Business Plan for Dental Clinic in New South Wales, Australia
Verified
Added on 2023/03/21
|14
|3231
|89
AI Summary
This report presents an idea about the new dental clinic in the New South Wales, Australia. It focuses on the break even structure, budget plan, and necessary resources for the clinic.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Health Financial Management Assignment
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
1 By student name Professor University Date: 12 May 2019. 1|P a g e
2 Executive Summary This report presents an idea about the new dental clinic in the New South Wales, Australia. This clinic would focus on the dental services and would offer a great range of services to the patient of the clinic on the basis of their demand. The report focuses on the break even structure to identify that how much minimum sales must be generated by the business to reach over better performance of the company. The budget plan as well as business plan of dental clinic has been discussed in the report. All the necessary information related to the business plan and budget has been attached in the report. 2|P a g e
3 Contents Executive Summary.....................................................................................................................................2 Contents......................................................................................................................................................3 Outline.........................................................................................................................................................4 Background..................................................................................................................................................4 The Proposal................................................................................................................................................4 Risks.............................................................................................................................................................6 Process........................................................................................................................................................7 Requirement of Resources..........................................................................................................................8 Reporting of the outcomes..........................................................................................................................8 References:................................................................................................................................................10 3|P a g e
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
4 Outline The report mainly focuses over the business plan of dental clinic. It would be begin in New South Wales, Australia. It would be controlled by New South Wales local health district centre. The demand of such health centre in Australian market is high because of the various issues with teeth and mouth problems of Australian people. The business plan would discuss the financial and administration support required for the project. Background It has been observed that there is little number of dentists available in the nearby areas. There is high demand of dentist in the market because of the different life style of the people and bad impact over their health because of bad care of teeth. Market feasibility study explains that demand of such services is growing rapidly in the market. As an outcome, New South Wales local health district centre has been approached for a new clinic of dental services. Particularly among the youngsters and office going people, the need of dentist and better dental service plan is increasing day by day (Schäferhoff et al, 2015). The nearby hospital is also not offering the specific dentist services to their patient which has impacted over higher demand of dental services in the market. In order to fulfil these demands, a New South Wales local health district centre has been approached to open a new clinic of dental in the market. Also, it has been found that if a clinic would be open up nearby then it would not only improve the health position of citizens but it would also reduce the travelling time to other dental clinic along with that, it would reduce the cost. In order to run the clinic, few equipment and consultant would be required which has been studied in this business plan. The Proposal In order to fulfil the demand of citizen regarding a dentist, a dental centre has been commenced within the hospital premises. The main consideration in the business proposal has been taken that the incurred cost and expenses of the dental clinic must be recovered within the specific time period. The main revenue source of the clinic would be fees taken by the patient. Aims: The business plan has been projected to lower the harassment level of patients as patients are quite harassed because of their teeth issues and jaw issues and hence, it becomes tough for them to manage everything in their personal and work life. The business would offer the better dental services to the patient in nearby which would reduce higher cost to go out of the town and get treated. The main attraction of point for the business plan is lower cost and availability as there is no other dentist available nearby (Reich et al, 2016). Further, it would also help the business to set a grand value and reach over the BEP point soon. Break even analysis study has been conducted to evaluate the performance of the plan. the study and feasibility investigation explains that the demand of such 4|P a g e
