education Inc. (2020). Analysis of financial statements: A guide to analyzing financial statements for financial analysts. Retrieved 9 March 2020 from https://corporatefinanceinstitute.com/resources/knowledge/finance/analysis-of-financial-statements/
Jooble (n.d.). Private nurse jobs in the United States. Retrieved 9 March 2020 from https://jooble.org/jobs-private-nurse/United-States
Learn4Good (n.d.). Private duty nurse jobs in USA: Search and apply or post jobs for free. Retrieved 9 March 2020 from https://www.learn4good.com/jobs/privatedutynurse/usa_united_states/postings/
MyAccountingCourse.com. (2019). Financial ratio analysis. Retrieved 9 March 2020 from https://www.myaccountingcourse.com/financial-ratios
UPMC (2020). Private duty nursing. Retrieved 9 March 2020 from https://www.upmc.com/services/aginginstitute/resources-for-caregivers/senior-living-and-home-based-care-options/home-based-care-services/private-duty-nursing Healthcare Budget Request – Executive Summary