Question:
| SCENARIO
You have been in business for almost two years, have been enjoying steady growth, have broken even and sales volumes and values continue to increase. Congratulations! Working families seem to be a growth market, as you’ve noted a strong and growing demand for consultations, tailored eating plans for busy mums – for themselves and their children. You believe that this market represents significant opportunity, and would like to expand your product offering to include Skype consultations for follow up consultations, and a set of eating plans with healthy, easy recipes. You recognise that this is going to require significant investment – both time and money; add a lot of operational complexity and risk. To determine whether or not this is a viable business opportunity, and if so, the likely return on investment, the first thing you need to do is review and, where appropriate update your business plan. The next step is to develop implementation (or action) plans.
Part A – Business and Marketing Strategy
1. Research the family market segment in Australia, and write a revision to the business plan that updates the target market segment market size in terms of people and potential in terms of estimated spend on health and wellness per annum) Their key features (demographics, lifestyle, values etc.), wants and needs How your new product and service offering can meet and/or create wants and needs Identify or make assumptions on their social habits and media consumption to identify the most relevant communication channels and methods to reach and engage them.
2. You can achieve your business and marketing objective of growth through any/all through market penetration, market development, product development and diversification. The concept you have in mind covers all of these. Write three (3) new business goals using the S.M.A.R.T principles that you wish to achieve within the next twelve months. For each goal, provide two (2) practical examples of how you will monitor your progress and measure the success.
3. Conducting an initial market scan and competitor analysis, you have identified ‘Naughty Naturopath Mum’ http://www.naughtynaturopathmum.com.au/ as your primary competitor for essences. Continue your scan and determine who your primary competitor is for meal plans and recipes. After reviewing the competitor’s product range, and marketing strengths and weaknesses: State who they are, and which product/services will compete directly with yours. Include the URL, and any images or marketing executions in the Appendix. Write a brief vision, product description and positioning statement (150-200 words) that includes how you will price and deliver (e.g. subscription, download) your new range; and what your point of difference or unique selling proposition is. Draft an action plan for your product launch that includes: – Marketing campaign and execution budget – Resources required – Inventory management – Time frame – Roles and responsibilities
Part B – Operations and Human Resources
4. Make a list of business areas or activities that require review or development of policies and procedures to ensure that your new products and services are compliant with the following regulations? a. Therapeutic Goods Act b. Consumer Protection Laws c. Privacy Act and National Privacy Principles d. Anti-Spam Act and Direct Marketing Code of Practice e. Child Protection Act f. Anti-discrimination Act g. Copyright and Trademark Laws h. Environmental Protection Act and sustainability principles i. Public liability and indemnity insurance
5. You recognise that you need support as well as additional funds, and will benefit greatly from professional advice on business expansion. Develop an action plan for identifying and meeting with appropriate organisations and/or individuals. This can be in bullet point form, and must include: Who you want meet with, how your will initiate contact, and how/where you will meet The purpose and objectives of the meeting The agenda or key discussion topics What resources you will need to prepare
6. You want to be hands on with product management and continue face to face consults, and know that you will only be able to maintain quality (and keep your sanity) if you enlist help. You are happy to hand-over some of the administrative tasks including order packing and dispatch, reception and finances; and are also considering the need for another Naturopath. Make an assessment considering the scope of work, and available finances of how many people you need for what roles. For each role, briefly (50 – 100 words per answer): a. List the minimum requirements for education, experience, skills, and attitude. b. State if you would employ and/or contract them; and/or if a partnership meets your business goals and objectives. c. List the applicable industrial award/s, salary guides or agreements. d. Describe how you will promote and manage diversity – both in your recruitment strategies, and day-to-day communications with your team. e. Describe how you will provide clinic guidelines, policies and procedures; support and develop individuals; monitor and manage performance according to regulatory requirements.
Part C – Financing and Viability
7. Making a realistic assessment of your capabilities, available time, and if it would be better spent else-where, decide which financial management activities that you will undertake, and which you will outsource. Research book keepers and small business accountants in your local area; payroll providers; billing and accounting software systems. Review their services, the expected benefits and decide upon which tasks that you will outsource. For each, estimate the one off or ongoing cost, and factor this into your operating expenses.
