Discuss the process of Advanced Practice Nurse (APN) business planning from a system approach.
The Institute of Medicine (IOM) (2010), advocates for Advanced Practice Nurse (APN) have an eye towards independence and innovation in building a healthcare system that meets the demands of safety, affordability, accessibility, quality, and patient-centred care. With the ageing of the baby boomer population, there is a substantially increased demand for primary care providers amid a growing shortage of primary care physicians. This also increases the probability of independent clinical practice. The systematic approach of translating the business plan into an actual running business requires a process (Johnson & Garvin, 2017). This discussion analyzes the process that APNs who wish to set up entrepreneurial endeavours follow.
The business process that an APN wishing to join independent venture must follow should incorporate research, deriving the purpose of the plan and objectives, development of a business profile, mission, and vision, execution of the project, and evaluation of the plan (Hahn & Cook, 2018). Other than understanding the process, the APN must have a clear understanding of other private practice requirements such as regulation, operational requirements, and financial aspect of the business (Johnson & Garvin, 2017). The APN can utilize the nursing education to come up with the business plan, ensuring that the intervention put in place is viable and well implemented and evaluated.
The first step of the process is research and developing a plan and objectives. Factors to consider while developing the business plan include; the purpose, the target group, type of services to be provided to the identified group, location of practice, operational hours of practice, and a clearly stated gap in the market.
The second, step the APN will consider the business plan is the business profile. In this stage, the APN should derive a vision statement, mission statement, clearly state services offered, and identify the registrations needed for the business. The third stage of the process will require that the APN propose how the services will be delivered. This should be clarified in terms of staff, equipment, and facility. Additionally, the marketing plan and the management plan will fall under this category.
Putting together all the above consideration in the planning process calls for the implementation of the plan and the later the evaluation. Private venture helps the APN, practice to the full extent of their skills and license (Hahn & Cook, 2018).
In the US, regulation and full authority practice differ from state to state. Currently, there 45 states where the APN can prescribe medication, of those 22 of them and the district of Columbia offer authority for full practice with only governance from the state nursing board (Conover & Richards, 2015). An APN aspiring for private practice must put into consideration the US state they plan to practice in and the specific regulation in place. States with full practice authority allow for their APN to fully take responsibility and liability of evaluation and management of the patient (Conover & Richards, 2015).
A business plan is essential in laying down the important strategies of the business. With a business plan in place, the APN establishes a focus, purpose, and a future plan. It also enables him or her secure the required funding in setting up the private practice.
Conover, C., & Richards, R. (2015). Economic benefits of less restrictive regulation of advanced practice nurses in North Carolina. Nursing Outlook, 63(5), 585-592.
Hahn, J. A., & Cook, W. (2018). Lessons Learned from Nurse Practitioner Independent Practice: A Conversation with a Nurse Practitioner Entrepreneur. Nursing Economics, 36(1), 18-22.
Johnson, J. E., & Garvin, W. S. (2017). Advanced practice nurses: Developing a business plan for an independent ambulatory clinical practice: nursing Economics, 35(3), 126.