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Economic Decision-Making in Health Care

Maureen

Economic Decision-Making in Health Care

Emory Healthcare is implementing telehealth.

Emory Healthcare has embraced the proposed project of integrating telehealth into daily operations. This new approach will benefit the business and provide individuals with convenience, dependability, and accessibility to health care. Patients at Emory Healthcare have expressed dissatisfaction with the organization’s characteristics. For example, the organization is in a congested city with little parking and constant traffic. Aside from these disadvantages, many patients reside far from the facility. Telehealth will increase patient happiness and motivate them to maintain their health by attending doctor’s appointments. According to Gajarawala, Telehealth provides access to resources and care for people in rural locations, and adopting this system helps with provider shortages, increases the affordability of health care, decreases patient travel and wait times, and increases service quality (2021).

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The economic and environmental basics of Emory Healthcare were studied and presented to senior management to validate this proposed effort’s feasibility. The economic evaluation considers both available cash for spending and predicted revenue. Implementing telehealth will assist the company and patients in various ways, so the decision was made to move forward with the new venture. An implementation strategy was created to effectively assist leaders with a budget that may be used throughout five years. In addition to highlighting the benefits of telehealth, potential drawbacks were acknowledged. This enables management to execute issue-prevention initiatives in addition to telehealth implementation strategies.

Emory Healthcare Economic Analysis

A five-year budget was established to determine Emory Healthcare’s financial status when implementing the telehealth system. This budget comprises both the costs of implementation and the revenue. The revenue for telehealth was estimated for the first years using the patient census that Emory Healthcare now cares for. While it has been determined that the organization has lost patients due to the long drives, location, and hectic environment of Emory Healthcare, these patients are expected to return. Emory Healthcare’s clientele will continue to grow due to the popularity and convenience of the new telehealth system. If projections are correct, Emory Healthcare will generate $1,379,318 in revenue in the first year.

The new initiative’s expenditures must be factored into the implementation strategy. Running costs include telehealth equipment, insurance, employee wages, and other operating expenses. Each clinician participating in the new appointment style will require the appropriate technology, including a webcam and microphone. Furthermore, the telehealth equipment must be equipped with the appropriate telehealth software. In the first year of telehealth implementation, staff salary and insurance costs are recognized by involving two physicians and one physician assistant. The organization is predicted to develop due to the popularity of telehealth, and more physicians are likely to participate in telehealth services during the next five years. This will ultimately raise all operating costs. However, a rise in insurance costs is only expected to occur with a specific number of physicians in year four.

While the organization will support some of the construction and furniture, other costs will need a loan. The loan amount will be $89,000. The overall cost of building and furniture is estimated to be $150,000. To ensure the loan is paid off within five years, $19,500 must be paid annually.

To determine how efficient Emory Healthcare’s new telehealth project will be, the organization’s budget was examined to see if there would be a cash surplus or deficit. According to the financial projections, integrating telehealth would result in a cash surplus for Emory Healthcare. The operating surplus was established each year by subtracting total operating expenditures from total revenue. After five years, the overall operating surplus is expected to be roughly $4,826,866.75. To compute the cash surplus, the total nonoperating expenses for each year were removed from the operating surplus. The overall cash surplus is predicted to be $4,729,366.75 at the end of the five years.

Start of the Implementation Plan

Setting a timeframe for managers to follow is critical for maintaining clear communication among employees during the implementation phase. Senior management will provide the implementation plan for at least a month to be reviewed and approved. Once the decision was reached to proceed with the implementation, the bank granted the financing to make the process possible. In addition, time was set aside for the facility’s further construction and furnishings. The implementation plan can now begin; however, stakeholders must properly understand all procedures and critical aspects that will occur during the process.

Telehealth is a relatively new method that is rapidly expanding in the global healthcare market. Working with the new system takes some time, especially for physicians who have spent their entire lives caring for their patients face-to-face. Emory Healthcare providers will be fully trained to use the new telehealth software and deliver high-quality health care to patients through the system. Using messengers, webcams, and other forms of technical communication might lead to miscommunication or allow caregivers to miss vital body language from their patients. “It is claimed that daily usage of the Internet for social connection may even reduce one’s capacity to pick up on nonverbal clues, which can negatively affect professional telehealth communication” (Gustin, 2020). In addition to preparing doctors to detect patients’ nonverbal signs when using telehealth, suitable etiquette training will be provided. Even though the physician will not be face-to-face with the patient, good clothes, a professional, private area, and no visual barriers are required. Providers will be trained to utilize webcams effectively and keep eye contact so patients can fully visualize them, feel comfortable and acknowledged, and avoid misunderstandings. “Often, clinicians try to gaze at the patient or themselves on the screen, but the camera is situated above or below the screen. This provides the impression that the practitioner is not looking at the patient” (Gustin, 2020).

Like the other training programs at Emory Healthcare, the telehealth training procedure will emphasize diversity and cultural sensitivity. Emory Healthcare employees will offer care that is consistent with the organization’s purpose, vision, and values. Even with telemedicine, each patient will receive equitable, high-quality health care regardless of gender, race, origin, area, or sexuality. With the advancement of technology, such as telehealth, in the healthcare business, healthcare can now be offered by anybody in any part of the world, with the approval of licensure, rules, insurance, and guidelines. As a result, it is critical for providers participating in this new system to be thoroughly competent in cultural knowledge and intelligence. Training could include using examples to assist staff in becoming more conscious of cultural differences. “The generality of training outcomes may be strengthened by integrating related instances (e.g., issue behavior while attending weekly religious services) and demonstrations (e.g., videos of customers matched in culture) that the participant commonly experiences in everyday life” (Sivaraman, 2020).