5 services are higher and as no other options are available to the patients, revenue of the dental business would be higher and it would attract a number of people towards it. Benefits: Efficiency gain: It has been found that the main aim of the plan would be offering quality and better services to the patient. The business plan would improve the overall effectiveness of hospital that would lead towards the increment in the revenue and goodwill of hospital. On the basis of it, overall efficiency level of hospital would also be improved. The main work of human resource department in the business plan would be hiring the dentist, nurses and support staff to run the services. The main aim of the business is to satisfy the customers and hence, it must be focused by the business that a better dentist would be hired as well as all the required equipment must be installed in the hospital. Ultimately, it would improve the overall performance of the employees (Tennant, Kruger & Shiyha, 2013). Potential savings: It has been found that due to lack of dental services in the hospital, patients re heading towards other hospital to get better treatment. If particularly a specific centre would be open in the hospital to offer dental services then it would improve the footfall of patients in the hospital. However, along with that the management of hospital has to incur few most cost related to the manpower and equipment. Because, of such cost it is important for the business to reach over a point where the revenue and expenses of the company is similar (Paley, Slack‐Smith & O’Grady, 2009). It must be achieved by the hospital in sooner time so that profitability level and efficiency level of the hospital could be improved. FactorBenefits PatientAs the essential focal point, it is important for the dentist to focus towards providing quality administrations to the patients, its point ought to be to build the customer base as large as would be cautious. So as to do that, the administrations gave from the middle ought to be sufficient, sensible and reasonable services. The accessibility of such administrations should build the viability of the emergency clinic and as the patients are the prime partners of the medical clinic, it is expected to guarantee that the advantage of the patients and their fulfillment has been organizing basically (Hajizadeh, Connelly & Butler, 2012). FacilityThe services which are being engaged with this dental canter are absolutely subject to the satisfaction level of patient. Most importantly, the nature of the administration is one of the key requirements of the centre. The nature and treatment style of the staffs is another viewpoint which is should have been considered in this perspective. Aside from it, the specific workforce of the division is another perspective which ought to be another service that is given to the clients. Also, the offering of the administrations in the close-by region in a sensible cost is being considered as an office for the centre (Wright & Kupietzky, 5|P a g e
6 2014). CliniciansThe efficient clinicians are the central point in this regard. Very much prepared clinicians will expand the effectiveness of the middle and this will build the customer base of the hospital. The experience and abilities of the clinicians which will be given to the patients and the nature of treatment ought to be the key factor for drawing in the patients towards the wellbeing focus (Pinto, Masaki &Harimurti, 2016). These efficiencies ought to be executed upon the activities of the dentist focus so as to diminish the time range with respect to the means of the treatment which will be valuable for the middle. OthersDifferent advantages that can be brought about from the proposed dental focus are being considered as the notoriety of the association. By opening the medicinal services focus, the association will be empowered to expand the notoriety and the piece of the pie of the clinic will be expanded because of the activity. By opening this, the proficiency of the medical clinic will be expanded and this will pull in more patients towards the emergency clinic. Aside from these, creating more income will open new degrees for the administration to present new offices in the operational territories of the hospital (Evans & Pablos-Méndez, 2016). Risks Apart from the various benefits of business plan, there are several risks which are associated with the business plan. Few of them have been discussed below: Risk IssueSeverityImpactMitigation PlanNotes Financial risk As there is an immense measure of capital is associated with this undertaking, there are a few dangers that are engaged with the task. The association needs to consider the recuperation of the sum which thoroughly relies upon the fees charged from the patients. The weight of the collected capital will build the danger of get back the amount. In such manner, the impact can be seen upon the working expense of the task. The nature of the administration can be undermined so as to reimburse the capital and the liabilities and other expense for the intrigue can be The administration needs to make it beyond any doubt that the nature of the administration will never be undermined using any and all means because of its incurred expenses. As the collection of revenue and net profit is absolutely subject to the charges collected from the patients, it is essential to draw in more patients by giving the customers fulfilment so as to The risk level ought to be kept up by the administration so as to reduce the risk level. The administration should make sense of the best arrangements for producing a better income level. 6|P a g e
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
7 Risk IssueSeverityImpactMitigation PlanNotes improved from the expected sum (Calache & Hopcraft, 2012). produce more income. Patient risk In order to give the guarantee of the better performance of the association, the number of patient is significant. As the performance is absolutely based on the revenue gathered from the patients, deficient number of patient will be extremely risk for the hospital. The quantity of the patient is completely connected with the collection of income and the capital contributed to the business (Olivi & Genovese, 2011) The satisfaction level of patient is the key point to create increasingly number of patients in such manner. As the collection of income is straightforwardly connected with the number of patients, it is imperative to create a sufficient client base. Insurance risk The total expenses of the hospital and new centre regarding the insurance is quite riskier (Tham & Hardy, 2013). This consumption will cause an expanded measure of operational expense in the hospital. The premium ought to be paid in the due time so as to decrease the expense brought about from any sort of penalty. Particularly for the various medical and other purposes, the amount of insurance is significant as it gives extra security to the business (Cashin et al, 2017). Process The process of the company has been defined in appendix. 7|P a g e
