HSA 3160 Florida International University Health Care Marketing Business Plan Project
Phase one is finished Develop a marketing business plan for a healthcare organization of your choice (either for-profit or non-profit HCO) where you choose a new product or service to market for a specific target market.Your Marketing Plan should have the following components:Table of ContentsPhase One• Executive Summary,Phase TwoCompany Profile,Industry Overview,Phase ThreeService Overview,Competitive Analysis, Marketing Mix-Promotional Strategy,Marketing Mix-Place, Marketing Mix-PricingPhase FourService Delivery PlanHuman Resources Plan,Phase Five• Financial Statements: Balance Sheet and Income StatementsRequirements:1.Prepare the project in APA-style, double-spaced with 1-inch margins and 12-point Times New Roman font. Select “bold” font for headings and sub-headings and use as many as necessary. Submit your marketing business plan in word document. An APA-formatted title page, and reference pages are required. All elements of the project must conform to style requirements of the Publication Manual of the American Psychological Association, Sixth Edition (commonlycalled the APA style manual, 6th edition). APA resources can be found on the PBSC librarywebsite: http://palmbeachstate.libguides.com/c.php?g=313291... 3. Be creative by incorporating graphics, pictures, graphs, charts, etc.Getting Started – Health Care Organization SelectionSelect a Not-for-profit or For-profit Health Care Organization for your Health Care Marketing Business Plan. The chosen health care organization will either market a new product or service to a specific target market. You are responsible for constructing the business plan for the new product or service for the HCO.Once you have chosen the type of HCO you will market for, then comes the decision of whether you want to market a new product or service.Try to make the product or service as original as possible.Submit HCO selection and new product/service idea in Blackboard for approval.Phase I: Executive SummaryI. Executive Summarya summary of the planning issue , which includes a new product, new service opportunity, or process improvement issue.A future –oriented, two page document demonstrating knowledge of the issue and provides the prospective valueWhat to include in the Executive Summary:1.An introduction to your business plan which involves a discussion of the new serviceopportunity, cost saving measure, or process improvement.2.Marketing Highlightsa.Make a list of the distinctive features by answering these questions:i.What is the real value regardless of the type of project?ii.What will the product/service save the organization in dollars? (estimated guess, doesn’t have to be accurate)b.Ex: What savings or profits will it generate by improving efficiency? Or what saving or profits will it generate by developing a new service? Or what will it bring by bringing in paying patients or no-show patients?3.Targeting Market Summary: Answer the following questions:§Who is your target market?§Who benefits from this plan?§Is the market internal, external, or both?4.Competitive Analysis (if a new service opportunity)§Who else is doing it?§Provide a competitive analysis1.Key Marketing Strategies -oWhat key marketing strategies will you use?oHow will you get compliance of patients, staff, the board, or referral services?2.Operational Highlights• Are there any critical legal or regulatory constraints?. Intermediary Concerns or Issues• Are there any noteworthy issues with referrals or other entities? Grading RubricExecutive Summary (2 pages) – 80 pointsMarketing HighlightsTargeting Market SummaryCompetitive AnalysisKey Marketing StrategiesOperational HighlightsIntermediary ConcernsAPA Format, Use of References – 15 points Grammar, Spelling, Punctuation – 5 pointsPhase II: Company Profile and Industry OverviewI. Company ProfileThis is an overview of your organization including who is involved and the scope of what the company does.Type of OrganizationName of OrganizationHours of OperationScope of Service LineClients ServedLocation of clinics/servicesDescription of BusinessII. Industry Overviewthis is an analysis of the industry and economy in which the organization operatesit demonstrated a current understanding of industry characteristics and trendsa trend is a definite, predictable direction of eventsConduct this type of research using secondary data sourcesSee the below areas that should be covered in the industry overview and the chapters where you can review the subjects:Overall Business or Client Trends and Opportunities1.Social changes – Chapter 32.Economic reimbursement changes – Chapter 33.Demographic changes – Chapter 34.Health care delivery changes – Chapter 35.Regulatory/political changes – Chapter 36.Key success factors in your segment of the industry – Chapter 37.Barriers to entry in your segment of the industry – Chapter 28.Barriers to exist in your