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Overview

· This assessment asks you to 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.

1. Create a budget for relevant expected costs and earnings or benefits over the first five years of a proposed economic initiative.

1. Analyze how a proposed initiative, once implemented, may impact aspects of a care setting and ways in which negative impacts could be mitigated.

. 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.

2. 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.

. Competency 3: Justify the qualitative and quantitative information used to guide economic decision making to stakeholders and colleagues.

3. Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence used to support recommendations throughout a plan.

. 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.

4. 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.

. 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.

5. Communicate a business and implementation plan in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling.

5. Effectively support a plan and recommendations with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style.

·

Context

To support your work on this assessment, take time to read the contents of Assessment 3 Context [DOC]. (attached)

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.

. Do you think that cost shifting is a fair practice, or that it should it be legally banned?

. Why would a change in a hospital’s variable costs change the hospital’s profit-maximizing price?

. How do ethics and economic decision making come together when addressing health care issues?

. What is the highest-impact facet of health care economics that relates to your current or desired leadership role? What action steps and resources might you use to assure objective and ethical economic decision making in that role?

Resources

Suggested Resources

The resources provided here are optional. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid.

Resources

. Guiding Questions: Implementation Plan for a New Economic Opportunity [DOC]. (Attached)

. Doran, C. M. (2010). Critique of an economic evaluation using the Drummond checklist. Applied Health Economics and Health Policy, 8(6), 357–359.

. Eisenberg, D., Freed, G. L., Davis, M. M., Singer, D., & Prosser, L. A. (2011). Valuing health at different ages. Applied Health Economics and Health Policy, 9(3), 149–156.

. Kirisits, A., & Redekop, W. K. (2013). The economic evaluation of medical devices: Challenges ahead. Applied Health Economics and Health Policy, 11(1), 15–26.

. Mukherjee, T., Al Rahahleh, N., Lane, W., & Dunn, J. (2016). The capital budgeting process of healthcare organizations: A review of surveys. Journal of Healthcare Management, 61(1) 58–77.

Internet Resources

These resources provide different templates for health care delivery budgets:

. Danna, D. (2016). Learning and mastering the operating budget. Retrieved from http://www.strategiesfornursemanagers.com/ce_detail/213520.cfm#

. California Department of Public Health. (n.d.). Budget cover sheet [XLS]. Retrieved from http://www.cdph.ca.gov/programs/cpns/Documents/CPNS-A4BudgetCoverSheet.xls

. Missouri Department of Health & Senior Services. (n.d.). Budget preparation worksheet [PDF]. Retrieved from http://health.mo.gov/data/interventionmica/BudgetPreparationWorksheet.pdf

. The Community Guide. (2010). Economic evaluation abstraction form, version 4.0 [PDF]. Retrieved from http://www.thecommunityguide.org/about/EconAbstraction_v5.pdf

These resources provide analyses and instructions for different health care delivery budgets:

. Pritchard, G. (2016). How to develop an operating budget for a nursing unit. Retrieved from http://smallbusiness.chron.com/develop-operating-budget-nursing-unit-79824.html

. Lyday, K. (2012). The value of alternative analysis [PDF]. Retrieved from http://www2a.cdc.gov/cdcup/library/presentations/alternatives/TheValueofAlternativeAnalysis.pdf

. The Community Guide. (n.d.). Economic reviews. Retrieved from https://www.thecommunityguide.org/about/economic-reviews

. The Community Guide. (n.d.). Understanding and using the economic evidence [PDF]. Retrieved from https://www.thecommunityguide.org/sites/default/files/publications/Ch11-Economics.pdf

· Assessment Instructions

In this assessment, you will plan for all pertinent details involved in implementing an new initiative.

Scenario

The senior management members have sent you their thanks and notes on your feasibility study for your proposed economic initiative. They have determined that your proposal has the potential to benefit the organization in both the short and long term. The last step in this process is to complete a thorough implementation plan for your proposed initiative. This plan will need to include a budget of relevant expected material, staffing, and capital costs over the first five years of the initiative (see the Resources for some examples and guides about budget planning), as well as projected earnings from the initiative for the care setting. You must also include a plan and timeline for rolling the initiative out, an analysis of how it may impact other aspects of the care setting, an explanation how it can remain viable in the face of environmental changes, and sufficient relevant supporting evidence.

Directions

In your 6–10 page plan, you have been asked to be sure to address 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: Implementation Plan for a New Economic Opportunity document to better understand the performance levels that relate to each grading criterion:

. Create a budget for relevant expected costs and earnings or benefits over the first five years of a proposed economic initiative.

. Propose a plan to roll out your economic initiative that will enable your care setting to successfully implement it in an ethical and culturally equitable way that will ensure achievement of quality or service improvements.

. Analyze how your proposed initiative, once implemented, may impact other aspects of your care setting and ways in which negative impacts could be mitigated.

. Explain strategies you have integrated into your proposed economic initiative that will ensure it can remain a viable asset to your care setting in the face of dynamic environmental forces.

. Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence you used to support your recommendations throughout your plan.

. Communicate your business and implementation plan in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling.

