A Business Plan for Texas Medical Center Nursing Leadership Institute

1. A Business Plan for Texas Medical Center Nursing Leadership Institute MGMT 6300, University of Houston, Victoria Presented by: Kavitha Gopal Joseph Babaian Venkat Santharaman Rohan Thomas Bukola Kemi Ajayi Delphine Mbachu & Rachel Akita

2. Presentation Overview • Address the Need for a Nursing Leadership Institute • Vision, Mission, and Premiere Nursing Institute • Competitor Analysis • Objectives of the Nursing Leadership Institute • Target Market Analysis • Pricing Strategy • Products and Services • Location or Place • Promotional Strategy • Financial Projection • Implementation of the Business Plan Texas Medical Center Nursing Leadership Institute

3. Need For A Leadership Institute For Nursing Professionals A Growing Trend in the Nursing Profession Texas Medical Center Nursing Leadership Institute

4. Justifying The Need For A Leadership Institute For Nursing Professionals Highest Nursing or Nursing Related Education Preparation Regionally and Nationally Texas Medical Center Nursing Leadership Institute

5. Forces of Change Driving the Need For Nurse Leaders Management is doing things right; leadership is doing the right things – Peter Drucker Business savvy clinical practitioners + Patient focused business professionals = Healthcare transformation Texas Medical Center Nursing Leadership Institute

6. The Premier Nursing Leadership Institute at Texas Medical Center Vision To create and nurture an inter-institutional learning community of nurse leaders and educators that builds on our long history of excellence and commitment to the highest standards in education, research and practice in the Texas Medical Center and to expand this legacy of innovation and collaboration for global impact. Mission The Texas Medical Center Chief Executive Council is a strategic alliance of nurse leaders in both service and education who collaboratively work to advance nursing practice and the delivery of health care. Goal – become world renowned as a – Premier Nursing Leadership Institute Elevating the practice and profession of nursing through inter-institutional collaboration, cross-disciplinary interactions, and providing superior opportunities for leadership training and advancement. Texas Medical Center Nursing Leadership Institute

7. SWOT Analysis of Competitors Texas Medical Center Nursing Leadership Institute

8. SWOT Analysis of Competitors (Cont.) Texas Medical Center Nursing Leadership Institute

9. What Have We Gathered Based On Research So Far? • There are: • Institutions catering to generic leadership education. Example: Center for Creative Leadership • Individual facilities that have a small component of the leadership initiative geared more towards education and empowerment of top level nurses: Example: Baylor RN Leadership Academy • Executive Leadership Programs such as the ones offered by Berkeley that are geared towards all generic industries and offer short workshops. Example : Berkeley Executive Leadership Program • Fellowship programs for top tier executive nurses: Example: Robert Wood Johnson • Implication: • These industry players are just a fragment of our vision. They are niche players and house a very small component of what we strive to achieve. • In general most programs lack flexibility and do not offer practical clinical based leadership education. • Most importantly these efforts are independent and not inter-institutional efforts. For instance, Baylor's efforts are limited to Baylor. What we need is an inter-institutional and inter-professional collaborative effort joining the resources, knowledge and funding to enhance education, research and leadership across institutions and industry practitioners. The Nursing leadership Institute at TMC will be such an effort. Texas Medical Center Nursing Leadership Institute

10. Objectives Of The Nursing Leadership Institute Developing an intensive leadership program through strategic alliance and strategic network – An inter-institutional collaboration in education, practice and research. Leadership Through Education Practice Research • Develop critical thinking, problem solving, build and refine skills through “boot-camps” • Establish a world-renowned Nursing Leadership Institute. • Empower all tiers of nursing professionals through trans-disciplinary leadership programs. • Develop inter-institutional and inter-professional collaborative workflow processes to increase efficiency and effectiveness of the clinical practice. • Establish metrics and models of patient care consistent with legislative and regulatory guidelines. • Emphasize cross-functional communication networks. • Anticipate and prepare for new healthcare reforms. • Synergize research initiatives identified by the NEC among the institutions. • Transition current clinical trials into research opportunities. • Collaborate and expand inter-disciplinary research and scholarship. Development of a Successful Career Texas Medical Center Nursing Leadership Institute

