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Business & Professional Foundations 9 - 43290


 

 
James E. McDonald,  MBA, MS, BS
3.0
45.0
3.0
0.0
The essentials of proper business and practice management are introduced. Topics include accounting, taxes, budget preparation, financing, marketing, investing, and practice opportunities. Principles of investment are presented. A personal, detailed business plan is required for a passing grade.

 
Please select from the list on the right.

The Institution-wide learning goals define the common ground that unites the programs within the university. They are purposefully broad so that the various colleges and schools can continue to develop their unique identities through varying ways in which the goals are met.

  1. Effective Communication
    Graduates will demonstrate effective verbal, non-verbal, and written communication skills in a wide variety of contexts, including collaborative activities.
  2. Self Directed and Lifelong Learning
    Graduates will be aware of the limits of one’s personal knowledge and experience and have an intellectual interest in scholarly and creative endeavors. Graduates will actively set appropriate learning goals, pursue them, and apply the knowledge gained.
  3. Ethical Reasoning
    Graduates will demonstrate a willingness to recognize the values of others while maintaining one’s own integrity, and act ethically and professionally in all endeavors.
  4. Individuals, Communities and Cultures
    Graduates will demonstrate awareness and sensitivity to the cultural and health practices of individuals and communities. Graduates will be able to identify appropriate health related resources.
  5. Service to the Community
    Graduates will understand and value the benefits of service to the community.
  6. Influence of Mind, Body and Spirit on Health
    Graduates will recognize the inter-relationship of the mind, body and spirit and the influence of extrinsic factors on an individual’s health.
  7. Critical Thought and Knowledge Acquisition
    Graduates will acquire, appraise and apply scientific information. Graduates will contextually organize and synthesize relevant information to address an issue or problem.
  8. Competence in one's Discipline
    Graduates will demonstrate competence of appropriate depth and scope for one's discipline.

Course Objectives
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By the end of this course the student will be able to:

  1. Describe the various legal entities available for offering clinical chiropractic services to the public
  2. Make an informed decision regarding their clinical practice entity
  3. Describe the basic concepts of marketing a clinical practice
  4. Describe the fundamentals of financial record keeping and office accounting methods
  5. Realize the importance of financial investment
  6. Appreciate the details of being an employer
  7. Design and complete a personal business plan
Materials
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A. Required Text(s):
Course notes edited by James McDonald (available in Bookstore)

B. Recommended Text(s):
See Booklist  (in the syllabus as distributed)
Examples of Business Plans on reserve in Career Services Center

C. Required Materials for Lab:

None
Assignments
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Reading all notes
Attendance
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Attendance is expected at all lectures.
Grading Criteria
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Midterm and Comprehensive Final - 100 points each
Final Project (Business Plan) - 300 points  (see Final Project sheet contained in the syllabus as distributed)

Guaranteed grades are as follows:

A = 450-500 pts
B = 400-449 pts
C = 350-399 pts
D = 300-349 pts
F = <300 pts
Course Competencies
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-

COGNITIVE DOMAIN


Business Management Topics and Related Competencies

  1. Students will be able to evaluate the following legal entities to make an informed, rational decision regarding their choice of clinical practice:
    1. Employee/employer dynamics
    2. Independent contracting
    3. Partnerships
    4. Sole proprietorships
      1. Start-up practice
      2. Office sharing
      3. Purchase
    5. Corporations
  2. In addition, students will be familiar with the following concepts which affect the location of their clinical practice:
    1. Chiropractic density
    2. Competition
    3. Catchment area demographics
    4. Catchment area barriers
    5. Personal requirement
      1. Educational
      2. Recreational
      3. Climate
      4. Other
  3. Students will be able to construct a marketing plan for their clinical practice utilizing these components:
    1. Scope of clinical practice
    2. Location of clinical practice
    3. Price of service
    4. Promotion of services and self
  4. Student will be able to develop a financial record keeping system and maintain proper accounting procedures utilizing the following principles:
    1. Importance of financial records
    2. Practice budgets
    3. Personal budgets
    4. Inventory controls
    5. Projection of revenues
    6. Accounting services procurement
    7. Accounting software utilization
  5. Student will be able to construct a personal financial investment plan using the following concepts and entities:
    1. Rule of 72's
    2. Compound interest
    3. Insurance
    4. Markets
      1. Real Estate
      2. Equity
      3. Bond
      4. Money
    5. Risk/Reward relationship
  6. Students will be able to construct position descriptions and hire employees utilizing the following:
    1. Types of employees:
      1. Chiropractic assistant
      2. Administrative assistant/Office manager
      3. Technical assistant
      4. Patient relations assistant
      5. Receptionist
      6. Associate Doctor
    2. Advertising for the position
      1. Newspapers
      2. Training Centers
      3. Word-of-Mouth
      4. Employment Agencies
    3. Interviewing
    4. Selection
    5. Trial Period
    6. Employment Agreement
    7. Training