8. Prepare a cash flow forecast for the next twelve (12) months using the Business Victoria (2015) template and guidance available at http://www.business.vic.gov.au/money-profit-and-accounting/getting-paid-on-time/cash-flow-statement-projection-with-template What is the minimum amount of funding you will require for the next 12 months to implement your plan? What is your preferred method of funding and why? What is your likely return on investment? In 100 words or less, state if you should continue to pursue this opportunity and implement your plans in the short-term (3-6 months). Why / why not? How could you minimise the risk?
PRESENTATION REQUIREMENTS Follow the formatting instructions below: · Where provided, adhere to the word count. · Microsoft Word, typed in size 11 Arial or Times New Roman font. · Double line spacing. · Separate title and contents page. · An appendix that includes the competitor evaluation and any other applicable references. · Referenced the original source of information images according to APA6 guidelines. · File saved using convention: SURNAME_FirstName_StudentNumber_BMAN_AT3 · Official AIAS cover sheet completed and inserted on 1st page as cover. · Ensure the following is on every page of your assignments: – Name – Student ID Number – Subject Name – Date – Page Numbers.
RESOURCES Your research must include recent, relevant, and credible sources – for example: · Sources provided in the instructions for Tasks 1 and 2. · Australian Government. (2016). business.gov.au. Opportunities for business growth. Retrieved from: http://www.business.gov.au/business-topics/business-planning/Pages/opportunities-for-business-growth.aspx · Australian Government. (2016). National Innovation and Science Agenda. Startups and entrepreneurs. Retrieved from: http://www.innovation.gov.au/audience/startups-and-entrepreneurs · Australian Natural Therapists Association. (2016). Business Assist. Retrieved from: http://www.australiannaturaltherapistsassociation.com.au/features/business_assist.php · Queensland Government. (2016). Business and Industry Portal. For Business. Growing a business. Retrieved from: https://www.business.qld.gov.au/business/business-improvement
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Answer:
- Business and marketing strategy
This part of the report focuses on the business and marketing strategy of the family business plan which could be implemented to increase the overall market share. This natural therapies practice family business accompanied with the following services such as
These services are provided to clients at reasonable cost with the high quality services in market (Butcher, Howard, et al.).
Market size
The natural therapies practice is a subset of health industry in Australia. In Australia, there are more than 24 million Australian people who are potential clients in this industry. It is observed that estimated spend on the health and wellness per annum is approximately AUD $ 24 billion.
Key features
People are more inclined towards maintaining healthy life style.
More than half of the population wants to treat their illness without using chemical medicines.
Use of advanced technology in natural therapies practice is will attract high number of patients.
New advanced technology in natural therapies practice
It will help patients to treat their illness in sophisticated manner.
Communication methods
The main communication methods would be TV and online social media. Most of the Australian people are using social media in their daily life work.
- Penetration of the market with the advanced technology in natural therapies practice
| Business goals | Specific | Measured | Accuracy | Relevancy | Time | Example |
| Increasing the market share | Grasping at least 10 million people | Increase the market share by 20% | It will reduce the overall cost by 10% | It will increase the value of client satisfaction. | It will be achieved within 12 months | Injecting more money to make family business customized. |
| Increase in the profitability of the business | Implement new advanced technology in natural therapies practice | Increase in overall cost of the services by 5% and increase the client satisfaction. | Cover at least 20% market share | Advances in all the natural therapies practice | Covers the program within 7 months. | Focus on adopting more natural therapies practice in business. |
| Brand image | Use of new system and practice | Increasing the investment by injecting more capital in business | Advanced technology in natural therapies practice will increase the client’s choices. | It will impact the value of the client’s satisfaction. | Achieving high market growth. | Use of advanced technology in natural therapies practice |
- Conducting an initial market scan and competitor analysis,
It is evaluated that the main rivals of Medicare herbalist business general practice is Naughty Naturopath Mum who is strive to provide best possible herbalist care consultation and services to clients. The current market share of Naughty Naturopath Mum is 8% in Australia related to health care consultation and services to clients. The main services of Naughty Naturopath Mum is to provide health care consultation and services to clients for reducing stress and other health issues. The Marketing strength of Naughty Naturopath Mum is based on its advanced technologies and experts dieticians. The new product of Naughty Naturopath Mum is follower essence which is developed by naturopaths, acupuncturists, energy healers, kinesiologists to provide health care services (Australian Government, 2016).
Other rivals are EMBODY wellness and Chia Seeds who are giving tough completion to Medicare Health care’s general practice.
