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Module 6 Discussion

Recently the state of Florida changed the scope of the advanced practice registered nurse (APRN). Under the new legislation that was recently enacted last month, nurse practitioners (NP) are now allowed to practice autonomously in primary care settings including family medicine, general pediatrics and general internal medicine (State Profile, 2020).  This means to say that as a primary care provider, they provide medical services to patients which are commonly provided without referral from another health care provider, including family and general practice, general pediatrics, and general internal medicine (State Profile, 2020). In addition, the population growth and the aging of the U.S. population have substantially increased demand for primary care providers amidst a growing shortage of primary care physicians. Such opportunities are helping APRNs to practice to the full extent of their skills and licensure to improve American healthcare (Sherman, 2016). All these factors are important to consider when creating a business plan for the APRN in a health system approach. Having an innovative spirit and an entrepreneurial heart are keys to planning a properly prepared business plan to help these patients in need (Sherman, 2016).  The APRN must have more than their licensure in order to carry out a practice but they must be able to market themselves as well. The American Association of Colleges of Nursing (AACN) defined core competencies for the nursing practice academic program accreditation so that APRNs will be able to understand the regulatory, financial, and general operational business requirements for launching an independent clinical practice (Johnson & Garvin, 2017). These core competencies include proficiency in using economic and financial principles to redesign effective and realistic care delivery strategies and the ability to employ principles of business, finance, and economics to develop effective plans for improving the quality of health care. Knowing the financial part of business planning as an APRN is also imperative because they are authorized to receive Medicaid reimbursement. (Johnson & Garvin, 2017).

The chapter of this week’s reading in the textbook Advanced Practice Nursing: An integrative Approach states that for the APRN to have successful management of their own practice, they need to be aware of the direct and indirect health care processes (Hamric, Hanson, Tracy,  & O’Grady, 2013). By doing so, they can ensure all available resources and utilize them accordingly for each patients’ needs.  In addition to focusing on the plan, when opening a private practice, the APRN must determine a legal structure, financial startup costs, network of advisors, and create a patient-friendly atmosphere (Duquesne University, 2020). Having all these aspects will allow for the business plan to describe their practice mission and practical approaches to directly address the gaps in direct patient care, to identify specific goals and measurements to assess progress over time. The literature also states that the business plan must provide a complete description of the proposed practice’s essence, evolution, and follow the market (Hamric et al., 2013). Following the current healthcare and practice trends support the need and sustainability of the new business concept. Knowing the four P’s of marketing: product, price, place, and promotion allow the APRNs to provide sufficient data to convince potential investors that the proposed clinical practice venture has a substantial market (Hamric et al., 2013). Also, by using the different marketing avenues such as media and technology the APRN can better understand the patient and vice versa (Hamric et al., 2013) While the marking and contracting world can be overwhelming to the APRN whose focus is clinical care, it is a critical skill because not only does it help the practice and provider grow within their field, it helps the entire profession progress as a whole (Hamric et al., 2013).  

References 

Florida Scope of Practice Policy – State Profile. (2020). Retrieved August 3, 2020, from http://scopeofpracticepolicy.org/states/fl/ (Links to an external site.)# 

Hamric, B. A., Hanson, M. C., Tracy, F. M., & O’Grady, T. E. (2013). Advanced Practice Nursing: An Integrative Approach (5th ed.). St. Louis, MO: Elsevier. 

Sherman, A.J. (2016). Business planning: Building an effective business model. Retrieved from http://entrepreneur (Links to an external site.) ship.org/resource-center/businessplanning-building-an-effective-busi ness-model.aspx. 

Johnson, J. E., & Garvin, W. S. (2017). Advanced practice nurses: Developing a business plan for an independent ambulatory clinical practice. Nursing Economics, 35(3), 126-135. 

Tips for FNPs Starting a Private Practice: Duquesne University. (2020, May 23). Retrieved August 3, 2020, from https://onlinenursing.duq.edu/blog/tips-fnps-starting-private-practice/