Create a detailed implementation plan for an economic initiative.
As a master’s-level health care practitioner you may be expected to create budget and implementation plans to ensure that economic opportunities for the organization are rolled out successfully and can be sustained over multiple years. Additionally, it is important to be able to envision how an economic initiative could be used for different contexts and purposes to keep the investment a viable and positive asset to your organization or care setting.
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: 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.
- 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.
- Competency 3: Justify the qualitative and quantitative information used to guide economic decision making to stakeholders and colleagues.
- 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.
- 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.
- Create a budget for relevant expected costs and earnings or benefits over the first five years of a proposed economic initiative.
- Analyze how a proposed initiative, once implemented, may impact aspects of a care setting and ways in which negative impacts could be mitigated.
- Propose a plan to roll out an economic initiative that will enable a care setting to successfully implement it in an ethical and culturally equitable way that will ensure the initiative achieves quality or service improvements.
- Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a plan.
- Explain strategies that have been integrated into a proposed economic initiative that will ensure it can remain a viable asset to a care setting in the face of dynamic environmental forces.
- Communicate a business and implementation plan in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling.
- Effectively support a plan and recommendations with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style.
Expert Solution Preview
Creating a detailed implementation plan for an economic initiative involves several steps that need to be taken into consideration. The first step is to create a budget for relevant costs and earnings or benefits over the first five years of a proposed economic initiative. This budget should include all relevant costs associated with implementing the initiative, as well as the expected earnings or benefits over the next five years. This will enable the care setting to evaluate the return on investment (ROI) of the initiative and ensure that it is financially viable.
Once the budget has been created, the proposed initiative should be analyzed to determine how it may impact various aspects of the care setting. This analysis should identify any potential negative impacts that may occur and ways in which these impacts could be mitigated. For example, if the initiative involves using new technology, the care setting may need to invest in training programs to ensure that staff are able to effectively use the new technology.
To ensure that the proposed initiative is rolled out in an ethical and culturally equitable way, a plan should be proposed that outlines how it will be implemented. This plan should take into consideration the specific needs of the care setting and the community it serves. For example, if the care setting serves a diverse community, the implementation plan should include strategies to address potential language and cultural barriers.
Throughout the implementation process, it is important to justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations. This will ensure that stakeholders are able to make informed decisions and have confidence in the proposed initiative.
Finally, strategies should be integrated into the proposed economic initiative that will ensure it can remain a viable asset to the care setting in the face of dynamic environmental forces. This may involve implementing new policies or procedures, investing in new technology, or developing new partnerships.
Effective communication is key to the success of any economic initiative. Therefore, it is important to present the business and implementation plan in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling. In addition, all recommendations should be supported with relevant economic data and scholarly sources, with citations formatted correctly according to current APA style guidelines.
