Discussion on developing a funding

developing a funding request to a project
look to the attach word and read the project plan to do the following:- add more content to the service/ products part ( step 6)- develop a funding plan ( and make sure to explain all the parts needed)both of these steps are highlighted to easy to find them

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                                   Business plan paper

Step 1: Cover Letter

Step 2: Table of Contents

 

Step 3: Executive Summary

 

Step 4: Company overview

Vaccines are valuable to public health and a proven method to prevent diseases. There are many barriers to why someone would not get vaccinated including personal beliefs, finances, and access. Our business aims to close gaps in access and personal beliefs. First, around 16% of West Virginians live in poverty which can affect their access to healthcare by not having a regular care provider and transportation.1 However, pharmacies are an accessible place to get up-to-date on important vaccines such as influenza, Tdap, pneumococcal, shringix, and more. Pharmacists are trained professionals and licensed to administer vaccines. With our mobile unit, trained pharmacists can bring this service anywhere including homes and events. Therefore, making vaccines more accessible to patients without reliable transportation as well as patients who consider it time-consuming. Second, vaccine education can be useful in persuading some patient’s personal beliefs. For instance, one belief is that vaccines are not effective especially for the influenza vaccine. As trained professionals, it is our duty to provide facts that the vaccine is the best way to prevent influenza.

In the 2019-2020 season, the CDC estimated that 38 million people in the United States were symptomatic with the flu.2 Additionally, 18 million of those people required medical visits. In short, these numbers could have been decreased if more people were vaccinated. Furthermore, about half of adults in West Virginia receive their annual flu shot in 2019-2020.2 For Healthy People 2030, the target vaccination rate is 70% of adults.3 Similarly, for other vaccines such as pneumococcal, 70% of adults ages 65 and older receive this vaccine while the target vaccination rate for pneumococcal is 90%.4

Ultimately, it is well known that vaccines prevent diseases and reduce hospitalizations and death (CDC).2 Consequently, according to the CDC, influenza and pneumonia are the 8th leading cause of death in WV. Increasing vaccination rates can relieve these problems. Specifically, pharmacists can provide patient care services to meet needs and focus on disease prevention and prevent unnecessary office visits and hospitalizations. Our mobile vaccine truck with trained pharmacists can provide routine vaccinations to individuals who may lack traditional transportation methods, live in rural communities, or need quick access to these services. We will provide all ACIP recommended vaccines by appointment.

Our mission statement is “Improving overall public health by providing patients opportunities for accessible health care.” In other words, our pharmacy focuses to enhance the well-being of our patients in ways other than just dispensing the right medication. Our vision statement is “accessible vaccinations for all individuals.” Above all, our pharmacy believes that vaccinations are the most important prevention for everyone.

Our customers can find our mission and vision statements on our website. In addition, our customers and employees can find our vision statement on our mobile vaccine unit and our mission statement in our pharmacy. Our mission/vision statements recognizes that a barrier to public health is accessibility so our business provides interventions in a location convenient for patients to bridge the gap.

Our goals are to increase the overall number of patients receiving preventative vaccinations, increase the health and well-being of the local community, provide accessible care to all members of the community, increase yearly revenue for our pharmacy, and provide a positive/fulfilling work environment for all employees.

Lastly, our objectives are to reach a minimum of 10 additional patients each calendar month, hold a minimum of 1 flu shot clinic in an underserved area each calendar month during peak flu season, increase annual pharmacy revenue by a minimum of $20k by the end of the full calendar year, and hire one new pharmacist to drive and manage the mobile unit after six months.

 

Step 5: Market Analysis

Defining the target customer(s)

Our target customers are individuals that:

  • Live in rural areas
  • Lack traditional transportation methods
  • Experience lack of mobility due to aging or disability
  • Lack access to facilities that traditionally administer vaccinations
  • Live in low-income communities
  • Have schedules that inhibit them from making appointments with their PCP

 

SWOT part one, External Analysis

Opportunities:

  • Improvement in public health of the community
  • Opportunity to increase customer base
  • Opportunity to increase annual revenue
  • Improving vaccination rates and decreasing preventable diseases
  • Expand services to underserved populations (in home PoC testing, chronic disease management)
  • Expanding our pharmacy to multiple locations

 

Threats:

  • Anti-vaccine movement
  • COVID
  • Anti-vaccine legislation and regulation by state and local governments
  • Mechanical/WiFi failure or finding areas to hook up to electricity
  • Patients that are up-to-date on all of their vaccinations
  • Slower rates of business when not in peak flu season

 

SWOT part two, Internal Analysis

Strengths:

