NURS FPX6008 Assessment 3 Implementation Plan for a New Economic Opportunity
Assessment 3: Implementation Plan for a New Economic Opportunity
Month Date, Year
Implementation Plan for a New Economic Opportunity
This report covers the implementation plan that involves creating a new initiative for the healthcare initiative that was started by the Prime Medical Center related to the establishment of a new organization. The report covers the budget creation that covers everything from material, capital, and human resources costs in the five years and how the project will become sustainable in the future time period. The report will also provide a timeline detail and the impact of this new economic initiative on the organization’s revenues.
Since, thePrime Healthcare Center has decided to construct a new healthcare organization as an extension with the name of SmartHealth, the setup will prove to be beneficial for the society to provide instant care to employees of PMC and other community members who sustain injuries and feel sick. This means that the objective of SmartHealth will be providing efficient and timely and patient-centered services to different members of the community who are close to that area and do not have any other facility in the area.
Budget Plan for the Economic Initiative
The implementation of the new plan for the healthcare initiative will be done by keeping in mind the revenues and viability for the next 5-years. The urgent budget was created for that matter which shows all the items’ details such as costs, revenues, and viability chances of the new proposed initiative. The plan will lead to the successful completion of this project and the expected completion date is December, 20222. The profits in this plan are measured for the organization for the next five. This is ensured by multiplying the expected patient volume by taking an average of charged paid by the patients. charges. The expectation of new patients entering the new healthcare center is almost 357 per week. This means that professionals will make their decisions more effectively by knowing the details of this budget plan.
Many elements are kept in mind to evaluate the viability of this new initiative in addition to a few risks associated. For example, from seven kilometers of Prime Medical Center, there is no other heath center to meet the needs of customers. This imitative is based on the analysis of professionals by considering the cost-benefit analysis done in the previous report. The new customers are expected to bring in almost $160 revenues that amounts to almost $2,730,000 increased revenue or an additional profit. The PMC revenue will also increase by 5.3% annually while its operating expenses will include insurance, utilities, and employees’ salaries in addition to admin and marketing costs (Pitts et al., 2018).
For instance, the doctors are working full time in their shifts can earn salaries up to $232,000 that goes into salaries expense record. Moreover, nurses are expected to be paid salaries amounting to $112,000. Similarly, the medical assistants will be paid salaries $35,000 per annum and the salaries of medical receptionist are $32,000. The company is expected to hire more employees in the third and fourth year as the demand of the services grow who will also increase expense by 2.7% per annum. The utilities costs will also rise in the subsequent years for the next five years by 5%. Similarly, the budget shows that the insurance expenses will also increase in the next five years as the expected capital cost for the project is $350,000.The fact remains that the company will apply for a bank loan for the half of the amount of $350,000 and the rest will be used from the assets of the PMC.Finally, the loan amount will become almost $175,000 to be payable in the five years at an interest rate of 7% per annum. Therefore, the loan payment of almost$41,580per annum will be a liability for helping the organization builds more cash surplus in the fourth and fifth years.
Rolling out the Economic Initiative
Other healthcare initiatives are being started in the same geographical area within eight kilometersof PMC. This can also impact the urgent care services of SmartHealth; these medical centers will be able to benefit the community, however, at the PMC, the customers can get better testing facilities. However, some factors should be considered for Smarthealth to become a profitable alternative. One of these factors is the competition in the area that will allow customers to choose the services of SmartHealth instead of other healthcare providers. Traveling less is the biggest advantage for the patients; this helps to build trust in this organization as the organization also recommends its patients to perform regular checkups to stay healthy. Moreover, Smarthealth will also send frequent health reminders to patients to complete their routine checkups. Moreover, this can provide more customized care services to improve better outcomes.
