HCA 620 What advice would you give to a recent medical school graduate who is seeking to open a medical practice

This report was an incredible perused, in light of what I read my recommendation I’d share with an ongoing therapeutic school graduate looking to open a restorative practice is that despite the fact that it might appear to be testing and entangled, that in the event that you have a decent arrangement to help with every one of the issues (Guglielmo, 2007). As partook in the article ordinarily organizations simply experience passionate feelings for their thought that they figure it will sell itself and they become distracted with setting aside time and cash that they reject point by point arranging as an exercise in futility (Guglielmo, 2007). I would likewise exhortation restorative understudies to set present moment and long haul objectives. In accessing and reading the article ibenifitted from that Guglielmo specifies how specialists start at a strategies level and how this can possibly squander assets, which would make them need to impart to late restorative understudies that having objectives, present moment or long haul and afterward making a point by point plan will help set aside them time and cash not far off just as sparing assets (Guiglielmo, 2007). The article was an extraordinary perused and I would need to state that I had a couple of takeaways myself with regards to the significance of point by point plans and that regardless of whether they appear to be monotonous, they are useful and will spare time, cash and assets over the long haul (Guiglielmo, 2007).

References:

Guglielmo, W. J. (2007). How to write a business plan. Medical Economics, 84(17), 42-6. Retrieved from https://lopes.idm.oclc.org/login?url=https://search-proquest-com.lopes.idm.oclc.org/docview/227802386?accountid=7374

Respond here

Indeed, the article was beneficial since it provided an in-depth analysis of how a medical school graduate can start a medical practice. Besides, I concur that as a medical school graduate, there are a lot of information that can be taken from the article regarding the plans. Essentially, if these proposals can be implemented as suggested in the article, it is not anything to doubt that the medical practice start up initiative would spare time, cash, and assets in the long-term (Guglielmo, 2007). However, in regards to the advice that can be given to a medical graduate who intends to start a medical practice, I have noticed that the article has highlighted major factors to be considered in a business plan. The article points out that the plan should contain the executive summary, details of the business, intended market, support services, good management, development and production, sales and marketing, and financials.

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Essentially, Guglielmo insinuates that it takes a lot to open a medical practice. As such, there is need of devising an effective planning format. Precisely, the article identified a GOST format which implies goals, objectives, strategies, and tactics. This planning format is believed to be effective because it helps in reducing the planning process for the intricate perspectives to a practical sense (Guglielmo, 2007). That is, it moves idea of opening the practice from the concept and vision to a more tenable sense. In a nutshell, the key points a graduate intending to open a medical practice can take from the article include taking time to develop an effective plan because it is vital in saving money and time in the long run, employ the GOST format, and to consult the experts to draw the business plan or explain its technical aspects.

HCA 620 What advice would you give to a recent medical school graduate who is seeking to open a medical practice

References

Re: Topic 7 DQ 2

The article by Guglielmo, “How to Write a Business Plan” provides the guidelines on how to provide an appropriate plan of action. The focus is more on the practicality of the business plan rather than mere reflections. The emphasis is on detailed planning as when you put a plan in action the processes may greatly affect the success of the plan. He points out the key contents to be involved when making a business plan should be executive summary, business description, target market, development and production, sales and marketing, management, support services (support team), financials, risks assessment, cash flow statement, balance sheet and income statement.

Opening a medical practice is a complicated and challenging process and to ensure success, it’s critical to have a clear and detailed business plan. Between putting together a team, finding financing and choosing equipment, moving parts that depend on other organizations, such as completing insurance credentialing and securing a tax ID are hands on tasks. Having a clear business plan will provide an estimated timeline and clarity of the process. It’s much better to find out after committing your ideas to paper that you may have problems to overcome than finding out somewhere down the road, after you’ve expended a lot of time and money. “The business planning process opens your eyes to these potential problems, thereby increasing your chances of success”(Guglielmo, 2017).

In addition to securing a capital to help cover startup costs, having a clear concise management plan, marketing is one the key aspect that can make or break a practice as often practitioners fail to bring in enough patients and the business is not bringing enough return to stay afloat. Fewer doctors are starting one- and two-person practices, largely because it’s expensive to start up, they prefer being affiliated to a larger group however, patient census can be maintained by having a clear marketing plan.

References

Guglielmo, W. J. (2017). How to write a business plan. Medical Economics, 84(17), 42-46. Retrieved from: https://lopes.idm.oclc.org/login?url=http://proquest.umi.com/pqdweb?did=1347599161&Fmt=4&clientId=48377&RQT=309&VName=PQD

Response

Undeniably, this discussion post has precisely given a good advice to the graduate intending to start a medical practice based on the ideas from the article provided. It is an indication that the student grasped the concept of the content. The main idea that Guglielmo emphasized in the article that there is need to focus more on the practicality of the business plan rather than mere reflections, has been reintegrated by the student. Besides, there is a succinct summary of the key contents that Guglielmo believe should be involved when making a business plan (Guglielmo, 2007). Essentially, it is extremely challenging to start a medical practice; however, having these contents can guide the graduate in making logical decisions. As indicated in the post, it is safe to identify challenges that can be dealt with while the plan is still on the paper than proceeding with the implementation of the plan only to realize many challenges after spending significant amount of money and time.

However, there are several tips for writing a good business plan that Guglielmo indicated in the article that a budding entrepreneur should keep in mind before initiating a medical practice. These tips including being honest by acknowledging both challenges and opportunities to enable investors to have a clear picture of the plan (Guglielmo, 2007). It is also advisable not to take the rivals lightly because they could have better ideas. There is need to look for sweet spot, which connotes a having a middle ground that leaves a chance of inputs from other stakeholders. The graduate should also ensure that all the stakeholders are effectively engaged and are aware of the visions and goals of the practice. Finally, the graduate should determine the opportune moment to seek expert advice.

HCA 620 What advice would you give to a recent medical school graduate who is seeking to open a medical practice