Product description and marketing strategy
The main product of Medicare Healthherbalist general practice would be to increase the immune system of people in Australia “Astra”. This product will be produced by using advanced technology and system. The main core competency of this developed product would be the least cost and its effectiveness in the market. It wills 100% affect the client’s health in positive manner (Australian Natural Therapists Association, 2016).
Action plan for introducing new product
| Title of work | Action plan | Time frame | Roles and responsibilities |
| Marketing campaign and execution budget | Medicare herbalist business care’s general practice needs to install cyber computing system to promote its “Astra” product in market.
Company needs to use proper mechanism to promote |
3 months
(1st Jan to 31st March) |
Line manager will be responsible for the daily marketing activities.
Management will formulate all the marketing strategy.
|
| Resources required | New advanced technologies system for the manufacturing of Astra” product
Sale. Hiring of experts in value chain activities and sales marketing activities. |
4 months
(1st April to 31st July) |
Financial manager of Medicare herbalist care’s general practice will be indulged in raising funds and deployment of the same in business. |
| Inventory management
|
Medicare herbalist care’s general practice could use proper inventory management through stock turnover ratio and LIFO method. | 5 months
(1st August to 31st December) |
Inventory manger will be responsible in handling tasks and increasing the effectiveness of the work. |
- Operation and Human resources plan
It is observed that there will be following activities would be required to comply with the applicable rules and regulations (Chaudary,et al. ).
- Setting up of the corporate governance department
- Assessment of the applicable rules and regulation such as consumer protection law, child protection law, Anti-discrimination act and privacy act.
- Complying with the rules and regulations
- Follow up program.
- Action plan for the raise of funds and deployment of funds in market.
Key stakeholders-It is related to proposing funds from the banks, venture capitalist and financial institutions.
Use of funds-It reflects the application in banks and venture capitalist and financial institutions.
Objectives- The main objective is related to reducing the overall cost and increasing the overall efficiency of the business.
Agenda- The agenda of company is to arrange adequate capital for the company and increase the overall efficiency of the business (Australian Government. 2016).
Resources- there will be following resources required
| Details | Cost (AUD$) |
| Office machines and equipment | 10K |
| Employees hiring
Salary to employees= 2K* 13 employees=26K Hiring expenses = 10K Directors salary= 6k*2 =12K |
20K |
| Administrative charges | 30K |
| Promotional expenses | 20k |
| Regulatory compliance cost | 2K |
| Vendors contract cost | 2 K |
| Cost for the licenses | 2 K |
| Land hired | 20K |
| Project escalation amount | 10K |
| Total computed cost | 106K |
- Minimum requirements for education, experience, skills, and attitude
This person should have professional experience, high degree of specialisation, and proficiency in handing two languages, extra- curricular activities excellent academic records
In order to get employed in Medicare herbalist general practice, hired persons needs to go through from the proper training and development process. It will increase overall outcomes and efficiency of the business. In addition to this, the strategic alliance will also increase the overall outcomes of the business in determined approach.
Applicable industry laws and regulations
- Data privacy act,
- Consumer protection act
- Corporate social responsibly governance
Promote and manage diversity
Cultural differences and manage diversity in your practice is highly based on the policy and rules implemented in organization. However, in order to avoid these sorts of cultural differences, management needs to adopt standards cultural program. In addition to this, policy and structure formulated in organization should focus on developing equal opportunity program for its employees.
Clinic guidelines, policies and procedures;
In order to provide clinic guidelines and policies, management of Medicare herbalist care’s general practice needs to adopt this in its policies requirement and applicable rules. It will help company to manage these Clinic guidelines, policies and procedures in determined approach.
- Assessment of the expected revenue and expenses of business
Preferred method of funding
It is observed that in order to evaluate the best efficient project plan, company could use proper capital budgeting program. The project which will give higher NPV will be accepted (Australian Natural Therapists Association. 2016).
The outsources work
The main task which would be outsourced will be cash matching work. It will be outsourced to the financial firm to keep the record of business (Morton, et al. 2017)
Cash flow statement
| Year | 1 | 2 | 2 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| Cash income | 100K | 150K | 155K | 170K | 175K | 180K | 185K | 200K | 220K | 230K | 245K | 250K |
Minimum amount of funding
The minimum amount of funding which would be required to run the business would be around AUD $ 300K- AUD $ 500K for starting up a work from home busienss.