8 The particular dentist and the prepared medical staff and different material and equipments are required for the most extreme productivity of the hospital and the business. A prompting council has been made in which, the departmental heads, specific specialists and a financial counsellor will be included. The administration technique must be represented by the board of directors while the operational components must be reviewed by the division head (Jacquin, 2014). Requirement of Resources Aside from the manpower and supplies that are required within the business, there are various different things which are required for the business. As a matter of first importance, an attendant must be designated so as to manage the drug inventory and for other authority work, for example, arrangement to the dentist, a representative or a manager must be hired (Koch, Poulsen, Espelid & Haubek, 2017). A manager should be in charge of upkeep of the software and other essential things, for example, power, water and waste transfer so as to give an extreme customer fulfilment (Calache & Hopcraft, 2012). Reporting of the outcomes On the basis of overall non financial and financial activity, it is required for the business to be careful about the expenses and all the activity in order to reach over better conclusion and better performance of the business. Different staffs, for example, bookkeepers, clerks’ specialists must be given the reports to the reporting manager from which the designated officer would be able to get all the information. Budget build-up and financial activity It is required for the business to fulfil the below primary responsibility in order to prepare the budget: Dentist Receptionist Nurses Cleaning staff Marketing expenses (Luzzi & Spencer, 2011) Insurance cost 8|P a g e
9 Stock Consultancy services (Federal Register of Legislation, 2011) On the basis of calculations in the appendix, it has been found that total income of the business would be $ 7,41,000. Along with that, total expenses would be $ 666,137.6. It explains that the profitability level of the business would be $ 74,862. In the revised break-even analysis, the total expenditure of the dental clinic is reduced to $74,609.60. by, cutting costs in various sectors like choosing less rent places, choosing best insurance with less money and cutting the hours of staff by giving breaks which will bring the organisation 10.10% profit or savings. 9|P a g e
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
10 References: Calache, H., & Hopcraft, M. S. (2012). Provision of oral health care to adult patients by dental therapists without the prescription of a dentist.Journal of public health dentistry,72(1), 19-27. Cashin, C., Bloom, D., Sparkes, S., Barroy, H., Kutzin, J., O'Dougherty, S., & World Health Organization. (2017).Aligning public financial management and health financing: sustaining progress toward universal health coverage. World Health Organization. Evans, T., &Pablos-Méndez, A. (2016). Shaping of a new era for health financing.The Lancet,387(10037), 2482-2484. Federal Register of Legislation. (2011).Work Health Safety Act 2011. Australian Government. Retrieved from:https://www.legislation.gov.au/Details/C2017C00305 Hajizadeh, M., Connelly, L. B., & Butler, J. R. G. (2012). Health policy and horizontal inequities of health- care utilization in Australia: 1983–2005.Applied Economics Letters,19(18), 1765-1775. Jacquin, L. (2014). A strategic approach to healthcare transformation: transforming the care delivery model across the continuum is a prerequisite to success under value-based payment systems.Healthcare Financial Management,68(4), 74-80. Koch, G., Poulsen, S., Espelid, I., & Haubek, D. (2017).Pediatric dentistry: a clinical approach. John Wiley & Sons. Luzzi, L., & Spencer, A. J. (2011). Job satisfaction of the oral health labour force in Australia.Australian dental journal,56(1), 23-32. Olivi, G., & Genovese, M. D. (2011). Laser restorative dentistry in children and adolescents.European Archives of Paediatric Dentistry,12(2), 68-78. Paley, G. A., Slack‐Smith, L., & O’Grady, M. (2009). Oral health care issues in aged care facilities in Western Australia: resident and family caregiver views.Gerodontology,26(2), 97-104. Pinto, R., Masaki, E., &Harimurti, P. (2016). Indonesia Health Financing System Assessment. Reich, M. R., Harris, J., Ikegami, N., Maeda, A., Cashin, C., Araujo, E. C., ... & Evans, T. G. (2016). Moving towards universal health coverage: lessons from 11 country studies.The Lancet,387(10020), 811-816. Schäferhoff, M., Fewer, S., Kraus, J., Richter, E., Summers, L. H., Sundewall, J. & Jamison, D. T. (2015). How much donor financing for health is channelled to global versus country-specific aid functions?.The Lancet,386(10011), 2436-2441. Tennant, M., Kruger, E., & Shiyha, J. (2013). Dentist-to-population and practice-to-population ratios: in a shortage environment with gross mal-distribution what should rural and remote communities focus their attention on.Rural Remote Health,13(4), 2518. 10|P a g e
11 Tham, R., & Hardy, S. (2013). Oral healthcare issues in rural residential aged care services in Victoria, Australia.Gerodontology,30(2), 126-132. Wright, G. Z., & Kupietzky, A. (2014).Behavior management in dentistry for children. Wiley Blackwell. 11|P a g e
12 Appendix 1: Business plan A Collaboration and approval New south WalesLocal Health district Time Money Resources Resources (human and physical) StaffingConsumablesUtilities Receptionist (1staff)Gloves and spiritBuilding rent Swab ballselectricity Bill Registered nurseBlood collection tubes andWater bill Health registers containers (2RN)Needles Lab technician (2) Cleaner (1) Started dental clinic Out comes 12|P a g e
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.