11. Core Competency – Multi-Tier Leadership Program Via Inter-Institutional Collaboration Organizational Leaders • Tier 5 Leaders • Financial Management • Business Development • Clinical and corporate governance Tier 5 Nursing Leaders Executive • Tier 4 leaders • Cognitive and analytical skills • Emotional Intelligence • Cross functional & Inter-disciplinary (Nurses –Doctors-Administration) Management Functional Leaders Tier 4 Nursing Leaders Effective Leader • Tier 3 Leaders • Organize resources • Enhance performance improvement • Improve workplace efficiency & effectiveness Leading Managers Tier 3 Nursing Leaders Competent Manager • Tier 2 Leaders • Relationship Management • Inter-institutional (Nurses-Nurses) collaboration • Diversity Management Tier 2 Nursing Leaders Contributing team member Leading Others • Tier 1 Leaders • Empowerment • Personal & Professional accountability • Productive & knowledgeable Tier 1 Nursing Leaders Highly capable Individual Leading Self Texas Medical Center Nursing Leadership Institute

12. Local, Regional, National Target Market for the Nursing Leadership Institute Hospitals: Locally, regionally and nationally Nurses: Locally, regionally and nationally Nursing Schools and programs : Locally, regionally and nationally Texas Medical Center Nursing Leadership Institute

13. Global Target Market for the Nursing Leadership Institute Distribution of Nurses Globally Texas Medical Center Nursing Leadership Institute

14. Pricing Strategy For the Nurse Leadership Institute Snapshot of competitor pricing • Pricing should be based on a differentiation strategy emphasizing valuecreation or value added by attending a Premier Nursing leadership Institute. • Low pricing is associated with lack of quality and high pricing may deter consumers. • Pricing and positioning would therefore be based on evaluation of overall cost of competitor’s price (neither too low nor too high). • Price penetration strategy : Offer combination of both premiere priced products and packages and some economically priced products to reach wide variety of audience. Texas Medical Center Nursing Leadership Institute

15. Snapshot of Products & Services That Can Be Offered Texas Medical Center Nursing Leadership Institute

16. Place/Locational Considerations • Factors to Consider in choosing a location: • Location:Where in the Texas Medical Center should the institute be located? • Space:How much space should be devoted to the facility? • Urgency of Needs: When is the institute expected to begin operations? • Funding Availability:How much money is available to procure site, or lease space? • Cost: How much will it cost to renovate, lease, buy or build? • Flexibility: Will the space accommodate future growth and expansion plans? Texas Medical Center Nursing Leadership Institute

17. Promotional Strategies • Brand Extension: Leverage the association with Texas Medical center to improve odds of success, reduce cost of launch, and build on a image that is already well accepted by the public. • Nursing Leadership Institute Website: A website highlighting the value added by attending the Nursing Leadership Institute to attract local, regional, national and international audience. • Viral marketing using social networking media : Social media such as Facebook, Twitter, LinkedIn can be used to leverage the TMC brand and create awareness of the Nursing leadership institute worldwide. • Online Advertising: Advertising online on websites devoted to healthcare and career, frequented by target audience. • Sponsoring events (Conferences and Workshops) : Sponsoring in-house and third party events and community workshops and conferences could help create more brand awareness. • Co-branding with reputed Universities: Forming alliances with nationally and internationally known educational facilities can enhance image and also leverage expert knowledge. • Traditional mass media:Advertisements on Television, Radio, Health magazines and Billboards could be used to promote the Nursing Leadership institute. • Public Relations strategies: Press releases, media interviews, newsletters, feature articles can also help in creating more brand awareness. Texas Medical Center Nursing Leadership Institute

18. Suggested Organizational Structure Texas Medical Center Nursing Leadership Institute

19. Financial – Manpower Planning for Operations and Capital Budget up to Launch Texas Medical Center Nursing Leadership Institute

20. Projected Time Line For The Project Texas Medical Center Nursing Leadership Institute

21. Financial Projection Summary After Launch Break-even ~ 2.5 yrs. • Assumptions : • Training Income based on 80 premium packages priced at $9899, 40 programs priced at $6799, 32 products priced at $3599, and 25 economic products priced at $999. • Growth of expenses at 1% and revenue at 20% and 30% for year 2 and 3. Texas Medical Center Nursing Leadership Institute

22. Critical Steps to Implement the Business Plan Project Champion / Executive Management Support Clearly Define Vision & Objectives Stakeholder Engagement and Involvement Strategic Planning S.M.A.R.T Expectation Hire & Retain Competent Staff Define Milestones Implementation Take Ownership of Program Monitor, Control and Feedback Texas Medical Center Nursing Leadership Institute

23. Thank You