The preferred method of funding would be private funding and issue of equity shares in market
Likely return on investment
The return on investment would be 25%.
Continue to pursue this opportunity and implement your plans in the short-term
This opportunity would be accepted as it will give good return to the busienss organization and also increase the overall brand image. I will surely start up this new busienss within 3 to 6 months. However, in order to minimize the risk found, organization could take proper insurance and indemnity bonds.
Australian Government, “Business.gov.au. Opportunities for business growth”. “http://www.business.gov.au/business-topics/business-planning/Pages/opportunities-for-business-growth.aspx” (Accessed February 6th, 2018).
Australian Government. “National Innovation and Science Agenda. Startups and entrepreneurs”. http://www.innovation.gov.au/audience/startups-and-entrepreneurs (Accessed February 6th, 2018).
Australian Natural Therapists Association, “Business Assist.” http://www.australiannaturaltherapistsassociation.com.au/features/business_assist.php (Accessed February 6th, 2018).
Butcher, Howard K., Gloria M. Bulechek, Joanne M. McCloskey Dochterman, and Cheryl Wagner. Nursing Interventions classification (NIC)-E-Book. Elsevier Health Sciences, 2018.
Chaudary, Samra, Sohail Zafar, and Mehrukh Salman. “Does total quality management still shine? Re-examining the total quality management effect on financial performance.” Total Quality Management & Business Excellence 26, no. 7-8 (2015): 811-824.
Morton, P.G., Fontaine, D., Hudak, C.M. and Gallo, B.M., 2017. Critical care nursing: a holistic approach (p. 1056). Lippincott Williams & Wilkins.
Australian Government, “Business and Industry Portal, For Business. Growing a business” https://www.business.qld.gov.au/business/business-improvement (Accessed February 6th, 2018).
Busienss Snap Shot
The future plan is to grasp potential clients in medical health care services market through advanced machines and technology and implementing and patients oriented treatments. However, funds could be raised through the private funding and bank loans to run the general practice medical health business effectively. However, in order to establish, medical health care services in market, the main focus should be made on the provision of appropriate facilities, having contacts within the key market and ensuring the best price policy with the high quality services.
The medical health care services industry has grown rapidly throughout the time. However, the main key business strategy to accomplish the set objectives and gaols in general practice medical health care services is based on the quality of the products offering in market to treat the patients. The name of the newly set up the general practice medical health care services organization would be Medicare Health care herbalist business.
Busienss type
It would be small private company which would be incorporated with to provide general health care services in market.
Legal structure
The legal structure of Medicare Health care herbalist business would be private organization in which all the applicable rules and regulations would be followed in determined approach.
Licensing
The general practitioner licenses would be issued to permit a person to provide medical Health care general practice services.
Registration
Medicare Health care herbalist business needs to be registered under the corporation act 2001 and all the incorporation compliance would be followed.
Vision of Medicare Health care herbalist business
To provide best quality health care general services for the betterment of patients.
Mission of Medicare Health care herbalist business
The mission of Medicare Health care herbalist business is to provide treat all the patients with its advanced technologies and using sophisticate approach.
Value proposition
The value proposition of Medicare Health care herbalist business is to offer quality, personalized, customized care, assistance and support to patients and children to help them to mitigate their health issues.
Goals
The main goal of company is to provide best quality health care general services for the betterment of patients and earn profit.
Objectives
Increasing its overall market share through its advanced
| Years | Key strategic area focus |
| 1 | 10 % annual growth in sales |
| 2 | 20% annual growth in sales |
| 3 | 10% annual growth |
Industry and market overview
The industry of Medicare Health care herbalist business is more focused on the healthcare providers, medication reminders and women and children health program. This below graph reflects that only 36% people are fit and rest of the public are suffering from some kind of diseases.
`This plan is formulated and implemented with a view to control threats from the internal and external factors on the Medicare Health care herbalist business in Australia.
SWOT analysis
| Strength
Medicare Health care herbalist business has advanced machines and technologies. It has good amount of funding to operate this health care services and for the promotion of the same. |
Weakness
Company may face difficulty to comply with the applicable rules and regulations. The legal structure of private company in Australia is very tough to follow and penalties are also high. |
| Opportunities
People in Australia are more inclined towards advanced machines and technologies for their treatment. Medicare Health care herbalist business could generate core competency in providing best quality of services to clients.
|
Threats
This industry has high growth which could attract other clients. Company may face problems and issues in their business due to the advanced offering of rivals in Health care general business. |
Insurance requirement
Medicare Health care general company needs to take insurance for its business and all of its employees. It will save company from all types of destruction in the future. It is the mandatory provision which should be complied.
