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SC Economic Opportunity Paper

SC Economic Opportunity Paper

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Report on risk and mitigation and the costs and benefits of a proposed initiative.

As a master’s-level health care practitioner, you are expected to consider a number of factors when analyzing the feasibility of a new initiative. For example, you need to keep in mind the various types of risk (such as patient safety, physical plant, financial, or reputation), as well as the present and future value of the service line or economic opportunity into which you are investing resources. You also must balance the competing considerations of your ethical and moral responsibility to provide quality care to patients and populations, while also protecting your care setting’s assets and economic viability in the near and long terms.

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:Note: Complete the assessments in this course in the order in which they are presented.

  • Competency 1: Analyze the effects of financial and economic factors (such as cost-benefit, supply and demand, return on investment, and risks) in a health care system on patient care, services offered, and organizational structures and operation.
    • Analyze the opportunities and risks relevant to a proposed economic initiative.
    • Analyze the costs and benefits of a proposed economic initiative over a five-year time horizon.
  • Competency 2: Develop ethical and culturally equitable solutions to economic problems within a health care organization in an effort to improve the quality of care and services offered.
    • Propose potential ways to keep costs under control while maximizing the benefits of an economic initiative and ensuring that it remains ethical and culturally equitable.
  • Competency 3: Justify the qualitative and quantitative information used to guide economic decision making to stakeholders and colleagues.
    • Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a report.
  • Competency 4: Develop ethical and culturally equitable economic strategies to address dynamic environmental forces and ensure the future security of an organization’s resources and its ability to provide quality care.
    • Propose ethical and culturally sensitive solutions to address the risks associated with an economic initiative to ensure the future security of a care setting.
  • Competency 5: Apply various communication methods in order to clearly, effectively, and efficiently relate information to stakeholders and colleagues related to economic data, findings, and strategies.
    • Communicate a business case in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling.
    • Effectively support a report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style.

 

