Legal Nurse Consultant Term Paper

Pages: 20 (5420 words)  ·  Style: APA  ·  Bibliography Sources: 60  ·  Level: College Sophomore  ·  Topic: Business

Legal Nurse Consultant Business Plan

First form a good plan, Franklin, (1868 (1996) stresses. Then, for an individual to help ensure his/her businesses' success, according to Franklin, (1868 (1996), he/she needs to: "make the execution of that same plan his sole study and business." The objective of the study, to make a business plan or a feasibility study for establishing a Legal Nurse Consultant's Office begins with Franklin's contention: forming a good plan.

The following lists details related to attaining the goal of attaining a good plan:

To study the history of the legal nurse consultant profession: their educational requirements and licensure to be able to practice;

To look carefully into the trend of the profession in terms of future demands for this profession;

To identify the different fields of specialization needed in the Legal Nurse

Consultant profession and which field of specialization is more in demand;

To know all the government requirements in establishing a Legal Nurse

Consultancy Office;

To identify the targeted clienteles: law firms, insurance companies, government agencies, hospitals, medical providers;

To carefully study the different business structures of existing Legal Nurse

Consultancy Offices, and draw from these data which business structures will fit an initial investment budget;

To identify the different employees needed in setting up a Legal Nurse

Consultancy Office: identify permanent positions and positions which can be held on a part-time basis;

To research on the different salary schemes for each of the employees;

To identify the criteria for an excellent site and size for an office;

To study the different marketing strategies employed by existing Legal Nurse Consultancy Offices;

To conclude a decent approximate figure of the amount needed in setting up a Legal Nurse Consultancy Office, i.e. An initial investment, and a realistic amount of time needed for the return of investment (ROI), and;

To look closely on the possibility of establishing a Legal Nurse Consultancy Office franchise after about five years of excellent operations.

In his article, "Keys on developing the best laid business plans," Scott a. Clark (1999) compares developing a business plan to laying a tile floor:.".. If one of the tiles is crooked, the floor is no good. Clark's (1999) focus in his article is on securing financial investors; nevertheless his information proves a pertinent to any business plan. He proposes that the following "tiles" can hamper a promising a business plan:

Insufficient market research: Questions to consider during the research process include:

Who are your customers?

How will you sell to them?

Why will they purchase your product rather than Brand 'X'

Talking with potential customers, as well as competitors helps a businessperson gain further insight. Clark (1999) recommends that an individual contemplating starting their own business contacts the Small Business Development Center (SBDC) and the Service Corps of Retired Executives (SCORE) for support, help and additional resources. The local Small Business Administration (SBA) office can help a person locate these organizations.

Ignoring the competition:

Although assessing the competition needs to be part of a person's market research effort, this element is routinely overlooked in business plans. Questions to consider when evaluating competition include:

Who are your competitors?

What do they offer (products, features and prices)?

What are their strengths and weaknesses?

How will you succeed in taking market share from them?

A poorly focused plan.

A person's business plan serves two purposes, Clark (1999) stresses, as it needs to be:

An operating "bible" for a person's business, clearly stating how he/she will succeed, and tool to attract financing."

Falling in love.

Management matters more than excitement of the product. When a person demonstrates his/her management and marketing prowess, they have a chance for their business to survive.

No clear and concise goal. "For any business to succeed, it must have a set of specific and measurable goals (each within a specific time frame) that the team is trying to achieve."(Clark,1999)

Having someone else other than business person write plan.

A businessperson's plan must be him/her. he/she has to understand every aspect of his/her business.

According to Clark (1999), the best business plans are presented in 15-20 double-spaced pages. Basically, laying the best tiles for each part of a business plan, while simultaneously making a point to avoid setting bad ones in place, helps ensure a business plan will be the starting point for a business' success. According to the Small Business Association (SBA), a business plan contains details relating specifically what the business will do, financing, marketing and management. ("Startup basics...," 2007) Putting a plan on paper forces an individual to think through vital issues his/her business will face. Consequently, the plan serves as a valuable tool as a business person sits out to raise money and/or secure technical assistance. It also provides and it provides landmark whereby an individual can gauge the success of his/her business. Along with an executive summary and supporting documents, a business plan needs to include, but not be limited to, "tax returns, personal financial statements and resumes of the principals, copies of any proposed lease or purchase agreement for building space, copies of licenses and other legal documents; and if it's a franchise, a copy of the franchise agreement." ("Startup basics...," 2007)

Marketing Strategies

The following concepts will help an individual plan in advance for his/her business success:

1) Have a vision, mission, and Core value for the business.