Regulatory compliance, legal and ethical considerations
The regulatory compliance of Medicare Health care general company is to comply with the all the rules and regulations issued by Australian government and offer its health care services as per the guidance of Australian Natural Therapies Association. The ethical consideration of Medicare Health care general company is related to provide best quality of services to its clients.
Workplace Health and Safety (Risk mitigation)
Medicare Health care general company needs to implement following program to mitigate the associated risk in determined approach.
- Preparation of safety management
- Hazardous identification and risk assessment
- Measuring performance and insured the possible hazardous.
Contingencies
It is the possible uncertainty which may or may not happen. Medicare Health care general company would secure these contingencies by using possible methods such as professional indemnity performance and other contracts.
This marketing plan will help in identify the target market and possible marketing mix which company could adopt in the market.
Identification of market
The main target market for the client would be children and mothers. Clinical services are more availed by these two people at large in Australia as compared to males. As given in the above graph, more than 7% market share of these clinical services is grasped by the women and 20% is covered by the children.
Key wants and needs
The Key wants and needs of medical services are to treat all the patients with its advanced technologies and using sophisticate approach.
Communication methods
Medicare Health care general company could use Enterprises resources planning cyber computing system and online survey to grasp the potential clients in market. Nonetheless, seminars and personal observation could also be used as communication method (Cheeriness, 2016).
Marketing mix
This marketing mix is associated with the several p’s which needs to be followed by Medicare Health care general company to run its health care services
Product- Medicare Health care general company will offer best care services to women and children in Australia.
Place- The Medicare Health care general company will follow online and offline mode for offering its services to clients.
Pricing- The price of health care services would be kept very low and main focus would be to treat patients with best services.
Promotion- Medicare Health care general company will use enterprises resources planning cyber computing system and monkey survey to promote its business.
Positioning- In Australia, people are more inclined towards advanced machines and technologies for their treatment. Therefore, Medicare Health care general company could use installed technologies to treat patients.
People- The most of the employees in Medicare Health care general company will be experts in handling patients with good care. However, proper training and development program will be implemented to increase the effectiveness of their working.
This plan will help Medicare Health care general company to operate its medical health care activities effectively (Conelea and Freeman, 2015).
Management structure and key personal
Licensing, location and permits
The general practitioner licenses would be issued to permit a person to provide medical Health care general practice services. Medicare Health care herbalist business needs to be registered under the corporation act 2001 and all the incorporation compliance would be followed.
Suppliers
All the suppliers will be medical representative who will he hired on the contract basis.
Equipment
| Particular | Numbers |
| Exam tables | 2 |
| Standing light | 1 |
| Otoscopes | 2 |
| Portable BP machines | 2 |
| Stethoscopes | 3 |
| Glucometers | 5 |
| Thermometers | 4 |
Inventory control strategy
Medical Health care general practice company could follow LIFO and FIFO methods to control the inventory.
Required Technologies
Advanced technologies and using sophisticate approach (MRI technologies and other machines)
Working hours
- From 8am to 2pm
- From 5pm-10pm
Communication methods
Company could follow two main communication methods
- Cyber computing system
- Monkey survey
Payment option
Medicare Health care general company will have two payment options first is offline payment mode and second is online payment mode through window payment.
Professional membership
Medicare Health care general company could use yearly membership program to attract more patients and provide them the safe low cost treatment.
Contingency plan
Medicare Health care general company could enter into strategic alliance with other clinics in case if it failed to provide possible treatment to patients.
Key policies
The regulatory compliance of Medicare Health care general company is to comply with the all the rules and regulations issued by Australian government. It also offers its health care services as per the guidance of Australian Natural Therapies Association. The main ethical consideration of Medicare Health care general company is related to provide best quality of services to its clients.
