In this course, you will play the role of a financial manager in the health care industry. Because the main functions of a financial manager are planning, organizing, directing and decision making, you will create a financial plan for your chosen healthcare business. As you complete assignments throughout the course, you will be constructing your financial plan. Each assignment represents a stage in the development of the plan for your selected business. The final project will be a compilation of the course assignments with some additional analysis.
In this assignment, you will take the first steps towards developing the financial plan. Research and select a health care business that you would like to create in this class; remember that you will play the role of the financial manager. This must be a new business start-up as opposed to an existing business as you will build this business as we progress through the course. Choose a business that you will be interested in researching since you will develop it throughout the entire course.
Write three to four well-developed paragraphs describing the organization:
Identify the type of organization it is or will be (sole proprietorship, partnership, or corporation) and why this structure is appropriate for your business. Be sure to give your health care business a name.
Explain whether it is a for-profit or not-for-profit business and why you chose that type of organization structure.
Discuss the mission of the business, i.e., the purpose the business serves.
Describe the target market the organization will serve.
Explain your role as the financial manager and identify how the finance department fits into the organizational structure.
Identify any challenges (trends, laws, regulations, industry standards, etc.) facing your business today that may impact its financial viability.
Something to consider: Be sure to keep your business small so that as you proceed with future assignments, working with the numbers does not become too cumbersome. Some excellent ideas for a new business start-up include: a medical practice, a dental practice, a home health care agency, an assisted living facility with approximately six residents, and a billing and coding company, If you are unsure about what type of business to create or want some input on your idea, please contact the instructor before completing this assignment.