Business Plan for Legal Nurse Consulting
Legal Nursing Services Inc.(LNS) is a proposed legal nursing consulting firm which will be located in Baltimore, Maryland. The firm will be staffed with seasoned legal nurse consultants who are experts in medical-related cases. The core business of LNS will be to help clients (lawyers and attorneys) on issues related to analyzing and appraising medical records so as to ensure that they provide satisfactory services to their clients. LNS will equally offer services aimed at ensuring that our clients understand medical terminology as well as other issues related to healthcare delivery. This will enable our clients to provide stellar legal services to their clients. LNS will be a limited liability company that will be chartered in Maryland, United States.
In order to put the proposed LNS operations into perspective, it is worth taking a brief look at its mission, objectives, organizational plan, resources and staffing, implementation and evaluation plans.
Mission Statement
The mission of LNS is to work with attorneys and other stakeholders in the legal process in evaluating, analyzing and rendering of objective and informed opinions with respect to healthcare delivery. Our services in this regard will also cover issues related to the outcomes of the delivery of healthcare to the residents of our potential host communities. As such, our role in this regard will be as strategists, educators or collaborators on legal issues related to medical litigation, among others. Thus we will provide services on medically related legal issues particularly those that cover healthcare licensure investigation, personal injury, product liability, medical malpractice, toxic torts, workers’ compensation, and so on.
Objectives
In the first three years of operation, LNS will achieve the following:
1. Establish and run a company which will provide stellar services to the clients. Our main goal in this regard is to exceed the expectations of our clients by applying the principles of total quality management;
2. Patiently build a client list that will be made up of loyal customers. Such a client list will include at least 35 law firms with a revenue base of at least $2 million.
3. Build a company that will have the capability of providing services to our clients at a subsidized rate.
Organizational Plan
Company Ownership
LNS will be a limited liability company that will be established by family members. This means that LNS will enjoy the status that will be similar to a corporation because owners will enjoy the privileges of limited personal liability for the debts and actions of the company (Hubbard & O’Brien, 2009; Miller, 2011; Graham et al., 2010). However, many states in the United States, particularly, Maryland, did not put any restrictions on the ownership structure of limited liability companies. As such LNS will welcome other individuals, companies, and even foreign entities to become part of the owners.
LNS will commence its operation by first of all opening an office in Baltimore, Maryland. From there it will open branch offices in other major cities in the United States.
Unique Expertise/Services
LNS will provide the following services to their clients:
1. Organize, analyze, and appraise medical records and other related litigation materials on behalf of their clients;
2. Prepare, compare, and correlate healthcare events to allegations;
3. Conduct interviews on behalf of their clients;
4. Assist clients in identifying and appraising standards of care and other related issues such as causation and damage issues;
5. Assist the clients to effectively determine whether or not a case has a merit or is defensible;
6. Assist the clients in developing and in preparing exhibits;
7. Assist the clients on issues related to depositions and trials;
8. Assist clients in other key areas such as in preparing and analyzing complaints, trial briefs, status reports, queries for cross-examinations, and so on.
9. Perform other vital functions on behalf of the clients, such as attendance of medical examinations, document production requests, and so on.
Resources and Staffing
Start-Up Summary
The following start-up cost for LNS covers the cost of office space, website creation and other miscellaneous costs such as the cost of registration of the business, general office maintenance, rent, advertising and staff remuneration. These costs will be based on the current market costs for the items listed.
The office equipments in this regard will include three computers, one fax machine, one copier, one land line, one printer, DSL connection, and office furniture. The office staff will consist of two certified legal nurse consultants, one office manager, two administrative assistants, and one receptionist.
An important part of the start-up cost is the cost of advertising. The company will use four methods of advertisements: online advertising, TV, Yellow Pages, and newspaper advertising.
The breakdown of the start-up costs is presented visually using the table 1 and figure 1 below.
Table 1 — Start-Up Summary
Item
Breakdown ($’000)
Total ($’000)
START-UP EXPENSES
12,300
1. Company Registration (Maryland)
2. Rent and utility bills (1-year)
9,000
3. Legal Expenses
1,200
4. Other (eg. Advertisement, etc.)
2,000
OFFICE EQUIPMENT
12, 324
1. Three Computers
2,664
2. 1 Laser Fax / Copier Machine
3. One Copier
4. One Landline (12 months bill)
1,920
5. One Printer
6. One DSL Connection
7. Office Furniture
3,999
8. Office Supplies (6 months supply)
2,000
9. Miscellaneous Expenses
1,087
OFFICE STAFF REMUNERATION
515,000
1. Two certified Legal Nurse
Consultants (one year salary)
300,000
2. One Office Manager (One year salary)
80,000
3. Two Administrative Assistants (one year salary)
35,000
4. One Receptionist (one year salary)
28,000
5. One Accountant (one year salary)
68,000
OPERATING EXPENSES
4,000
4,000
TOTAL FUNDING
543,624
Sources of Funding
LNS plans to obtain its capital of $543,624 from three major sources, loans from banks, loans from non-bank financial institutions, and savings and contributions from the individual owners. The breakdown of these funding sources is illustrated in figure 2 below.
Market Analysis Summary
A significant proportion of workers in the health field are made up of nurses. As was reported by to the U.S. Department of Labor (2011) the demand for nurses as well as the services they provide will reach about 5 million within the next ten years. Similarly, the demand for the services provided by the legal nurse consultants will grow significantly within the next ten years (RN Degrees, 2010; Vickie Milazzo Institute, 2011). It is important to note here that the major clients of the legal nurse consultants include law firms, insurance companies, government agencies, and health care risk management departments. The bottom line here is that so long as there are attorneys, there will be a thriving market for legal nurse consulting services (Milazzo,2006; Legal Nurse Consultant Jobs, 2010). To sum, LNS clients will consist of the following categories of individuals: attorneys (both plaintiffs and defense), insurance companies, healthcare facilities, other certified nurse consultants, government agencies and private corporations).
