Telemedicine

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Question 1: Write an executive summary that will summarize what was discussed about the new healthcare business or service line.

Answer: Executive summary: In this unit, the different aspects of the new business line of the health care facility will be discussed. This telemedicine has been chosen as the new business line with a goal in mind of increasing the revenue line of the business without increasing the expense level of the facility significantly. The health care facility plans to use its all assets in this business line to reduce the overall cost of the business significantly. First of all, the mission and vision statement of the business will be formulated. Then the benefit of this new business line for the society will be explained. After which, assets that will be needed for this new business line will be identified. Also, the operational expenses and revenue generated from it in the future period will be predicted. In the end, the summary of the overall business line planned will be explained.

Question 2: Write a unique mission statement and vision statement.

Answer: Vision Statement: To give a high quality of service to the patients and increasing the scope of the service line by removing the geographical location barrier.

Mission Statement: The mission of this new business line is to give high value to all of its stakeholders of the health care facility by evolving the way the facility give service to the patients. This evolution is aimed not only to help the health care facilities and its existing patient but also benefit those potential patients of the facility who has been unable to procure the service of the facility due to the geographical barrier.

Question 3: How will your business (product and services) benefit society?

Answer: The new business line which is telemedicine is expected to give high benefit to the society, and these benefits will be discussed here. The first benefit is increasing the number of people in the society who can able the service of the health care facilities as the disabled people and people living in far away areas will be able to avail the service of this health care facility (Flodgren et al., 2015). The second benefit is better and more affordable pricing of the service will be given to the patient as the assets will be utilised in a better way. This made the service of the facility affordable to a larger section of the society (Burke Jr & Hall, 2015).

The third benefit is that it helps remove the geographical barrier from the health care facilities and this increases the areas in the society which the health care facilities will be providing its service. The fourth benefit is increasing the convenience of the patients by making the service of the health care facility more flexible than before as it will help the patients save travelling cost to the facility and also give the services to the customer at a higher speed by saving the time taken to travel and waiting for the service (Mehrotra et al., 2016). All the above stated are the benefits of the inclusion of the telemedicine to the health care facility to the society.

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Question 4: Discussion on Financial information.

Answer: 1. Forecasted Balance Sheet

2. Forecasted Income Statement

Question 5: What assets are involved? What debts?

Answer: The assets that will be required for this new business line will be discussed, including those already available to the health care facility. The first asset that is required is space for operating the telemedicine operation, and these assets are already available to the service line as the healthcare facility premise will be used for this. The only expense that the business line has to incur regarding this asset is the maintenance and repair of the premise which will be charged against the revenue of this service line. Some staff will also be required by this service line separately for its maintenance, and those staff fee will be paid by the service line.

The major asset which is needed for this service operation is healthcare professional consultation, and this asset is also provided by the health care facility original staff for the few initial operational years of this service. The only cost that the service line has to incur for this assets is the minor variable payment that the service line has to pay to the healthcare professional for giving this service to this service line as the fixed salary of these staffs are paid by the healthcare facility other service lines.

Another assets which are required for this service line is software which will record the data of the telemedicine patient separately from the data storage system of the organisation and also provide the data to the healthcare care facility in the regular interval about the telemedicine operation (Siew et al., 2016). The last two assets required are the computer to conduct this service line operation and the cash which will be required to fulfil its obligation until the service line become established and form an adequate cash flow from its operation.

Question 6: Explain the Capital structure or debt to Equity ratio.

Answer: The capital structure of this service line will be balanced as telemedicine will be funded by a loan taken from bank and cash and other assets taken from the health care facility in equal proportion. Therefore, the debt and equity component of the service line will be equal in the business. Therefore, the debt to equity ratio of the business will be 1:1. The bank loan and health care facility fund will amount to $116500 each.

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Question 7: Summary of the operational expense.

Answer: The operational expense of this service line is significantly reduced as the major assets of the service line are provided by the healthcare facility, and this reduces the operational cost of the business significantly. Some of the operational costs that the telemedicine still has to incur are consultation fees of the healthcare professional, which will be variable payment of each consultancy service given by these professionals. Also, staff fee which will include the payment of the salary of the three staff of this service line who are not healthcare professional but staff who appointed by the facility to maintain this service line. Other operational costs of this service line are electricity cost, depreciation of the software and computer, miscellaneous costs, which including different cost like stationary cost and maintenance and repair cost of this service line premise.

Question 8: Summary of the anticipated revenue.

Answer: The anticipated revenue of this service line $300000 in the first operating year as the health care facility has a long list of patients who wants to avail its service but unable to do so due to different barriers which will be removed by this telemedicine service of the facility. The revenue of this service line is anticipated to grow at a rate of 15% annually. There is one major regulation that the business has to follow regarding its revenue generation and that is tax regulation which will have to be paid to the government at a rate of 30% on the profit before tax amount. Also, if the telemedicine is hiring any additional healthcare professional, then it has been seen that the person should have proper qualification and skills for that job.

Question 9: Summary of the future plan.

Answer: The future plan of this service line includes slowly increasing the operation of this service line according to the response that this service line gets. The future plan of this service line also includes procurement of the major assets of this service line of its own like renting its own premise for additional operation. The future plan also includes hiring and training the new additional healthcare professional for this service line.

Conclusion: From this business plan, it can be concluded that this telemedicine will be highly cost-effective inclusion to the healthcare facility as it increases the revenue of the facilities significantly without having high cost from its operation.

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