Assessing Your Market Fit Nurse Practitioner Entrepreneurship – Northeastern University

1. Assessing Your Market FitNurse Practitioner Entrepreneurship – Northeastern University Lorie Crews – Lyron Deputy – David Hines – Pam Jones

2. Market Fit – This!

3. Not This!

4. Market Fit – Panel Objectives • Learn about entrepreneurship and business development skills for nurse practitioners • Understand how to assess and analyze market demand for nurse practitioner-led business • Learn about new business avenues and business structures

5. Focus Areas: • Marketing tactics – Pam Jones • Strategically engaging advanced practice nursing to fulfill corporate objectives – David Hines • Ramping up a practice – Lori Crews • Learning to adjust – Lyron Deputy

6. Marketing Tactics • Good marketing decisions are based on good data and good market research • Applying market research to product or business development • Choosing customers and target marketing • Market segmentation in health care • Who are your competitors • Creating an image • Strategic planning and marketing • Operationalizing plan

8. Market Research • Analytic Tools • PEST • Macro Environmental • SWOT • Porter’s Five Forces

9. Product or Service Development Booz, Allen and Hamilton – New Product Process • New product strategy development • Idea generation • Screening and evaluation • Business analysis • Development • Testing • Commercialization

10. Choosing Customers & Target Marketing • Market segmentation – dividing the market into groups • Targeting – selection of attractive segments to focus on • Product positioning – appropriate/effective product image

12. Market Segmentation • Market-Product Grid – Markets and Products • Lateral Marketing Strategy • Blue Ocean Strategy

14. Who are your competitors? Who in the market place is addressing the following? • Human wants and needs • Spark demand for certain services • Maslow’s Hierarchy: • Physiological • Safety • Social • Esteem • Self-Actualization

16. Creating an Image • Branding – logos, names, slogans, tag lines, etc. • Assists customers with understanding products • This is known as “identity management” Why is this important?

17. Strategic Planning and Marketing The Balanced Scorecard – Robert Kaplan • Vision and Strategy • Financial Perspective • Customer • Internal Business Process • Learning and Growing

18. Operationalizing a Plan Leonard Berry’s Success Sustainability Model • Development of specialized systems to achieve missions • Reflect dynamic nature of organizations • Focus on population to be served • Stay focused on mission

19. Strategically engaging advanced practice nursing to fulfill corporate objectives – David Hines

20. Metro Nashville Public Schools • 41st largest district - 88,000 students • Teacher’s health plan • 9,200 active & retired teachers • Support staff covered by Metro Nashville Government • 4,000 active employees • With a mission to provide an excellent teacher in every class, for every student, every year…

21. Health and productivity mission To provide excellent benefits at the best price through: • Competitive benchmarking • Aggressive negotiations • Careful plan management • Early detection and intervention • Promotion of preventive care • Effective disease management To look beyond health care cost alone to the impact of poor health on the total health and productivity paradigm, knowing that healthy employees are more productive employees To effectively communicate the plan and its benefit to all enrollees

22. MNPS approach based on belief that… • Current fee-based medical system is flawed; providers are paid for providing service, not improving outcomes • Primary care providers are best suited to engage the patient population and facilitate improvement • Due to the intertwined nature of medical conditions, mental and physical health, you have to adopt a holistic approach to care • By removing obstacles to care, patients will receive care earlier, and decrease exacerbations and lost time

23. Our actions to date

24. Ramping up a practice – Lori Crews

25. Shared Goals • Vanderbilt Health • Support community and employer outreach and engagement • Support employers’ focus on improved employee health and productivity • Improve access to specialty care • Support innovative employer strategy • Develop programs designed to address identified needs of population • MNPS • Boost primary care utilization to 80% of population • Improve health outcomes and provide a holistic experience focused on wellness • Provide a broader range of services that are more affordable • Convenient hours for teachers/staff • Improve access and utilization of wellness programs by employees

26. Micro PCMH (MNPS-repurposed classroom portable)

27. 5 clinics + Operations Center $500,000

28. Employee Wellness Center

29. Clinics & Employee Wellness Center • Employee Wellness Center • State of the art 26,000-sq.-ft. facility funded by Insurance Trust, a cooperative board of MNEA and school board members • Free access for teachers, retirees and family members • 8-room medical clinic with services provided by Vanderbilt Health staff • Physical therapy provided by Vanderbilt PT • Full-service fitness center with group fitness classes • Fully stocked onsite Kroger pharmacy • Healthy food café with full Starbucks drink menu • Two conference rooms • Chiropractic care/acupuncture coming soon • Clinics • Four locations • Services from two clinic portables at one location • Now incorporated into Employee Wellness Center • Portables remain stocked and will be repurposed to new locations this summer • For teachers, retirees and family members covered by teachers medical plan (Cigna): no out-of-pocket cost • For Metro Nashville employees, retirees and family members covered by Metro medical plan (BCBST): based on plan copays

30. Learning to adjust – Lyron Deputy

32. Things Change – Be Prepared • How do you know you have succeeded? • Monitor what works and what doesn’t continuously • Adjust your course using good data • Not keeping watch is dangerous – a course change can bring new opportunity