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Business for Health Business Skills for Private Medical Practices

Business for Health Business Skills for Private Medical Practices. Module 19: Fund Your Health Practice. A Quick Start Welcome!. While you are waiting for the class to begin, please take the Pre-Test and make sure your name is on it before you hand it to the facilitator. Thank you!.

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Business for Health Business Skills for Private Medical Practices

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  1. Business for Health Business Skills for Private Medical Practices Module 19: Fund Your Health Practice

  2. A Quick Start Welcome! While you are waiting for the class to begin, please take the Pre-Test and make sure your name is on it before you hand it to the facilitator. Thank you!. Business Skills for Private Medical Practices

  3. Agenda Welcome Addressing Borrowing Concerns Assessing Financing Options Considering Financing Options Selecting Financing Options Summary and Evaluation Close Business Skills for Private Medical Practices

  4. Learning Objectives During this session, you will: • address objections to borrowing money; • define and distinguish internal and external financing options; • discuss the pros and cons of different financing options; Business Skills for Private Medical Practices

  5. Learning Objectives • assess the best way to meet financing needs; • select financing options; • discuss the next step; and • state your key take-away from this session. Business Skills for Private Medical Practices

  6. Introduction You will have 1 minute to introduce yourself: 1. Your name 2. Your position 3. Your business 4. How long you have been in business Business Skills for Private Medical Practices

  7. Addressing Borrowing Concerns Business Skills for Private Medical Practices

  8. Borrowing Concerns Questionnaire Move to the right of the facilitator if you agree with a statement. Move to the left of the facilitator if you disagree. Confer with your group to explain your answer. 1. It is better to use your savings than to borrow to invest in your business. 2. Borrowing money is risky. Business Skills for Private Medical Practices

  9. Borrowing Concerns Questionnaire • It is always expensive to borrow money. • Businesses should not borrow to cover short-term cash flow needs. • You can lose control over your business if you borrow money. • Banks don’t want to lend to small businesses. Business Skills for Private Medical Practices

  10. Borrowing Concerns Questionnaire • If the interest rate is high, you should never borrow. • Investing your savings and getting a bank loan are not the only ways to obtain necessary funding. • Savings from profit are usually not enough to grow a business. Business Skills for Private Medical Practices

  11. Borrowing Concerns Questionnaire • If you don’t want to grow your business, then you never have to worry about borrowing money. • Borrowing money should never be the only option you consider when your practice needs additional funds. Business Skills for Private Medical Practices

  12. Assessing Financing Options Business Skills for Private Medical Practices

  13. Ranking Financing Options Business Skills for Private Medical Practices

  14. Which Financing Option is Better? Our preferred financial option: _____________ It is better than the other options for these reasons: Business Skills for Private Medical Practices

  15. Considering Financing Options Business Skills for Private Medical Practices

  16. Factors to Consider in Selecting a Financing Option • Accessibility • Amount needed • Purpose • Repayment plan • Interest • Collateral • Grace period • Equity needed • Pros and Cons • Other Business Skills for Private Medical Practices

  17. Financing Plan Considerations: Queen of Sheba Business Skills for Private Medical Practices

  18. Analyzing the Queen of Sheba’sFinancing Plan Business Skills for Private Medical Practices

  19. Selecting Financing Options Business Skills for Private Medical Practices

  20. Proposing a Financing Plan Professor Arthur Diang’aneeds Ksh.15,000,000 to establish a second practice. How should he finance it? Business Skills for Private Medical Practices

  21. Summary and Evaluation Business Skills for Private Medical Practices

  22. Evaluation Sheet Business Skills for Private Medical Practices

  23. The Next Step • When you need additional funds, carefully assess all options before creating your financing plan. • Verify availability, terms and conditions of the sources in your financing plan. • Shop around for the most favorable arrangements and best relationship. Business Skills for Private Medical Practices

  24. Let’s See How Much You’ve Learned Please take the Post-Test. We will compare it to your Pre-Test to see how much you’ve learned in this session. Thank you. Business Skills for Private Medical Practices

  25. My Key Take-Away Business Skills for Private Medical Practices

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