Create a 5–6-page cost benefit analysis that supports a risk financing recommendation for a selected organization.
Note: The assessments in this course build upon each other, so you are strongly encouraged to complete them in a sequence.
In your current and future role as a health care leader, you can expect to conduct a cost-benefit analysis (CBA) to determine whether the positive benefits of a proposed recommendation outweigh the negative costs.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Conduct an environmental assessment to identify quality- and risk-management priorities for a health care organization.
- Competency 2: Apply a risk-management model or framework to a specific risk-management priority.
- Competency 3: Analyze the process and outcomes of a care quality- or risk-management issue.
- Competency 5: Communicate in a manner that is scholarly, professional, and consistent with expectations for professionals in health care administration.
- Specify the focus and stakeholders for a cost-benefit analysis.
- Develop a value proposition for change management that incorporates quality- and risk-management concepts.
- Describe strategies to influence and impact the needed changes for quality improvement.
- Conduct a cost-benefit analysis for a risk-management intervention.
- Identify relevant internal and external benchmarks, using a systems-based perspective.
- Use correct grammar, punctuation, and mechanics as expected of a graduate learner.Create a 5–6-page cost benefit analysis that
supports a risk financing recommendation for a selected organization.Note:
The assessments in this course build upon each other, so you are strongly
encouraged to complete them in a sequence.In your current and future role as a health care
leader, you can expect to conduct a cost-benefit analysis (CBA) to determine
whether the positive benefits of a proposed recommendation outweigh the
negative costs.By
successfully completing this assessment, you will demonstrate your proficiency
in the following course competencies and assessment criteria:·
Competency 1: Conduct an
environmental assessment to identify quality- and risk-management priorities
for a health care organization.- Specify the focus and stakeholders for a cost-benefit
analysis. - Develop a value proposition for change management that
incorporates quality- and risk-management concepts. - Describe strategies to influence and impact the needed
changes for quality improvement.
·
Competency 2: Apply a
risk-management model or framework to a specific risk-management priority.- Conduct a cost-benefit analysis for a risk-management
intervention.
·
Competency 3: Analyze
the process and outcomes of a care quality- or risk-management issue.- Identify relevant internal and external benchmarks, using a
systems-based perspective.
·
Competency 5:
Communicate in a manner that is scholarly, professional, and consistent with
expectations for professionals in health care administration.- Use correct grammar, punctuation, and mechanics as expected
of a graduate learner.
- Specify the focus and stakeholders for a cost-benefit
Expert Solution Preview
A cost-benefit analysis (CBA) is a useful tool for healthcare leaders to weigh the positive benefits of a proposed recommendation against the negative costs. To conduct a CBA, it is important to first specify the focus and stakeholders for the analysis. This includes identifying the specific risk-management priority to be addressed and the parties affected by the proposed intervention.
In developing a value proposition for change management, it is essential to incorporate quality- and risk-management concepts. This proposition should be based on a thorough understanding of the organization’s current risk-management practices and its desired outcomes. Additionally, strategies must be identified to influence and impact the necessary changes for quality improvement, such as training and education programs for staff.
To apply a risk-management model or framework to a specific risk-management priority, a CBA should be conducted for the proposed intervention. This analysis should identify all potential costs and benefits associated with the intervention, including direct and indirect costs and both short- and long-term benefits. By weighing these factors against each other, the CBA can determine whether the intervention is viable and provides measurable value to the organization.
Analyzing the process and outcomes of a care quality- or risk-management issue involves identifying relevant internal and external benchmarks from a systems-based perspective. This includes benchmarking against industry standards and best practices, as well as assessing the organization’s current performance against its own established goals. An effective analysis will help identify areas for improvement and inform future risk-management strategies.
Finally, communicating the results of the CBA and risk-management analysis is essential to ensuring buy-in from stakeholders and supporting ongoing quality improvement efforts. Using correct grammar, punctuation, and mechanics as expected of a graduate learner helps convey professionalism and credibility to the audience. In sum, conducting a CBA for a risk-management intervention requires a thorough understanding of the organization’s risk-management priorities and goals, as well as attention to detail and effective communication skills.