The Business Plan Stephen H. Thomas MD MPH [email protected].
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Transcript of The Business Plan Stephen H. Thomas MD MPH [email protected].
Disclosures
Nature of Relationship Self Spouse/ Partner
List Name(s) of Commercial Entity(ies) Product or service the entity provides
Clinical condition related to this product or service
EXAMPLE X XYZ Pharma, Inc. Antibiotic Infection
Advisory Board X UCB Pharma, Inc. Seizure AED
Consultant X Baxter Healthcare Subcutaneous infusion Dehydration
Grant Recipient X X
MedEvac Foundation IntlNanomed
Grant supportMicroneedle
HEMS researchDrug administration
Physicians as business people: Hospital administrators’ perception
BP discussion points
Definition Components
Audience Presentation
Generalreference
Focusedreference
Definition
Outlines product:JustificationDevelopmentDeploymentReturns
General characteristics
• Presents plan for profitably meeting a need• Accurate, succinct, attractive• Assesses the present; projects future• Logically presents & justifies:– Initial and ongoing resource requirements– Marketing decisions and customer demand– Financial projections (e.g., ROI)
• Starts broad, focuses as move through plan
Specific components
• Cover page• Table of Contents• Executive Summary• Business Description• Business Environment• Industry Background• Competitive Analysis• References• Regulatory Issues
• Market Analysis• Marketing Plan• Operations Plan• Management Summary• Financial Plan• Pro Forma • Attachments• Milestones• Figures
BP as a document
Written BP:Be clean
Quality logo/graphics◊
Binders, not staples◊
Length <40 pages◊
Speling counts◊
Convey care
Executive Summary
• 1-2 pages• Sell the project• Outline: – Opportunity– Proposal’s edge– “So what”– Current operation– Forecasting – “Ask” details– ROI– Timelines
Overview
• More detailed summation of project• Unnecessary if use long Executive Summary• Referenced, fleshed-out version of ES• Pseudo-“Introduction” to ES as “Abstract”
Appendix
Background
• Establish need/problem• Paint picture of industry• Advantages to your “fix”• “So what?”
Markets
• Document claims • Make realistic projections– Growth rates – Resource requirements
Methods
Ideas or materials
Products or services
People
• Summarize management group– Qualifications– Planned contributions– Commitment to the project
• Emphasize team’s strengths• Address weaknesses (& strategy)
Operations
• Show that details have been considered• Determine breakeven point • Do the number-crunching yourself
Anticipated results
• Balance enthusiasm with realism
Wor
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ase
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FacultyChair S. Thomas 1 1 1 $400,000 0.365 $146,000 $11,436 $15,000 $572,436 408 408 $210 $85,680 $65 $26,438 $13 $13 $90 $120 $36,867 $48,813 $26,438 $426,438 $48,813 $523,623 $70,000 $453,623Chair Emeritus/Director of Development J. Sacra 1 0.76 $192,400 0.390 $75,036 $0 $2,500 $269,936 0 0 $0 $192,400 $0 $269,936 $269,936Vice Chair J. Dixon 1 0.76 1 $262,552 0.390 $102,395 $0 $6,000 $370,947 0 0 $0 $262,552 $0 $370,947 $100,000 $270,947ODI Director C. Stewart 1 0.76 $148,314 0.390 $57,842 $0 $6,000 $212,156 0 0 $0 $148,314 $0 $212,156 $212,156