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6/24/2019 Business Case for a New Economic Opportunity Scoring Guide Business Case for a New Economic Opportunity Scoring Guide CRITERIA NON-PERFORMANCE BASIC PROFICIENT DISTINGUISHED Analyze the opportunities and risks relevant to a proposed economic initiative. Does not identify opportunities and risks relevant to a proposed economic initiative. Fails to analyze some relevant opportunities or risks, or fails to compare opportunities to risks. Analyzes the opportunities and risks relevant to a proposed economic initiative. Analyzes the opportunities and risks relevant to a proposed economic initiative, and impartially considers conflicting data and other perspectives. Propose ethical and culturally sensitive solutions to address the risks associated with an economic initiative to ensure the future security of a care setting. Does not propose solutions to address the risks associated with an economic initiative to ensure the future security of a care setting. Proposes solutions but they are not ethical, not culturally sensitive, not equitable, or fail to sufficiently mitigate identified risks. Proposes ethical and culturally sensitive solutions to address the risks associated with an economic initiative to ensure the future security of a care setting. Proposes ethical and culturally sensitive solutions to address the risks associated with an economic initiative to ensure the future security of a care setting, and identifies related assumptions. Analyze the costs and benefits of a proposed economic initiative over a fiveyear time horizon. Does not analyze the costs and benefits of a proposed economic initiative over a five-year time horizon. Attempts analysis, but misinterprets or fails to complete the template, or fails to create recommendations related to the cost-benefit analysis. Analyzes the costs and benefits of a proposed economic initiative over a five-year time horizon. Analyzes the costs and benefits of a proposed economic initiative over a fiveyear time horizon; and identifies knowledge gaps, unknowns, missing information, unanswered questions, or areas of uncertainty (where further information could improve the analysis). Propose potential ways to keep costs under control while maximizing the benefits of an economic initiative and ensuring that it remains ethical and culturally equitable. Does not propose potential ways to keep costs under control while maximizing the benefits of an economic initiative and ensuring that it remains ethical and culturally equitable. Proposes potential ways to keep costs under control but they are impractical or fails to consider relevant effects on benefits, ethics, or equity.SC Economic Opportunity Paper
Proposes potential ways to keep costs under control while maximizing the benefits of an economic initiative and ensuring that it remains ethical and culturally equitable. Proposes potential ways to keep costs under control while maximizing the benefits of an economic initiative and ensuring that it remains ethical and culturally equitable; and impartially evaluates pros and cons of cost containment. Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a report. Does not attempt to justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a report. Attempts to justify the relevance and value of evidence used to support recommendations, but justification lacks logic or clarity. Justifies the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a report. Justifies the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a report; and suggests criteria that could be used to evaluate the evidence. https://courserooma.capella.edu/bbcswebdav/institution/NHS-FP/NHS-FP6008/180700/Scoring_Guides/a02_scoring_guide.html 1/2 6/24/2019 Business Case for a New Economic Opportunity Scoring Guide CRITERIA NON-PERFORMANCE BASIC PROFICIENT DISTINGUISHED Communicate a business case in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling. Does not communicate a business case in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling. Communicates in a manner that is not consistently clear, logically structured, or concise; errors in grammar, punctuation, or spelling distract from the message. Communicates a business case in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling. Communicates a business case in a logically structured, clear, concise, and persuasive manner; grammar, punctuation, and spelling are without errors. Effectively support a report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style. Does not effectively support a report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style. Includes data or sources that lack relevance, or incorrectly formats citations or references. Effectively supports a report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style. Effectively supports a report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style. Citations are free from all errors. https://courserooma.capella.edu/bbcswebdav/institution/NHS-FP/NHS-FP6008/180700/Scoring_Guides/a02_scoring_guide.html 2/2 NHS-FP6008 Assessment 2 Context Assessment 2 Context Competitive Markets, Market Power in Health Care, and Risk Mitigation Effective leaders need to objectively evaluate data, consider more than a single perspective on an issue, and propose a reasonable recommendation based upon quantitative and qualitative data. Of significant note is the utility of maintaining a systems-based perspective, balancing near- and long-term organizational interests, and evaluating the economic alternative within the industry or operating environment. Consider your current or desired future work setting. What are some of the problems, dilemmas, or issues for which economic decisions must be made? Examples of such decisions may be determining optimal staffing ratios, purchasing a new piece of medical capital equipment, hiring a consultant versus using inside talent, or embarking on a large-scale marketing campaign. When you have been involved in economic decision making in the past, what types of