This financial plan of Medicare Health care general company will help in raising funds and deploying in the same in medical business for the better treatment of patients (Cheeriness, 2016)
Key financial goals
| Years | Key strategic area focus |
| 1 | 10 % annual growth in sales |
| 2 | 20% annual growth in sales |
| 3 | 10% annual growth |
| Details | Cost (AUD$) |
| Office machines and equipment | 10K |
| Employees hiring
Salary to employees= 2K* 13 employees=26K Hiring expenses = 10K Directors salary= 6k*2 =12K |
20K |
| Administrative charges | 30K |
| Promotional expenses | 20k |
| Regulatory compliance cost | 2K |
| Vendors contract cost | 2 K |
| Cost for the licenses | 2 K |
| Land hired | 20K |
| Project escalation amount | 10K |
| Total computed cost | 106K |
| Years | Estimated Sales revenue | Fixed expenses | Variable expense |
| 1 | 135K | 70K | 20K |
| 2 | 145K | 100K | 25K |
| 3 | 155K | 110k | 35K |
| 4 | 165K | 115K | 40K |
| 5 | 175K | 125K | 40K |
| 6 | 185K | 140K | 40K |
| 7 | 195K | 145K | 40K |
| 8 | 205K | 150K | 40K |
| 9 | 215K | 155K | 40K |
| 10 | 250K | 160K | 70K |
| 11 | 275K | 165K | 75K |
| 12 | 280K | 170K | 80K |
Assets secured
In Medicare Health care general company all of their fixed assets are secured by taking insurance (Catalino, Chiarello Long and Weaver, 2015).
Potential sources of finance
There will be need of rising around AUD $ 300K as capital to run the business effectively. There will be following sources of finance would be used
- Issues of capital
- Private funding
- Bank loan
Cost of funding
| Particular | Amount | Cost of debt | Cost of capital |
| Issues of capital
|
100K | 10% | 10K |
| Private funding
|
100K | 12% | 12K |
| Bank loan
|
100K | 14% | 14K |
| Total cost of capital | 300K | – | 36K |
The total cost of capital would be 36K
,
Consult for financial advice
The best financial advice would be given by the Merchant banker or certified investment banker.
Australian Government, “Business.gov.au. Opportunities for business growth”. “http://www.business.gov.au/business-topics/business-planning/Pages/opportunities-for-business-growth.aspx” (Accessed February 6th, 2018).
Australian Government. “National Innovation and Science Agenda. Startups and entrepreneurs”. http://www.innovation.gov.au/audience/startups-and-entrepreneurs (Accessed February 6th, 2018).
Australian Natural Therapists Association, “Business Assist.” http://www.australiannaturaltherapistsassociation.com.au/features/business_assist.php (Accessed February 6th, 2018).
Catalino, T., Chiarello, L.A., Long, T. and Weaver, P., 2015. Promoting professional development for physical therapists in early intervention. Infants & Young Children, 28(2), pp.133-149.
Cheeriness, C., 2016. Beyond burnout: Helping teachers, nurses, therapists and lawyers recover from stress and disillusionment. Routledge.
Conelea, C.A. and Freeman, J.B., 2015. What do therapists and clients do during exposures for OCD? Introduction to the special issue on theory-based exposure process. Journal of Obsessive-Compulsive and Related Disorders, 6, pp.144-146.
Australian Government, “Business and Industry Portal, For Business. Growing a business” https://www.business.qld.gov.au/business/business-improvement (Accessed February 6th, 2018).
The five essential factors are found within the control that can determine the success of practice as per the Australian Natural Therapies Association.
1) Clinical and other implications of therapeutic non-compliance
It is observed that clinical factors and other implications of therapeutic non-compliance are the most critical factor for the success of clinical health practice. It will help general practitioner to implement client’s oriented services.
2) Resources and capital engagement
It is observed that general practitioner needs to arrange proper resources to run its practice effectively. However proper uses of finance and machinery use will increase the overall effectiveness of the services rendered to patients.
3) Patient socio demographics variables
It influences the interaction between a general practitioner and patients and eventually the quality of services. For instance, language gap, divergent thinking and other cultural problems are the example of these factors.
4) Practice related factors
It is observed that in order to run practice effectively, GP needs to implement proper practice program to overcome the associated issues in determined approach. It may relate to perception, choice, value and associated factors which may influence the patients.
5) Locality of the clinic
This is the most influencing factors as general practitioner and patients both are influenced by the locality of the clinic. IT should be placed at the good place.
Answer to question-2
There are main six key sections which would be included in business plan.