Negative Consequences and Difficulties

When adopting any new system into a firm, it is critical to anticipate potential issues. Telehealth may be helpful to Emory Healthcare overall; nevertheless, specific hazards may exist during the adoption process. One of the difficulties is enrolling and informing patients about the new system. Ellimoottil describes one institution’s methods for reducing misunderstanding by encouraging patients to “plan video visits, receive reminders, and cancel appointments the same way they would with in-person visits” (2018). Telehealth may also be problematic for older people, who have difficulty controlling technology, or for the low-income population, who may lack the necessary procedures for telehealth services.

Another issue to consider when implementing telehealth is the necessity for technical assistance. Any technology will always require technical support at some time. Ellimoottil discusses the advantages of conducting “telehealth pilots” before deploying the new system (2018). These pilots are proficient in the following areas: “strategic alignment, quality and experience, operational and clinical feasibility, information technology (IT) integration, existing infrastructure, and the economic model” (Ellimoottil, 2018). Recognizing all of the fundamentals that go into telehealth operations will allow the firm to implement the technology successfully.

With telemedicine being a relatively new system in the healthcare industry, there will be further hurdles ahead. Healthcare systems should collaborate to share experiences and execute prevention techniques for these concerns. “Large health systems may help each other negotiate this new frontier in a way that enhances the patient experience while also bringing efficiency to present care delivery methods” (Ellimoottil, 2018). Collaboration with other organizations will allow telehealth to grow and become more efficient for healthcare providers and their patients.

Conclusion

Specific evaluations and analyses must be carried out before any implementation plan can be carried out. Emory Healthcare conducted a cost-benefit analysis on the implementation of telehealth. According to Cook, the primary aspects in evaluating are “(a) the inputs (costs) and outputs (consequences) of activities are evaluated, (b) two or more different courses of action are compared as the foundation for making choices, and (c) a suitable longitudinal time horizon is selected” (2017). Emory Healthcare has begun implementing telehealth after creating a budget for the new telehealth system, a timeframe for the application process, and an examination of quality, quantity, economics, and the organization’s environment. This will offer the company more excellent cash and provide Emory Healthcare’s patients with more convenient, reliable, and high-quality health care.

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References

Cook, W. A., Morrison, M. L., Eaton, L. H., Theodore, B. R., & Doorenboz, A. (2017). A systematic review of the quantity and quality of economic evaluations in U.S. nursing research, 1997– 2015. Nursing Research, 66(1), 28–39.

Ellimoottil, C., An, L., Moyer, M., Sossong, S., & Hollander, J. E. (2018). Challenges and opportunities faced by large health systems implementing telehealth. Health Affairs (Project Hope), 37(12), 1955-1959.

Gajarawala, S. N., & Pelkowski, J. N. (2021). Telehealth benefits and barriers. Journal for Nurse Practitioners, 17(2), 218-221.

Gustin, T. S., Kott, K., & Rutledge, C. (2020). Telehealth etiquette training: A guideline for preparing interprofessional teams for successful encounters. Nurse Educator, 45(2), 88-92 Sivaraman, M., & Fahmie, T. A. (2020). A systematic review of cultural adaptations in the global application of ABA‐based telehealth services. Journal of Applied Behavior Analysis, 53(4), 1838-1855

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Question 

Develop a 10-slide business PowerPoint for the economic issue you have been working with as your topic in the previous assessment. You will then present this PowerPoint using Kaltura and submit the video.

TOPIC- RISING COSTS IN HEALTH CARE LEADING TO DIFFICULTY RECRUITING AND RETAINING QUALIFIED MEDICAL STAFF

Economic Decision-Making in Health Care

Introduction

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 they are presented.

As a master ‘s-level healthcare practitioner, you are expected to consider several factors when supporting change by analyzing the feasibility of a new initiative or identifying an issue within your organization. For example, you must consider the various types of risk (such as patient safety, physical plant, financial, or reputation) and the present and future value of the service line or economic opportunity you are invested in. You must also balance your ethical and moral responsibility to provide quality care to patients and populations while protecting your organization’s assets and economic viability in the near and long term.

Background and Context

As a master ‘s-level healthcare practitioner, you are expected to consider several factors when supporting change by analyzing the feasibility of a new initiative or identifying an issue within your organization. For example, you must consider the various types of risk (such as patient safety, physical plant, financial, or reputation) and the present and future value of the service line or economic opportunity you are invested in. You must also balance your ethical and moral responsibility to provide quality care to patients and populations while protecting your organization’s assets and economic viability in the near and long term.

Instructions

For this assessment, you will develop a 10-slide business PowerPoint for the economic issue you have been working with as your topic in the previous assessment. You will then present this PowerPoint using Kaltura and submit the video.

This presentation asks you to examine the feasibility and cost-benefit considerations of implementing a proposed solution for your chosen issue and analyze ways to mitigate risks.

Be sure to address each main point. Review the assessment instructions and scoring guide, including performance-level descriptions for each criterion, to ensure you understand the work you will be asked to complete and how it will be assessed. In addition, note the requirements for document format, length, and supporting evidence.

You may also wish to consult the Guidelines for Effective PowerPoint Presentations [PPTX] if you need additional guidance while assembling your presentation.

Overall, your assessment submission will be assessed on the following criteria:

If you need more guidance on recording a video with Kaltura, refer to the audio and video information in Using Kaltura.

Additional Requirements

Note: As you revise your writing, check out the resources on the Writing Center’s Writing Support page.

Competencies Measured

By completing this assessment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:

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