decisions were involved? Did you review only cost data? Were you on a team that evaluated the shortand long-term impact of a decision involving a purchase or investment for a health care organization? If you were, try to recall the decision-making process. One of the most challenging aspects of effective decision making is identifying not only the ideal option, but one that is feasible and realistic given finite organizational resources. Economic decision making involves consideration of possible alternatives, and weighing risks versus benefits. Examples of decisions that may involve risk assessment are financing the expansion of a new hospital wing, funding a new patient safety team, entering into a joint venture to share services with an industry partner, or launching an innovative clinical initiative using 3D printers to construct pediatric heart valves. Regardless of the economic decision selected, effective health care executives constantly engage in risk assessment. This can be a mixture of informal or formal processes, but it is wise to conduct a detailed risk assessment before embarking upon any major economic decision. The skill of assessing risk is one that is constantly utilized by health care leaders, so this exercise has immediate applicability to the workplace. Comparative economic analysis (CEA) is quite useful in the health care workplace, especially given the uncertain nature of reimbursement and emerging regulations. Health care leaders must consider a variety of options and assure that the alternatives under consideration have been properly valued for the sake of comparison. Regardless of the comparative economic analysis method or problem—human capital, risk preference, contingent evaluation, or costbenefit ratio analysis—that you select, you will be able to apply the comparative analysis tools in your workplace setting as well as in your daily life. 1 Overview Report on risk and mitigation and the costs and benefits of a proposed initiative.SC Economic Opportunity Paper
As a master’s-level health care practitioner, you are expected to consider a number of factors when analyzing the feasibility of a new initiative. For example, you need to keep in mind the various types of risk (such as patient safety, physical plant, financial, or reputation), as well as the present and future value of the service line or economic opportunity into which you are investing resources. You also must balance the competing considerations of your ethical and moral responsibility to provide quality care to patients and populations, while also protecting your care setting’s assets and economic viability in the near and long terms. Note: Complete the assessments in this course in the order in which they are presented. By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria: • • • • Competency 1: Analyze the effects of financial and economic factors (such as costbenefit, supply and demand, return on investment, and risks) in a health care system on patient care, services offered, and organizational structures and operation. • Analyze the opportunities and risks relevant to a proposed economic initiative. • Analyze the costs and benefits of a proposed economic initiative over a fiveyear time horizon. Competency 2: Develop ethical and culturally equitable solutions to economic problems within a health care organization in an effort to improve the quality of care and services offered. • Propose potential ways to keep costs under control while maximizing the benefits of an economic initiative and ensuring that it remains ethical and culturally equitable. Competency 3: Justify the qualitative and quantitative information used to guide economic decision making to stakeholders and colleagues. • Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a report. Competency 4: Develop ethical and culturally equitable economic strategies to address dynamic environmental forces and ensure the future security of an organization’s resources and its ability to provide quality care. Propose ethical and culturally sensitive solutions to address the risks associated with an economic initiative to ensure the future security of a care setting. Competency 5: Apply various communication methods in order to clearly, effectively, and efficiently relate information to stakeholders and colleagues related to economic data, findings, and strategies.SC Economic Opportunity Paper
• Communicate a business case in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling. • Effectively support a report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style. • • Questions to Consider • As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment. • What kinds of quantitative data can support proposals for change in a health care setting? What kinds of qualitative data can do so? What are the five different types of comparative economic analysis? What are some realistic and feasible recommended alternatives for health care issues and problems that currently impact your work? What would be the costs of pursuing those alternatives? What would be the benefits? When and how are the following methods for valuation best used? • Human capital. • Risk preference. • Contingent valuation. • Cost-benefit ratio. • • • Assignment Instruction In this assessment, you will conduct a risk and mitigation analysis and costbenefit analysis and report on your findings. Scenario The senior management of your care setting has reviewed your Executive Brief: Proposal of a New Economic Opportunity and has decided that it has merit. As a result, you have been asked to take a more detailed look at the feasibility and cost-benefit considerations of implementing your proposed economic initiative over the next five years.SC Economic Opportunity Paper
