Health Care Agency Project Management Plan – Blossom Seniors’ Agency

Health Care Agency Project Management Plan – Blossom Seniors’ Agency

Cost (Budget Planning)

Blossom Seniors’ Agency is a new entity that demands intensive planning of the financial elements. Budget planning is critical to every business’s financial health, old or new. Since the entity has multiple functions or units, the appropriation of resources to each of the units is critical in ensuring optimum functionality, proper utilization of the available financial resources, and prioritization of critical elements. This appropriation of resources determines the performance of a business in comparison to the allocated capital. Budgeting allows the entity to plan for critical goods that are necessary for efficient service delivery (Amakobe, 2017).

The process of resource management extends into a constant evaluation of the business’ performance. Financial ratios play a critical role in this evaluation. They communicate the financial health of an organization. High competition in the healthcare industry is inevitable, especially due to the high number of seniors in the country (Pearson, 2021). Therefore, the entity’s founders and investors must monitor the performance of the business using financial ratios. The return on assets/equity (ROA/ROE) ratios can be used to determine profitability. The profit margins can be assessed using the operating margins. The most important aspects of any business include profitability and liquidity (Abdullah, 2021). The Day Sales Outstanding (DSO) ratio determines the period that a company such as Blossom Seniors’ Agency collects or receives payment after making a sale. The DSO is calculated by dividing the accounts receivable with the total credit sales and multiplying this figure with the number of days in sales. The higher the figure, the longer a company takes to receive or collect payment. It can be calculated on a quarterly basis initially until the agency establishes an economically viable routine. The net profit margin (NPM) is achieved through the division of the net income after taxation with the net sales. This shows the company’s ability to turn profits after taxation for every dollar (Baraja & Yosya, 2019). As the organization continues to grow and amass more assets and debts, the number of ratios required to assess its health will also increase.

Scope

Implementation of this project will be guided by various elements, including goals, deliverables, time, and cost (Lutkevich, 2021). The goals and deliverables of the project include

Setting up the legal elements of the entity

The establishment of the business is important for initiation. The legal aspects of the business are necessary for ensuring compliance with the current regulations. This requires registration with the respective government agencies and licensure to practice. The goal will also include the establishment of an office that can be used as a central location for operations. The office’s location will be determined by the target clients’ proximity to reduce caregivers’ distance. Employing personnel is a critical aspect at this stage. Employees will be required to have relevant experience and should be licensed to practice as well as academically qualified.

Purchasing equipment and tools for the trade

In addition, the business will require tools and equipment, such as vehicles, for easy movement. The office will require furnishing to ensure functionality.

Marketing the business to potential clients

The business’ marketing is also important in ensuring that it reaches out to all target clients. The marketing element requires a budget that will be determined by the available resources and the chosen platforms. The effectiveness will be determined by the number of clients each platform generates.

The project’s cost will encompass business registration, marketing, recruitment, asset acquisition, rent, and other critical miscellaneous aspects for optimal functioning. In addition, the first three months’ payroll, rent, and administrative costs will also be included in this initial cost. This should cushion the business until it is stable and profitable enough to support itself financially. The estimated cost is $10,000, which will be distributed accordingly to ensure that the business is functional. The project is expected to take at least five months. During this period, various aspects will run concurrently, while others are conducted exclusively.

Quality

Quality assurance and control are important for the project to achieve the desired threshold. First, the medical equipment that will be purchased will meet the current quality standards (Global Knowledge Training LLC., 2020). To ensure this, they will be purchased from certified suppliers in the industry. The hiring process will have its control assured using qualified recruiters with a record of satisfactory results while working with other entities. The job descriptions will guide the process while candidates’ academic and professional qualifications are assessed thoroughly (5 Ways to Ensure Quality Control in the Medical Industry, 2021). In addition, reference to the metrics established by the National Association of Healthcare Quality will be used to assess quality continuously during the project’s life (Klein, Seelbach, & Brannan, 2021).

Risk

To assess the existent risks, the project manager will engage a risk manager. They will identify the various loopholes that may endanger the success of the project. These may range from recruitment and marketing to registration elements. Such risk assessments will provide the project manager with the opportunity to minimize or mitigate through various strategies. The risk assessment will e conducted prior to the initiation of a new milestone in the project. Risk assessments are important in ensuring that resources are not wasted during the implementation period.

Resources

The required resources for the completion of the project include finances and employees. The employees include the project management team and the executive team. The project management team will report to the executive team while the project manager heads the group. The team will require financial resources for the successful implementation of the project. A lack of financial resources can incapacitate the project and make delivery impossible. The financial resources will be allocated based on the importance of each milestone within the project. For instance, the process of registration is critical because the business can barely exist without meeting the legal qualifications.

Time (Project Schedule Development)

Based on the image above, the project will take five months. All activities except registration will occur concurrently. This means that different human and financial resources will be allocated to the different activities at the same time, and the estimated financial resources for the project amount to $10,000. This amount will cater to the activities and provide the business with a three-month grace period to gain profits and self-sustenance. The employees’ payroll, administrative costs, and rent will be included in this amount. This approach ensures that the business can adjust and adapt to the business environment and identify effective or ineffective strategies. The marketing activities will consume a significant amount of resources. At least $4000 will be allocated to marketing to ensure that the most effective platforms are exploited for maximum efficiency. This schedule can be adjusted depending on the demands and circumstances of the market.

References

5 Ways to Ensure Quality Control in the Medical Industry. (2021).

Abdullah, C. (2021). The Efficiency Of Financial Ratios Analysis To Evaluate a Company’s Profitability. Journal of Global Economics and Business, 2(4), 119-132.

Amakobe, D. F. (2017). Business Budgeting.

Baraja, L., & Yosya, E. A. (2019). The Impact of Liquidity, Profitability, Activity and Solvency Ratio on Change in Earnings. Indonesian Management and Accounting Research, 17(1). https://doi.org/10.25105/imar.v17i1.4663

Global Knowledge Training LLC. (2020). What is Project Quality Management?

Klein, T. A., Seelbach, C. L., & Brannan, G. D. (2021). Quality Assurance.

Lutkevich, B. (2021). Project scope.

Pearson , E. (2021). Business Is Booming for Senior Care Franchises.

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Health Care Agency Project Management Plan

PROJECT MANAGEMENT
Case Assignment
For this Case Assignment, you will develop a project management plan based on the company you selected to create in Module 1.

The basic processes of project planning are typically:

Scope planning specifies the in-scope requirements for the project and facilitates creating the work breakdown structure.
Preparing the work breakdown structure specifies the breakdown of the project into tasks and sub-tasks.
Project schedule development specifies the entire schedule of the activities, detailing their sequence of execution.
Resource planning specifies who will do what work at which time and if any special skills are needed to accomplish the project tasks.
Budget planning specifies the budgeted cost to be incurred in the completion of the project.
Procurement planning focuses on dealing with vendors outside of your company
Risk management planning charts the risks, contingency plans, and mitigation strategies.
Quality planning for quality assurance to be applied to the project.
Communication planning on the communication strategy with all project stakeholders.
However, the project management plan for your hypothetical business will contain six parts: Cost (Budget Planning), scope, quality, risk, resources, and time (Project Schedule Development). These are covered in Chapters 7 and 12 of the Barron and Barron text listed under Required Reading. For the budget section of your plan, review the different financial ratios to determine which of those will be useful to your project management plan.

Conduct research of your own in these six areas and provide some details that you think are appropriate for these sections of your project management plan. There are lots of examples of project management plans online, so you can use one as an example to follow, but it must be written in MS Word according to APA format.