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.
Expert Solution Preview
Risk and mitigation are critical factors to consider when analyzing the feasibility of a new economic initiative in the healthcare industry. As a potential investor, it is essential to evaluate different types of risk such as patient safety, financial, reputation, and physical plant. Also, it is necessary to determine the present and future value of the healthcare service line or economic opportunity one plans to invest in.
The costs and benefits of a proposed economic initiative must also be analyzed over a five-year time horizon. It is not enough to just consider the initial costs; long-term investment must be taken into account, and a balance struck between the benefits the initiative will bring and the costs of implementing it. Ethical and culturally equitable solutions must be proposed and maintained to keep costs under control while maximizing the benefits of the economic initiative and ensuring that it remains ethical and culturally equitable.
Relevant quantitative and qualitative economic, financial, and scholarly evidence must be used to support recommendations throughout a report, and stakeholders and colleagues must be justified on the qualitative and quantitative information used to guide economic decision making. Ethical and culturally-sensitive economic strategies must also be developed to address dynamic environmental forces and ensure the future security of an organization’s resources and quality care provision. Communication must be clear, effective, and efficient when conveying information about economic data, findings, and strategies to stakeholders and colleagues.
