Hanging Your Shingle(or how to get started in this crazy business  of Nurse Entrepreneurship) <br />Presented By: <br />Vi...
Hanging Your Shingle<br />An idiom, meaning<br />~To start your own business, especially as a doctor or lawyer<br />
Objectives<br />List at least 5 different roles a nurse can fill as a consultant<br />Differentiate between a consultant a...
Is Entrepreneurship for You?<br />Self starter?<br />Get along with diverse personalities?<br />Good at making decisions?<...
Consultant vs. Contractor<br />A consultant is a professional who provides advice in a particular area of expertise<br />A...
History of Consulting<br />Legal<br />Financial<br />Employment <br /><ul><li>1950’s consulting came to business world whe...
More changes during economic recession of the late 70’s-80’s when staff reductions were made to cut costs</li></li></ul><l...
Why do it?<br />Ready for change?<br />Answer to yourself?<br />Work from home?<br />Have a passion and drive?<br />
Do I have what it takes?<br />What do I like to do with my spare time? <br />What skills have I learned or developed? <br ...
Why are consultants hired?<br />Expertise<br />Identify problems<br />Supplement staff<br />Act as catalyst for change<br ...
Nurse Consultant<br />Common Examples:<br /><ul><li>	Legal Nurse Consultants
	Life Care Planners
	Case/Care Managers
	Elder Care Managers
	Forensic nurses
	Medicare Set Aside Consultants</li></li></ul><li>Legal Nurse Consulting<br />RN who uses expertise and training to consul...
Paralegal vs. LNC<br />Paralegal assists attorneys in delivery of legal services and requires legal education<br />Legal n...
Law Practices<br />While attorney is the expert on legal issues; the LNC is the expert on nursing and health care system<b...
Workers Compensation Case Mgmt<br />A form of insurance that provides compensation medical care for employees who are inju...
Learn workers compensation law
Can testify as fact witness at hearing before the Commission
Many work from home as independent contracts and still earn benefits
Flexible schedule</li></li></ul><li>Nurse Life Care Planning<br />Nurses who determine a client’s future medical needs and...
Defense firms will also hire LCPlanners  prior to trial to so insurance companies can determine  the expected range
Can provide similar services such as cost projections and Medicare Set Aside allocations</li></li></ul><li>Risk Management...
Prevent injuries
Limit financial loss</li></li></ul><li>Forensics<br />Encompasses providing care to victims of crime, collecting evidence,...
Forensic Nurse Investigator
Nurse Coroner/Death Investigator
Sexual Assault Nurse Examiner
Forensic Gerontology Specialist
Forensic Psychiatric Nurse
Correctional Nursing Specialist</li></li></ul><li>Elder Care/Geriatric Care Mgmt<br />Medical and non-medical services<br ...
Medicare Set Aside Consultant<br />MSA-Portion of a financial benefit (workers compensation, liability, no fault accident)...
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Hanging Your Shingle

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Nurses don't have to work at the bedside. Many nurses work as consultants. This presentation was given at the National Nurses in Business Associations Annual Conference and explains different roles a nurse can use to begin a business.

