Activity ID
2750Expires
June 30, 2027Format Type
InternetCME Credit
5.5Fee
$470CME Provider: American Association for Physician Leadership
Description of CME Course
Health care organizations hesitate to invest in initiatives without fully understanding the likely return on investments. It is common for organizations to demand a business plan to justify the expense of new projects and ventures. It is essential for physician leaders to understand business plans. Understand each of the key elements of a plan, including the development process. Learn to draft business plans for new programs, projects and ventures for existing organizations as well as for the development of new businesses.
Note: The required text for this course – Business Plans Kit for Dummies, 5th Edition – must be purchased separately (ISBN 978-1119245490).
Topics include:
Defining the purpose and structure of business plans
Essential elements of a successful plan
Questions that plans should address
ABMS Member Board Approvals by Type
ABMS Lifelong Learning CME Activity
Allergy and Immunology
Anesthesiology
Family Medicine
Nuclear Medicine
Physical Medicine and Rehabilitation
Plastic Surgery
Preventive Medicine
Psychiatry and Neurology
Radiology
Thoracic Surgery
Urology
Commercial Support?
NoNOTE: If a Member Board has not deemed this activity for MOC approval as an accredited CME activity, this activity may count toward an ABMS Member Board’s general CME requirement. Please refer directly to your Member Board’s MOC Part II Lifelong Learning and Self-Assessment Program Requirements.
Educational Objectives
Explain what a business plan is, how a business plan can help you, and why you would want to develop a business plan.
Discuss how a business plan should define the business idea or venture under consideration.
Complete a process for developing a comprehensive business plan, have an understanding of the key questions that should drive the contents of the plan, and explain the key parts of a business plan.
Explain the importance of understanding the industry you will be competing in, the role of growth, seasonality and cycles, technology, and the reimbursement environment, to the success of your venture.
Define what a marketing plan and market analysis are, discuss the various issues to be considered in defining your target market; and explain how to evaluate issues related to competition.
Ascertain the importance of having a clearly defined operational strategy, including consideration of the unexpected.
Contrast marketing and sales, and explain how to prepare a marketing plan.
Discuss issues related to organizational structure, including the importance of the right team, the key questions that must be addressed to get that team, and the ways to motivate the team toward the desired end.
Assess the likelihood that the venture can be financially successful by completing a breakeven analysis.
Generalize the role of pro forma financial statements in business planning, and utilize pro formas in developing a financial plan for the proposed venture.
Illustrate the necessity of using time value of money analysis, obtaining adequate financing, and conducting sensitivity analysis to maximize the chances of success.
Recognize common types of risks that could negatively impact the venture and explain some potential measures to offset those risks.
Identify the key elements that have to be considered in preparing an implementation plan.
Assess the importance of an exit plan, and discuss some alternative exit plan strategies.
Create a high-impact business plan document.
Keywords
Leadership, Business
Competencies
Interpersonal & Communication Skills
CME Credit Type
AMA PRA Category 1 Credit
Physician Well-being activity
Efficiencies in Medical Practice, Organizational Culture of Wellness
Practice Setting
Physician Executives
