Develop a 5-page business case for the initiative you proposed in Assessment 1. Examine feasibility and cost-benefit considerations over a 5-year period, analyze ways to mitigate risks, and complete a cost-benefit analysis.
Note: Each assessment in this course builds upon the work you have completed in previous assessments. Therefore, you must complete the assessments in the order in which they are presented.
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 must consider 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 in which you are investing. You must also balance your ethical and moral responsibility to provide quality care to patients and populations with your responsibility to protect your organization’s assets and economic viability in the near and long terms.
Develop a business case for the economic initiative you proposed in Assessment 1. Examine the feasibility and cost-benefit considerations of implementing your proposed initiative over the next five years. Analyze ways to mitigate risks and complete a cost-benefit analysis.
The requirements for your business case, outlined below, correspond to the scoring guide criteria, so be sure to address each main point. Read the performance-level descriptions for each criterion to see how your work will be assessed. In addition, be sure to note the requirements for document format and length and for supporting evidence.
1 Analyze the potential economic opportunities and risks associated with your proposed initiative.
• How do the potential opportunities benefit your organization or care setting?
• How could potential risks pose a threat to the financial security of your organization or care setting?
• How do the potential economic opportunities compare to the potential economic risks?
2 Propose ethical and culturally sensitive solutions that address the risks associated with your initiative to the future economic security of your organization or care setting.
• Which risks are potentially the most significant for your organization or care setting?
How could you modify your proposed initiative to mitigate those risks?
How have other organizations and experts in the field dealt with similar risks?
o How do ethics and equality factor into your proposed solutions?
Are your solutions unfairly burdening or disadvantaging any specific groups?
o How will this proposal affect community health care delivery outcomes?
What makes this a great opportunity for economic growth?
What potential issues should be considered?
3 Analyze the economic costs and benefits of your proposed initiative over a five-year period.
o Use the Cost-Benefit Analysis Template [XLSX] for your calculations. Add the worksheet to your business case as an appendix.
o Does your analysis warn against specific aspects of your proposed initiative?
o How would you recommend that your findings be incorporated into decisions about the feasibility of your proposed initiative?
4 Propose ethical and culturally equitable ways of keeping costs under control, while maximizing the benefits of your initiative.
o What costs are you most likely to be able to control or reduce?
How would you go about ensuring this?
o How could controlling or reducing these costs affect the benefits of your proposed initiative?
What strategies could you employ to maintain or maximize these benefits, while controlling or reducing costs?
o How do you plan to ensure that any cost controls or benefit reductions are ethical and equitable?
5 Justify the relevance and significance of the quantitative and qualitative economic, financial, and scholarly evidence you used to support your business case.
o This criterion applies to any evidence you cited throughout your business case. Your evidence should be persuasive and relevant to your findings, proposals, and recommendations. Consider one or more of the following questions when citing support evidence:
How is the evidence relevant to your organization or 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 an initiative or solution is likely to be a net benefit to the organization or care setting?