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  • Hanging Your Shingle

    1. 1. Hanging Your Shingle(or how to get started in this crazy business of Nurse Entrepreneurship) <br />Presented By: <br />Victoria Powell of<br />VP Medical Consulting, LLC<br />NNBA Annual Conference Nov. 2008<br />
    2. 2. Hanging Your Shingle<br />An idiom, meaning<br />~To start your own business, especially as a doctor or lawyer<br />
    3. 3. Objectives<br />List at least 5 different roles a nurse can fill as a consultant<br />Differentiate between a consultant and a contractor<br />List several types of marketing<br />Define terms associated with web marketing<br />Define what success looks like for your business as a nurse consultant<br />
    4. 4. Is Entrepreneurship for You?<br />Self starter?<br />Get along with diverse personalities?<br />Good at making decisions?<br />Possess the physical and emotional stamina required?<br />Are you a planner/organizer?<br />Have enough drive?<br />Family support?<br />
    5. 5. Consultant vs. Contractor<br />A consultant is a professional who provides advice in a particular area of expertise<br />A contractor is an individual who exchanges with another organization or person usually by way of written contract outlining the exchange<br />
    6. 6. History of Consulting<br />Legal<br />Financial<br />Employment <br /><ul><li>1950’s consulting came to business world when the US economy changed from production to service orientation
    7. 7. More changes during economic recession of the late 70’s-80’s when staff reductions were made to cut costs</li></li></ul><li>Future of Consulting<br />Ranks among one of the fastest growing occupations through 2012<br />One of the highest paying industries<br />Highly educated (72 % with bachelor’s degree or higher)<br />
    8. 8. Why do it?<br />Ready for change?<br />Answer to yourself?<br />Work from home?<br />Have a passion and drive?<br />
    9. 9. Do I have what it takes?<br />What do I like to do with my spare time? <br />What skills have I learned or developed? <br />What do others say about me and what I want to do? <br />Do I have the support of my family? <br />How much time do I have to run a successful business? <br />Do I have any hobbies or interests that are marketable? <br />Is my idea practical?<br />Will it fill a need? <br />Who or what is my competition? <br />What is my business&apos;s advantage over existing businesses? <br />Can I deliver a better quality service? <br />Can I create a demand for my business? <br />
    10. 10. Why are consultants hired?<br />Expertise<br />Identify problems<br />Supplement staff<br />Act as catalyst for change<br />Provide objectivity<br />To do the “dirty work”<br />Bring in new life<br />Create new business<br />Influence people<br />
    11. 11. Nurse Consultant<br />Common Examples:<br /><ul><li> Legal Nurse Consultants
    12. 12. Life Care Planners
    13. 13. Case/Care Managers
    14. 14. Elder Care Managers
    15. 15. Forensic nurses
    16. 16. Medicare Set Aside Consultants</li></li></ul><li>Legal Nurse Consulting<br />RN who uses expertise and training to consult on medical related legal cases <br /> -conducts medical research<br /> -reviews medical records <br /> -identifies standards of care<br /> -prepares reports & summaries on injury/illness<br /> -creates evidence<br /> -locates or acts as expert witness<br />
    17. 17. Paralegal vs. LNC<br />Paralegal assists attorneys in delivery of legal services and requires legal education<br />Legal nurses have obtained knowledge of legal system, but legal education is not prerequisite to the practice of LNC<br />A LNC uses existing expertise to consult & educate clients on specific medical & nursing issues in their cases<br />
    18. 18. Law Practices<br />While attorney is the expert on legal issues; the LNC is the expert on nursing and health care system<br />Some work as paralegals<br />Advantages of benefits such as PTO, Health insurance, etc.<br />
    19. 19. Workers Compensation Case Mgmt<br />A form of insurance that provides compensation medical care for employees who are injured on the job<br /><ul><li>Nurses work as case managers and interact with defense attorneys, employers, insurance adjusters
    20. 20. Learn workers compensation law
    21. 21. Can testify as fact witness at hearing before the Commission
    22. 22. Many work from home as independent contracts and still earn benefits
    23. 23. Flexible schedule</li></li></ul><li>Nurse Life Care Planning<br />Nurses who determine a client’s future medical needs and their associated costs<br /><ul><li>Often used to quantify future medical expenses on a yearly basis due to malpractice reform legislation
    24. 24. Defense firms will also hire LCPlanners prior to trial to so insurance companies can determine the expected range
