ENTREPRENEURIAL MIND

• MANAGEMENT AND FINANCIAL ISSUES

  • involves gathering data on fees charged for similar services by similar providers.
• The nurse needs to weigh the implications of charging the lowest fee, or of charging the highest fee the market will bear
• Schulmeister (1999)

  • The clients decided to pay her the amount of money they would have spent on cigarettes.
• An initial issue is deciding on a fee structure based on time (daily, hourly) or a per-project basis.
• CRITERIA USED FOR CALCULATING FEES INCLUDE

  [1] The complexity of the task

  [2] The professional responsibility implied (how accountable you are)

  [3] The level of experience required

  [4] The time involved (including travel)

  [5] The equipment needed
• A not-for-profit healthcare organization

  • That serve people in the community or advocate without the intent of making a profit.
• The IRS classifies not-for-profit healthcare entities as tax-exempt organizations
• A for-profit healthcare org is owned by investors, much like any other forprofit business.
• A FOR-PROFIT HEALTHCARE ORGANIZATION

  • they aim to make a profit to satisfy the shareholders, and investors expect a good return on their money.
• For-profit healthcare organization


  • Likely to have access to updated technology
  • Have in-house resources for professional services
  • Focus on profits
• Not-for-profit healthcare organization


  • Required to fundraise/ raise capital
  • Likely to have access to updated technology sometimes
  • Tax-exempt from property taxes and income taxes
  • Restrictions on lobbying/ advocating
  • Focus on healthcare
  • Limitations on Investing
• Both for-profit and not-for-profit healthcare organizations focus on healthcare
• According to Manthey (1999), the fee should reflect the scope and complexity of the 40 services provided, and the qualifications of the provider
• EVALUATING COST

  If a nurse is selling intellectual expertise
• TAX ISSUES The structure of the business and the tax laws of the country in which it is located will determine the tax issues faced by the nurse entrepreneur.
• a nurse entrepreneur in the United States might be required to pay some or all of the following taxes (Carlson 1989):

  • Corporate income tax
  • Self-employment tax
  • Individual income tax
  • Social Security matching tax
  • Personal property tax
• The nurse entrepreneur must obtain accurate tax information in setting up a business
• British Computer Society’s Primary Healthcare Specialist Group has issued guidance on the use of patient data for secondary purposes
• patient confidentiality and privacy are being threatened (Barr 2011)
• Any business should use standardized bookkeeping practices
• As a business becomes successful, adding employees to the enterprise means further documentation compliance issues (Zaumeyer 2003).
• NEGOTIATING CONTRACTS

  • it is a good custom, indeed necessary, to have a legal contract, letter of agreement, or some form of project documentation that specifies the work to be done.
• THERAPEUTIC IN NURSING

  • 189 UN MEMBERS ENDORSED MILLENIUM DEVELOPMENT GOALS

  18 TARGETS

  48 PERFORMANCE

  (2015)
• FUNDAMENTALS TENET OF NURSING PRACTICE

  1. HEALTH PROMOTION
  2. ILLNESS PROMOTION
  3. REHABILITATION
  4. SUPPORT SEVICES
• NURSING ENTREPRENEUR

  • FACILITATES ACCESS TO HEALTH SERVICES
• SOCIAL AND PROFESSION

  • SUPPORT STRUCTURE
  • ACTIVELY INVOLVED IN THE DEVELOPMENT OF HEALTH POLICY AND STANDARD
  • KEEP THE CONSUMER WELL INFORMED
• INTERNATIONAL AGREEMENTS

  • INTERNATIONAL TRADE
• 4 TYPES OF TRADE

  1. CROSS BORDER SUPPLY - SERVICE AVAILABLE (TELEHEALTH)
  2. CONSUMPTION ABROAD - PATIENT TRAVELS FROM ONE COUNTRY TO ANOTHER
  3. COMMERCIAL PRESENCE OR ESTABLISHMENT TRADE - PRO-PROFIT BASIS BY FOREIGN-OWNED
  4. PROVISION OF HEALTH SERVICES BY FOREIGN PEOPLE - DELIVERY OF HEALTH (PHYSICIANS, NURSES)
• MEDICAL TOURISM - RELATED ISSUE
• GERMANY - 68,000 TRAVELLERS FOR MEDICAL TREATMENT IN 2008
• ISSUES IN THE LEGAL CONTEXT

  • LEGAL SPECIFICATION
  • NURSING ENTREPRENEUR SHOULD BE REGISTERED
  • BACHELORS DEGREE
  • INDEPENDENT PRACTICE
  • TAKING INSURANCE
  • LEGAL DOCUMENTS
  • CONFIDENTIALITY RECORD
  • RELEVANT LEGISLATION
• ECONOMIC ISSUES IN ENTREP VENTURES

  • QUALITY OF CARE
  • SET FEE FOR SERVICE - PAYS PERCENTAGE
  • ABANDON THE NOTION
• ETHICAL ISSUES IN ENTREPRENEUR

  • PROFESSIONALLY CREDIBLE (COMPETENT AND ACCOUNTABILITY)
  • CLEAR SCOPE
  • STANDARDS OF EDUCATION
  • RELEVANT CONTINUING
  • FUNCTIONING REGULATORY
  • EXISTING MONOPOLIES
  • EXPLOITATION OF PEERS (LEGISLATION OBLIGES: PARTNERSHIP AND COOPERATIVE)
• BILL DIRECTLY TO SERVICES GUARANTEE

  1. EQUAL ACCESS
  2. CONSUMER CHOICE

  AT EQUITABLE COST (SLAVENWHITE ET AL. 1991)
• PAPP 2000

  • FACILITATES TRANSLATING NURSING EDUCATION
• BUSINESS OPTIONS

  1. ASSESSMENT OF PERSONALITY
  2. NURSING EXPERIENCE
  3. HEALTH CARE NEEDS
• NURSE ENTREPRENEURS

  • BUSINESS PROPOSALS
• 2006

  • 2 US NURSING COLLEGES LAUNCHED THE FIRST DEGREE PROGRAMMES
• SWINBURNE UNIVERSITY OF TECHNOLOGY

  • MASTER OF ENTREPRENEURSHIP
• IT IS TAILORED FOR THOSE WHO WANT TO BRING VISIONARY ATTITUDES AND POSSIBILITIES