Director of EMS J. Goodloe 1 1 1 $301,085 0.344 $103,573 $22,901 $6,000 $433,559 960 0 $210 $0 $132 $0 $26 $13 $171 $39 $0 $0 960 $195 $187,200 $140 $134,400 $28 $12 $180 $15 $172,512 $14,688 $134,400 $435,485 $14,688 $418,871 $326,768 $92,103
HEMS Section Head P. Beck 1 0.1 $28,000 0.091 $2,548 $0 $0 $30,548 0 0 $0 $28,000 $0 $30,548 $30,548
Director of Operations W. Gray 1 0.2 $73,680 0.091 $6,705 $0 $2,500 $82,885 0 0 $0 $73,680 $0 $82,885 $82,885
Director of Research A. Arthur 1 1 $100,000 0.344 $34,400 $0 $5,000 $139,400 0 0 $0 $100,000 $0 $139,400 $75,000 $64,400
Director of Simulation J. Gentges 1 0.15 1 $45,900 0.091 $4,177 $0 $2,500 $52,577 0 0 $0 $45,900 $0 $52,577 $52,577
Director of Ultrasound L. Whelan 1 1 1 $175,000 0.390 $68,250 $22,901 $6,000 $272,151 1080 1080 $210 $226,800 $132 $142,560 $26 $13 $171 $39 $184,680 $42,120 $142,560 $317,560 $42,120 $230,031 $35,000 $195,031
Residency Director B. Burns 1 1 1 $181,335 0.390 $70,721 $22,901 $6,000 $280,957 960 960 $210 $201,600 $145 $139,200 $29 $13 $187 $23 $179,136 $22,464 0 $195 $0 $132 $0 $26 $12 $170 $25 $0 $0 $139,200 $320,535 $22,464 $258,493 $258,493
Medical Student Education Section Head J. Nalagan 1 0.6 $25,000 0.091 $2,275 $0 $0 $27,275 0 0 $0 $25,000 $0 $27,275 $27,275
Medical Informatics Section Head H. Roemer 1 0.15 $10,000 0.091 $910 $0 $0 $10,910 0 0 $0 $10,000 $0 $10,910 $10,910
Clinical Faculty R. Anderson 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 550 0 550 $195 $107,250 $135 $74,250 $27 $12 $174 $21 $95,535 $11,715 $74,250 $120,150 $11,715 $40,862 $40,862
Clinical Faculty J. Castleberry 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 0 0 0 $195 $0 $135 $0 $27 $12 $174 $21 $0 $0 $0 $45,900 $0 $52,577 $52,577
Clinical Faculty J. Johnson 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 550 0 550 $195 $107,250 $135 $74,250 $27 $12 $174 $21 $95,535 $11,715 $74,250 $120,150 $11,715 $40,862 $40,862
Clinical Faculty C. Mareshie 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 0 0 $0 $45,900 $0 $52,577 $52,577
Clinical Faculty E. Woolley 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 550 0 550 $195 $107,250 $135 $74,250 $27 $12 $174 $21 $95,535 $11,715 $74,250 $120,150 $11,715 $40,862 $40,862
Ultrasound Fellow E. Brown 1 1 1 $100,000 0.390 $39,000 $22,901 $5,000 $166,901 1040 1040 $210 $218,400 $100 $104,000 $20 $13 $133 $77 $137,904 $80,496 0 $195 $0 $135 $0 $27 $12 $174 $21 $0 $0 $104,000 $204,000 $80,496 $86,405 $86,405
Research Assistant C. Laffoon 1 0.1 $3,193 0.091 $291 $0 $0 $3,484 0 0 $0 $3,193 $0 $3,484 $3,484
Special Programs Coordinator B Justice 1 0.6 $24,473 0.079 $1,933 $0 $0 $26,406 0 0 $0 $24,473 $0 $26,406 $26,406
Adjunct Faculty: Pediatric EM C.C. Guthrie 1 0
Adjunct Faculty: St. Francis Hospital Liaison S. Felten 1 0
Adjunct Faculty: Community Medicine C. Synovitz 1 0
Adjunct Faculty: Medical Simulation V. Weidner 1 0
Adjunct Faculty: Medical Toxicology M. Levine 1 0
SUM 26 10.93 7 $2,300,432 $736,941 $103,040 $75,000 $3,215,413 6098 3488 $732,480 $412,198 $538,587 $193,893 2610 $508,950 $357,150 $459,117 $49,833 $769,348 $3,069,780 $243,726 $2,971,687 $606,768 $2,364,919
Residents
EM1 EM1 Residents 6 $47,170 0.198 $9,340 $696 $8,250 $392,734 Total faculty personnel costs adjusted for clinical revenue and direct salary support
