a business plan for texas medical center nursing leadership institute mgmt 6300, university of...

A Business Plan for Texas Medical Center Nursing Leadership Institute

MGMT 6300, University of Houston, Victoria

Presented by:

Kavitha GopalJoseph Babaian

Venkat SantharamanRohan Thomas

Bukola Kemi AjayiDelphine Mbachu

& Rachel Akita

Presentation Overview

Texas Medical Center Nursing Leadership Institute

Address the Need for a Nursing Leadership Institute

Vision, Mission, and Premiere Nursing Institute

Competitor Analysis

Objectives of the Nursing Leadership Institute

Target Market Analysis

Pricing Strategy

Products and Services

Location or Place

Promotional Strategy

Financial Projection

Implementation of the Business Plan


Need For A Leadership Institute For Nursing Professionals

A Growing Trend in the Nursing Profession


Justifying The Need For A Leadership Institute For Nursing Professionals

Highest Nursing or Nursing Related Education Preparation Regionally and Nationally

Shift in demographics, predict the surge in demand for medical care associated with the aging population.

Adapt to keep pace with changes in healthcare industry related to costs, and local and national policies -- Affordable Care Act, EMRs, ICD-10

Opportunity to use existing and new technology creatively to improve the practice of nursing. (Robotics, RFID, automation).

As key players in patient care, Nurses must become involved in organizational decision-making on issues impacting clinical care : Clinical and corporate governance Workforce planning, Clinical and business policies

Goal of any healthcare organization should be to improve and influence the quality of patient care through compassion and good nursing leadership.

Management is doing things right; leadership is doing the right things – Peter Drucker

Business savvy clinical practitioners + Patient focused business professionals = Healthcare transformation

Forces of Change Driving the Need For Nurse Leaders


Goal – become world renowned as a – Premier Nursing Leadership Institute

Elevating the practice and profession of nursing through inter-institutional collaboration, cross-disciplinary interactions, and providing superior opportunities for leadership training

and advancement.

Vision

To create and nurture an inter-institutional learning community of nurse leaders and educators that builds on our long history of excellence and commitment to the highest

standards in education, research and practice in the Texas Medical Center and to expand this legacy of innovation and collaboration for global impact.


The Premier Nursing Leadership Institute at Texas Medical Center

Mission

The Texas Medical Center Chief Executive Council is a strategic alliance of nurse leaders in both service and education who collaboratively work to advance nursing practice and the

delivery of health care.


SWOT Analysis of Competitors


SWOT Analysis of Competitors (Cont.)

What Have We Gathered Based On Research So Far?

There are:

Institutions catering to generic leadership education. Example: Center for Creative Leadership

Individual facilities that have a small component of the leadership initiative geared more towards education and empowerment of top level nurses: Example: Baylor RN Leadership Academy

Executive Leadership Programs such as the ones offered by Berkeley that are geared towards all generic industries and offer short workshops. Example : Berkeley Executive Leadership Program

Fellowship programs for top tier executive nurses: Example: Robert Wood Johnson

Implication:

1. These industry players are just a fragment of our vision. They are niche players and house a very small component of what we strive to achieve.

2. In general most programs lack flexibility and do not offer practical clinical based leadership education.

3. Most importantly these efforts are independent and not inter-institutional efforts. For instance, Baylor's efforts are limited to Baylor. What we need is an inter-institutional and inter-professional collaborative effort joining the resources, knowledge and funding to enhance education, research and leadership across institutions and industry practitioners. The Nursing leadership Institute at TMC will be such an effort.


Development of a Successful Career

Objectives Of The Nursing Leadership InstituteDeveloping an intensive leadership program through strategic alliance and strategic network –

An inter-institutional collaboration in education, practice and research.


Through

• Develop critical thinking, problem solving, build and refine skills through “boot-camps”

• Establish a world-renowned Nursing Leadership Institute.

• Empower all tiers of nursing professionals through trans-disciplinary leadership programs.

Education Practice Research

Leadership

• Develop inter-institutional and inter-professional collaborative workflow processes to increase efficiency and effectiveness of the clinical practice.

• Establish metrics and models of patient care consistent with legislative and regulatory guidelines.

• Emphasize cross-functional communication networks.

• Anticipate and prepare for new healthcare reforms.

• Synergize research initiatives identified by the NEC among the institutions.

• Transition current clinical trials into research opportunities.

• Collaborate and expand inter-disciplinary research and scholarship.