segment of the industry – Chapter 2Grading RubricOrganizational Profile – 20 pointsIndustry Overview – 60 pointsAPA Format, Use of References – 15 points Grammar, Spelling, Punctuation – 5 pointsPhase III: Service Overview, Competitive Analysis, Marketing MixI. Service OverviewThis service describes the new service-the benefits and features that you are providing and to whom.It is important to recognize that the benefits may way from customer to customer. Patients may see one value or benefit such as timely clinical intervention, whereas the referral sources may see a different benefit, such as having the patient under supervised care within 3 hours of a call, or medical group may see a different benefit having a competitive value with which to better negotiate contracts.What is the proposed new service/product unique features and benefits?What values does it provide to the key target market?What are the benefits of this new service/product?How is this new service/product against existing services and products offered by others?What are you doing differently?1.Target MarketoUnderstand your customers (be they patients, family members, judges, third-party payers, employers, o the government)oHow is the market segmented? Who in the group is involved in the buying decision?2.Competitive AnalysisThe competitive analysis is a thorough analysis of both direct and indirect competitors. It identifies strengths and weaknesses of competitors. Indirect competitors may not provide the same service, but they may be competing for the same dollars.Describe your competition’s serviceWhat is/are their point(s) of differentiation?What real value do they deliver to the customer that others do not?What is their marketing/advertising approach?What are the opportunities or threats to your organization?1.Marketing Mix-Promotional StrategyoWhat are the key messages you want to convey in your marketing materials about your organization?oHow are you positioning your service/organization?oWhat mix of vehicles will you use?oWhat are the objectives?2.Marketing Mix-PlaceV.Where will the service/product be delivered (location, hours, technology utilized)?What are the costs associated with this manner of distribution?What is the marketing importance/advantage of the location?Does the location/distribution approach provide any competitive advantages? Marketing Mix-PricingoLabor costs of FTEs (full time employees)oOverhead costs?oMargin costs?Other Pricing considerations:§Customer perception of value§Will there be discounting?§What type of pricing strategies will you use?Refer to Chapter 9 – PriceGrading RubricService Overview – 80 pointsTarget MarketCompetitive AnalysisMarketing Mix-Promotional StrategyMarketing Mix-PlaceMarketing Mix-PricingAPA Format, Use of References – 15 pointsGrammar, Spelling, Punctuation – 5 pointsPhase IV: Service Delivery Plan and Human Resources Plan1. Service Delivery PlanOutlines the method by which your service will be delivered to clients or customersIt is a statement of what resources are needed in terms of both personnel and other assets to bedelivered.Outlines the critical points in the clinical service delivery process§ What to Include§ Service delivery methodology: what methods will your organization use to deliverservices-this can be an outline§ Flow Chart of delivery service, delivery sequence, and timing requirements§ Human Resources1.Organizational Structure/staffing Plan§ Clinical (full time vs. part time)§ Non-clinical (full time vs. part time) 2. Compensation§ Rate§ Benefits§ Job descriptions-brief§ Roles and responsibilities-brief descriptionGrading RubricService delivery methodology – 25 points Flow chart of delivery service- 25 points Human Resources – 30 pointsAPA Format, Use of References – 15 points Grammar, Spelling, Punctuation – 5 pointsPhase V: Financial Statements, Balance Sheet and Income StatementThe balance sheet shows the financial picture of a business at a given point in time. It is what the organization owns versus what they owe.The income statement shows the profit (or revenue-positive position) versus the loss of an organization over time.For this phase, utilize Merrill Lynch’s handout on reading financial statements.1.Using one year of the balance sheet, determine the organization’s liquidity through the current ratioand debt-to-equity ratio. Use the table below and answer the questions.a.What is the current ratio? Do you have enough current assets to meet your current liabilities? Explain. (Refer to page 23 of the Merrill Lynch handout)b.What is their debt-to-equity ratio? Total liabilities/total shareholder equity =2.Using one year of the income statement, determine the organization’s profitability or fund balance perspective through operating margin and net profit ratio. Use the table below and analyze the both the operating margin and net profit ratio. Refer to page 31. Of the Merrill Lynch handout/link.