. Effectively support your plan and recommendations with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style.

Additional Requirements

. Length: 6–10 double-spaced, typed pages (not including title page and reference list). Your paper should be succinct yet substantive.

8. Be sure to include a separate title page and reference list.

8. Your completed budget plan should be included as an appendix within your final submission.

. APA formatting: Resources and citations are formatted according to current APA style.

. Resources: Cite a minimum of 3–5 authoritative and scholarly resources. Be sure to include specific economic data and support as part of your cited resources.

. Portfolio prompt: You are required to save this learning activity to your ePortfolio, in the Professional Showcase binder.
Guiding Questions
Implementation Plan for a New Economic Opportunity
This document is designed to give you questions to consider and additional guidance to help you successfully complete the Implementation Plan for a New Economic Opportunity assignment. You may find it useful to use this document as a pre-writing exercise or as a final check to ensure that you have sufficiently addressed all the grading criteria for this assignment. This document is a resource to help you complete the assignment. Do not turn in this document as your assignment submission.

Create a budget for relevant expected costs and earnings or benefits over the first five years of a proposed economic initiative.
· Did you complete a budget for your proposal that covers five years?

· Does your budget reflect the considerations that the example templates and budget planning articles presented?

· Include the template as an appendix item, which you will reference during your narrative analysis of your findings.

· What are the expected material, staffing, and capital costs of your economic initiative over its first five years?

· What are the projected earnings or benefits for your care setting over the first five year of your economic initiative?

· How does this budget take into account the findings and feedback you received on your feasibility report?

Propose a plan to roll out your economic initiative that will enable your care setting to successfully implement it in an ethical and culturally equitable way that will ensure the initiative achieves quality or service improvements.
· Did you create a timeline for the rollout of your economic initiative?

· How will you work with relevant stakeholders to ensure that your economic initiative is implemented successfully and sustained?

· How will you ensure that the rollout is conducted in an ethical and culturally equitable manner?

· How will you ensure that the desired quality or service improvements your economic initiative will achieve are still on track during and after implementation?

Analyze how your proposed initiative, once implemented, may impact other aspects of your care setting and ways in which negative impacts could be mitigated.
· What other aspects of your care setting may be positively or negatively impacted by the implementation of your proposed initiative?

· How will these other aspects of the care setting be impacted? (For example, increased workload on a testing department, borrowing of staff hours from another part of the care setting, or better communication with the community.)

· How could you mitigate at least some of the negative impacts on other aspects of the care setting?

Explain strategies you have integrated into your proposed economic initiative that will ensure it can remain a viable asset to your care setting in the face of dynamic environmental forces.
· What are the environmental risks to your economic initiative?

· How could your initiative, or aspects of it, still be a viable benefit to your care setting if the environment shifts in unpredictable ways?

· What are the strategies that you would propose implementing to keep all or a portion of you initiative a viable net benefit to you care setting?

Justify the relevance and value of the quantitative and qualitative economic, financial, and scholarly evidence you used to support your recommendations throughout your plan.
Note: This criterion will be addressed throughout your report. You should be using evidence that is relevant and persuasive to support your findings, proposals and recommendations. You should be illustrating one or more of the following when citing support evidence to the senior management:

· How is the evidence relevant to your 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 a recommendation is the best course of action for your situation and care setting?

Communicate your business and implementation plan in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling.
· Is your report logically structured?

· Is your report 6–10 double-spaced pages?

· Is your writing clear and free from errors?

· Does your report also include both a title page and reference list?

Effectively support your plan and recommendations with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style.
· Did you cite 3–5 sources that provided economic, environmental, or scholarly support of your proposal and analysis?

· Did you use a combination of quantitative and qualitative evidence?

· Did you format your citations according to current APA style?

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Assessment 3 Context

Economic Decision Making

As part of economic decision making, all health care leaders are expected to conduct a basic cost-benefit analysis (CBA). If you have not yet had the opportunity to conduct a CBA in the workplace, it is important to become familiar with this highly relevant tool for economic decision making. You may also find that this tool is helpful in your daily life.

There are many factors to consider in making a sound economic decision. You must consider the major risk categories associated with the alternative, the time value of money, and the strategic fit over a long-term planning horizon. Some of the questions you need to consider are:

Does the recommended alternative break even at year two, and become more profitable thereafter? What is the relative value of the income from the investment if one considers the time value of money? What about the organizational context?

Will the organization’s focus and strategy change?

Will sufficient funds be available to support the project past the breakeven point in year two? Will the chosen alternative be at risk for obsolescence?

The Role of Health Care Executives

Economic decision making has many facets: legal issues, industry standards, risks, financial components, strategic alignment, and dynamic external environmental factors. Similarly, health care executives have many professional roles, responsibilities, and conduct expectations. Legal standards represent the bare minimum standard that is expected of health care professionals. Health care executives are sometimes held to higher standards than business people in other industries, as they are charged with protecting human lives and assuring patient safety. They are also expected to act in the best interests of others, and to serve as moral agents. Health care executives have fiduciary obligations, and an explicit code of conduct from the American College of Healthcare Executives (ACHE).

 

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