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1.0 Executive Summary
The purpose of this business plan is to showcase the continued development and growth of a nurse practitioner’s practice based in Atlanta, Georgia. Nurse Practitioner Practice, LLC (“the Company”) was founded by Veronica Finch, NP. The business will provide a wide range of medical services that are permitted within the scope of an independent nurse practitioner practice. At this time, the Company is seeking $150,000 for the launch of the practice.
1.1 The Services
At the onset of operations, the Company will employ two nurse practitioners (including the Founder). The Company will provide general care including wellness checkups, diagnoses, and treatment of common illnesses. The practice will have an affiliated medical doctor that can be contacted at any time in the event that there is a serious matter that falls outside of the scope of what a nurse practitioner can treat.
In regards to payment, the Company will accept all forms of private insurance, Medicare, Medicaid, and patient co-pays. Among indigent patients, the Company will offer a sliding scale program to ensure that they receive the care that they need.
Chapter three will further discuss the operations of the Nurse Practitioner’s Practice.
1.2 Financing
Management is currently seeking a $150,000 loan (SBA) in order to establish the operations of the practice in Atlanta. The terms of this credit facility are to be determined but this document assumes that the Company will receive a 10-year loan carrying a 7.5% interest rate. The funds will be principally used for the following:
• Office development in Atlanta
• Medical equipment
• General furniture, fixtures, and equipment
• Working capital
As Nurse Practitioner Practice, LLC is a healthcare focused business, the Company could easily acquire additional capital as needed to expand its operations. This document assumes that the Company will not solicit any further funding during the first three years of operation.
1.3 Mission Statement
Management’s mission is to provide the Atlanta community with cost effective healthcare solutions for their general wellness needs.
1.4 Management Team
Veronica Finch, NP has been a practicing nurse practitioner for the past sixteen years. She is properly licensed to provide these services to the general public. She will be able to bring the operations of her practice to profitability within the first year of operation.
1.5 Sales Forecasts
1.6 Expansion Plan
Over the next three years, the Company will continue to hire additional nurse practitioners that will boost the year-on-year billings of the business. The Company may also establish satellite locations within the greater Atlanta market area.
2.0 Company and Financing Summary
2.1 Registered Name and Corporate Structure
Nurse Practitioner Practice, LLC. The business is registered as a limited liability company in the State of Georgia.
2.2 Required Funds
A loan of $150,000 will be used to establish the practice in Atlanta. Veronica Finch, NP will contribute $25,000 towards the practice development. The funds are to be used as follows:
2.3 Management Equity
Veronica Finch, NP will initially retain a 100% ownership interest in the practice. This may change as the business expands and the practice establishes additional offices within the Atlanta market area.
2.4 Exit Strategy
When Veronica Finch decides to retire, she will most likely sell the practice to staff nurse practitioners. There will be a formal valuation conducted for Nurse Practitioner Practice, LLC and a proper buyout structure over a period of three to five years would be established. This event is not expected to occur for ten to fifteen years.
3.0 Nurse Practitioner Services
As stated in the executive summary, Nurse Practitioner Practice will provide a broad range of medical services and treatments that are permitted with the scope of Georgia’s regulations regarding independent practice of nurse practitioners. In addition to provide wellness checks and physicals for patients, the Company will treat:
• Diabetes Care
• Ear infections
• Eye infections
• Flue and Cold Care
• Prescription Management (directly and in tandem with medical doctors)
The Company will accept insurance as well as fees from publicly funded healthcare systems. For each visit, Management anticipates fees of $150.
As per law, the Company will have an affiliated medical doctor that will be on call at all times. As the practice expands, the Company will expand the number of affiliated physicians that can provide on call and emergency services for patients.
4.0 Strategic and Market Analysis
4.1 Economic Outlook
As with any healthcare focused enterprise, the demand for these services remains strong in any economic climate. People will continue to become ill and will require medical treatment. As such, changes in the overall economy will not impact Nurse Practitioner Practice’s ability to generate revenue and remain profitable.
