Assignment is already done just need extra references( around 2 or 3). I attached my group project that we are working on to help understand the paper. lastly here is the assessment description.
This is a Collaborative Learning Community (CLC) assignment.
Refer to the “CLC Resources” document for specific information about and directions for your project subject, whether your group chose the Ambulatory Surgery Center (ASC), Electronic Medical Record (EMR), or Community Health Program (CHP).Based on the project subject chosen in Topic 1, your CLC group will create a 2,500-3,000 word business plan. The business plan should contain the sections and components common to typical business plan models. However, the specific needs of each project will determine the appropriate model to use. Relevant data, tables, charts, and graphs may be included.Whichever model you choose, your plan must include the following:
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to LopesWrite. A link to the LopesWrite technical support articles is located in Class Resources if you need assistance.
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Grand Canyon University Care Hospital
Business Proposal
12345 MAIN STREET
Phoenix, AZ, United States
www.gcucarehospital.com
604-556-3000
grouptwo@gcucarehospital.com
Presented by: Group 2- Antwanetta Boswell, Amos Mungu, Kaelynn Miller, Nancy Nguyen
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Table of Contents
1. Executive Summary
2. Business Profile
3. Product Analysis
4. Marketing Components
5. Financial Information
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Executive Summary
It is the mission of Grand Canyon University Care Hospital to:
1. Provide comprehensive and quality care to patients.
2. To offer support and coaching when patients are not feeling their best.
3. Improve the access to health care for our Arizona communities.
4. Dedicate ourselves to patients for a happier and healthier future.
To accomplish these goals Grand Canyon Care Hospital is driven to improve health quality for
our patients by connecting them with technology that allows people to spend less time with us
and more time with their families. Our hospitals and clinics integrate technology and integrity for
a healthy future. The organization is dedicated to ensuring that our facilities are up to date with
the latest technology and equipment to treat our patients efficiently, thoroughly, and with
compassion.
Company Profiles:
Grand Canyon University Care Hospital is a 200-bed inner-city hospital with a 30-member
primary care physician group, one hospital-based clinic, and four clinics dispersed throughout
the local community. When we opened in 1997 our goal was to increase access to care in our
local community. We strived to serve underrepresented populations and treat as many patients as
possible in our healthcare facilities.
I have witnessed our facility’s growth and it is exponential, with this rapid growth our healthcare
team has found gaps in our technology that could improve our ability to provide the best
healthcare outcomes in Arizona and surrounding areas. Our organization is very confident that
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the implementation of the electronic health record (EHR) will increase our ability to operate a
successful healthcare organization.
Recent information about the benefits of the implementation of the Electronic Health Record has
emphasized the fact that EHR allows organizations the ability to share health information
electronically which can help provide higher-quality care to its patients (HealthIT.gov, 2022).
Some of the notable benefits of the implementation of the EHR include providing accurate and
up-to-date information to patients, securely sharing information with patients and other
clinicians, and reducing costs through decreased paper, safety, and reduced testing practices
(HealthIT.gov, 2022). Our organization must take the next steps to implement the EHR, as this
will allow our organization to grow and serve more patients. The Centers for Disease Control
and Prevention (2023) reported that 88.2 percent of office-based physicians are utilizing an
EMR/EHR system. The recommended plan moving forward for our healthcare facilities is to
implement EHR to improve patient care outcomes.
Analysis of Product Services of an Electronic Business Plan:
An electronic business plan is a digital version of a traditional business plan
incorporating technology to manage and operate the business. The product services of an
electronic business plan may vary depending on the nature of the company, but some common
features are discussed below:
1. Market Research: An electronic business plan typically includes a market research section that
provides detailed information on the industry, target market, and competition (Scarboro, M.
(2017). This section may consist of data from primary and secondary sources such as surveys,
focus groups, and online research tools like Google Trends or SEMrush.
2. Financial Projections: Electronic business plans often include financial projections that help
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investors and stakeholders understand the potential profitability of the business. These
projections may include income statements, balance sheets, cash flow statements, and break-even
analyses.
3. E-commerce Integration: One of the primary advantages of an electronic business plan is
integrating e-commerce functionality into the business model. This may include setting up an
online store, accepting online payments, and managing shipping and logistics.
4. Customer Relationship Management (CRM): Electronic business plans often include a
customer relationship management (CRM) system that allows businesses to track customer
interactions and gather valuable data about customer behavior. This information can improve
marketing strategies, product offerings, and customer service.
