[ANSWERED 2023] Develop a business case for the economic initiative you proposed in Assessment 1. Examine the feasibility and cost-benefit considerations

Develop a business case for the economic initiative you proposed in Assessment 1. Examine the feasibility and cost-benefit considerations

Assessment 2/6008

Developing a Business Case

Develop a 4–7-page business case for the initiative you proposed in Assessment 1. Examine feasibility and cost-benefit considerations over a 5-year period, analyze ways to mitigate risks, and complete a cost-benefit analysis.

Note: Each assessment in this course builds upon the work you have completed in previous assessments. Therefore, you must complete the assessments in the order in which they are presented.

Assessment Instructions

Develop a business case for the economic initiative you proposed in Assessment 1. Examine the feasibility and cost-benefit considerations of implementing your proposed initiative over the next five years. Analyze ways to mitigate risks and complete a cost-benefit analysis.

Note: Remember that you can submit all, or a portion of, your draft business case to Smarthinking for feedback before you submit the final version for this assessment. If you plan on using this free service, be mindful of the turnaround time of 24–48 hours for receiving feedback.

Requirements

The requirements for your business case, outlined below, correspond to the scoring guide criteria, so be sure to address each main point. Read the performance-level descriptions for each criterion to see how your work will be assessed. In addition, be sure to note the requirements for document format and length and for supporting evidence.

• Analyze the potential economic opportunities and risks associated with your proposed initiative.
  • How do the potential opportunities benefit your organization or care setting?
  • How could potential risks pose a threat to the financial security of your organization or care setting?
  • How do the potential economic opportunities compare to the potential economic risks?
• Propose ethical and culturally sensitive solutions that address the risks associated with your initiative to the future economic security of your organization or care setting.
  • Which risks are potentially the most significant for your organization or care setting?
    • How could you modify your proposed initiative to mitigate those risks?
    • How have other organizations and experts in the field dealt with similar risks?
  • How do ethics and equality factor into your proposed solutions?
    • Are your solutions unfairly burdening or disadvantaging any specific groups?
  • How will this proposal affect community health care delivery outcomes?
    • What makes this a great opportunity for economic growth?
    • What potential issues should be considered?
  • Analyze the economic costs and benefits of your proposed initiative over a five-year period.
    • Use the Cost-Benefit Analysis Template [XLSX]for your calculations. Add the worksheet to your business case as an appendix.
    • Does your analysis warn against specific aspects of your proposed initiative?
    • How would you recommend that your findings be incorporated into decisions about the feasibility of your proposed initiative?
  • Propose ethical and culturally equitable ways of keeping costs under control, while maximizing the benefits of your initiative.
    • What costs are you most likely to be able to control or reduce?
      • How would you go about ensuring this?
    • How could controlling or reducing these costs affect the benefits of your proposed initiative?
      • What strategies could you employ to maintain or maximize these benefits, while controlling or reducing costs?
    • How do you plan to ensure that any cost controls or benefit reductions are ethical and equitable?
  • Justify the relevance and significance of the quantitative and qualitative economic, financial, and scholarly evidence you used to support your business case.
    • This criterion applies to any evidence you cited throughout your business case. Your evidence should be persuasive and relevant to your findings, proposals, and recommendations. Consider one or more of the following questions when citing support evidence:
      • How is the evidence relevant to your organization or care setting?
      • How is the evidence relevant to your proposed economic initiative?
      • How does the evidence illustrate a solution that has been successful in the past?
      • How does the evidence illustrate that an initiative or solution is likely to be a net benefit to the organization or care setting?
    • Write concisely and directly, using active voice.
      • Proofread your document before you submit it to minimize errors that could distract readers and make it more difficult for them to focus on the substance of your business case.
    • Apply current APA formatting to in-text citations and references.

Example Assessment: You may use the following to give you an idea of what a Proficient or higher rating on the scoring guide would look like:

• Assessment 2 Example [PDF].

ADDITIONAL REQUIREMENTS

Your assessment should also meet the following requirements:

• Format: Format your business case using APA current style. Use the APA Style Paper Template [DOCX]. An APA Style Paper Tutorial [DOCX]is also provided to help you in writing and formatting your business case. Be sure to include:
  • A title page and references page. An abstract is not required.
  • A running head on all pages.
  • Appropriate section headings.
• Length: Your business case should be 4–7 pages in length, not including the title page and references page.
• Supporting evidence: Cite 4–5 authoritative and scholarly resources to support your business case. Be sure that your sources include specific economic data.

Note: Faculty may use the Writing Feedback Tool when grading this assessment. The Writing Feedback Tool is designed to provide you with guidance and resources to develop your writing based on five core skills. You will find writing feedback in the Scoring Guide for the assessment, after your work has been evaluated.

