NURS FPX6008 Assessment 3 Implementation Plan for a New Economic Opportunity

Implementation Plan for a New Economic Opportunity

This report covers the implementation plan that involves creating a new initiative for the healthcare initiative that was started by the Prime Medical Center related to the establishment of a new organization. The report covers the budget creation that covers everything from material, capital, and human resources costs in the five years and how the project will become sustainable in the future time period. The report will also provide a timeline detail and the impact of this new economic initiative on the organization’s revenues. 

Since, thePrime Healthcare Center has decided to construct a new healthcare organization as an extension with the name of SmartHealth, the setup will prove to be beneficial for the society to provide instant care to employees of PMC and other community members who sustain injuries and feel sick. This means that the objective of SmartHealth will be providing efficient and timely and patient-centered services to different members of the community who are close to that area and do not have any other facility in the area. 

Budget Plan for the Economic Initiative

The implementation of the new plan for the healthcare initiative will be done by keeping in mind the revenues and viability for the next 5-years. The urgent budget was created for that matter which shows all the items’ details such as costs, revenues, and viability chances of the new proposed initiative. The plan will lead to the successful completion of this project and the expected completion date is December, 20222. The profits in this plan are measured for the organization for the next five. This is ensured by multiplying the expected patient volume by taking an average of charged paid by the patients. charges. The expectation of new patients entering the new healthcare center is almost 357 per week. This means that professionals will make their decisions more effectively by knowing the details of this budget plan. 

Many elements are kept in mind to evaluate the viability of this new initiative in addition to a few risks associated. For example, from seven kilometers of Prime Medical Center, there is no other heath center to meet the needs of customers. This imitative is based on the analysis of professionals by considering the cost-benefit analysis done in the previous report. The new customers are expected to bring in almost $160 revenues that amounts to almost $2,730,000 increased revenue or an additional profit. The PMC revenue will also increase by 5.3% annually while its operating expenses will include insurance, utilities, and employees’ salaries in addition to admin and marketing costs (Pitts et al., 2018).  

For instance, the doctors are working full time in their shifts can earn salaries up to $232,000 that goes into salaries expense record. Moreover, nurses are expected to be paid salaries amounting to $112,000. Similarly, the medical assistants will be paid salaries $35,000 per annum and the salaries of medical receptionist are $32,000. The company is expected to hire more employees in the third and fourth year as the demand of the services grow who will also increase expense by 2.7% per annum. The utilities costs will also rise in the subsequent years for the next five years by 5%. Similarly, the budget shows that the insurance expenses will also increase in the next five years as the expected capital cost for the project is $350,000.The fact remains that the company will apply for a bank loan for the half of the amount of $350,000 and the rest will be used from the assets of the PMC.Finally, the loan amount will become almost $175,000 to be payable in the five years at an interest rate of 7% per annum. Therefore, the loan payment of almost$41,580per annum will be a liability for helping the organization builds more cash surplus in the fourth and fifth years. 

Rolling out the Economic Initiative

Other healthcare initiatives are being started in the same geographical area within eight kilometersof PMC. This can also impact the urgent care services of SmartHealth; these medical centers will be able to benefit the community, however, at the PMC, the customers can get better testing facilities. However, some factors should be considered for Smarthealth to become a profitable alternative.  One of these factors is the competition in the area that will allow customers to choose the se

Order Now