5. Project Management: Electronic business plans may also include project management tools
that help businesses streamline processes and manage tasks. These tools include Gantt charts,
task lists, and project calendars.
6. Social Media Marketing: Electronic business plans may incorporate marketing strategies to
help businesses reach new customers and engage with existing ones. These strategies may
include creating a social media content calendar, monitoring social media analytics, and
developing targeted advertising campaigns.
In the market research portion of an electronic business plan, primary and secondary sources,
such as surveys and Internet research tools, are used to compile information specific to the
industry, the target market, and the competitors. This information is presented in depth. Investors
and other stakeholders might benefit from understanding the prospective profitability of the firm
thanks to the use of financial forecasts, which may include break-even assessments, income
statements, balance sheets, and cash flow statements (Lee, M. (2018).
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Integration of e-commerce is one of the primary benefits of electronic business plans. This
feature enables companies to establish an online storefront, process payments made over the
Internet, organize shipping, and other aspects of logistics. A customer relationship management
(CRM) system is often incorporated into electronic business planning. This allows for the
tracking of contacts with customers as well as the collection of data on consumer behavior for
use in marketing and product development.
Tools for project management, such as Gantt charts, task lists, and project calendars, may
assist firms in streamlining procedures and managing activities more effectively (Ellis, K.
(2019). The use of social media marketing methods, such as building focused advertising
campaigns, monitoring analytics, and constructing a content calendar, may assist companies in
reaching new consumers and maintaining engagement with current customers.
In general, the product services offered by electronic business plans have the potential to provide
companies with a variety of tools and methods that can be used to manage and expand their
operations via digital technology.
Marketing Components:
Introduction: A well-crafted marketing strategy is crucial for the productive adoption and
utilization of an Electronic Medical Record (EMR) system among the intended audience. This
particular element centers on fundamental facets of the marketing plan, such as the intended
audience and customer segments, pricing approach, marketing channels and techniques, and
sales strategy.
Target Audience and Customer Segments
1. Healthcare Providers: Those involved in the delivery of patient care, such as doctors,
nurses, and other healthcare professionals, are the primary target audience for the EMR
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deployment. The key users of the EMR system are crucial to its use. Therefore, their
acceptance and engagement are essential to the system’s success.
2. Hospital and Clinic Administrators: Another important customer segment comprises
administrators and executives responsible for the overall management and decisionmaking within the healthcare organization. Their buy-in and support are essential for
allocating resources, implementing policies, and driving organizational change.
3. IT Department: The IT department’s engagement is vital for the EMR system’s
implementation and maintenance. IT managers, technicians, and support staff comprise the
current customer segment. They manage the technical parts of the implementation process,
including hardware configuration, network integration, and system maintenance.
4. Pricing Strategy: The pricing strategy for the EMR system should be designed to provide
value to the customers while ensuring sustainability and a return on investment. Consider
the following factors:
a) Licensing Model: Ascertain the pricing model employed, whether a per-user licensing
scheme, a tiered pricing system predicated on the entity’s size, or a subscription-based
framework. Thoroughly evaluate the financial ramifications and viability of each strategy.
b) Cost-Benefit Analysis: Emphasize the potential economic benefits and operational
enhancements the Electronic Medical Record (EMR) system is poised to deliver to the
organization (Uslu & Stausberg, 2021). Highlighting the enduring financial advantages of
decreased paperwork, optimized workflows, and enhanced patient outcomes.
c) Competitive Analysis: Conduct a thorough investigation into the pricing models employed
by other Electronic Medical Record (EMR) vendors currently in the market. Ensure that
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your pricing strategy is competitive while accurately reflecting the distinctive value
proposition your system offers.
Marketing Channels and Tactics
1. Digital Marketing: Use digital platforms to improve visibility and stimulate interaction
with the Electronic Medical Record (EMR) system. The strategies include targeted
advertising, search engine optimization (SEO), content marketing, and social media
campaigns. The benefits, characteristics, and illustrative instances of the Electronic
Medical Record (EMR) system should all be highlighted in engaging writing.
2. Events and Conferences: Engage in pertinent industry events, conferences, and trade shows
to exhibit the Electronic Medical Record (EMR) system and interact with prospective
clients (Manca, 2015). This presents a chance to showcase the system’s efficacy, mitigate
customer apprehensions, and cultivate connections with pivotal stakeholders.
3. Thought Leadership: Establish the organization and its prominent personnel as
authoritative figures in healthcare technology. It is recommended to disseminate scholarly
articles, whitepapers, and case studies that showcase proficiency and furnish significant
perspectives on the advantages and optimal approaches to Electronic Medical Record
(EMR) implementation.
