Week 6 final

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Economics

Description

Building on the work you completed in Weeks Two and Four, you will complete a feasibility study based on a pre-approved health care project of your choice. Using the feasibility study outlined in the Daniels and Dickson (1990) article as a model, and including a minimum of six other scholarly sources, create a 12- to 15-page feasibility study that includes the following headings and supporting information:


Evaluating Feasibility
The concept of a feasibility study is central to viability, the “worth to the effort” ratio, and return on investment (ROI). What needs to be taken into consideration to create a feasibility study (e.g., human resources, community needs, and technological advances, federal and state regulatory issues)? Within this section, you will research and design an economical health care service that is responsive to a given market. This research stems from understanding your target population and present need in health services. Furthermore, as you have seen from the Daniels and Dickson (1990) article, you must appraise your human resources, capital investment, and how your effort will yield a return on investment from a facilities perspective as well as the tangible greater good of providing healthcare to a community.

Strategic Effect
Analyze the role of public policy with regard to your project. What policies and processes should be in place to create an effective program? How will you measure the effectiveness of your program and your provision of health care services? Develop a microeconomic model that is responsive to the specific health care service demands of your target population. For example, the current trend of the medical home model, which allows for the coordination of care, allows for better communication among service providers as well as convenience for patients. Is the population a market priority? How does your program serve a need for your target population?

Market Analysis
Within this section you will identify the population demographics, who your competitors are, and whether or not a real need for the services you are proposing exists in the community. As you examine the demographic and population needs using Census data and other reliable sources, you must also consider what competitors, if any, exist in the present climate. This requires an evaluation of the present socioeconomic and cultural trends influencing how people make decisions in health care. In addition, in this analysis you will need to compare and contrast economic challenges and incentives among health care’s organization models. This comparison requires an understanding of past challenges and incentives that other organizations have implemented.

Financial Analysis
This section includes the revenue, expenses, and net income. Compare and contrast economic challenges and incentives by finding and describing multiple sources of public and private funding (e.g., grants, donations, awards, special projects) for this project. Include a reference list for your funding sources that is formatted in APA as outlined in the Ashford Writing Center. Next, identify the funding constraints for each source. Include limitations of monies awarded, timing issues, fitting the needs of the funding sources, difficulties of connecting with private funders, etc. Finally, specify the internal ramifications of moving forward using SWOT analysis. What are the fixed and variable costs associated with your project? What are the annual maintenance and operation costs? Elaborate on how you arrived at your sensitivity analysis conclusions.

Operations Performance
This section examines the incremental effect of how your proposed service will impact all aspects of health services. This portion of the study explores how the statistical data you have researched affects the proposed service in terms of efficiency and value. This can be difficult to measure initially. However, through incremental and ongoing evaluation of operations, you can begin to see what constitutes the best performance in this instance and how it serves the target population. In this section, you will further illustrate the incentives and challenges faced by a health organization and communicate the relevance of economics within the U.S. health care system as it pertains to your proposed services.

Inpatient
If your proposed study has an inpatient component, this section will analyze on volume of patients, types of payers, and how utilization rates impact your proposed study. In addition, you will further explain how your new inpatient service will add value for patients and improve the financial viability of the institution. This section will require you to use both qualitative and quantitative data to justify the plan. Hospitals operate in terms of how many beds are occupied relative to how many are empty. Most CEOs want to see that a unit is running at near full capacity and that volume is increasing year to year. Analyze how your proposal will meet these demands by explaining the data you have collected and predicting potential financial outcomes. Finally, evaluate and explain how value-based care will impact your ability to maintain margins within this newly proposed service.

Outpatient
If your proposed study has an outpatient component, examine how admissions, revenue, and workflow of staff will improve the efficiency of your proposed service. Analyze how your outpatient service will add value for patients and improve the financial viability of the institution. Justify your plan with appropriate data. As stated in the inpatient section, the content here applies much the same way. However, the caveat for outpatient services lies in the ambulatory setting. This aspect should be most interesting under conditions created by the Affordable Care Act. The new paradigm shift will be toward more preventative, primary, and outpatient care settings to reduce the numbers of patients being admitted to hospitals. Please explain how your proposal takes these conditions into consideration. In this section, you will further compare and contrast economic challenges and incentives among health care’s organization models in an outpatient setting. You will also further augment your design in an economic framework that is responsive to your market.

Outlook
This section examines future implications of your proposed services and how they will impact the future health outcomes of the community and financial health of the services being provided. Analyze economic theories that are germane to the provision of your proposed health services. What adjustments might you need to make in terms of what the “unintended consequences” may be? For example, Baylor Hospital in Houston proposed and spent 250 million to create a brand new hospital that currently stands empty because it was built during the U.S. economic downturn, the loan was no longer able to finance the construction, and the initial examination of its necessity did not play out as expected. Provide conclusions and implications of how your feasibility study fits within the larger context of the system of services currently being provided. How do they work with one another within the larger health care system?