Business description– It provides the road map for the blue print which would be implemented for incorporating the business in market.
Market analysis– It helps in assessment of internal and external factors of business how a company could run its operation effectively in determined approach. This market analysis will also unlock the potential opportunity available in market.
Organization management– It is evaluated that all the business activities should be properly managed. It will help business planner to grasp opportunity in market.
Funding and finance requirement– It is considered that in order to run business operation, management needs to raise funds from the market and deploy the same in the business to manage business plan.
Arrangement of team– the success of business is highly dependent upon the team members and staff members
Implementing practice– General practitioner needs to comply with the all the applicable rules and regulations before starting up his new clinical business.
Answer to question-3
There are main five key examples of resources which would be required to implement new clinical business (Australian Natural Therapists Association, 2016).
- Health care payment schedule, newsletter and bullet points.
- Compensation program
- Physical resources
- Nurses and team members
- Financial sources
- Machines and equipment’s
Answer to question-4
There are following information given as below.
- A) The peak natural therapies industry body, code of ethics and professional conduct:
The Australian Natural Therapists Association Limited (ANTA) founded in 1955 and known as regulations of the Therapeutic Goods Act 1989.
Code of ethics- It focuses on the mitigating the problems and issues of heath care program and wrong practices implemented by the health care clinical organization.
Professional conduct- The professional conduct is based on the quality and health care services provided in the health care clinical sector (Australian Government. (2016).
Industry Body- Natural Therapists industry body is the main industry body for this business segment
URL: http://www.australiannaturaltherapistsassociation.com.au/about/about_anta.php
- B) Regulation for unregistered healthcare workers- A National Code of Conduct for health care workers
The main regulation for unregistered healthcare workers is to comply with the minimum set of national health care code of conduct.
URL: http://www.abc.net.au/radionational/programs/healthreport/regulation-of-unregistered-health-practitioners/5321618
- C) Privacy, confidentiality and disclosure- Australian Medical Association
The – Australian Medical Association code of ethics requires medical practitioners to maintain a patient’s confidentiality.
URL-http://www.privacy.gov.au/publications/hg_01.html#a2
- D) Client, medical records management- It is based on the medical health care policy followed by the general practitioners.
The National Code of Conduct for Health Care Workers
URL- https://www.health.qld.gov.au/system-governance/policies-standards/national-code-of-conduct
- E) Financial records management
Client, medical uses cash flow management, balance sheet and profit loss account to make proper financial record management. However, cyber computing recording system will also be used to make proper record management.
- F) Workplace health and safety
It is covered under the workplace health and safety laws and regulations. The department of health and safety department will help health care clinic organization to comply with the workplace health and safety.
URL-https://www.australia.gov.au/information-and-services/health/workplace-health-and-safety
Answer to question-5
There are several statements that can help assessors to monitor and manage the financial position of general practitioner.
- Cash flow statement
- Balance sheet
- Income and expenditure statement
Answer to question-6
There are two software systems that can be used to manage financial documentation given as below.
- Xoxo software
- MYOB software
Answer to question-7
There are several financial sources available for the clinical business to raise funds.
- Issues of shares (Initial public offer and further public offer)
- Issue of debentures (Issues of debts and bonds)
- Venture capital investment
Answer to question-8
There are four (4) Australian Taxation Office requirements for small business record keeping
- All the data should be written and proper back up should be kept.
- Clinical business data should be kept online through the cyber computing system.
- Proper data recording process should be followed.
- Data recorded should cover all the financial and non-financial information.
Answer to question-9
There are several statutory requirements which needs to be complied by the general practitioner to operate its clinical program from home
- There should be all the necessary machines and equipment’s.
- Comply with the all the applicable health care clinical rules and health safety program.
- Arrangement of all machines and health care equipment’s
- Registration of the clinical operation under the department of health safety body.
- Taking licenses to operate clinical practice from the home
In case of place taken as rent from somewhere, general practitioner needs to get that place registered under the health and safety program. He has to arrange all the necessary machines and equipment’s at that particular place to take the license form the government (Australian Government. 2016).
Answer to question-10
There are seven tips identified which are given below to conduct the meeting effectively.
- Clear objective- Each and every meeting holder should have prior information on the topic which is going to be disused in the meeting.
- Invitation to persons- Only relevant persons should be called to attend the meeting.
