Identify and explain your chosen business structure Estimate monthly cost for establishing your own independent practice in your home state

Business Plan Development
Elizabeth Jones, FNP-BC, has been an NP for 8 years. She has worked in the primary care setting, as well as the urgent care setting. She is considering relocating to a state that allows for unrestricted independent practice and opening her own primary care clinic. There are multiple benefits to owning an independent practice. However, owning a practice requires extensive knowledge and support. For an NP to establish independent practice, an appropriate plan must be developed. For this Assignment, you will create a Business Plan for your potential future busines

Write a 2-3 page paper Business Plan that addresses the following:

Identify and explain your chosen business structure
Estimate monthly cost for establishing your own independent practice in your home state, including:
Clinical site expenses
Employee structure and expenses
Supplies
Utilities and other overhead expenses
Malpractice insurance
Continuing education expenses
Accounting fees
Services identified that you will provide (e.g., primary care services, drug screens, DOT exams)
Projected monthly income necessary to support your independent practice
Week 9: Professional and Business Practice
NPs may establish Independent Practice in multiple states and districts. States are currently categorized as either allowing full practice, reduced practice, or restricted practice. Full practice states allow NPs to evaluate, order diagnostics, diagnose, and treat patients and are licensed under the exclusive authority of the State Board of Nursing for the appropriate state. Many states may require prescriptive authority protocols in addition to collaborative agreement. Change is constant in this arena as NPs’ status as providers improves on a national level.

This week students will review the current status of NP Practice throughout the United States. Additionally, students will explore independent practice as NPs and the associated responsibilities of being business owners, as well as health care providers.

Learning Objectives
By the end of this week, students will:
Evaluate business structures
Create a business plan
Analyze costs associated with establishing independent practice
Photo Credit: mediaphotos/E+/Getty Images

Learning Resources
This page contains the Learning Resources for this module. Be sure to scroll down the page to see all of this module’s assigned Learning Resources.

Required Readings
American Association of Nurse Practitioners (2016). State Practice Environment. Retrieved from https://www.aanp.org/legislation-regulation/state-legislation/state-practice-environment

Buppert, C. (2018). Nurse practitioner’s business practice and legal guide (6th ed.). Sudbury, MA: Bartlett & Jones Learning.
Appendix 11-A: A Checklist for Setting Up a Practice (pp. 383-394)
Appendix 11-C: Sample NP Business Plan (pp. 400-412)
Chapter 11, “Practice Ownership: Legal and Business Considerations for the Nurse Practitioner Owner” (pp. 353- 381)

Buppert, C. (2015). Appendix 11-C: Sample NP Business Plan. In Nurse Practitioner’s Business Practice and Legal Guide (5th ed.). (402-416). Burlington, MA: Jones & Bartlett.

Buppert, C. (2015). Practice Ownership: Legal and Business Considerations for the Nurse Practitioner Owner. In Nurse Practitioner’s Business Practice and Legal Guide (5th ed.). (315-383). Burlington, MA: Jones & Bartlett.

Ford, L. C.. & Gardenier, D. (2015). Fasten your seat belts – it’s going to be a bumpy ride. The Journal for Nurse Practitioners, 11(6), 575-577.
Note: Retrieved from the Walden Library databases.

Optional Resources
Kao, Y. S. (2015). Nephrology advanced practice registered nurse health policy: Where are we? What is our future? Nephology Nursing Journal, 42(3):289-93.

Kostas-Polston, E. A., Thanavaro, J., Arvidson, C., & Taub, L. M. (2015). Advanced Practice Nursing: Shaping Health Through Policy. Journal of the American Association of Nurse Practitioners, 27(1), 11-20. doi:10.1002/2327-6924.12192