Establishing Legal & Structural Foundations

Establishing Legal & Structural Foundations
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Establishing Legal & Structural Foundations
Introduction
Venturing into business not only requires knowledge about the trade, but also an understanding of the legal laws at both the local and federal level. Establishing a legal and structural foundation is important when starting a business because it enables business owners to identify the legal structures that best meet their needs. It also helps to solidify the ownership and position of the business.
The structure of a limited liability company (LLC) for an ARNP is such that the members of the wound care institution are not personally liable for the debts and liabilities of the firm (Booker & Waugh, 2016). The firm also operates using bylaws as well as an operating agreement.
Business and Occupational Permits
One of the business permits required when establishing the limited liability company is a basic operation LLC license that is acquired from the city or region in which the health institution is located. Second, the tax identification number is also essential and basic for a start-up business, since it will mean that the institution has registered for LLC taxes (Field, 2013). To acquire this permit, the company will register the LLC with the state tax agency. The business owner should also acquire a health department permit since most of the practices at the firm revolve around patient care. This permit will prove that the organization is well-equipped with the right health equipment and tools.

Malpractice Insurance for Nurse Practitioner
Malpractice insurance is professional liability insurance that professionals within the healthcare setting purchase to protect them against patients who would sue them claiming that the physician’s negligent resulted in their harm. For nurse practitioners, the CM &F Liability Insurance is the most effective type of malpractice insurance for them (Rao & Sivakumar, 2014). This insurance has partnered with the American Nurse Association to offer a strong nursing liability policy. The insurance always aims at interacting with the strongest and dedicated liability insurance firms, which ensures that their services are of high quality. The CM &F malpractice insurance gains the trust of nurses and assures them of their protection. It is the nation’s oldest provider of healthcare malpractice; hence, is known for protecting the assets and reputations of healthcare providers.
Structural Site
The structure site of this healthcare LLC will be in the form of a home office. Having an ideal home office environment is preferable for a start-up since it saves on capital. Since starting the healthcare center will require a large amount of capital, it is imperative to save on location cost by creating a home office (Rao & Sivakumar, 2014). For this type of office, it is crucial to ensure that all the Medicare equipment are available and that the identified home is equipped with the necessary wound care tools. Therefore, this structural site is useful for conducting health practices since it minimizes operational costs.
Office and Medical Supplies
To provide patients with high-quality healthcare services, the medical LLC should ensure that it has all the office and medical supplies (Cox & Munsinger, 2014). When working in a home office, it is important to ensure that all the ofic3e and medical suppliers are available. For example, some of the essential non-consumable supplies include slide clips, metal paper clips, and medical tape. These suppliers comprise of items that are reusable. On the other hand, he essential consumable items include gauze sponges, non-woven sponges, bandages, waterproofing pads, Hand Sanitizer, and dressings among others (Cox & Munsinger, 2014). Medical practitioners have a responsibility to ensure these items are available to make sure patients are handled with ultimate care. The company should have adequate capital set aside for purchasing high quality items.
Projected Barriers and Limitations
Every given project faces barriers and limitations before its successful implementation. Firstly, one of the most common barriers is that starting up a healthcare institution requires a large volume of startup capital (Booker & Waugh, 2016). It is, therefore, a requirement for the business owners to look for adequate capital to ensure all the primary medical suppliers are available and in the right supply. Another barrier could be identification of health practitioners who are qualified and competent (Booker & Waugh, 2016). Most of the healthcare officers are currently in demand; hence it becomes difficult to acquire nurses who are qualified but jobless. In desperate cases, a healthcare institution is forced to educate the recruits and equip them with skills.
Conclusion and Recommendations
In summary, a health care institution is treated as a business just like any other firm. Therefore, it is important to follow all the procedures, including identifying a legal structure for the company. The company owners should also ensure that they have all the business permits required. To improve the overall performance, the institution should reduce other miscellaneous expenses to have adequate capital for the essential medical supplies. Reducing the cost of production can also enable the institution to save on capital for the required equipment. It is also significant to ensure the home office provides a conducive working environment for the healthcare professionals. Such an environment will ensure that the officers can offer quality services to patients.

References
Rao, H., & Sivakumar, K. (2014). Institutional sources of boundary-spanning structures: The establishment of investor relations departments in the Fortune 500 industrials. Organization Science, 10(1), 27-42.
Cox, J. D., & Munsinger, H. L. (2014). Bias in the boardroom: psychological foundations and legal implications of corporate cohesion. Law and Contemporary Problems, 48(3), 83-135.
Field, R. I. (2013). Health care regulation in America: Complexity, confrontation, and compromise. New York: Oxford University Press.
Booker, C., & Waugh, A. (2016). Foundations of nursing practice: Fundamentals of holistic care. Edinburgh: Mosby/Elsevier.