Implementation Plan to Ensure Service Quality and Enhancements
The organization is bound to use culturally equitable and ethical strategies to ensure service quality and improvements (Moro Visconti, 2019). For example, the culturally sensitive policies and actions will allow improving costs of the organization and will also help to improvelanguage interpretation skills of nurses and other employees. This means that professionals will be able to reduce any linguistic issues and will act in a diverse manner to form teams which possess different backgrounds and races. Moreover, this can also help to reduce racial conflicts between many diverse individuals by using tools to embed language interpretations for diverse people. This will allow nurses to get compliance-related education which will help them to utilize the resources equitably. Therefore, this strategy will help the organization to demonstrate fairness and enhance diverse culture.
According to Bolero(2021), using culturally sensitive mechanisms is a savvy approach that can reduce the costs of the organization up to 40% in the healthcare context. The goal of the managers is too often save millions of dollars of costs and this can happen if strategies are deployed to offer better language access. This can happen if the organization uses a tool called“Martti” that has been used by other US healthcare organiziatons to enhance the relationships between the culturally diverse employees and patients. Therefore, the tool is bound to raise the quality of nurses’ services. And this savvy approach can boost interprofessional collaboration to speak English confidently.
The Influence of the Economic Initiative
Undoubtedly, the newly proposed economic and healthcare initiative such as SmartHealth is beneficial after the era of intense COVID-19. The patients of depression and anxiety increased significantly and nurses have to find more patient-focused approaches. This SmartHealth is an important institution for offering safe and timely healthcare services to customers. Many benefits for the community can be reaped through this initiative such as employing many professionally skilled people in the organization and allow them to learn and utilize the available material resources equitably (Krishankumar, 2022). The skills of physicians, nurses, and administrative managers must increase to meet complex customers’ needs.
Another strategy is to help the teams to combine their efforts by allowing nurses and workers focus on their own skill and improvement regarding IT use as well as some behavioral aspects. This can start from the top management and can run down to the bottom of the hierarchy. The nurses can collect significant data and interpret it to fill the gaps between patient-physician relationships in SmartHealth. It will allow them to form new plans and policies to get their financial resources in place to achieve milestones. Similarly, the formation of SmartHealth is an effective remedy for the health of the nation. The PMC will also experience some adverse and positive impacts. In terms of improved market power, PMC will enjoy more revenues and customers as in the short run, the company will earn more profits per patient (Chandra, 2020).
Finally, the restructuring of the organization is vital for both nurses and the patients because improving their emotional and physical health by reducing negative feelings and pressures. (Carini, 2020). However, this one adverse issue of SmartHealth formation can be mitigatedhiring more resilient leaders and nurses who are transformational leaders to demonstrate better EI emotional intelligence. The EI factor is a strong difference-maker to help nurses feel less panicked while treating multiple patients. This will encourage more revenues and trust in the long run by using positive strategies.
Strategies for the Viability of the New Economic and Healthcare Initiative
There are a few simple things our organization can ensure to ensure the profesisonals’ own personal hygiene. For instances, nurses and physicians must focus on their own hand hygiene. For this purpose, the strategy for nurses is to avoid infectious pateints and objects directly with hands and can focus on their oral skin care more than usual. They must hire new nurses with better information technology knowledge to keep this imitative viable for a long time. This means that the IT staff can plan new initiatives and plans to protect the data of SmartHealth patients and save it from hackers.
Moreover, the nursing leaders can also develop ethical plans and policies to help the new initiative succeed. This means that they must focus on costs reduction and consider environmental factors to change the rooms’ layouts. In the newly formed building, the nurses can rely on using music therapy for reducing stress and enjoying their work. The environmentalfactors will improve patient care and allow patients to choose SmartHealth over other hospitals. Moreover, nurses and leaders can build convenient administration procedures to reduce costs treatment periodically to enhance clients’ satisfaction and loyalty. Finally, the managers can decide whether they should continue using fossil fuels or should switch to using more efficient energy sources (Brown, 2022). The big idea is to reduce overall energy costs and that can happen if the organization purchases and installs modern lighting systems in emergency room and operation theaters. This shows that more green energy initiatives such as using solar panels and clean energy generators will also help the organization become more sustainable. These sustainability goals are important to achieve for controlling its costs in the first five years to help it become an economicallyviable initiative.
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