    25. 25. Can provide similar services such as cost projections and Medicare Set Aside allocations</li></li></ul><li>Risk Management<br />A structured approach to managing uncertainty related to a threat thru activities such as risk assessment, strategies to manage it and mitigation of risk<br /><ul><li>Identify risk
    26. 26. Prevent injuries
    27. 27. Limit financial loss</li></li></ul><li>Forensics<br />Encompasses providing care to victims of crime, collecting evidence, and providing health care services within the prison system<br />Specialty areas within forensic nursing include : <br /><ul><li>Forensic Clinical Nurse Specialist
    28. 28. Forensic Nurse Investigator
    29. 29. Nurse Coroner/Death Investigator
    30. 30. Sexual Assault Nurse Examiner
    31. 31. Forensic Gerontology Specialist
    32. 32. Forensic Psychiatric Nurse
    33. 33. Correctional Nursing Specialist</li></li></ul><li>Elder Care/Geriatric Care Mgmt<br />Medical and non-medical services<br />Adult Day Care<br />Adult Foster Care<br />Caring for those who wish to remain in their homes or in retirement centers rather than nursing home<br />Aging baby boomers create large opportunity<br />
    34. 34. Medicare Set Aside Consultant<br />MSA-Portion of a financial benefit (workers compensation, liability, no fault accident) that must be spent on injury related medical expenses before Medicare becomes available<br />Similar to a cost projection or life care plan<br />
    35. 35. Nurse Educator<br />Common Examples:<br /><ul><li> Seminar companies
    36. 36. National Speaking
    37. 37. Online courses
    38. 38. Writing
    39. 39. CPR, ACLS, PALS and other training programs</li></li></ul><li>Wellness Coaching<br />An ongoing partnership between client and coach designed to assist you in making appropriate and lasting lifestyle changes, as well as to address any acute and/or chronic conditions<br />Wellness program development for employers to help decrease insurance costs<br />
    40. 40. Ergonomic Assessments<br />Ergonomics is essentially fitting the workplace to the worker<br />Involves the application of knowledge about human capacities and limitations to the design of workplaces, jobs, tasks, tools, equipment, and the environment<br />
    41. 41. Getting Started<br />Visit websites for<br />Visit local chapter meetings<br />Network with others<br />Avoid tunnel vision<br />Education/experience<br />Continually analyze strengths and weaknesses<br />Subscribe to journals<br />Read blogs<br />Purchase reference materials<br />Attend conferences<br />Take courses<br />
    42. 42. Business Sense<br />Knowledge of accounting principles<br />Business writing skills<br />Marketing principles<br />Mechanisms for invoicing, tracking A/R and A/P, collection procedures<br />Understand chart of accounts<br />Create polished work product<br />Computer skills<br />Research skills<br />Clinical skills-A MUST!<br />
    43. 43. Business Marketing<br />Word of Mouth<br />Must have something to talk about<br />Stable and consistent from beginning to end<br />Networking<br />Press releases<br />Business cards<br />Websites<br />
    44. 44. Web Marketing<br />Exchange value for time<br />Encourage interaction<br />Respond rapidly<br />Keep it simple<br />Speed is of the essence<br />Show business legitimacy<br />Update content frequently<br />Assign accountability for quality<br />Go easy on data collection<br />
    45. 45. Five client test<br />What is distinctive about the site?<br />Is the content valuable?<br />Focused on client needs?<br />Site easy to use?<br />Clarify what the firm does?<br />Would it prompt you to call?<br />Would you bookmark the site?<br />
    46. 46. Social Networking<br />Twitter<br />Hellotxt or Ping for management<br />Mego<br />Mix of business and pleasure<br />
    47. 47. Last tip for LNC<br />Microsoft One Note<br />Great for research<br />Multiple notebooks with multiple tabs or sections<br />The ultimate in bookmarking<br />Easy to search<br />Holds maps, websites links, pdf, sounds, drawings, and ANYTHING else you need at your fingertips<br />Reminds you where the information came from<br />
    48. 48. Success~<br />What does it look like to you?<br />What is your definition?<br />
    49. 49. Success!<br />Definitions: <br />The favorable or prosperous termination of an attempt or endeavor. <br />The attainment of wealth, position, honors or the like<br />The achievement of one&apos;s aim or goal<br />The opposite of failure<br />
    50. 50. Success!<br />Striving for success does not require competition<br />Boosting others will help you in the long run<br />Envy of others and tearing others down helps no one<br />
    51. 51. Thank You!<br />VP Medical Consulting, LLC<br />Victoria Powell, RN, CCM, LNCC, CNLCP, MSCC, CEASII<br />1201 Military Road, Suite 2, Box #214<br />Benton, AR 72015<br />Phone: (501) 778-3378<br />Fax: (501) 315-3378<br />Email: victoria@vp-medical.com<br />Web: www.VP-Medical.com<br />

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