Leading Self

Leading Others

Leading Managers

Functional Leaders

Organizational Leaders

Core Competency – Multi-Tier Leadership Program Via Inter-Institutional Collaboration


Tier 5 Leaders • Financial Management• Business Development• Clinical and corporate governance

Tier 4 leaders • Cognitive and analytical skills• Emotional Intelligence• Cross functional & Inter-disciplinary (Nurses –

Doctors-Administration) Management

Tier 3 Leaders • Organize resources • Enhance performance

improvement• Improve workplace efficiency &

effectiveness

Tier 2 Leaders • Relationship Management• Inter-institutional (Nurses-

Nurses) collaboration • Diversity Management

Tier 1 Leaders • Empowerment• Personal & Professional

accountability• Productive & knowledgeable

Tier 1 Nursing LeadersHighly capable Individual

Tier 5 Nursing LeadersExecutive

Tier 2 Nursing LeadersContributing team member

Tier 3 Nursing LeadersCompetent Manager

Tier 4 Nursing LeadersEffective Leader

National Hospitals(25,927)

Regional Hospitals

(374)

Texas Medical Center

Hospitals(14)

National Nurses

(3,221,510)

Regional Nurses

(175,191)

Texas Medical Center Nurses

(11,338)National Nursing Schools(1,937)

Regional Nursing Schools

(96)

Texas Medical Center Nursing Schools

(6)


Local, Regional, National Target Market for the Nursing Leadership Institute

Nurses: Locally, regionally and nationally

Nursing Schools and programs : Locally, regionally and nationally

Hospitals: Locally, regionally and nationally

Africa 802,076

Americas 4,510,636

South East Asia

1,867,409

Europe 6,020,074

Eastern Mediterranean 773,040

Western Pacific 3,575,524

Global Target Market for the Nursing Leadership Institute


Distribution of Nurses Globally

Pricing Strategy For the Nurse Leadership Institute

The Institute for John Hopkins Nursing

Colorado Center for Nursing Excellence

Center for Creative Leadership

Leadership Development

Online

Face-to-face $3,200 $882 $4000 - $11,900

Clinical Education

Online $0 - $1900

Face-to-face $1,900 $840

Evidence-based practice

Online $0 - $25

Face-to-face $840

Research

Online $0

Face-to-face $1,500

• Pricing should be based on a differentiation strategy emphasizing value creation or value added by attending a Premier Nursing leadership Institute.

• Low pricing is associated with lack of quality and high pricing may deter consumers.

• Pricing and positioning would therefore be based on evaluation of overall cost of competitor’s price (neither too low nor too high).

• Price penetration strategy : Offer combination of both premiere priced products and packages and some economically priced products to reach wide variety of audience.


Snapshot of competitor pricing


Snapshot of Products & Services That Can Be OfferedObjectives of the Offerings Products and Services Offered Price

Leadership • Creating leaders who can anticipate and react to changes in health care and reforms.

• Leaders who can reach across disciplines and institutions

• Government Leadership Development Program (premium package)

• Border Spanning Leadership Programs (premium package)

$9,899

$6,799

Practice • Enhancing team work, collaboration and communication.

• Managing issues with diverse workforce and Issues related to nursing shortages

• Engaging and communicating key issues to all stakeholders including Physicians.

• High Performance Enhancement program.

• Workforce enhancement and diversity management program

• Trans-disciplinary collaboration program.

$3599

$2999

$3299

Research • Research and disseminate new concepts in Nursing

• Convert clinical trials to nursing research opportunities.

• Nursing Profession Evolution Program

• Nursing Research Co-ordination Program

$2299

$1999

Education • Keeping pace with new development in technology and healthcare.

• Continuing education for enhancing knowledge and skills.

• Boot camps to improving quality, and enhancing safety and efficiency on the practice

• Seminars and workshops (economic product)

• Certification Programs (economic product)

• Total Quality Management Program (TQM) (economic product)

$999

$99

$999

Renovate Lease Buy Build

• Existing space such as a TMC facility is available in suitable location but may need configuration.

• Funds are available for renovation

• Temporary space is available during renovation, or occupancy is not urgent

• Suitable facility is available for lease

• Space need is urgent• Plans for future

expansion• Consider Budget• No suitable leased space

available

• No suitable leased space available

• Purchase option is available for reasonable price

• Location and size is suitable

• Acquisition costs are within budget

• Property can be acquired in time to meet institute’s needs

• Suitable Site (TMC or third party) is available to build

• Need is not immediate, or can be met temporarily by other space

• Funding is available for construction and operation

Factors to Consider in choosing a location:

• Location: Where in the Texas Medical Center should the institute be located?