At this time, the economy is doing very well. As a result of well established monetary policy by the Federal Reserve – interest rates and the rate of inflation are declining. It is expected that ongoing fiscal policy will ensure that these rates continue to decline while ensuring that unemployment rates remain near historical lows.
4.2 Industry Analysis
There are currently 15,000 nurse practitioners practices. In each of the last five years, the industry has generated $35 billion of revenue. The industry, as whole, provides 155,000 jobs (which includes the nurse practitioners and well as support staff).
This industry is poised for significant growth over the next ten years as more people from the Baby Boomer population reach their later years. There is an ongoing shortage of medical doctors and nursing personnel. The Company will be able to capitalize on this demand throughout the life of the business.
4.3 Customer Profile
The demand for quality healthcare spans the entirety of the socioeconomic spectrum. As such, it is difficult to determine the average patient of Nurse Practitioner Practice, LLC. The business has specifically chosen the Atlanta market area given its immense population and population density. The practice will be able to quickly establish a client base in this market given these factors. Additionally, the higher median incomes of this market will further contribute to the economic stability of the practice.
In this section, you can further discuss why you are developing your nurse practitioner’s practice in your specific market. You can discuss all attributes of your market area.
4.4 Competition
Nurse Practitioner Practice will face moderate competitive issues as its establishes its operations. However, there is an immense demand for medical care in Atlanta. Although there are numerous other providers in this market, demand still outpaces supply. As such, the competitive risks will not impact the business’ ability to develop an ongoing patient base in this market.
5.0 Marketing Plan
Nurse Practitioner Practice, LLC will use several forms of advertising and marketing to establish its patient base. Foremost, the Company will leverage online marketing channels to create regional awareness of the practice. The Company will have an immense online presence that leverages both social media and SEO specific for the Atlanta market.
5.1 Marketing Objectives
• Develop ongoing relationships with referring physicians in the market.
• Develop a content-rich platform that will ensure that the business can be found when queries for medical care are sought for the Atlanta market.
• Create referral relationships with schools as it relates to ongoing wellness checkups.
5.2 Marketing Strategies
As mentioned above, the primary way in which the Company will market its services to the general public is through online channels. Most people find medical service providers through online searches, and the Company will maintain an expansive online presence throughout the life the business. The Nurse Practitioner Practice website will showcase biographies of all nursing staff, provide location information, hours of operation information, and content about what types of insurance are accepted at the practice.
In addition to its website, the practice will maintain pages on all social media channels. The most important aspect of these marketing operations will be Facebook. Similar to the Company’s website, the Company’s Facebook page will provide ongoing information about the practice and its operations. The business’ social media pages will link back to the Company’s website.
The business will also distribute mailed advertisements to school administrators and school nurses. As many students require an annual medical examination, the Company sees a significant opportunity to develop referral relationships for when students require these services. It is likely that many parents will become ongoing users of the practice for their children’s medical needs.
The business will also sponsor local charities and civics organizations in order to further increase brand name awareness of the practice (with a major focus on academic focused institutions).
6.0 Organizational Plan and Personnel Summary
6.1 Corporate Organization
6.2 Payroll
7.0 Financial Plan
7.1 Underlying Assumptions
• Nurse Practitioner Practice, LLC will acquire a $150,000 SBA loan which carries a 10 year term and a 7.5% interest rate.
• Veronica Finch will contribute $25,000 towards the practice’s development.
• The revenues of Nurse Practitioner Practice are wholly immune from negative economic changes.
• The Company can scale its operations throughout the entirety of Atlanta with low capital expenditures.
7.2 Sensitivity Analysis
Nurse Practitioner Practice’s revenues will not be impacted by any economic recession or negative changes in the economy. The vast majority of people within the Atlanta market have health insurance. Additionally, the Company will maintain highly controllable operating costs that will further contribute to the economic stability of the practice. The Company, through the continued hiring of additional nurse practitioners and supportive nursing staff, is poised for exceptional growth over the next three years.
7.3 Source of Funds
7.4 Profit and Loss Statement
7.5 Cash Flow Analysis
7.6 Balance Sheet
7.7 Breakeven Analysis
7.8 Business Ratios
