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Developing a Business Plan

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. It is essential for physician leaders to understand business plans. Understand each of the key elements of a plan, including the development process. Learn to draft business plans for new programs, projects and ventures for existing organizations as well as for the development of new businesses.

Topics include:
• Defining the purpose and structure of business plans
• Essential elements of a successful plan
• Questions that plans should address

5.5 Total CME

Course Objectives

  • 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.

Key Dates

Original Course Release Date: April 2013

Course Review and Renewal: April 2016

Course Expiration Date: June 31, 2018

Access to Course Expires: 365 days from purchase date of course

Disclosures

Planner Disclosure: The planners (American Association for Physician Leadership® staff) for this activity have no relevant financial relationships with commercial interests to disclose.

Faculty Disclosure: The faculty for this activity have no relevant financial relationships with commercial interests to disclose.

Accreditation

The American Association for Physician Leadership® is accredited by the Accreditation Council for Continuing Medical Education (ACCME) to provide continuing education for physicians.

Designation

The American Association for Physician Leadership designates this enduring material for a maximum of 5.5 AMA PRA Category 1 Credit(s) ™. Physicians should claim only credit commensurate with the extent of their participation in the activity.

Cancellation Policy

Registrations are eligible for full refund or transfer to another course (that occurs within 12 months) for up to 72 hours after purchase. A $100 processing fee applies to cancellations or transfers after 72 hours but before 30 days have elapsed. Cancellations after 30 days from purchase date are not eligible for refund or transfer.

Registrations may not be transferred to another person at any time. All refunds will be issued to the original form of payment. Refunds or transfers are not available if testing has occurred or CME is claimed.

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