• Space: How much space should be devoted to the facility?

• Urgency of Needs: When is the institute expected to begin operations?

• Funding Availability: How much money is available to procure site, or lease space?

• Cost: How much will it cost to renovate, lease, buy or build?

• Flexibility: Will the space accommodate future growth and expansion plans?


Place/Locational Considerations


Promotional Strategies

Brand Extension: Leverage the association with Texas Medical center to improve odds of success, reduce cost of launch, and build on a image that is already well accepted by the public.

Nursing Leadership Institute Website: A website highlighting the value added by attending the Nursing Leadership Institute to attract local, regional, national and international audience.

Viral marketing using social networking media : Social media such as Facebook, Twitter, LinkedIn can be used to leverage the TMC brand and create awareness of the Nursing leadership institute worldwide.

Online Advertising: Advertising online on websites devoted to healthcare and career, frequented by target audience.

Sponsoring events (Conferences and Workshops) : Sponsoring in-house and third party events and community workshops and conferences could help create more brand awareness.

Co-branding with reputed Universities: Forming alliances with nationally and internationally known educational facilities can enhance image and also leverage expert knowledge.

Traditional mass media: Advertisements on Television, Radio, Health magazines and Billboards could be used to promote the Nursing Leadership institute.

Public Relations strategies: Press releases, media interviews, newsletters, feature articles can also help in creating more brand awareness.


Suggested Organizational Structure


Director

Program Manager

Information Technology Specialist

Business DevelopmentCoordinator

Education &

Training Coordinator

Human

Resource Specialist

Practice & Research

Coordinator

Administrative

Assistant

Advisory Board

(Council of Nurse Executives)


Manpower Planning

Project Phase

1. Director - $150K

2. Program Manager - $90K

Operational Phase

3. Information Technology Specialist - $70K

4. Education and Training Coordinator- $70K

5. Business Development Coordinator - $70 K

6. Practice and Research Coordinator-- $70K

7. Human Resource Specialist – $70K

8. Administrative Assistant – $40K

Total Annual Salaries - $630,000

Financial – Manpower Planning for Operations and Capital Budget up to Launch

Capital Budget

$ Amount

Furniture & Fixtures

100,000

Computer and office stationary

50,000

Course Development Cost

150,000

Initial Marketing

150,000

Project Salaries up to Launch

150,000

Web Site Development

50,000

Total Capital Budget

650,000


Projected Time Line For The Project

Project Description Number of Months

1. Project Report Preparation 3 Months

2. Approval of Project & Funds Allocation 3 Months

3. Getting Permits and Clearances 3 Months

4. Course Development / Recruitment / Program Launch/ Marketing

(Most Activities are parallel)

3 Months

Total Project Period 1 Year

Expected Open Date 2013 January


Financial Projection Summary After Launch

Revenue Budget Year 1 Year 2 Year 3

Salaries & Benefits

630,000 636,300 642,663

Event Based Trainers Fees

300,000 303,000 306,030

Other Training Cost (Facility Rentals Etc.)

300,000 303,000 306,030

Administrative Cost

150,000 151,500 153,015

Sales & Advertisement

240,000 242,400 244,824

Total Annual Exp. 1,620,000 1,636,200 1,652,562

Total Training Income

1,204,023 1,444,828 1,878,276

Expected (Deficit)/Surplus

(415,977) (191,372) 225,714

Assumptions :

• Training Income based on 80 premium packages priced at $9899, 40 programs priced at $6799, 32 products priced at $3599, and 25 economic products priced at $999.

• Growth of expenses at 1% and revenue at 20% and 30% for year 2 and 3.

Break-even ~ 2.5 yrs.

Project Champion / Executive Management Support

Clearly Define Vision & Objectives

Stakeholder Engagement and Involvement

Strategic Planning

S.M.A.R.T Expectation

Hire & Retain Competent Staff

Take Ownership of Program

Implementation

Define Milestones

Monitor, Control and Feedback

Critical Steps to Implement the Business Plan


Thank You

a business plan for texas medical center nursing leadership institute mgmt 6300, university of...

Documents

good nursing leadership

practice of nursing

nursing practice

profession of nursing

nursing profession slide

texas medical center

leadership training

medical care