Implementation Plan
Implementation Strategy and Milestones
The company will start by using networking, advertising and public relations campaigns to secure, build and maintain new customer and client base. As was explained in the previous section, there is a large as well as a growing market demand for the services provided by LNS. The company will take advantage of this lucrative market to reap huge profits. The implementation strategy and milestones are presented on table 2 below.
Table 2 — LNS Implementation Strategy and Milestones
Milestone
Anticipated Date
Department
1. Company Registration
Management/Owner
2. Securing Start-up capital/loan of $543,624
May, 2011
Management/Owner
3. Renting of office space, purchase and installation of office furniture and supplies, and so on.
Management/Owner
4. Hiring of staff and collection and analysis of information on clients/customer demographics.
Management/Owner
5. Soliciting for clients and customers via networking and advertisement
Marketing
Competitive Edge
LNS can boast of having a competitive edge in the industry owing to the company’s possession of three key qualities — networking, experience and specialization.
1. LNS will ensure that its staff regularly attends both the formal and informal meetings and workshops of nursing consulting firms, especially those of them whose industry is related to legal consulting. This will ensure that the company networks with the professionals in the industry. In addition, it will enable LNS to quickly attain its objectives of having at least 35 law firms within a few years of operation.
2. LNS will hire those professionals who have at least four years work experience in the industry. These professionals will thus be attractive to potential clients because of their wide experience in the industry.
3. By specializing in providing only health-related legal issues, LNS can provide professional and excellent services to the clients.
Sales/Clients Forecast
LNS projects that by following the implementation plan shown on table 2, the company can achieve its goal of having at least 35 law firms as clients quicker. The company’s projected client base by the year 2015 is shown on table 3 below.
Table 3 — Sales/Clients’ Forecast
Year
Number of Clients
2011
55
2012
75
2013
95
2014
2015
Break-Even Analysis
LNS break-even analysis will be based on what the company will need in hours and revenue per year in order to attain the break-even point. This is further based on the following assumptions:
1. The company will charge $150 per hour for each client.
2. The company expects to spend at least 80 hours a year with each client.
3. The company expect to see at least 30 clients per year, which will generate a revenue of $150 x 30 x 80 = $360,000. For the purpose of this computation, this will be regarded as the selling price.
4. The company expects its yearly fixed costs to be $526,000. This fixed cost consists of the cost of staff remuneration, utility bills and advertising.
5. The company expects its variable costs to be about $344,000 a year, comprising of the cost of equipment servicing and maintenance, legal costs, and so on.
Given the above assumption, the company’s yearly break-even point can be computed as follows:
The implication of the above computation is that LNS must service at least 33 clients per year in order to break even.
Projected Profit & Loss
LNS’s projected Profit and loss, based on information from the previous section and on data from sales forecast on table 3 is presented on table 4. From the information on table 4, it can be seen that LNS’s business will be a lucrative one.
Table 4 — Projected Profit & Loss Data
2011
2012
2013
2014
2015
1. Sales ($)
660,000
900,000
1,140,000
1,440,000
1,452,000
2. Total Expenses (Operating costs, staff remuneration, tax, and so on)
778,000
809,000
810,000
809,000
812,000
NET PROFIT
118,000
91,000
330,000
631,000
640,000
Evaluation plan
LNS’s operations will be considered successful when the following situation occurs:
1. LNS’s service acceptance rate increases by at least 40%;
2. The company’s revenue and market share increases by 50% within the third year of operation;
3. The company’s profit increases by at least 20% every year;
4. The company’s return on investment (ROI) becomes at least 20% every year.
Conclusion
The demand for the services of LNS will continue to grow in the United States due to the ongoing dependence of U.S. attorneys on legal nurse consulting services. This assertion is simply a reflection of the fact that most attorneys are not well-informed about how to properly read and interpret medical records or medical terminologies and other related health issues. Besides, a large proportion of attorneys know that they can provide stellar services to their clients if they have someone to help them in reading medical records and in analyzing and interpreting the subtleties of healthcare issues. This explains why they will have insatiable demand for LNS services. As was shown in this business plan, LNS will be properly positioned to reap huge profits based on this scenario.
References
Graham J.R., Smart S.B., & Megginson W.L. (2010): Corporate Finance — Linking
Theory to What Companies Do. Mason, OH: South-Western Cengage Learning.
Hubbard R.G., O’Brien a.P. (2009): Macroeconomics. Upper Saddle River, NJ: Prentice-
Hall
Legal Nurse Consultant Jobs (2010): Growing Demand for Legal Nurse Consulting jobs.
Retrieved March 20, 2011 from http://www.legal-nurse-consultant-
jobs.com/articles/growing-demand-for-legal-nurse-consulting-jobs/
Milazzo V. (2006): Demand for Legal Nurse Consultants at All-Time High. American Chronicle. Retrieved March 20, 2011 from http://www.americanchronicle.com/articles/view/11688
Miller L.M. (2011): Economics Today. Boston, MA: Pearson Education Inc.
RN Degrees (2010): Legal Nurse Consulting: An Exciting Career Move. Retrieved March
19, 2011 from http://rndegrees.net/become-a-legal-nurse-consultant.php
U.S. Department of Labor (2011): Licensed Practical and Licensed Vocational Nurses.
Occupational Outlook Handbook, 2010-11 Edition. Retrieved March 20, 2011
from http://www.bls.gov/oco/ocos102.htm#outlook
Vickie Milazzo Institute (2011): Frequently Asked Questions. Retrieved March 20, 2011
from http://www.legalnurse.com/more-information/faq#Q4
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