4. Referral Programs: One potential strategy to encourage the adoption of the EMR system
among new users is to establish referral programs that offer incentives to existing
customers and influential individuals to promote the system to their colleagues and
associates. Providing incentives such as rewards or discounts for referrals that result in
successful outcomes can effectively facilitate the acquisition of new leads and enhance the
establishment of trust and reliability within the healthcare sector.
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Sales Strategy
1. Relationship Building: Develop trusting connections with critical stakeholders, such as
medical professionals, managers, and IT staff. Recognize their issues, respond to them, and
provide them with individualized remedies to build credibility and trust.
2. Demonstrations and Trials: Allow prospective clients to participate in in-person product
trials and demonstrations to acquire a hands-on feel for the electronic medical record
(EMR) system. Showcase the system’s intuitive user interface, versatile customization
options, and seamless integration capabilities to showcase its effectiveness and userfriendliness.
3. Training and Support: Highlight the extensive training and support services rendered to
clients throughout and after the implementation phase. Prioritizing customer satisfaction
and providing continuous support can foster customer loyalty and promote favorable wordof-mouth recommendations.
4. Collaboration with Sales Teams: Collaboration with sales teams is crucial to business
operations. It involves working together with sales teams to achieve common goals and
objectives. Effective collaboration with sales teams can increase productivity, improve
customer satisfaction, and ultimately increase profits. Engage in collaboration with the
sales teams of Electronic Medical Record (EMR) vendors to capitalize on their proficiency
and industry connections. Formulate collaborative sales tactics and deliver essential
instruction to guarantee coherence and efficient correspondence between the supplier’s
sales personnel and your entity.
5. Customization and Tailoring: Comprehend individual healthcare establishments’ distinct
requirements and operational processes and customize the sales strategy correspondingly.
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Emphasize the potential for customization of the Electronic Medical Record (EMR) system
to cater to specific needs while ensuring seamless integration with pre-existing systems
and workflows.
6. Post-Implementation Support: Highlight your institution’s continuous provision of support
and maintenance services. Establishing a specialized customer support team that can
expeditiously attend to any technical complications or inquiries that may arise after
implementation is recommended, thereby guaranteeing customer contentment and
fostering enduring patronage.
Monitoring and Evaluation
Systematic monitoring and evaluation of marketing and sales endeavors are imperative to
gauge the efficacy of the tactics and implement requisite modifications. Critical monitoring
performance indicators may comprise lead acquisition, conversion efficiency, client contentment
ratings, and ROI.
In conclusion, implementing and adopting an EMR system requires a comprehensive
marketing strategy. By identifying the intended audience, implementing a competitive pricing
strategy, utilizing effective marketing channels and tactics, and employing a tailored sales
approach, an organization can proficiently promote the advantages and encourage the adoption
of the Electronic Medical Record (EMR) system. Systematic assessment and improvement of the
marketing endeavors will contribute to the enduring expansion and triumph of the EMR
implementation initiative.
Financial Information:
A business plan’s financial statements should be easily interpretable by its target
audience. An organization’s financial statements should include a balance sheet, income
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statement, and cash flow statement. Balance sheets provide a detailed breakdown of liabilities,
assets, and shareholder equity. In addition, business assets refer to everything it owns that has
value. Among other things, assets can be sold or used by an organization to make products or
provide services. Generally, liabilities are the amounts the business owes other people or
businesses. In other words, shareholder liabilities are the money that would remain after all of an
organization’s assets are sold off and liabilities are settled. By using income statements, the
financial statements should also show the amount of revenue earned over a certain period.
Moreover, the cash flow statement shows how much cash comes in and flows out of an
organization. This is significant because having adequate cash on hand is vital for a company to
pay its expenses and purchase equipment. Cash flow statements can reveal whether a company
made or lost money, while income statements can show whether the company generated funds.
Among the accounting data my group would need for our CLC business plan are cash flow
statements, tax returns, income statements, balance sheets, and financial forecasts. Usually, a
business plan is the first impression a potential investor or stakeholder has of your company.
With that being said, the right amount of financial information should be included. Providing
enough information begins with focusing on the financials that are critical to the project, being
realistic, and presenting less technical information. The accumulation of too much financial
information is likely to cause panic among potential investors, resulting in irrational decisions,
which in turn may lead to trusting the wrong people. Additionally, investors can benefit from it
by reducing the amount of time they have to spend on decision-making. As a result, providing
the right amount of financial information is essential.
