FE005 Financial Health and Nurse Entrepreneurs NURS 6211 Finance and Economics in Healthcare Delivery ​​​​​​​Proposal Implementation of a Telemedicine Program for Obstetric Patients

The proposed initiative seeks to introduce a telemedicine program tailored specifically for obstetric patients. This program will be implemented across multiple facilities within our organization, enabling us to reach a broader patient base. By embracing telemedicine, we align with our organization’s mission of fostering supportive relationships to aid our patients’ journey to health and wellness.

Benefits

Low Cost of Implementation: Telemedicine offers a cost-effective solution compared to traditional in-person consultations.

Potential for Growth: The telemedicine program presents substantial opportunities for growth, not only within clinics but also by facilitating increased utilization of hospital services.

Improved Patient Satisfaction and Engagement: Through the convenience and accessibility of telemedicine, we anticipate heightened satisfaction levels among patients, leading to increased engagement with their healthcare.

Financials

Return on Investment (ROI): Projections indicate an impressive ROI of 248% over a five-year span.

Cost Benefit: The cost benefit analysis demonstrates a favorable ratio of $11.78.

Payback Period: With a payback period of less than one year, the financial viability of the telemedicine program is evident.

Conclusion

In conclusion, the implementation of a telemedicine program for obstetric patients presents an opportunity with minimal startup costs yet promising returns. This initiative not only generates significant revenue but also sets the stage for even greater future growth and innovation in healthcare delivery.