The senior management is looking for a 3–5-page report that builds a business case for your economic initiative by analyzing ways to mitigate the risks associated with your original proposal and a completed costbenefit analysis using the Cost-Benefit Analysis Template, linked in the Resources. Directions You have been asked to ensure that your report addresses the following. Note: The bullet points below correspond to grading criteria in the scoring guide. Be sure your work is, at minimum, addressing each of the bullets below. You may also want to read the scoring guide and the Guiding Questions: Business Case for a New Economic Opportunity document, linked in the Resources, to better understand the performance levels that relate to each grading criterion: Part 1: Risk and Mitigation Analysis Complete the following: • Analyze the opportunities and risks relevant to your proposed economic initiative. • Propose ethical and culturally sensitive solutions to address the risks associated with your economic initiative to ensure the future security of your care setting. Part 2: Cost-Benefit Analysis Complete the following: • Analyze the costs and benefits of your proposed economic initiative over a five-year time horizon. • Propose potential ways to keep costs under control while maximizing the benefits of your economic initiative and ensuring that it remains ethical and culturally equitable. Address Generally Throughout Business Case Complete the following: • Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence you used to support your recommendations throughout your report. • Communicate your business case in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling. • Effectively support your report with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style. Example Assessment: You may use the assessment example, linked in the Assessment Example section of the Resources, to give you an idea of what a Proficient or higher rating on the scoring guide would look like. Additional Requirements Your assessment should meet the following requirements: • • • Length: 3–5 double-spaced, typed pages. Your paper should be succinct yet substantive. • Be sure to include a title page and reference list. • Your completed Cost-Benefit Analysis Template should be included as an appendix within your final business case submission. APA format: Resources and citations are formatted according to current APA style. Resources: Cite 4–5 authoritative and scholarly resources. Be sure to include specific economic data and support as part of your cited resources. Running head: BUSINESS CASE FOR A NEW ECONOMIC OPPORTUNITY Business Case for a New Economic Opportunity Learner’s Name Capella University Health Care Economics and Decision Making Business Case for a New Economic Opportunity December, 2017 Copyright ©2018 Capella University. Copy and distribution of this document are prohibited. 1 BUSINESS CASE FOR A NEW ECONOMIC OPPORTUNITY 2 Business Case for a New Economic Opportunity Whilborne Medical Center (WMC) is a multispecialty health care facility situated in proximity to an industrial park. Its management is planning to start a new economic initiative in the form of an urgent care center (UCC) within WMC’s premises. The UCC will not only help provide quality health care to the community but also provide an additional revenue stream for WMC. The objective of this business case is to present a detailed report on the feasibility and cost–benefit considerations of implementing the proposed economic initiative over the next five years. The business case includes an evaluation of various risks and opportunities associated with the new initiative. It recommends ways to lessen the risks associated with setting up the UCC and strategies for controlling costs and maximizing benefits. Opportunities Associated With the Proposed Economic Initiative An economic and environmental analysis was performed to determine the opportunities and risks associated with the UCC. WMC is situated near Maxima Industrial Park. Most of the patients treated at WMC are among the 30,000 workers from different companies in the industrial park. Additionally, the area has around 3,000 locals. The UCC may cater to the nonemergent needs of both the workers from the park and the locals in the area. UCCs present an opportunity to reduce overcrowding in the ED at WMC. Often, EDs have to tend to patients whose cases are urgent, but do not merit the emergent care that EDs provide (Qin, Prybutok, Prybutok, & Wang, 2015).SC Economic Opportunity Paper
Non-emergent cases can be diverted to the UCC, where health care personnel will be able to treat workers of the industrial park who walk in with work-related injuries or for preventive care. Additionally, any urgent health care needs of the local community may be met by the UCC. The ED will be able to exclusively tend to the Copyright ©2018 Capella University. Copy and distribution of this document are prohibited. Comment [A1]: This is great that your initiative can help address a larger problem within the U.S. health care system as well as help your organization. BUSINESS CASE FOR A NEW ECONOMIC OPPORTUNITY 3 more emergent cases, while the UCC will exclusively tend to the urgent care cases received by WMC. Thus, an additional revenue stream for WMC will be created with the addition of the UCC. Additionally, UCCs must serve a high number of patients to break even (Yee, Lechner, & Boukus, 2013). Therefore, location near a target patient population is an important factor in the success of a UCC (Gurganious & Greenfield, 2015). The required target population for the UCC is found in the 30,000 workers employed at Maxima Industrial Park. WMC has developed a relationship with workers from the park through the annual health checkups it organizes. The UCC can benefit from this relationship as there is a high likelihood that employees who are satisfied with the care they received at WMC will return to the UCC for urgent care issues. A competitor analysis conducted in the area shows that there are two primary health clinics, but no UCCs in WMC’s vicinity. Most patients prefer primary health clinics over UCCs and EDs (Qin et al., 2015). This issue is mitigated by the number of work hours that EDs and UCCs have over primary health clinics. With the introduction of a UCC, patients will be able to avail after-hours hea …