  • Unique service in area
  • Experienced, certified pharmacists
  • Ability to provide care to rural areas and patients without transportation
  • Focus attention on customers’ needs
  • Established customer base

Weaknesses:

  • Only one pharmacy
  • Rely on one refrigerated truck for service
  • Limited resources (inventory in truck and pharmacists to staff)
  • May be unable to handle large volumes of customers

Conduct a Competitor Analysis

Within the chosen community, there may be other providers of the service you have chosen. There
might be direct competitors (e.g., other pharmacy practice sites like yours), or indirect
competitors (e.g., other pharmacy or medical care sites different from yours).  You will conduct
the research required to identify competitors using some of the primary data methods and
secondary data sources discussed in the Demand lecture in class.  This may involve
looking up information on the Internet, accessing data sources, conducting interviews (face-to-face and/or telephone), or consulting with national or state organizations focusing on the particular
service you’re offering to determine who is offering those services in the target community.  You
may decide to visit the competitor’s facilities and either interview personnel or just observe in
order to get a feel for answering the following questions for each competitor you identify:

 

Who are they?

What exactly do they offer regarding this service?

Describe their location and its physical characteristics. How much do they charge for the services?
How are they promoting the services?

Is it possible to identify their target customer from their promotional efforts? Do they project a particular image or positioning strategy? If so, what?
Do they have any competitive advantages?  If so, what?

 

 

Step 6: Products/services

 

Describe the specific services (and potential related products) you will be offering.  (This does not mean that you should just list ‘diabetes services’.  Be creative and think of services you can offer related to your service…e.g., in addition to direct-to-patient care services, you might also offer a support group one night a week, or classes on a scheduled basis, or education materials, or continuity-of-care reports to physicians, and others.  Give a rationale for each in terms of marketing (e.g., holding classes is beneficial to the patients, but it also brings new people into your location providing an opportunity for additional ‘customers’).

This service is developed to provide patients with accessible and affordable vaccines services, especially for people who lack transportations and those who live in rural areas. Before administering the vaccines, patients should be screened for contraindications and precautions. This will be done by providing patients with forms and asking them some screening questions. This service will not be limited to specific immunizations; however, all ACIP recommended vaccines would be offered. Doing this will help people to stay up to date with all of their vaccines. Besides administering the vaccines, it’s important to educate patients about these vaccines. This can be done by discussing the benefits and risks of each immunization, and also provide them with after-care instruction in how to deal with side effects including injection site pain and fever. Additionally, it’s important to provide them with information about when to seek medical attention after vaccines. By doing this, we can build a trust with our customers as this allows them to discuss and express their concerns, and at the same time, they will continue to get this service with us.

Step 7: Marketing Plan

 

  1. Decide what image you wish to portray and describe the positioning strategies that you will conduct to consistently communicate that image. (public image??)
  • The image we wish to portray with VehicalVaxx is excellent patient care and accessible immunization services in the Appalachian region. Rather than focusing on just West Virginia, we will include the “Appalachian region” so we can reach patients across West Virginia and surrounding states. To the public, we wish to be seen as trustworthy providers who care about their health. We will consistently monitor our competition to ensure we are implementing services at the appropriate times (flu season, COVID vaccine on the horizon), as well as in the right areas where competition has not reached such as rural areas, nursing homes, rehabilitation centers, and working with homeless shelters to identify patients at risk for vaccine-preventable diseases. Since our unit is mobile, we will be able to get to patients who otherwise would be unable due to transportation issues. To build trust with patients, we will always be professional, address their concerns, and get them the vaccines they need along with directing them to the appropriate providers such as social workers if they need insurance coverage, primary care providers if they do not have one, and answering any OTC, prescription, or vaccine related questions they may have.

 

  1. Describe the general pricing strategy you will adopt and how you will charge/collect it. This is intended to be a general section, but give a rationale.  You will not be required to make any
    explanations about profitability, but make sure your pricing strategy is consistent with the image you are portraying.
  • Each vaccination will be run through the patient’s insurance. The patient would be responsible for any copay associated with the vaccine as well as the “visit fee” which would cost $10 for addresses in a 15 mile radius from the pharmacy and $5 for every 5 miles outside the 15 mile radius. Furthermore, if the vaccination is not covered or the patient has no insurance, they would be responsible for the cost of the vaccination with 5% markup on the pharmacy cost. We will be working closely with social workers to get impoverished patients set up with state medical insurance in efforts to reduce the costs they would be responsible for. For health fairs and outreach events, the “visit fee” would be reduced to $5.

