Propose An Economic Initiative That Pres ✓ Solved

Propose An Economic Initiative That Prese

In this assessment, you will propose an economic initiative that presents an opportunity for improved care quality. Scenario: As an emerging health care leader, the senior management has requested that you independently research and explore one of the economic opportunities that may be available in your care setting. This may be offering a new service line, working to improve a service line already offered, retiring an outdated or unprofitable service line, or any other economic initiative that you believe will be of benefit to your care setting in the short and long term. One example of this is a recently launched partnership with a local bicycle sharing company. Your care setting partners with them to host healthy community events that offer free screenings for early detection of various health issues. This helps fulfill some of your care setting's preventive and healthy lifestyle initiatives, while also potentially driving referrals to other services provided by your care setting.

You have been asked to submit your proposal in the form of a 2–4-page executive summary that includes your proposed economic initiative, supporting economic data, and an analysis of the proposal's benefits for your department and for the care setting overall.

Sample Paper For Above instruction

Introduction

The healthcare industry constantly seeks innovative economic strategies to enhance service quality and operational sustainability. Implementing new initiatives not only improves patient outcomes but also strengthens the financial stability of healthcare providers. This paper proposes a strategic economic initiative focused on expanding telehealth services within a community hospital setting, analyzing its supply-demand dynamics, economic benefits, and alignment with ethical and equitable care principles.

Proposed Economic Initiative: Expansion of Telehealth Services

The initiative involves expanding the existing telehealth platform to include specialized services such as mental health counseling, chronic disease management, and post-discharge follow-up. Given the increasing demand for remote healthcare, especially in light of the COVID-19 pandemic, this initiative aims to increase access to care, reduce hospitalization rates, and optimize resource utilization.

Evidence suggests that telehealth services significantly improve patient accessibility and satisfaction. According to the American Telemedicine Association (2021), telehealth adoption increased by over 156% during the pandemic, indicating a rising demand that healthcare organizations cannot ignore.

Demand and Supply Analysis

The demand for telehealth services is driven by several factors, including technological advancements, patient preference for convenience, and ongoing public health concerns. Patients in rural or underserved areas benefit notably from virtual consultations, bridging geographic gaps. On the supply side, healthcare providers face the challenge of integrating new technology, training staff, and ensuring regulatory compliance. Analyzing local demographic data reveals that in our community of 200,000 residents, approximately 30% experience barriers to in-person care, underscoring the need for expanded telehealth offerings.

Furthermore, population health data indicates a rising prevalence of chronic conditions such as diabetes and hypertension, which require regular monitoring and follow-up—services well-suited to telehealth modalities.

Economic Data Supporting the Initiative

Implementing expanded telehealth services is anticipated to result in cost savings and revenue growth. A study by Kvedar et al. (2020) reports that telehealth can reduce healthcare costs by minimizing emergency visits and hospital readmissions. In our setting, approximate estimates suggest that increased virtual care could reduce inpatient admissions by 10%, saving around $1 million annually based on current hospitalization costs.

While initial investments in technology infrastructure are estimated at $500,000, ongoing operational costs are projected to be offset by increased patient volume and improved care management efficiency. Additionally, payor reimbursement policies for telehealth services have improved, making these services more financially viable.

Benefits for the Department and Care Setting

Expanding telehealth aligns with organizational goals of improving patient-centered care while promoting operational efficiency. It enhances access for vulnerable populations, reduces patient wait times, and lowers the healthcare system's environmental footprint by decreasing travel-related emissions.

For the department, this initiative fosters multidisciplinary collaboration, staff upskilling, and data-driven care delivery. Organizationally, it positions the facility as a leader in innovative, accessible healthcare and opens avenues for community outreach and partnerships, further enhancing reputation and resource acquisition.

Ethical and Cultural Considerations

The initiative emphasizes equitable access by addressing disparities faced by underserved populations. Efforts include multilingual support, ensuring digital literacy through education, and providing devices or internet access subsidies where necessary. This aligns with ethical principles of justice and equity in healthcare.

Conclusion

The expansion of telehealth services presents a compelling economic opportunity that meets community needs, enhances care quality, and promotes financial sustainability. Strategic investment in technological infrastructure, staff training, and community outreach will facilitate successful implementation. Evidence-based projections indicate substantial cost savings, increased access, and organizational growth, aligning with ethical standards of equitable care.

References

• American Telemedicine Association. (2021). Telehealth adoption statistics during the COVID-19 pandemic. Telemedicine Journal and e-Health, 27(4), 265-270.
• Kvedar, J., Fogel, A., & Whitham, J. (2020). Telehealth's role in reducing healthcare costs. Health Affairs, 39(12), 2174-2181.
• American Hospital Association. (2022). Telehealth strategies for hospitals. Hospitals & Health Networks.
• Centers for Disease Control and Prevention. (2021). Chronic disease management and telehealth. Morbidity and Mortality Weekly Report.
• Smith, A., & Lee, K. (2019). Demographic analysis of rural health disparities. Journal of Rural Health, 35(2), 123-131.
• Johnson, D., & Chen, H. (2020). Economic evaluation of telehealth services. American Journal of Managed Care. 26(6), e172-e178.
• National Institute of Health. (2020). Digital health disparities among vulnerable populations. NIH Publication.
• World Health Organization. (2021). Digital health strategies. WHO Report.
• Harvard Business Review. (2019). Strategic planning for telehealth expansion. HBR.org.
• Fletcher, R., & Mann, H. (2022). Least-cost model for healthcare interventions. Health Economics, 31(7), 756-768.