Portfolio Prompt: You may choose to save your business case to your ePortfolio.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment scoring guide criteria:

• 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 potential economic opportunities and risks associated with a proposed initiative.
  • Analyze the economic costs and benefits of a proposed initiative over a five-year period.
• 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 ethical and culturally equitable ways of keeping costs under control, while maximizing the benefits of an initiative.
• Competency 3: Justify the qualitative and quantitative information used to guide economic decision making to stakeholders and colleagues.
  • Justify the relevance and significance of the quantitative and qualitative economic, financial, and scholarly evidence used to support a business case.
• 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 that address the risks associated with an initiative to the future economic security of the organization or care setting.
• Competency 5: Produce clear, coherent, and professional written work, in accordance with Capella writing standards.
  • Write concisely and directly using active voice.
  • Apply APA formatting to in-text citations and references.

Developing a Business Case Scoring Guide

Expert Answer and Explanation

The implementation of telemedicine is by far the most effective initiative that my healthcare organization would implement as a way of improving operations. It provides numerous opportunities for the organization to grow, some which could barely be thought of without the existing technology.

However, there are also several potential risks to this business case, which could hinder the effectiveness of the operations significantly if not corrected in a timely fashion (Blandford et al., 2020). A close analysis of the business case of the initiative helps to predict its outcomes within a 5-year timeline.

Analysis of the Potential Economic Opportunities and Risks that are Associated with my Proposed Initiative

Opportunities

 Among the biggest opportunity that is presented by the telemedicine initiative is easy access of my organization to the remote regions in the country. The earliest adopters of tele-health services were situated in areas where there is insufficient access of traditional healthcare providers. These initial designs of the telemedicine operations were dependent on the integration of digital literacy to the clinical care pathways, where the healthcare givers paid more attention to educating the recipients of healthcare to better-understand the healthcare operations (Kouskoukis & Botsaris, 2017).

Another challenge that is seen in rural healthcare is that there are higher rates of short-staffing since nurses would prefer working in the more modernized areas that have better compensation. With the introduction of the initiative in the facility, it is likely that it will be easier to access patients in the rural areas without the troubles associated with healthcare in these regions.

Telemedicine could be a suitable way to solve some of the patient confidentiality issues that are associated with the physical hospital visits. In any healthcare operation, the patient is expected to give much of the details of their healthcare conditions so that the physicians can decide on the best way forward of treating them. In some of the points of access of physical care, patients are asked to submit too much details that they feel interferes with their privacy (Langabeer et al., 2017).

For example, in my facility, the first stage that a patient has to go through is the triage step, where the triage nurse asks them various personal information about their health condition as well as use biometric tools to collect data. Some of these tools collect information anonymously and the patients feel that the physicians could be taking information to which the patients have not given consent.

On the other hand, the proposed initiative requires the patients must understand the specific tools of healthcare they are using, and hence it becomes almost impossible for them to submit information about themselves unknowingly (Ly et al., 2017). An example is the Glucometer used by diabetics. They have to understand the basics of the tool, and hence they submit data that only relates directly to their care. Such set ups allow the patients to have more trust to the healthcare system, and hence promote their chances of returning to the facility for consultations as well as other services.

Risks

While the proposed initiative has numerous opportunities that could be attached to it, it also has distinct risks that could affect the healthcare system negatively. One of these risks is the fact that there could be the reduced variability of diagnosis of diseases. The use of telemedicine to deliver routine services has found it rather risky, as in some of the cases, it is not easy to perform diagnosis operations in the best way recommended.

Specifically, the idea of telemedicine is likely to scrap of a large social part of healthcare that is responsible in promoting proper healthcare relations between healthcare givers and patients. For instance, in the case of a patient being interviewed by a physician through videoconferencing and they show several symptoms of HIV/AIDS, it is unlikely that the physician would be able to do the standard routine counselling before administering the diagnostic test (Mathew et al., 2020).

As a result, the patient may fall into a state of depression that makes it hard for them to trust the healthcare process as a sure way of delivering the healthcare outcomes. Similarly, when dealing with elderly patients, healthcare givers are more likely to lose the emotional touch of healthcare when they use the digital ways of communicating.

Telemedicine is likely to be the forerunner of many medical errors in healthcare. One of the main disadvantages of telemedicine as an initiative in my facility is that the patients are the individuals who have a broader control of their healthcare, making it rather easy for them to make mistakes. In a case scenario where telemedicine increases the chances of medical errors, a 24 y.o. female patient develops a severe headache as well as intermittent diarrhea.

She decides to consult their PC via videoconferencing, and the latter asks her several questions including the last time she encountered her menstrual cycle. The PC also asks about some of the other medications she is taking but since she does not want to reveal that she is pregnant in front of her family, and with whom she is doing the video conferencing, the PC prescribes medication that interacts wrongly with the pregnancy tablets she is taking. As a result, the health of the patient only gets worse (Batalik et al., 2018).