EM2 EM2 Residents 6 $48,757 0.198 $9,654 $792 $8,250 $404,717
EM3 EM3 Residents 8 $50,473 0.198 $9,994 $888 $8,250 $556,837 ED physician hours by hospital
Other resident costs
SUM Totals 20 $146,400 $28,987 $2,376 $31,363 $1,354,289 Faculty Hrs/Yr HMC hrs SJMC hrs Core
AndersonR 2050 1500 550 0
Staff $4,883,520 Total unadjusted physician, resident, staff personnel costs BrownE 1040 1040 0 1Business Manager P. Lowrance 1 1 $68,250 0.390 $26,618 $0 $2,000 $96,868 BurnsB 960 960 0 1
Residency Program Coordinator W. Palmer 1 1 $43,252 0.390 $16,868 $0 $2,000 $62,120 CastleberryJ 1840 1840 0 0
Simulation Specialist D. Knight 1 1 $43,000 0.390 $16,770 $0 $2,000 $61,770 DixonJ 1320 1320 0 1Assistant to Chair A. Davenport 1 1 $37,498 0.390 $14,624 $0 $0 $52,122 GentgesJ 1230 1230 0 1Administrative Assistant S. Tines 1 1 $29,452 0.390 $11,486 $0 $0 $40,938 GoodloeJ 960 0 960 1
SUM $221,452 $86,366 $0 $6,000 $313,818 GrayW 2160 2160 0 0
Mareshie 1750 1750 0 0Total personnel: faculty, residents, staff ThomasS 408 408 0 1
WhelanL 1080 1080 0 1
Other Expenses WoolleyE 2350 1800 550 0General supplies 1 $15,000 JohnsonJ 2350 1800 550 0ADLS and BDLS manuals 4 $4,273 Totals 19498 16888 2610 7
AccessEM 1 $10,000
Telephones 1 $7,200 HMC clinical hours overview:
Travel outside of Professional Support 1 $25,000 hours/day 50
Simulation equipment/supplies 1 $2,500 hours/year 18250
Other (Office, Educational Materials, etc.) 1 $15,000 scheduled (see above) 16888
SUM Totals $78,973 $78,973 hours overscheduled -1362
TOTAL EXPENSES $4,962,493 Total all-category expenses SJMC clinical hours overview:
hours/shift 10
shifts/month 22
hours/year 2640
Revenue scheduled (see above) 2610
hours overscheduled -30
Clinical revenues
HMC clinical net revenues $193,893
SJMC clinical net revenues $49,833 OUDEM Residency Numbers
SUM Totals $243,726 $243,726
FY10 FY11 FY12 FY13 FY14 FY15
State and federal grant/related monies Entering PGY1 10 6 6 6 6 6
Federal and state general support $3,000,000 By year
Matching funds (net) $0 EM1 10 6 6 6 6 6
State grant $0 EM2 6 8 6 6 6 6
SUM Totals $3,000,000 $3,000,000 EM3 0 6 8 6 6 6
The pro formaOUDEM Residency Numbers
FY10 FY11 FY12 FY13 FY14 FY15
EM1 10 6 6 6 6 6
EM2 6 8 6 6 6 6
EM3 0 6 8 6 6 6
Total 16 20 20 18 18 18
OUDEM Residency Numbers
FY10 FY11 FY12 FY13 FY14 FY15
EM1 10 6 6 7 8 9
EM2 6 8 6 6 7 8
EM3 0 6 8 6 6 7
Total 16 20 20 19 21 24
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FacultyChair S. Thomas 1 1 1 $400,000 0.365 $146,000 $11,436 $15,000 $572,436 408 408 $210 $85,680 $65 $26,438 $13 $13 $90 $120 $36,867 $48,813 $26,438 $426,438 $48,813 $523,623 $70,000 $453,623Chair Emeritus/Director of Development J. Sacra 1 0.76 $192,400 0.390 $75,036 $0 $2,500 $269,936 0 0 $0 $192,400 $0 $269,936 $269,936Vice Chair J. Dixon 1 0.76 1 $262,552 0.390 $102,395 $0 $6,000 $370,947 0 0 $0 $262,552 $0 $370,947 $100,000 $270,947ODI Director C. Stewart 1 0.76 $148,314 0.390 $57,842 $0 $6,000 $212,156 0 0 $0 $148,314 $0 $212,156 $212,156
Director of EMS J. Goodloe 1 1 1 $301,085 0.344 $103,573 $22,901 $6,000 $433,559 960 0 $210 $0 $132 $0 $26 $13 $171 $39 $0 $0 960 $195 $187,200 $140 $134,400 $28 $12 $180 $15 $172,512 $14,688 $134,400 $435,485 $14,688 $418,871 $326,768 $92,103
HEMS Section Head P. Beck 1 0.1 $28,000 0.091 $2,548 $0 $0 $30,548 0 0 $0 $28,000 $0 $30,548 $30,548