2) Research market

3) Research, develop, and implement a sound marketing plan.

4) Continuously develop, research and evaluate effectiveness of marketing plan

5) Assess competitors' fee/strength and weakness/Locations/service/clients

Several SBA-related Web sites that offer assistance to help create a business-plan:

SCORE, an SBA resource partner, has business-plan templates (www.score.org/template_gallery.html) that can help you navigate the process and samples of plans and financial statements created by its counselors.

SCORE also has an online workshop (www.va-interactive.com/score) on writing a business plan.

SBA offers many resources online about startup basics, including workshops (www.sba.gov/starting_business/startup/guide.html) and articles that can help you assess whether entrepreneurship is for you.

II. The Position

Legal Nurse Consultant legal nurse consultant is a registered nurse who performs analysis of health care facts and issues for the legal and health care professions, and others, as appropriate. The special expertise of a legal nurse consultant can be utilized in a variety of settings, including law firms, government offices, insurance companies, health care risk management departments, as well as in an independent practice.

Currently, as more and more medical malpractice cases and questionable medical insurance cases are arbitrated in court, statistics confirm a growing need and demand for legal nurse consultants' services. Legal nurse consultants, individuals who processed the proper medical experience and training mandated for legal arguments. These professionals bridge the gap between medicine and the practice of law, as they are qualified to review, analyze, and summarize medical records, while seeing the potential of a case in a legal battle.

Legal nurse consultants regularly assist lawyers with medical related cases. At present, they may charge clients from one hundred to one hundred and fifty U.S. dollars (U.S. $100-150) per hour. While this study examines the plausibility of establishing a Legal Nurse Consultant's Office, considerations for developing a realistic business plan are also explored. Additionally, requirements related to establishing a franchise service, another potential future venture for consideration in approximately five years, after mastering the legal nurse consultant operations, will be investigated.

For a person to take national computerized certification examination and qualify as a legal nurse consultant, he/she must be a registered nurse. The legal nurse certification process proposes:

To legal nurse consultants achieve national recognition by demonstrating their level of proficiency and commitment to continuing education.

To promote excellence in legal nurse consulting and standardization of the principles and practice in the field.

To increase potential utilization of legal nurse consultants by attorneys and insurance companies by demonstrating the legal nurse consultant's professionalism and uniqueness of nurse consulting as a specialized career distinct from the services of paralegals and other support staff.

To inspire excellence in consulting through education.

After qualifying as a legal nurse consultant, to maintain certification, an individual must regularly renew his/her certification by successfully completing the certification examination every two years. This extends certification for two years from date of expiration. When a legal nurse consultant attends the National Alliance of Certified legal Nurse Consultants Annual Conference each year, his/her certification extends another year; for one year from date of expiration. When a legal nurse consultant successfully completes the audiotapes and post-test from the National Alliance of Certified Legal Nurse Consultant Annual Conference, each will extend certification 1 year from date of expiration. Completing 15 hours of continuing education related to medical-legal topics or legal issues also extends certification for one year from date of expiration.

Legal nurse consultants, used by both plaintiff and defense counsels, are review and analyze clinical outcomes for compliance with standards of care. The way a professional nurse interprets standard-of-care questions depends not only on the facts and timing of the case and whether the plaintiff or defense pays for the review… [END OF PREVIEW]

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Legal Nurse Consultant.  (2007, May 16).  Retrieved December 10, 2018, from https://www.essaytown.com/subjects/paper/legal-nurse-consultant/106709

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https://www.essaytown.com/subjects/paper/legal-nurse-consultant/106709.