Finally, evaluate how your study will respond to market and design models that impact the community based on current regulatory and market needs.

Writing the Final Paper

The Final Paper:

  1. Must be 12 to 15 double-spaced pages in length, and formatted according to APA style as outlined
  2. Must include a title page with the following:
    1. Title of paper
    2. Student’s name
    3. Course name and number
    4. Instructor’s name
    5. Date submitted
  3. Must begin with an introductory paragraph that has a succinct thesis statement.
  4. Must address the topic of the paper with critical thought.
  5. Must include the listed headings with the content required under each.
  6. Must end with a conclusion that reaffirms your thesis.
  7. Must use at least six scholarly sources that were published within the last five years, including a minimum of three peer-reviewed sources
  8. Must document all sources in APA style, as outlined
  9. Must include a separate reference page, formatted according to APA style as outlined in t


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Explanation & Answer

Attached.

Running Head: FEASIBILITY STUDY

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Feasibility Study: A Proposal for Hospital-At-Home in Maternal Health Care
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Course
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FEASIBILITY STUDY

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Introduction
The lack of access to obstetric programs and services is one of the major causes of the
high rate of maternal as well as newborn death in different parts of the world. Therefore,
establishing this maternal health care facility will be a strategic approach to reducing the number
of maternal and newborn death in our community. As of 2014, about 23,000 infants died in the
United States alone. This represents about 6 deaths out of 1000 infants born alive. Of these,
many were found in areas with low income with some regions recording as high as 15 infant
deaths in a 1000 live births. This is in sharp contrast to figures recorded in other developed
countries such as Japan with an average mortality rate of about 2 out of every 1000 births and
Australia which records about 3 infants' deaths out of 1000 live births. Establishing a maternal
health care facility strategically located in a community with low income will help address this
menace as well as ensure a constant flow of clients within the population which in most cases are
highly populated (Tiwari, et al., 2017). Typically, health care facility which is considering such
an approach should weigh the strategic impacts by the evaluating feasibility; strategic effect;
market analysis; financial analysis; operations performance; inpatient; outpatient; as well as the
outlook.
Evaluating Feasibility
In the community where the services are to be established, there is an increased need for
maternity and infant care services due to the high number of infants and maternal deaths
reported. The increasing needs of infants and maternal health care needs make the project viable
especially with the reduced number of experienced community midwives in the area. This makes
this project a viable investment not just to the shareholders but also to the advancement of

FEASIBILITY STUDY

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healthcare services in the community. The conception of the idea to establish these services came
up after increased reports of infants and maternal deaths during deliveries reported by local news
agencies. While the Department of Health has invested a considerable amount of revenue to train
community midwives to help meet the gap between infants and maternal health care needs, this
has not effectively addressed specific needs such as infants vaccinations, community health
prevention measures, and health education. The feasibility analysis carried out a few months ago
shows that the needs will be best met by the establishment of a health facility which specifically
addresses the needs of the community regarding obstetric health and infants health needs.
Before the establishment of the project, a SWOT analysis was carried out to identify
possible strengths, weaknesses, opportunities, and threats to the project.
SWOT Analysis of the Project
According to Gray (2011), a SWOT analysis is a strategic planning tool which is used to
evaluate the strengths, weaknesses, opportunities, and threats to a given project. The key
function of a SWOT in a project is to help specify objectives of a given project as well as
identify both internal and external factors which could be favorable and unfavorable to achieving
the key objectives set out. For this project, the SWOT analysis tool will be essential in
discovering the key internal and external issues and also enable the management to refresh the
tactics and strategies of this project. Before establishing the project, it is essential to identify key
threats and opportunities to put in place effective measures to address them. Before establishing
the healthcare facility, we conducted a SWOT analysis to identify key opportunities which can
help the project be a success while at the same time identifying possible threats which could
harm the project.

FEASIBILITY STUDY

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Strengths


To effectively serve the community and attract clients to the health facility, highly skilled
and experienced medical staffs will be essential. This will ensure the hospital can cut
costs associated with litigations arising from mismanagement as well as the extra cost of
care. This will also help the facility attain its goals of serving the community and
reducing the maternal and infant's deaths within the community.



The project will be founded on strict adherences to ethics and moral standards required in
the medical profession. This entails confidentiality, excellent care, and transparency.



The project will closely engage consumers on specific needs especially those touching on
cultural backgrounds.



Another key strength of the project is the willingness of the community and the
willingness of other charitable organizations within the community to get involved.



A ready market for the services to be offered.

Weaknesses


Being largely a project which seeks to meet the needs of the community, huge investment
is required to deliver all the services effectively. Insufficient funding of the project
remains a...

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