§ Operating Margin = Operating Income/net sales § Net Profit Margin= Net Income/net salesGrading RubricBalance Sheet – 40 pointsIncome Statement – 40 pointsAPA Format, Use of References – 15 points Grammar, Spelling, Punctuation – 5 pointsFinal Health Care Marketing Business PlanComplete and submit the final business plan with revisions (revised Phases I-V). See grading rubric.Grading RubricLeft SideRight SideCurrent Assets ________Current Liabilities _________Fixed Assets _________Long-Term Liabilities______Other Assets __________Shareholder Equity ________CRITERIAEXPERTPROFICIENCYCOMPETENTNOVICEContent 50 points50 pointsThe research is clear, well stated, and supported with the appropriate facts.40 pointsThe research could be stronger, weakly stated, but supported with30 pointsResearch is strong but not supported with the appropriate facts.20 pointsThe research is supported with opinion and not facts.the appropriate facts.APA Formatting 20 points20 pointsInformation is very well organized, subheadings, well-constructed paragraphs, title page, in-text citation, in APA format.15 pointsInformation is organized, subheadings with well- constructed paragraphs, with title page, in- text citation and APA format.10pointsInformation is organized but paragraphs not well constructed, with a few errors with APA formatted in- text citations, title page, and subheadings0 pointsInformation is disorganized, with incomplete APA formatting.Reference /Quality and Sources15 points15 pointsFive or more credible sources are used that are cited and relevant to the paper’s topic.12 pointsThree to four credible sources are used that are cited and relevant to the paper’s topic.9pointsOne to Two credible sources are used that are cited and relevant to the paper’s topic.0 pointsNo credible sources, sources are not cited or relevant to the paper’s topic.Grammar/Spelling/ Punctuation15 points15 pointsNo grammatical, spelling, or punctuation errors.12 pointsAlmost no grammatical, spelling, punctuation errors.EXTRA NOTES ABOUT FROM MY PROFESSORNEED TO FINISH THE REST OF THE PHASES Welcome to your Health Care Marketing Business Plan Project Guide instructions on how to get started with your HCO selection.For this course as your main project you will be working on developing a marketing business plan for in a HCO, health care organization, of your choice. That established, existing can either be for profit or non profit. For this HCO what you are going to do is provide a business plan where can market a new product or service and the business plan will allow you to describe the competitive market as well as describe the evolving health services industry structure and explain the role of marketing in healthcare organizations. On page one of your project guide you will see that your marketing plan should have the following components: first, it should have a table of contents and then your marketing plan will consist of five phases. Phase one, you have executive summary; phase two, your company profile and industry overview; in phase three, you will provide a service overview, competitive analysis, marketing mix on their promotional strategy, marketing mix on place, marketing mix on pricing; phase four, you will provide a service delivery plan and a human resources plan; and in the last phase, phase five, you'll provide financial statements, balance sheet, and income statements analysis. You will prepare the project in APA style, double-spaced with one inch margins in twelve point Times New Roman font is to be used, select bold font for your headings and use subheadings and use as many as necessary-- this is all part of APA format and you will submit your marking business plan as a Word document. You will also need an APA formatted title page and reference pages are required. Therefore all elements of the project must conform to style requirements of the APA sixth edition manual and you can find your APA resources on the PBSC library website and the link in your guide. Be creative with your business plan. Be creative by incorporating graphics, pictures, charts, graphs, etc. Because you never know whose hand your business plan may fall into. So keep that in mind. So let's talk about getting started, which is your health care organization selection. As mentioned in the instructions you are to select a nonprofit or for profit HCO that can be a pharmaceutical HCO, a hospital HCO, a nursing facility, a home health facility, managed care HCO, and the list goes on. So whatever HCO that you choose, you must decide if you're going to market a new product or a new service. Think about what they aren't offering at this moment in time. Think about their target market. Think about what they need is, what the demand is, and that will help you to decide on what project or service that you would like to write a business plan for, for your HCO. Try to make the product or service as original as possible, because this business plan ,will require research.