The condition could easily have been avoided if the patient choose to do a one-on-one meeting, where she would reveal all her medical history without fear.

How the Potential Opportunities will benefit my Care Setting

The opportunity of increased rural access of healthcare is likely to benefit my healthcare setting in that it will be in a better position to perform healthcare investments in rural regions. Specifically, the fact that the telemedicine operations will in increasing the convenience of the healthcare givers to work in remote areas means that the hospital will extend its investments in these areas (Shah et al., 2018). Consequently, the organization will be in a better position to tap the existing opportunities in the rural regions.

How the Potential Risks could pose a threat to the Financial Security of my Care Setting

The fact that the proposed initiative could lead to increased medical errors means that the facility will have numerous limitations when performing the investments on the initiatives. For example, some of the individuals who live in family set ups may opt not to use the telemedicine solutions of care, as it is likely to interfere with privacy concerns. Similarly, the risk of the variability of disease diagnosis could limit workers from exercising their full potential, and these two issues could create financial insecurity in the initiative.

Comparison of the Potential Opportunities to the Risks

From a layman perspective, the potential risks are clearly more than the opportunities that are presented by the proposed initiative. This is especially because no one would dread the idea of embracing a system that increases their chances of making medical errors. However, a closer analysis of these risks shows that there are evident ways in which they can be mitigated to reduce their effects on this system (Mullen-Fortino et al., 2019).

Such interventions make it evident that the opportunities presented by the initiative exceed all the possible risks, provided that the organization is ready to take all the interventions provided.

Ethical and Culturally-Sensitive Solutions to the Risks associated with the Initiative

To reduce the risk of the lack of patient confidentiality when handling healthcare data, it is necessary to introduce an element of the initiative in which the ethically sensitive issues of care are resolved in an amicable way. One of the most ethically significant risks, besides medical errors, is the presence low levels of patient confidentiality. In most of the telemedicine solutions of health, therapy and diagnosis is given to family units, which may be potentially destructive to the patients who have reservations in revealing medical information to family members.

Among the primary ways in which I could modify the proposed initiative to mitigate the risks is introducing concepts of individual and family therapy. These elements would include patient assessment procedures that increase the privacy of their environment without their family feeling ‘left out’ in the process of providing healthcare. Experts in the field are also likely to approach the issue in a similar way, as disintegration of patients is a sure way of providing confidence regarding the risks of confidentiality.

How the Proposal will affect the Community Healthcare Delivery Outcomes

The proposal is likely to improve the community healthcare delivery outcomes in that more individuals will be more oriented to the culture of consultation of healthcare providers when faced with different disease conditions. The proposal will also increase the accessibility of healthcare and healthcare systems at extended levels, where it is likely that healthcare will be more differentiated in terms of the specificity of the recipients.

The Economic Costs and Benefits of the Initiative over a 5-Year Timeline

 A strategic analysis of the economic costs and benefits of the initiative over a 5-year timeline shows that the healthcare initiative is likely to present significant financial strife to the organization within the first two years of implementation, but the remaining three years will be enough to cover all the associated costs (World Health Organization, 2017).

During the first year, much of the costs of the facility will be on the fixed assets such as machinery to perform the telemedicine diagnosis, as well as the staff members who are to aid in the implementation of the specific rationale of the tele-health operations (World Health Organization, 2017). During this period, there will be limited utilization of the system as most of the patients are still unsure about its effectiveness in providing them with optimal healthcare (World Health Organization, 2017).

During the third year of implementation, most of the healthcare stakeholders, including but not limited to patients and financiers, will be more certain about the initiative, and hence it will have more returns.

How My Analysis warns against Specific aspects of the Proposed Initiative

My analysis warns that the proposed initiative could be potentially financially dangerous to the organization if it is not prepared to invest without expecting significant returns within the first two years of implementation. This is because this is the timeline that will be required for my organization to break even from the initial operations and start benefiting.

How I would Recommend that my Findings be Incorporated to the Decisions about the Feasibility of my Proposed Initiative

My findings could be useful in deriving important details about the timeframe required for the initiative to take full effect. Specifically, the findings would help the facility to take strategic action on the financial implications of the initiative within the first years of implementation in the organization.

My Proposal on Ethical and Culturally Equitable ways of Keeping Costs under Control while Maximizing on the Initiative’s Benefits

The Costs that I am most likely to be in a Position to Control

The main costs that I am most likely to be in a suitable position to control are the asset costs of the initiative. Specifically, it is easy for the organization to minimize spending much of the limited resources on certain machinery during the start of the organizational initiative. Other costs include the types of training that are offered on the patients, healthcare givers, as well as other stakeholders who need to understand deeply the details of the initiative before implementation begins.