Director of Operations W. Gray 1 0.2 $73,680 0.091 $6,705 $0 $2,500 $82,885 0 0 $0 $73,680 $0 $82,885 $82,885
Director of Research A. Arthur 1 1 $100,000 0.344 $34,400 $0 $5,000 $139,400 0 0 $0 $100,000 $0 $139,400 $75,000 $64,400
Director of Simulation J. Gentges 1 0.15 1 $45,900 0.091 $4,177 $0 $2,500 $52,577 0 0 $0 $45,900 $0 $52,577 $52,577
Director of Ultrasound L. Whelan 1 1 1 $175,000 0.390 $68,250 $22,901 $6,000 $272,151 1080 1080 $210 $226,800 $132 $142,560 $26 $13 $171 $39 $184,680 $42,120 $142,560 $317,560 $42,120 $230,031 $35,000 $195,031
Residency Director B. Burns 1 1 1 $181,335 0.390 $70,721 $22,901 $6,000 $280,957 960 960 $210 $201,600 $145 $139,200 $29 $13 $187 $23 $179,136 $22,464 0 $195 $0 $132 $0 $26 $12 $170 $25 $0 $0 $139,200 $320,535 $22,464 $258,493 $258,493
Medical Student Education Section Head J. Nalagan 1 0.6 $25,000 0.091 $2,275 $0 $0 $27,275 0 0 $0 $25,000 $0 $27,275 $27,275
Medical Informatics Section Head H. Roemer 1 0.15 $10,000 0.091 $910 $0 $0 $10,910 0 0 $0 $10,000 $0 $10,910 $10,910
Clinical Faculty R. Anderson 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 550 0 550 $195 $107,250 $135 $74,250 $27 $12 $174 $21 $95,535 $11,715 $74,250 $120,150 $11,715 $40,862 $40,862
Clinical Faculty J. Castleberry 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 0 0 0 $195 $0 $135 $0 $27 $12 $174 $21 $0 $0 $0 $45,900 $0 $52,577 $52,577
Clinical Faculty J. Johnson 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 550 0 550 $195 $107,250 $135 $74,250 $27 $12 $174 $21 $95,535 $11,715 $74,250 $120,150 $11,715 $40,862 $40,862
Clinical Faculty C. Mareshie 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 0 0 $0 $45,900 $0 $52,577 $52,577
Clinical Faculty E. Woolley 1 0.15 $45,900 0.091 $4,177 $0 $2,500 $52,577 550 0 550 $195 $107,250 $135 $74,250 $27 $12 $174 $21 $95,535 $11,715 $74,250 $120,150 $11,715 $40,862 $40,862
Ultrasound Fellow E. Brown 1 1 1 $100,000 0.390 $39,000 $22,901 $5,000 $166,901 1040 1040 $210 $218,400 $100 $104,000 $20 $13 $133 $77 $137,904 $80,496 0 $195 $0 $135 $0 $27 $12 $174 $21 $0 $0 $104,000 $204,000 $80,496 $86,405 $86,405
Research Assistant C. Laffoon 1 0.1 $3,193 0.091 $291 $0 $0 $3,484 0 0 $0 $3,193 $0 $3,484 $3,484
Special Programs Coordinator B Justice 1 0.6 $24,473 0.079 $1,933 $0 $0 $26,406 0 0 $0 $24,473 $0 $26,406 $26,406
Adjunct Faculty: Pediatric EM C.C. Guthrie 1 0
Adjunct Faculty: St. Francis Hospital Liaison S. Felten 1 0
Adjunct Faculty: Community Medicine C. Synovitz 1 0
Adjunct Faculty: Medical Simulation V. Weidner 1 0
Adjunct Faculty: Medical Toxicology M. Levine 1 0
SUM 26 10.93 7 $2,300,432 $736,941 $103,040 $75,000 $3,215,413 6098 3488 $732,480 $412,198 $538,587 $193,893 2610 $508,950 $357,150 $459,117 $49,833 $769,348 $3,069,780 $243,726 $2,971,687 $606,768 $2,364,919
Residents
EM1 EM1 Residents 6 $47,170 0.198 $9,340 $696 $8,250 $392,734 Total faculty personnel costs adjusted for clinical revenue and direct salary support
EM2 EM2 Residents 6 $48,757 0.198 $9,654 $792 $8,250 $404,717
EM3 EM3 Residents 8 $50,473 0.198 $9,994 $888 $8,250 $556,837 ED physician hours by hospital
Other resident costs
SUM Totals 20 $146,400 $28,987 $2,376 $31,363 $1,354,289 Faculty Hrs/Yr HMC hrs SJMC hrs Core