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Financial breakdown to implement the proposed EMR system at Grand Canyon University Care
Hospital.
Proposed Budget
$900,000
Location
Grand Canyon University Care Hospital
Product
Cost/Annual
Unit
Total
1400
200 stations/beds
280,000
Touchscreen Clinical
Workstations
Operational Expenses
95,000
Software License
1,800
Staff Training
50,000
50,000
Integration
60,000
60,000
Grand Total
95,000
200 stations/beds
360,000
845,000
Profit = $900,000 – $845,000 = $55,000
At the end of this business plan, it becomes clear that a business specializing in electronic
medical records (EMR) has the potential to be both realizable and lucrative. The executive
summary of this report revealed a pertinent background, an in-depth awareness of the customer’s
needs, and a cohesive appraisal of the many components of the business. Our company’s goal,
mission, core principles, and distinct edge in the market were all clearly articulated in the
business profile of this organization. We identified the features, benefits, and competitive
advantages of our EMR product as well as our overall experience in the EMR industry because
of the product analysis component of the stakeholder survey. The marketing components
indicated a comprehensive understanding of the market that was being targeted, new tactics for
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growing market penetration and market share, as well as extensive insights into the fundamental
aspects of the overall market. In conclusion, the page of our website titled “Financial
Information” offered a complete description of the financial considerations involved with
creating an EMR business and an evaluation of the return on investment (ROI) of the main
components.
After considering all of the aspects discussed above, we are able to say with absolute certainty
that beginning a firm specializing in EMR would be a smart and potentially lucrative move.
Because the EMR industry is well understood in the market, and the demand from customers is
great, our product will likely succeed. There is a good chance of achievement if one employs
astute marketing tactics, assembles an experienced group of workers, and makes credible
estimates regarding the monetary aspects of the organization. In addition to this, the customers’
needs have been precisely defined, and having more experience in the industry than any of our
rivals provides us with a distinct competitive advantage. Because we have conducted such
extensive study, we can now make decisions that we can do so with self-assurance and
knowledge, and these choices will ultimately benefit the company.
Based on the insights offered in this business plan, it has been established that an EMR business
would be an appropriate and beneficial enterprise for our organization to pursue. Our in-depth
investigation into the myriad of aspects has led us to conclude that the enterprise can be
successfully carried out, and it is now abundantly clear that an EMR firm will be both lucrative
and flourish. We are optimistic that our product will garner a high value in the market because of
our strategic marketing efforts and our ability to communicate our offerings efficiently. This
business plan was developed to provide us with knowledge and insight into the process of
launching an EMR business, as well as to guarantee that all stakeholders have the essential
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information to make decisions based on accurate information. We are certain that our EMR
business will establish a new industry standard and be at the forefront of our industry because of
the necessary guiding principles detailed in this report.
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References
Centers for Disease Control and Prevention. (2023). Electronic Medical Records/Electronic
Health Records (EMRs/EHRs). Centers for Disease Control and Prevention.
https://www.cdc.gov/nchs/fastats/electronic-medical-records.htm#print
Ellis, K. (2019). The benefits of using an electronic business plan. Business News Daily.
Retrieved from https://www.businessnewsdaily.com/5256-electronic-business-plan.html
Fraser, L. M., Ormiston, A., & Fraser, L. M. (2016). Understanding financial statements. New
York: Pearson. http://ndl.ethernet.edu.et/bitstream/123456789/25834/1/212.pdf.pdf
HealthIT.gov. (2022). What are the advantages of electronic health records? | HealthIT.gov.
https://www.healthit.gov/faq/what-are-advantages-electronic-health-records
Lee, M. (2018). How to write an electronic business plan. Small Business – Chron.com.
Retrieved from https://smallbusiness.chron.com/write-electronic-business-plan70714.html.
Manca, D. P. (2015). Do electronic medical records improve the quality of care? Yes. Canadian
Family Physician Medecin de Famille Canadien, 61(10), 846–847, 850–851.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4607324/
Scarboro, M. (2017). The advantages and disadvantages of e-business. Small Business Chron.com. Retrieved from https://smallbusiness.chron.com/advantages-disadvantagesebusiness-4556.html.
Uslu, A., & Stausberg, J. (2021). Value of the Electronic Medical Record for Hospital Care:
Update From the Literature. Journal of Medical Internet Research, 23(12), e26323.
https://doi.org/10.2196/26323
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