Conditions:
N/A

PSYCHOMOTOR DOMAIN


N/A

AFFECTIVE DOMAIN


N/A
Weekly Calendar of Learning Objectives
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Week Dates Topics/Learning objectives
Week 1 -- Introduction to Practice Management and Practice Opportunities.
What is practice management?
Associateship:  Working as an employee
Partnership:  Owning your business with another doctor
Purchase:  Owning your business
Startup:  Owning your business
Week 2 --

Your Business Plan
Components of a professional business plan; marketing, management, financial projections.
Week 3 -- Components of a professional business plan (continued)
Week 4 --

Purchasing a Practice
Locating a practice for sale
Determining a value for the practice
Financing the purchase
Marketing techniques
Jerry Peterson
Week 5 --

Employment Contracts, Associateships, Office sharing, Goal Setting
Finding a doctor to work with
Developing the relationship
Details of contract design
Negotiation techniques
Marketing techniques
Kathleen M. Gergen-Mandel, JD
Week 6 -- Marketing Your Services
Promotional techniques that work
Mike Mangan, President, Health Net

MIDTERM EXAMINATION 12:00-1:00 PM
Week 7 --

Office Accounting Basics
Leverage, Documentation, Taxes (state and federal requirements)
Computer accounting systems
Tom Boesen, CPA
Week 8 -- Starting Your Practice From Scratch
Locating the site
Clinic design and/or remodel
Equipping your office
Financing your practice
Jerry Peterson
Week 9 --

Business Formation
How to create a business
Negotiating techniques
Financing
Chiropractic Coaches
Kathleen M. Gergen-Mandel, JD
Week 10 -- Managed Care
Basics of managed care
Credentialing
Dr. Gary Leduc, Director of Credentialing and Risk Mgmt
Dr. David Elton, Director of Quality Management
Week 11 --

Malpractice Insurance, Disability Insurance
National Chiropractic Mutual Insurance Company
Dr. Lou Sportelli, Mr. Pat McNernery, Mr. Mike Whitmer

This class will being at 8:00 am and conclude at 1:00 pm.  Lunch will be included
Week 12 -- T.E.A.M./Business Procedures and Policies
Dr. Dave Neubauer, President, CAPS
Week 13 --

Investments and Insurance
Planning for retirement
Identifying and reaching your financial goals

PROJECT DUE (BUSINESS PLAN)

This class begins at 8:00 am and concludes at 10:00 am to allow for Dr. Wolfe's Mock Trial
Week 14 -- FINAL EXAMS AS SCHEDULED
Week 15 -- FINAL EXAMS AS SCHEDULED
Please Note
This schedule of lecture and lab topics and quizzes and exams may be changed during the course of the trimester as circumstances require. Whenever possible, such changes will be announced in class before the date and time in question. You are responsible for anything that transpires during lectures and labs, even when you are unable to attend. In the event that you miss a class session, make sure you check with a classmate about any announcements or schedule changes which may have been made. Makeup exams are allowed only according to the policies described in the current student handbook, which is available in the Student Affairs office.
Maintained by Northwestern College of Chiropractic
Last updated: 27 April, 2006
 

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