 

  1. Describe your personnel…pharmacists and technicians, who will offer which functions of the pharmacy operation, and what role they will play in the delivery and marketing of your service. Tell what specific credentials they will hold.
  • With each vaccine visit, there will be 1 pharmacist and 1 technician involved in the process. There will be two technicians and two pharmacists who are trained extensively to ensure adequate personnel if there are call-offs. The technician will be responsible for processing any vaccinations through insurance, collecting patient information and payment, as well as assisting the pharmacist. The pharmacist must have an active immunization certificate as well as a valid CPR/AED certificate; further, they must provide the patient a vaccine information statement with each vaccine and document the immunization in the Statewide Immunization Info System within 30 days. Pharmacist roles would include giving the immunization, evaluating the patient for appropriate vaccinations, and observing the patient for 15-25 minutes after administration for adverse reactions. Any questions from patients in the pharmacy should be directed to the four main personnel in charge of the service.

 

  1. Describe your location in terms of marketing your image and your services. What will the location look like? Colors? Logos ?Name? Layout? Signs? Privacy area? Education area?
  • The location will be a mobile refrigerated van. The van will have a vehicle wrap on it to advertise the service. The colors on the vehicle wrap will be black, grey, and teal. Our logo (shown in the appendix – 1), along with a description of the service will be included on the vehicle wrap. In addition, there will be a private area in the van to sit and receive the vaccine if the patient desires. We will be providing all ACIP recommended vaccines mainly for patients over the age of 18; however, we can vaccinate ages 11-17 with any ACIP vaccine IF there is parental consent and a prescription from a physician for the immunization.

 

 

  1. Describe your promotional strategies. How will you promote this service when first introduced?  What media will you use for your promotional efforts?  Give examples of promotional messages or slogans you will use.  Give examples of specific promotional campaigns you would use.
  • We will promote our service by including fliers with every prescription our patients receive; we will also include advertising on the prescription bags as well as the bottles. Further, we will put up yard signs around the pharmacy and in heavily trafficked areas around the pharmacy such as major intersections. Each employee within the pharmacy will be briefed on the service in order to advertise and educate when questions arise from patients. Specific advertising slogans we have are “Need a vaccination? We come to you!”, “Get your flu shot at home this year with our new service: VehicleVaxx!”, and “Disease prevention to your front door!” We will also contact local news channels to introduce our service, post fliers at local businesses, post our service regularly on our pharmacy’s Facebook site, broadcast radio advertisements, and call local doctors offices and hospice groups to tell them about our service so they can offer it to their patients.

 

  1. Discuss how you will achieve compatibility and consistency among the different elements of the marketing mix.
  • Since we will be implementing many marketing strategies, patients who call into the pharmacy will have the option to be directed to a line specifically for the VehicleVaxx service. The call will be directed to the main technician and pharmacist involved who will both be extensively trained and knowledgeable about the service. All advertised discounts (such as $3 off the visit cost) will be congregated in a living document for both the head technicians and pharmacists to reference if patient questions arise.

 

  1. Discuss how you would assess whether or not the service meets the pharmacy goals, and the customer needs.
  • To assess if our service meets goals, we would check in with our goals biweekly and monthly. We would implement strategies to meet our profit goal as well as our overall mission statement. Each month, we would have a meeting with the owners, pharmacy manager, and the main pharmacists and technicians with the service to discuss what is working, what is not working, and ideas for improvement. As for customer needs, we will ask patients to submit a survey for $3 off of the visit cost while they are being observed (15-25 minutes) for adverse reactions. Observation time will allow the patient and/or caregivers to talk and build rapport as well as helping the patient feel that the visit was worthwhile. This would not only save customers money, but give the service adequate feedback on the patient’s needs.

 

Step 8: Operations Plan

 

  • What will we need?
    • Before we can launch our new program, there are several things we must first purchase. First and foremost, our pharmacy must purchase a refrigerated truck that is capable of holding the necessary equipment and inventory. The initial costs will also include registration/licensing/insurance for the truck, a portable generator, a mobile WiFi unit, a mobile phone, a minimum of two iPADs for charting patient information, a table and chairs for community vaccination events, bandaids/alcohol pads, an additional stock of vaccines/epinephrine pens, additional cooler to hold additional stock inside the pharmacy, and the cost of hiring two additional pharmacists to help staff both the pharmacy and the VehicleVaxx.
    • Ongoing costs for this program will include regularly scheduled vehicle maintenance, gasoline for both the truck and portable generator, the mobile phone bill, recurring costs of additional staffing, restock of bandaids/alcohol pads, and restock of vaccines/epinephrine pens.

