formatted and cited in current APA style with support from at least 2 academic sources within 5 years at least 150 words

Instructions:

formatted and cited in current APA style with support from at least 2 academic sources within 5 years at least 150 words

You should respond to you peers by extending, refuting/correcting, or adding additional nuance to their posts.

All replies must be constructive and use literature where possible.

Advanced practice nurses are nurses who have advanced their education and certification to the provider role, using evidence-based practice. They play important roles in the healthcare industry. Advanced practice nurses perform specific duties such as keeping patients’ records, performing physical examinations, performing evaluations, prescribing medications, among other professional duties. In today’s age, healthcare is expected to be efficient in terms of delivery, accessibility, and reputability. The healthcare system encourages advanced practice nurses to be innovative and independent in developing a method which fulfills the expectations of safety and patient-centered care. Moreover, there is an increased demand for primary caregivers which has resulted due to a physician shortage, prompting an increase in independent clinical practice (Schober & Stewart, 2019). As a result, advanced practice nurses who want to enter an entrepreneurship must follow a systematic approach to translating their business plan into a day-to-day job.

Advanced nurse practitioners who aspire to become entrepreneurs and take on business ventures should conduct extensive research to determine the purpose and objectives of the business proposal. Other requirements, such as regulations, funding sources, and business operations, should be clearly understood to successfully execute the plan. The advanced nurse practitioner should create a business plan and ask themselves several questions such as, when would the practice be opened, what will the practice be called, in which states will the business take place, where can nurse practitioners practice independently, and what specialties and services will be provided (NP Advantage, 2024). The advanced nurse practitioner should consider the several components of the business plan to create a successful independent practice. These components include an executive summary, a company overview, products and services, market analysis, strategy and implementation, marketing strategies, organization and management, and financials (NP Advantage, 2024). The executive summary is a concise summary of the entire business plan and all it entails. It should explain the practice and its objective. Furthermore, the company overview will delve deeper into the advanced practice nurse’s business model, including a more comprehensive outline of the nurse-owned practice. Regarding products and services, a detailed description of the healthcare services that will be provided must be established, including what they are, how much they will cost, and what is expected to be earned from each. To perform the appropriate market analysis, the advanced nurse practitioner should determine the key patient segments that must be targeted and conduct a thorough analysis of relevant data. Additionally, for the advanced practicing nurses independent practice to be successful, marketing the practice is critical for spreading the word about services provided, growing patient base, and staying connected with the community. The advanced nurse practitioner would be wise to seek the assistance of an accountant or financial advisor to properly navigate independent practice financials, projections, and expenses.

In conclusion, the advanced nurse practitioner should develop a strategic plan to create a successful business. The complexities of creating an independent practice may be overwhelming, although with the right steps taken, an advanced practicing nurse may run a business if they follow the rules and regulations of the state in which they chose to operate.

References

Nurse practitioner business plan: Turning your vision into reality . NPAdvantage. (2024, January 26). https://www.npadvantage.com/blog/nurse-practitioner-business-plan-turning-your-vision-into-reality/Links to an external site.

Schober, M., & Stewart, D. (2019). Developing a consistent approach to advanced practice nursing worldwide. International nursing review. https://pubmed.ncbi.nlm.nih.gov/31124133/Links to an external site.