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As per the Institute of Medicine (IOM) (2010), proponents of advanced practice nursing (APN) seek to develop a healthcare system that meets the requirements of patients’ safety, cost, accessibility, quality, and autonomy while fostering innovation. Despite an increasing scarcity of primary care physicians, demand for primary care physicians is expected to rise as the baby boomer cohort matures. This also increases the likelihood of independent clinical practice, as demonstrated by Schober (2017). The methodical process of converting the company concept into a real, operational business requires a procedure. This discussion looks at the process that APNs who wish to launch their company must go through.
If an APN wants to become involved in an independent venture, their business process should include research, determining the purpose and goals of the plan, creating a business profile, mission, and vision, implementing the project, and assessing the plan. In addition to the process, APNs need to be well-versed in other private practice demands, such as operational, regulatory, and financial elements of the company. To create a business plan that guarantees the therapy is workable, thoroughly assessed, and put into practice, APNs may require their medical knowledge (Melander et al., 2020).
The process begins with research and the creation of objectives and a plan of action. When creating a business plan, it’s important to take into account the following: the goal, the target market, the services to be provided to the identified group, the practice’s location, its operation hours, and a clearly defined market gap. According to Schober (2017), the company profile is the second stage in the APN’s evaluation of the business plan. The APN ought to draft a mission and vision statement, make clear what services it offers, and list the business registrations that are necessary at this stage. In the third step of the process, the APN will have to provide a method of providing the services. This needs to be stated in terms of staff, machinery, and space. The management strategy and the marketing plan will also fall under this category.
Considering the fact that the planning process necessitates the execution and evaluation of the plan due to the aforementioned factors. Thanks to private initiatives, APNs can practice to the fullest extent of their qualifications and licenses. States within the United States have different regulations and full power practices. More than 42 states currently allow APNs to prescribe medication; 22 of those states, along with the state of Minnesota, allow full practice under state nursing board oversight alone. If APN want to practice independently in the US, they must learn about the state in which they choose to operate as well as the applicable regulations. In states where advanced practice nurses (APNs) are fully authorized to practice, nurses are fully in charge of the patient’s assessment and treatment. A business plan is essential for describing the main strategy of the organization. Following the implementation of a corporate plan, the APN formulates its goals, objectives, and long-term plan. Additionally, it helps nurses obtain the capital required to begin their clinical practice (Heinen et al., 2019).
As change agents, APN entrepreneurs investigate opportunities to proactively close gaps in direct patient care and the healthcare industry, as noted by Melander et al (2020). APN entrepreneurs need to develop advanced business skills because they have to convince decision-makers and other stakeholders that their idea of a new, better way of doing business through an independent practice offers clear, data-driven benefits for patients and real value for the organization’s bottom line.