- Stick to your schedule- meeting agenda should be properly decided and meeting should be conducted as per the prepare action plan.
- Take no hostages- Each and every person in meeting should be given equal opportunity to put their topic.
- Start and end time- The time of meeting should be predetermined.
- Technology restriction- The use of technology in meeting should be restricted otherwise meeting holder would be stuck with their devices.
- Follow up- It is the ending process which helps chairperson to determine whether the conducted meeting was convinced properly or not.
Answer to question-11
There are following consideration to minimize the stock loss given as below
- Implementing inventory management accounting system
- Following LIFO and FIFO methods
- Recording process of the inventory in business
- Implementing proper management program
- Consideration of vendors and suppliers
Answer to question-12
There are three minimum value of professional indemnity covered required by ANTA and BUPA.
- All the members of ANTA should have current professional indemnity insurance policy of at least $1 million.
- In case of BUPA, current professional indemnity insurance policy should be at least $1 million.
- All the members of ANTA should be physically fit or the amount of premium would be increased.
- Legal responsibilities which will be covered under professional indemnity plus public liability insurance covers
- Damage/compensation arising out of third party property
- Injury due to Error and commission
- Legally tenably damages involving civil liabilities
- Defense cost plus award
Answer to question-13
There are three practical strategies that could be implemented to make practice more child- friendly.
- Implementation of health care policy more children friendly
- Development of clinical environment more children oriented.
- Installation of games and education program for the children on their visit in clinical department.
Answer to question-14
Child protection policy
The child friendly environment is based on the clinical environment and process system which is customized with a view to make children more comfortable and their better treatment.
The best example of child protection policy is related to how company has formulated its rules and regulations in clinical environment such as development of child oriented health care policy, reducing the fees and charges for the child protection.
Answer to question-15
There are three main environmentally sustainable practices which could be implemented in clinic
- Installation of the recycling process system in clinic to save the wastage.
- Use of cyber computing system to establish effective communication.
- Implementing proper patient’s oriented clinical environment
Answer to question-16
There are following examples of strategies to support staff
- Installation of enterprises resources cyber computing system to establish automation and communication set up
- Hiring of experts members to support other staff members
- Arrangement of training and development program (Queensland Government. 2016).
Answer to question-17
There are following continuing professional development opportunities which are given as below
- Use of advanced technology is increasing the effectiveness of continuing professional development opportunities.
- Implementing the proper working program will gather the employee records and program.
- It will set up the teaching and training program for other staff members.
In case of clinical experience during your natural therapies career, the general practitioner could increase the effectiveness of his general practice work in determined approach.
Answer to question-18
There are following monitoring staff performance in a health care environment.
- Use of proper assessment program
- Evaluating the treat person’s health’s and failed cases in clinic practice.
- Corporate governance of incorporated clinical program
Answer to question-19
There are following details given which contains all the required information of the employees.
List five (6) details or documents that an employee record should contain
- Resume of employees.
- Offer letter or appointed letter issued
- Employee’s bullets statements
- HR Records statements.
- Regular official documents
- Employees record online system
Answer to question-20
Cultural differences and managing diversity in your practice is highly based on the policy and rules implemented in organization. However, in order to avoid these sorts of cultural differences, management needs to adopt standards cultural program. In addition to this, policy and structure formulated in organization should focus on developing equal opportunity program for its employees. It will strengthen the working effectiveness of employees and increase the overall outcome of organization in determined approach. It is observed that employee’s needs, perception and value required to be evaluated for the development of clinical organizational culture. It will help general practitioner to implement client’s oriented services. In order to support and respect the Cultural differences and manage diversity in business, proper rules and regulations would be implemented in proper manner.
Australian Government, “Business.gov.au. Opportunities for business growth”. “http://www.business.gov.au/business-topics/business-planning/Pages/opportunities-for-business-growth.aspx” (Accessed February 6th, 2018).
Australian Government. “National Innovation and Science Agenda. Startups and entrepreneurs”. http://www.innovation.gov.au/audience/startups-and-entrepreneurs (Accessed February 6th, 2018).
Australian Natural Therapists Association, “Business Assist.” http://www.australiannaturaltherapistsassociation.com.au/features/business_assist.php (Accessed February 6th, 2018).
Queensland Government, “Business and Industry Portal, For Business. Growing a business” https://www.business.qld.gov.au/business/business-improvement (Accessed February 6th, 2018).
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