AndersonR 2050 1500 550 0
Staff $4,883,520 Total unadjusted physician, resident, staff personnel costs BrownE 1040 1040 0 1Business Manager P. Lowrance 1 1 $68,250 0.390 $26,618 $0 $2,000 $96,868 BurnsB 960 960 0 1
Residency Program Coordinator W. Palmer 1 1 $43,252 0.390 $16,868 $0 $2,000 $62,120 CastleberryJ 1840 1840 0 0
Simulation Specialist D. Knight 1 1 $43,000 0.390 $16,770 $0 $2,000 $61,770 DixonJ 1320 1320 0 1Assistant to Chair A. Davenport 1 1 $37,498 0.390 $14,624 $0 $0 $52,122 GentgesJ 1230 1230 0 1Administrative Assistant S. Tines 1 1 $29,452 0.390 $11,486 $0 $0 $40,938 GoodloeJ 960 0 960 1
SUM $221,452 $86,366 $0 $6,000 $313,818 GrayW 2160 2160 0 0
Mareshie 1750 1750 0 0Total personnel: faculty, residents, staff ThomasS 408 408 0 1
WhelanL 1080 1080 0 1
Other Expenses WoolleyE 2350 1800 550 0General supplies 1 $15,000 JohnsonJ 2350 1800 550 0ADLS and BDLS manuals 4 $4,273 Totals 19498 16888 2610 7
AccessEM 1 $10,000
Telephones 1 $7,200 HMC clinical hours overview:
Travel outside of Professional Support 1 $25,000 hours/day 50
Simulation equipment/supplies 1 $2,500 hours/year 18250
Other (Office, Educational Materials, etc.) 1 $15,000 scheduled (see above) 16888
SUM Totals $78,973 $78,973 hours overscheduled -1362
TOTAL EXPENSES $4,962,493 Total all-category expenses SJMC clinical hours overview:
hours/shift 10
shifts/month 22
hours/year 2640
Revenue scheduled (see above) 2610
hours overscheduled -30
Clinical revenues
HMC clinical net revenues $193,893
SJMC clinical net revenues $49,833 OUDEM Residency Numbers
SUM Totals $243,726 $243,726
FY10 FY11 FY12 FY13 FY14 FY15
State and federal grant/related monies Entering PGY1 10 6 6 6 6 6
Federal and state general support $3,000,000 By year
Matching funds (net) $0 EM1 10 6 6 6 6 6
State grant $0 EM2 6 8 6 6 6 6
SUM Totals $3,000,000 $3,000,000 EM3 0 6 8 6 6 6
What are the residency costs in FY2015?
Residents
EM1 EM1 Residents 9 $47,170 0.198 $9,340 $696 $8,250 $589,101
EM2 EM2 Residents 8 $48,757 0.198 $9,654 $792 $8,250 $539,623
EM3 EM3 Residents 7 $50,473 0.198 $9,994 $888 $8,250 $487,233
SUM Totals 24 $146,400 $28,987 $2,376 $31,363 $1,615,957
Residents
EM1 EM1 Residents 9 $47,170 0.198 $9,340 $696 $8,250 $589,101
EM2 EM2 Residents 8 $48,757 0.198 $9,654 $792 $8,250 $539,623
EM3 EM3 Residents 7 $50,473 0.198 $9,994 $888 $8,250 $487,233
SUM Totals 24 $146,400 $28,987 $2,376 $31,363 $1,615,957
Residents
EM1 EM1 Residents 6 $47,170 0.198 $9,340 $696 $8,250 $392,734
EM2 EM2 Residents 6 $48,757 0.198 $9,654 $792 $8,250 $404,717
EM3 EM3 Residents 6 $50,473 0.198 $9,994 $888 $8,250 $417,628
SUM Totals 18 $146,400 $28,987 $2,376 $31,363 $1,215,079
Residents
EM1 EM1 Residents 6 $47,170 0.198 $9,340 $696 $8,250 $392,734
EM2 EM2 Residents 6 $48,757 0.198 $9,654 $792 $8,250 $404,717
EM3 EM3 Residents 6 $50,473 0.198 $9,994 $888 $8,250 $417,628
SUM Totals 18 $146,400 $28,987 $2,376 $31,363 $1,215,079
The pro forma
Dashboard
• Focus on BP assumptions’ accuracy• Test hopes/assumptions with real-world data• BP as a “learning plan”
• Dashboarding prevents complacency
Timeline & Budget
References
Presentation• “Anyone can spin a plausible yarn about their
pet project.”
• Tailor approach to audience• Viewpoints: producer, market, investor
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