Ashford University Healthcare Accounting Paper

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Business Finance

ashford university

Description

The Stand-Alone Project for this course requires you to act in the role of a consultant to a physician who wants to establish “Oakville Open MRI Clinic.” Dr. Hughes, introduced in Assignment #6, is the physician in charge of exploring the development of an Open MRI Clinic, which will be a part of Oakville Hospital. The proposed MRI clinic will be the only “open” MRI operation in Oakville County. There are “open” units in Memphis, which is about 200 miles away, and there are many “closed” MRI facilities in the County. Oakville Hospital has highly regarded neurological and radiology groups. Many aging baby boomers live in Oakville County. There is a shortage of radiology techs needed to staff the Open MRI.

Dr. Hughes wants you to complete a draft of a business plan. The previous consultant completed the Mission Statement, SWOT analysis, and Strategies sections of the Plan. Your function is to draft any applicable economic, budgeting, and financial analysis sections, and to make conclusions and recommendations based upon your analysis. Your Stand-Alone Project responses should be both grammatically and mechanically correct, and formatted in the same fashion as the project itself, 20 pages.  If there is a Part A, your response should identify a Part A, etc. In addition, you must appropriately cite all resources used in your response and document in a bibliography using APA style. (300 points)

NOTE: It may be helpful to revisit Lesson #6 and the articles that discuss the format of a formal business plan. Also, perform sufficient research on Open MRIs to perform the economic analysis for this project. Keep in mind that you are primarily interested in developing the feasibility analysis for this project. You do not need to write an Executive Summary. As previously stated, you do not need to draft a mission statement, SWOT analysis, or devise strategies. However, you are free to develop any other aspect of a typical business plan you find applicable to the facts as stated in this problem or based upon your research.

Explanation & Answer:
3 pages
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Explanation & Answer

Attached.

Running Head OAKVILLE OPEN MRI CLINIC

Name
Oakville Open MRI Clinic
Course
Instructor
Date

1

OAKVILLE OPEN MRI CLINIC

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Table of Content
Introduction…………………………………………………………………………………..……3
Economic Analysis………………………………………………………………………………..3
Budgeting……………………………………………………………………………………….…6
Three Budget Components…………………………………………………………..……8
Revenue……………………………………………………………………………8
Variable costs……………………………………………………………………...9
Fixed costs………………………………………………………………………...9
Financial Analysis………………………………………………………………………………..11
Sales Forecasting………………………………………………………………………...14
General Assumption……………………………………………………………………..15
Personal Plan…………………………………………………………………………….15
Income Statement………………………………………………………………………...16
Recommendations………………………………………………………………………………..17
Conclusion……………………………………………………………………………………….18
References……………………………………………………………………………………….19

OAKVILLE OPEN MRI CLINIC

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Oakville Open MRI Clinic
Introduction
Oakville Open MRI Clinic is aimed at making sure that the patients receive the safest,
along with most sophisticated medical imaging services for making sure that every diagnosis is
made in an accurate and prompt way. The organization committed with the provision of
excellent service with the help of the latest technology’s incorporation in diagnostic imaging
within the county region of Oakville. The organization’s business is aligned with the Oakville
Hospital’s vision that competently describes the key goals of the radiology department, along
with the overall hospital. The focus, in this case, is tied around clarifying to the community
members and physicians regarding the radiology services that are going to be provided by the
Clinic. The new department’s development is tied around associating the Open MRI scanning
services that in Oakville County is the first of its kind for fulfilling the community’s needs. As
mentioned in the given scenario, the mission statement, strategic plan and SWOT analysis have
already been prepared, the focus of this business plan would be on the economic analysis,
financial analysis and budgeting. These analyses are really important before providing Open
MRI scanning services to the patients because these analyses will assist in knowing the
feasibility of opening the new department and providing Open MRI scanning services.
Economic Analysis
Oakville Hospital is a well-known healthcare facility among the members of the
community for the reason that it has very good neurology and radiology departments. These
departments are basically a plus for the Oakville Open MRI Clinic that the organization is
considering opening. Along with this, the other hospitals within the county does not provide
Open MRI services but they are specialized in providing the Closed MRI services within the

OAKVILLE OPEN MRI CLINIC

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community. Hence, the first healthcare facility to provide Open MRI services would be Oakville
Hospital. This initiative of the hospital will assist the organization in leading Oakville County’s
healthcare industry from the front. With the help of providing MRI scanning services to the
community members, the organization will expand its services within the community.
Thirdly, Oakville Hospital has the necessarily qualified radiologists who can serve the
market demand of the County comfortably. Fourth, the Open MRI clinic is a high-field
performance machine that offers patients comfort together with anxiety reduction which comes
at a significantly low cost compared to other imaging services available in the market presently
(Williams & Wilkens, 2009). Lastly, taken up for scanning is relatively reduced to around 30
minutes for every part of the body compared to the use of Closed MRI units which usually
extend to around 80 minutes.
Newmarket niche’s availability; claustrophobic patients could view their surroundings
while the scanning procedure is on roll therefore canceling out any of their fears for closed
spaces. Secondly, large-bodied individuals can now have access to MRI services considering the
fact that they can now fit in the open MRI unit in comparison to the traditional tube-like closed
MRI units. The Open MRI unit has a gantry design that is accessible from any side allowing
patients to be comfortable as opposed to the closed MRI diameter of between 24 and 28 with a
closed-end. Thirdly, the population of Oakville County, Tennessee is relatively made up of
millennials making accessibility to healthcare services a go-to proponent for people of this
community. These numbers could easily translate to patients seeking neurological as well as
spine diagnosis which requires MRI imaging services. Getting results after an MRI scan is what
patients look forward to at all times, Open MRI units not only take fewer times for scanning but
also make it possible for results available within the shortest timeframes (Casson, 1996). Lastly,

OAKVILLE OPEN MRI CLINIC

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with the technology of Open MRI systems, results can be accessed through online collaborations
between radiologists and physicians thus ensuring excellent service delivery.
Better care is provided by the Open MRI machines for patients in contradiction of closed
MRI machines. In an open MRI machine, there is a high comfort level, with reducing patients'
concerns, and the claustrophobic feeling. Along with this, in the case of ope...


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