Pitch Portions of the Health Care in Tele-Hospice Counseling Service - Essay Example

? Health Care Executive Summary The paper will discuss a business plan for Funding Pitch portions of the Health Care in Tele-hospice counseling service, where there are nine sections in the paper covering different ideas related to the issue. The first section elaborates entrepreneurial opportunities, whereby various ways through which an entrepreneur identifies an opportunity from the changes in the society. The other section covers the business, products offered by Hospice program and their plans, and the next section focuses on the management team, followed by ideas gathered from a feasibility analysis. The fifth section concentrates on the target market, whereby the paper provides an insight on the strategies that can are used to serve the market, and the sixth section identifies resources needed to move forward in the entrepreneurial process. The seventh section covers a brief summary of the financial projections for the period end 30 June 2012, whereby the summary is benchmarked through data gathered from research of similar types of publicly traded companies. The eighth section elaborates on the forces that determine the profitability of the industry, and the paper concludes with the challenges that are faced by the business as it grows.   Funding Pitch portions of the Health Care Entrepreneurial Business Plan: Tele-hospice counseling service 1. The entrepreneurial opportunity Various changes in the society have contributed significantly to a creation of entrepreneurial opportunities by providing a strong concentration to the sector of services concerning new and fast growing business environment for adaptation of the entrepreneurs to dynamism in the society (Lindmark, 2012). The increased understanding of entrepreneurship process due to the research and the set of individuals, who have discovered, evaluated and exploited the opportunities. Therefore, fostering a reliable understanding of the changes in different levels of society has led to creation of opportunities and the way entrepreneurs can adapt and exploit these opportunities after an analysis, which is altered at an aggregate level. 2. The business, product or program planned Hospice refers to a twenty-four hour program, which is planned by hospice interdisciplinary team, in order to allow the terminally ill clients to make a decision related to physical, pastoral or spiritual and psychological comfort, instead of cure. These patients are hospitalized of they are indicating acute symptoms, and hospice care is initiated by the decision of the client, family or physician. However, there is a requirement of a certification by the client in order to receive the services offered by hospice, which offered from either temporary or permanent place of residence. In this case, the Hospice service program is terminated by the client or family decision, death or discharge by the hospice agency, and bereavement care is offered to the family members (Whitten, Doolittle & Hellmich, 2001). The products of offered by this business are emotional and spiritual comfort that is related to the death of hospice client. The other product offered by hospice program is counseling services and support to the members of the patients’ family. They also focus on non-interventional care of patients succumbing to their terminal illness at their homes. Furthermore, the members of the family are made integral participants of the program, whereby the day care is offered by stepping a caregiver duty, which is considered foreign. 3. The management team The management team comprises of the Mike Friedel, Chief Executive Officer, who is charged with the responsibility of leading the team by making informed decisions on substantial issues in the organization. The other member of the management team is John Budnick, who is CFO with the responsibility of managing the organization’s financial resources and Ray Terrill, who is a sales and marketing manager with a significant role of formulating the strategies of targeting customers and entering the market. 4. Conducting a feasibility analysis A feasibility analysis of application of telehealth technologies in the process of offering services to patients at their homes indicated that the project had to demonstrate the feasibility of installing the equipment at the patients’ homes, tracking and providing a perception of healthcare. In this case, an installation of the telehealth equipment at the patients’ homes is a reasonable decision as indicated by the analysis. This would create a perception, whereby the system would be considered a significant resource for patients, though others would develop a negative attitude towards it. Nevertheless, majority of the patients felt that the technology was aimed at meeting their expectations of great potential. There was a preliminary telehospice pilot study concerning the feasibility of installing low-end videoconferencing units in the patient’s homes, and the results indicated satisfaction with the system, while the nurses and social workers were familiarizing with the video calls. According to the hospice personnel, it was feasible to offer service to underserved populations in their places of residence through the telehealth. 5. The target market Hospice program targets the market through Telemedicine, which transcends the barriers related to quality of end-of life care by offering clinical and education services. The strategies of entering the target market entail a hospice service through telemedicine that is offered to the patients’ homes. The target markets are underserved rural and urban sites, comprising of patients with limited accessibility to caregivers. Therefore, the telemedicine was designed to target hospice clients and their families through two-year bi-state home project. 6. Resources needed to move forward in the entrepreneurial process Some of the resource that are needed to contribute to the entrepreneurial process are the solution aimed at addressing the rising costs, improvement of service accessibility, acceptability of the quality levels and continuity of care. Other approaches entail appropriation of resources in telemedicine and telehealth, which are emerging for addressing these issues. Moreover, the innovative technology established in the health care field can contribute to continuation of the entrepreneurial process. Some of the resource includes videoconferencing, personal computers, systems based in spacious rooms and analogous phone lines. Others include application of internet telephony, comprising of data, voice and audio transmitted via the internet. 7. Brief summary of financial projections Total revenue earned from community health and counseling services for the period, ended 30 June 2012 amounted to $ 33, 663, 840, while the total expenses incurred in the financial period were $ 33, 670, 938. On the other hand, there were changes in the net assets from operations, which amounted to $ 7,098, though there were no adjustments for the year’s contract settlements. Finally, the adjustments of the changes in assets were $ 7,098; hence, the gains from non-operating activities on investments amounted to $ 303, 845 (Community Health and Counseling Services, 2012). 8. Forces that determine profitability in the industry One of the forces that can determine the profitability in the industry is the level of satisfaction concerning the services offered by the hospice personnel using equipments for non-tradition check-ups and emergencies, since this result to greater desire to increase use the services. The other force relates to the use of innovative and interesting ways in the process of offering services to patients with an aim of maximizing profit. 9. Challenges faced by the business as it grows One of the challenges faced by hospice programs is inadequacy in benefits acquired from the private insurance companies, whereby covering minimum number of nursing visits and additional services. The other challenge relates to patients holding out for a long period, thereby deciding to avail themselves of the service offered at the very end, instead of enjoying the benefits earlier. The other challenge is faced when the patient has lacks insurance coverage, since they prefer to run the risk of accruing debt for their family members. Therefore, these challenges cause the use of inpatient or long-terms care facilities for hospice services other than the decision to die at home. One of the strategies to facilitate the growth of the business is making reasonable effort that ensure that hospice is attaining relevant funding from Medicaid, in order to cater for the costs incurred in the process of delivering services. The other strategy relates to lowering wages for hospice personnel in rural areas in order to lower overhead expenses. References Community Health and Counseling Services (CHCS). (2012). 2011-2012 Annual Report. Retrieved on 11 November 2012 from   Lindmark, L. (2012). Sources of Entrepreneurial Opportunities. Center for Entrepreneurship and Creation. Retrieved on 11 November 2012 from Whitten, P., Doolittle, G. & Hellmich, S. (2001). Telehospice: Using Telecommunication Technology for Terminally Ill Patients. JCMC, 6(4). Retrieved on 11 November 2012 from   Read More