Essay on $800K Funding Secured: QueueDr Software to Reduce Cancellations in Q2 2020

Get external funding amounting to $800,000 that will help to reduce cancellation in the organization. Use $350, 000 in purchasing QueueDr software that will be used in offering an automated schedule for the clients The software will be purchased in Q2 in 2020. QueueDr software will be used in providing patients with confirmations, waitlists, cancellation tracking, and other automated scheduling needs (Davis & LaCour, 2016). The KPIs that will be used in measuring the performance of the organization include customer satisfaction, employee satisfaction, achieving goals, and a high employee turnover rate (Parmenter, 2007). After purchasing the software, the organization should be able to satisfy the needs of its customers and employees and have a high employee turnover rate. Furthermore, the number of cancellations will reduce.

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Utilize $150, 000 in training employees on how to use it. The training will take place in Q3 of 2020 after the purchase of the software. It will enhance productivity in the organization, and the employees will be able to acquire more skills that will help the organization achieve its goal of reducing cancellations. Also, training employees will ensure there is uniformity in the conducted procedures and less supervision. Through the training, there will be a creation of innovative skills and higher morale.

Use $250,000 in hiring more employees The Human Resource Office will conduct the process in Q1. This objective will make the company reduce its cancellations that further helps it to be more reliable and accurate. If HSC is reliable and accurate, then more clients will seek its services, and this will result in increased profits. Currently, most of the patients prefer making their appointments between 10.00 am and 12.00 pm. Therefore, the issue should be resolved to ensure that the patients are equally distributed in the allocated time. However, HSC can also resolve the issue by having more employees to serve the clients at the preferred time to ensure that the company does not lose its clients. In a case where a client has to make a cancellation, then it should be done within 12 hours to ensure that HSC and staff are not inconvenienced.

Use $100,000 in making advertisements through social media The advertisements should be done every two months, from January to December 2020. Currently, social media is regarded as one of the best platforms for advertising. The reason is that it ensures that the ad reaches several individuals around the globe. Advertising through social media will ensure that the services offered by the organization are advertised in every part of the world. This will help in improving the organization's sales.

It is important to note that the company is privately owned, and it has two principal shareholders at 50%. The company might be in need of getting capital from private equity firms. The idea is good since it gives an institution and individuals to invest directly and get ownership of companies. However, it might make the principal shareholders lose their ownership stake, management control, and have different definitions of value (Great Britain, 2007). The external sources of finance include equity share in which there is sharing of ownership rights as the rights of the current shareholders are diluted, debentures which do not control the investor's share, term loan, and preferred stock.

References

Davis, N. A., & LaCour, M. (2016). Foundations of Health Information Management - E-Book.

Great Britain. (2007). Private equity. London: TSO.

Parmenter, D. (2007). Key performance indicators: Developing, implementing, and using winning KPIs. Hoboken, N.J: John Wiley & Sons.