NURS FPX 6008 Assessment 2 Attempt 2 Developing a Business Case EZ

The risks and opportunities involved were observed in the cost benefit analysis. In the five-year plan, the estimated capital cost includes minor construction costs and the cost of purchasing furniture. In the current year, it has been $400,000. The utilities such as electricity, gas, and the Wife cost are also included in addition to other operating costs. The observations are based on the national average recruitment incentives, as the salaries of full-tie employed physicians are estimated to be 800,000 for the first year. However, each employee gets an annual increment that also raises their salaries and the overall salaries expense of the organization each year. Each year, new staff is hired and their salaries also raise the overall expense. The analysis shows that the present value of the total costs over the 5-year period is estimated at $ $515,559.33. Moreover, the benefits part is based on the increase in the revenues due to rising customers each year. Almost 400 patients per week are entertained by the healthcare system per week. Therefore, $250,000 is the estimated value of the increase in company’s revenue for the first year and so on as given in the appendix. Therefore, the analysis of the overall positive net benefit shows that the new healthcare initiative is economically viable and fruitful and will earn more revenues in the successive years. In addition, some knowledge gaps exist such as marketing and non-financial costs and a positive patient experience that is not discussed in the analysis.

Ethical and Culturally Equitable Ways of Keeping Costs under Control

Since the healthcare system is in a dire need of change and improvement, the transformation can only happen through applying and following ethically and culturally equitable strategies to keep costs under control. The language interpretation can be a stepping stone and a starting strategy which can include gap analysis of cultural issues like race, language, and ethnicity and using tools to embed language interpretations. This also involves providing compliance-related and regulatory trainings and hire subject matter experts to improve health equity (Betancourt, 2014). This can cut costs of the organization by 50% or more and can save the organization millions per year. Improving language access through “Martti” system can remarkably improve relationships of nurses with patients and can provide robust language access to reach to more deaf and weak-in-English people. Investing in technological solutions can help to improve health equity through ethical transformation and cultural competence. 

References

Betancourt, J. R., Corbett, J., &Boundary, M. R. (2014). Addressing disparities and achieving equity: cultural competence, ethics, and health-care transformation. Chest, 145(1), 143-148.

Gilbert, G. L., &Ker ridge, I. (2019). The politics and ethics of hospital infection prevention and control: a qualitative case study of senior clinicians’ perceptions of professional and cultural factors that influence doctors’ attitudes and practices in a large Australian hospital. BMC health services research, 19(1), 1-10.

Jennings, B., & Morrissey, M. B. (2011). Health care costs in end-of-life and palliative care: the quest for ethical reform. Journal of Social Work in End-of-Life & Palliative Care, 7(4), 300-317.

Lee, D. (2020). Impact of organizational culture and capabilities on employee commitment to ethical behavior in the healthcare sector. Service Business, 14(1), 47-72.