How Controlling Costs would affect the associated benefits of the Initiative

The preference for cheaper machinery could be useful at the initial stages of implementation as these stages serve as a pilot period for the initiative. That is, any mistakes that are made on these machinery are not likely to affect the organization much as there are no associated heavy financial losses.

Strategies I would use to maximize the Benefits

The primary strategy I would use in maximizing the benefits of the operation is reaching to a wider audience base of the initiative. Like most other initiatives of healthcare, it is likely that the profit margins would increase if the implementation is performed on a large scale (Tsou et al., 2020). Other strategies that I would utilize in maximizing the benefits is identifying and solving loopholes, and constant review of the processes.

Justification of the Relevance of Evidence Used to Support the Business Case

Among the chief sources of evidence used to perform the business case is the website of the World Health Organization, which provides evidence on the most trending aspects of world healthcare. Also, scholarly reviewed financial articles are used to propose the different timelines that could help the initiative reach the optimal levels within five years of implementation. These sources of evidence guarantee the best decision-making in the business case, and in predicting the outcome of implementation within a five-year period.

Conclusion

Within five years of the implementation of the initiative of telemedicine operations in my facility, it is likely that there will be full acceptance by different stakeholders and profitability from the operation. The initiatives poses several risks, such as an increase in medical errors and reduced patient confidentiality, but various interventions could help to mitigate these risks.

The main costs that I am likely to be in a position to control are those of machinery, or assets, and those of training operations for stakeholders. The evidence utilized in proposing the business case is justified in providing a rationale for decision-making and concluding about the future of the organization in reference to the initiative.

References

Batalik, L., Dosbaba, F., Hartman, M., Batalikova, K., & Spinar, J. (2018). Rationale and design of randomized controlled trial protocol of cardiovascular rehabilitation based on the use of telemedicine technology in the Czech Republic (CR-GPS). Medicine, 97(37). Doi: 10.1097/MD.0000000000012385

Blandford, A., Wesson, J., Amalberti, R., AlHazme, R., & Allwihan, R. (2020). Opportunities and challenges for telehealth within, and beyond, a pandemic. The Lancet Global Health, 8(11), e1364-e1365. https://doi.org/10.1016/S2214-109X(20)30362-4

Kouskoukis, M. N., & Botsaris, C. (2017). Cost-benefit analysis of telemedicine systems/units in Greek remote areas. PharmacoEconomics-Open, 1(2), 117-121. DOI: 10.1007/s41669-016-0006-z

Langabeer, J. R., Champagne-Langabeer, T., Alqusairi, D., Kim, J., Jackson, A., Persse, D., & Gonzalez, M. (2017). Cost–benefit analysis of telehealth in pre-hospital care. Journal of telemedicine and telecare, 23(8), 747-751. DOI: 10.1177/1357633X16680541

Ly, B. A., Labonté, R., Bourgeault, I. L., & Niang, M. N. (2017). The individual and contextual determinants of the use of telemedicine: A descriptive study of the perceptions of Senegal’s physicians and telemedicine projects managers. PloS one, 12(7), e0181070. https://doi.org/10.1371/journal.pone.0181070

Mathew, S. R., Elia, J., Penfil, S., & Slamon, N. B. (2020). Application of telemedicine technology to facilitate diagnosis of pediatric postintensive care syndrome. Telemedicine and e-Health, 26(8), 1043-1050. https://doi.org/10.1089/tmj.2019.0145

Mullen-Fortino, M., Rising, K. L., Duckworth, J., Gwynn, V., Sites, F. D., & Hollander, J. E. (2019). Presurgical assessment using telemedicine technology: impact on efficiency, effectiveness, and patient experience of care. Telemedicine and e-Health, 25(2), 137-142. https://doi.org/10.1089/tmj.2017.0133

Shah, T. K., Tariq, T., Phillips, R., Davison, S., Hoare, A., & Hasan, S. S. (2018). Health care for all: effective, community supported, healthcare with innovative use of telemedicine technology. https://doi.org/10.1186/s40545-018-0130-5

Tsou, C., Robinson, S., Boyd, J., Jamieson, A., Blakeman, R., Bosich, K., & Hendrie, D. (2020). Effectiveness and cost-effectiveness of telehealth in rural and remote emergency departments: a systematic review protocol. Systematic reviews, 9, 1-6. https://doi.org/10.1186/s13643-020-01349-y

World Health Organization. (2017). Global diffusion of eHealth: making universal health coverage achievable: report of the third global survey on eHealth. World Health Organization. https://www.who.int/goe/publications/goe_telemedicine_2010.pdf

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