price et al ., 2013 ). H e a l t h M e d i c a l
Please respond to this 4 peers’ Discussion Prompts
ALL citations and references needs to be APA 7th edition format. (200-250 words each)
- you must also post substantive responses to at least two of your classmates’ or instructor’s posts in this thread. Your response should include elements such as follow-up questions, further exploration of topics from the initial post, or requests for further clarification or explanation on some points made by your classmates.
I think the financial plan, even being based on future assumptions, is a very valuable resource for the entrepreneur. The financial plan gives the entrepreneur an idea of the money needed to get their venture off the ground, when more capital will be coming in to keep the venture going, how much of the money is going to be coming in at different stages of the venture, and what the end goal of finances of the venture is going to be. The financial plan is also going to help the entrepreneur attract potential investors and explain what the obligations are going to be for the investors and entrepreneur going forward with the venture. These plans are typically three years worth of projected data to give the entrepreneur and possible investors relatively secure ideas on what the company is capable of with the right financial base. On top of having these plans, it is also important for the entrepreneur to keep track of the finances in their company on a regular basis, rather than just quarterly reports of their company (Hisrich et al, 2017). Take this into consideration, this company is the entrepreneur’s baby. As a parent, I’m not simply going to check in on my seven-year-old son every six hours and be thankful he is still happy, healthy, and fed based on the work I’ve put in getting him to this age. I’m going to be keeping an eye on him, and keeping track of his activities to keep him safe and healthy. If things start to go poorly, such as he scraps his knee or splits his lip, I’m going to clean and bandage him, and bring him back to happy, healthy, and fed. The entrepreneur is going to be monitoring the finances of their company the same way, assuring capital is still coming for the products or services being offered. If the finances start to go south, they are going to be aware of it right away and find a way to clean and bandage the issues so their business can continue to thrive. Keeping their business, their baby, under their careful watch at all times, and not just quarterly will help keep investors, finances, and dream going (Hisrich et al, 2017).
I look forward to everyone’s feedback.
How useful do you think a financial plan is, considering that it is based on future assumptions that usually will not be 100% correct?
Even if a financial plan is based on future assumptions that usually will not be 100% correct, having one is better than not having one at all. Laying out a timeline on how, when and where money should be spent should be made as one tool to help reach an organizational goal of financial stability. Having a plan will lay a foundation for an entrepreneur to follow as budgets will be laid out in addition to forecasts of important financial sheets (P+L, cash flow, balance sheet, etc.) that can predict the success of an organization. In healthcare, I do think it is very important to have a financial plan because there are many internal and external factors that can affect the organization. A prime example is the effect of COVID-19 on healthcare institutions’ finances. That unprecedented scenario led to a higher demand for patient services and drove costs up on their reports, something that may or may not have been accounted for in predictions. Possessing a financial plan also helps entrepreneurs understand the finance lingo and will assist them to get their startup running and maintained well. According to an article, “Creating a business plan with the accompanying financial plan is really a feasibility study of what it takes to be successful” (Chron, 2021). In conclusion, having a financial plan answers many questions a entrepreneur will have at first. It addresses and accounts for all total costs (resources, labor, etc.) and grants the entrepreneur a large picture of how to guide the startup.
How valuable is it for the entrepreneur to evaluate and monitor financial plans monthly rather than waiting for quarterly reports?
I do think it is vital an entrepreneur evaluate and monitor financial plans on a monthly basis instead of waiting for quarterly results. It is likely an entrepreneur went into debt when starting and is looking for a solid return on investment so a risk of not breaking even and profiting exists. Finances would most likely be tight unless the entrepreneur did start with plenty of capital to begin with therefore he/she must be extra vigilant about where money is allocated and keep tabs on a the financial health of the startup. It also gives the chance for the entrepreneur to address issues right away if those patterns are identified quickly and that can get them back onto their strategic plan. Maybe when the organization gets larger, the entrepreneur can decide to have staff start quarterly reviews but in the beginning, monthly reviews are needed to ensure they are on the right track to business success.
Reflect on your experience with inter-professional relationships in both your course work and your career.
In this course and career, having solid inter-professional relationships is very important to teambuilding and ensuring we all have the collective goal of treating the patient well and getting them to optimal health. As a administrative healthcare professional, I work with many other healthcare disciplines (nursing, case management/social work, physicians, etc.) on a daily basis. All of these team members contribute to getting the patient a good experience in the hospital even though he/she might not be there in their best time. In my inter-professional relationships, I strive to be collegial with them as we have a job to do and to ensure that all business functions are in good working order and that we can all focus on being active solving problems while also being proactive in ensuring we are at full operational efficiency. Sometimes, there may be disagreements but that comes with the job as interdisciplinary teams may have their own perspective about a patient’s treatment plan. This is why communication is so important to not have lapse in services and to focus on the collective goal of good patient care. In this program, I have interactions on the discussion boards with clinical professionals who are in this program with me. It is absolutely interesting to see them write about their own perspective about issues pertaining to our field and to see what resolutions can be worked out and what needs to be worked on. I do not have much experience in the industry yet, I have been in industry for 1 year now so it is good seeing differing perspectives about prominent healthcare issues.
What have you learned about working with others in order to reach a common goal?
To reach a common goal, you need a good relationship with the others who are helping reach that goal. An individual must be an active listener, give the floor to others, make decision based on majority and strive to ensure every move is in the interest of reaching the common goal. These actions focus on forming team spirit and cohesiveness. An article notes, “One of the best ways in which you can encourage others to work towards the same goal is to achieve a team spirit; a team spirit is an atmosphere in which each individual works as part of a team” (Stewart, 2014). In conclusion, forming that cohesiveness and bond within a team strengthens the drive to move towards a common goal and is a key driver in an organization’s overall success.
Building interprofessional relationships is a crucial skill forevery aspect of life. One study found that interpersonal relationships are central to young adult development and success in college (Vaterlaus et al., 2021). During my undergraduate studies in Biomedical Engineering I was working closely with many other engineering departments and professors different fields. The biomedical engineering department was a subset of the civil engineering department so students from both disciplines were mixed in classes. We worked together on projects, whether they were related to biomedical or civil. By working together with different backgrounds, new ideas and perspectives were brought to the table. When it comes to careers in healthcare, for almost half a century, research has identified that effective teamwork is essential in order to enhance care provision and health outcomes for patients (Price et al., 2013). I currently work in the biomedical engineering department of a health practice and I interact with many different departments throughout the day. Forming interprofessional relationships with physicians, nurses, and other staff in the practice is essential to my role in the practice. Having these relationships makes communication more effective and collaboration easier. Through my experience, I think interprofessional relationships are necessary because everyone brings a unique perspective and that should be capitalized on.
Working with others to reach a common goal can be either beneficial or make the task more difficult. I have worked on teams with members who do not contribute to the common goal, and it hinders the rest of the team. But I have also worked with teams who make accomplishing the common goal extremely simple. When working with others, I think it is important for one member of the team to take “lead” and make sure everyone is doing what is expected of them. In order to accomplish the common goal, everyone involved needs to be committed and willing to put in the required work. Do you think it is of greater benefit for a team to be made up of members fromdifferentprofessional backgrounds instead of all the same?