 

  • Who are our suppliers?
    • GlaxoSmithKline (GSK) will supply the following vaccines: DTaP, Tdap, HepB, HepA, MenB-4C, MenACWY-CRM, and Hib
    • MedImmune will supply the following vaccines: LAIV
    • Merck & Co., Inc. will supply the following vaccines: 9vHPV, LZV, VAR, MMR, MMRV, and PPSV23
    • Protein Sciences will provide the following vaccines: RIV
    • Seqiris will provide the following vaccines: IIV, ccIV4, aIIV3

 

https://www.cdc.gov/vaccines/hcp/admin/storage/downloads/manufact-dist-contact.pdf

 

  • How will we store our excess inventory?
    • Additional refrigerators will be installed at our pharmacy to store our excess vaccines. The vaccines needed for the VehicleVaxx will be loaded in the mornings prior to departure, and any inventory left on the VehicleVaxx at the end of the day will be placed back into our storefront’s refrigerators. This refrigerators will be equipped with sensors that continuously monitor their temperature to prevent damage to our stock.

 

  • How will we provide our mobile vaccination services?
    • Our pharmacy has already been well established within the community, but we are hoping that this outreach program will set us apart from all of our competitors. A minimum of two immunizing pharmacists will staff the VehicleVaxx whenever it is in use. We will have three days available throughout each week (Tuesday, Thursday, and Saturday from 9am-5pm) that patients may call or log onto our pharmacy’s website to schedule their in-home vaccination appointments. If the patient has not already been registered in our system, their information will be taken at the time that they make their appointment and will then be confirmed upon the pharmacists’ arrival.
    • On mobile vaccination days, the two pharmacists scheduled to run the VehicleVaxx will arrive at the pharmacy at 7am to fuel the truck/generator, start the generator, ensure the refrigerators are at the optimum temperature, and then load the truck with the necessary vaccinations and equipment for the day.
    • Upon arrival at the patient’s home, the pharmacists will confirm the patient and their allergy/immunization/medical/social history as well as their insurance information. Any desired/necessary vaccinations will then be recorded appropriately then administered, and the patient will be monitored for a minimum of 15 minutes for any acute reactions – epinephrine and a mobile phone will be on hand at this time.

 

  • How will we expand our reach even further?
    • During peak flu season, we will hold community immunization events in the more rural, underserved areas of our county. These events will take place on Sundays from 10-4 as our storefront will require less staffing on Sundays and patients that work throughout the week may also be able to receive their flu shots. We will partner with businesses in the area that will allow us to set up our truck and table/chairs in their parking lots for the duration of these events. We will advertise these events at our storefront location, on our business website, through radio ads, and by the use of flyers at local businesses in the community.
    • We plan to offer the COVID-19 vaccine when it is released and hope to hold community immunization events for this specific vaccine as well.

 

 

 

 

Step 9: Financial Plan : Balance sheet and budget

 

Balance Sheet as of November 20th, 2020
Current Assets
Cash $348,000
Investments $100,000
Total Current Assets $448,000
Fixed Assets
Material items, fixtures, equipment, etc. $500,000
Other Assets
Prepaid expenses, deposits, etc. $35,000
Total Assets $983,000
Liabilities
Wages Payable $16,900
Accounts Payable $230,690
Total Liabilities $247,590
Net Worth $735,410

 

 

Budget
Expense Monthly Amount Monthly Actual
Rent $1,500 $1,500
Advertising $300 $300
Inventory $233,000 $230,690
Pharmacist Salaries $41,000 $40,600
Technician Wages $20,000 $19,200
Cashier Wages $8,500 $8,000
Satellite Radio $170 $168
Security System $100 $100
Internet $75 $75
Electric $85 $85
Water $30 $30
Total Expenses $304,760 $300,748
Income
Rx Sales $280,000 $281,615
OTC and merchandise $80,000 $83,982
Services $8,500 $8,400
Total Income $368,500 $373,997
Net $63,740 $73,249

 

 

 

PBA Health for average revenue of a pharmacy

https://www.pbahealth.com/is-owning-a-pharmacy-profitable/#:~:text=In%202018%2C%20the%20average%20revenue,how%20you%20run%20your%20business.

 

https://www.pbahealth.com/how-much-does-it-cost-to-run-a-pharmacy/#:~:text=Stocking%20your%20pharmacy%20is%20far,a%20whopping%20%24230%2C690%20every%20month.

 

 

Step 10: Funding Request

  • Current Funding Need
  • Projected funding needs (~5 years)
  • Funding utilization plan
    • Payroll
    • Inventory
    • Marketing
    • Capital
    • Debt retirement
    • Acquisitions
  • Strategic Situations Plan
    • Company buyouts
    • Acquisitions
    • Debt repayment
    • Selling your business
  • Funding Time Period
    • When funding is needed
    • When funding will be utilized

Step 11: Appendix

 

 

 

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