Financial Strategies Summary For The Sustainability Initiative Plan

Sustainability Initiative Proposal Summary

 Energy efficiency is a method of reducing the amount of energy required to perform the same activity. The most important reason healthcare facilities want to preserve energy, according to commercial enterprises, is to cut costs and boost operating margins (Social & Environmental Benefits/COSTS, 2019). The cost savings allow funds to be reallocated to improve the facility’s services. Examples of functions consist of, but are not limited to, facility maintenance. Routine maintenance has shown to be expensive, but it reduces the probability of a major repair. By implementing energy-saving goods such as lighting, heating, and cooling, we may boost our operating margins as a result of the facility improvement, which will attract patients and improve patient satisfaction ratings—committing to decrease their environmental effect through better energy utilization. Emissions from energy use have an impact on our environment. We get the same result by becoming more energy efficient.

To be more environmentally friendly, I would like to encourage an eco-friendly lighting design project. We want to provide a place where patients, residents, their families, and staff have access to support with their health and rehabilitation. We’ll accomplish this by installing floor-to-ceiling windows and glass curtain walls to let in more natural light. Using natural light instead of artificial light saves energy while also increasing productivity and general health.

Lighting is the most essential environmental factor that can improve the visual surroundings, safety, and health of nursing home patients. In addition to preventing injury or harm, a well-designed, effective healthcare environment can aid with psychological problems and speed up the healing process. We intend to achieve a number of objectives over time, including decreased energy use, increased employee productivity, raised serotonin levels in staff and residents, and happier patients. Some examples of probable outcomes are reducing energy use first in restrooms and closets (areas that aren’t usually occupied). An automatic lighting system with motion detection, such as the lights turning on when the door opens and turning off when there is no movement.

Control airflow from high-traffic areas by using automatic doors. More windows lessen the need for artificial lighting while also improving vitamin D levels, vision, sleep, and mood through increasing serotonin levels. We intend to reduce our energy use and improve the overall health of our patients and employees by bringing in more natural light. Lighting has been found to have an impact on patients, visitors, and staff. Recognizing that there is no longer a need to compromise between structure and function will result in substantial advancements in medical lighting.

Financial Strategies to Fund Implementation

 The lighting sustainability initiative project will require at least three financing strategies to be implemented. Environmental Benefits/Costs are positive or negative effects on the environment brought on by a company’s operations (Social & Environmental Benefits/COSTS, 2019). The balance between financial components and social and environmental effects aids the organization’s ability to make effective decisions that reflect the importance of value to the causes of its activities’ consequences. A cost projection is a description of financial investments for project conception, implementation, and maintenance that are required to establish the project initiative and fully operationalize the project (Morkovich, 2010). There are tools available to help achieve the goal of energy reduction. The EPA’s Energy Star Portfolio Manager, a free program that allows healthcare organizations to manage their energy usage intensity measures, can be used to assist with this. We should also undertake frequent energy audits. These might range from simple walkthroughs to detect inefficient systems to in-depth evaluations involving submeter installation on specific building systems. To attain successful results, we must make informed investments. Airflow setbacks in operating rooms, for example, could have a major economic benefit. ENERGY STAR Target Finder can include efficiency objectives into organizational structure design by adding new features. As a result, the primary goal of expanding construction possibilities is met. This is a fantastic opportunity to incorporate energy conversion facilities. This should be done early in the procedure for the best results. Hospitals can reach their goals by thinking about sustainability and developing energy-efficient investments. The patient experience can be enhanced, operations costs reduced, and community health promoted (Hospitals and Healthcare Initiative: Energy Efficiency Market Transformation Creates Long-Term Impact).

The Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis is significant for hospitals, medical organizations, nursing homes, and possibly individuals in private practice since it enables you to focus your marketing on the areas with the biggest advantages. A SWOT analysis is a cornerstone of strategic planning and is commonly used as the foundation for business strategy in healthcare. The SWOT analysis below demonstrates the strengths, weaknesses, opportunities, and threats of the lighting initiative by combining quantitative and qualitative data.

An analysis of how the anticipated community collaborations, waste reduction initiatives, and improved patient care outcomes would affect the financial strategy of our lighting sustainability initiative project. Companies can form a variety of partnerships to improve collaboration and healthy competition. The Department of Energy (DOE) is an important partner that will be part of our lighting plan. According to the DOE, energy constraints must meet or exceed those specified in ASHRAE/IESNA Standard 90.1 (American Society of Heating, Refrigeration, and Air Conditioning Engineers, Inc/Illuminating Engineering Society of North America). Another option is LEED (Leadership in Energy and Environmental Design), which lays the groundwork for healthy and environmentally friendly construction and improvements.

There are also WELL Construction Standards, which ensure efficient construction materials and resources, as well as health and welfare, with one of them being light.

A method for integrating patients, their friends, and family members in our lighting sustainability effort, either directly or indirectly. People become more reliant on their environment as they age to cope with increased frailty and visual loss. Most healthcare

facilities lack appropriate lighting to suit the needs of older people. As we become older, most of us notice changes in our eyesight, such as the need for additional light or the time it takes to adjust to different light levels. For seniors, a decline in eye acuity and visual performance is unavoidable.

Petition for Approval of the Financial Strategies

 In order to carry out the project for the lighting sustainability initiative, we must have approval for financial strategy. Although adequate lighting is essential in any healthcare setting, it is especially critical in hospitals and other facilities that serve the elderly. When we construct or modify facilities for older people, we make decisions that affect the health, safety, and well-being of hundreds of thousands of older people. Lighting has had and will continue to have the most impact on the running of a healthcare institution than any other single factor (Brawley, 2016). Now is the moment to take action! We must ensure that hospital patients’ lighting needs are met in terms of both quality and quantity of light. To encourage sustainability, healthcare administrators should prioritize treatment and service quality while keeping pricing reasonable. Organizations can encourage sustainability while ensuring that financial resources are used to improve overall quality and services by focusing on projects. By implementing more sustainable operations, we seek to lower our energy use while improving the overall health of our patients and employees. Sustainable practices have been proven to greatly benefit patients, visitors, and staff. Recognizing that form and function do not have to be mutually exclusive will lead to enormous advances in health care.

Conclusion

 In conclusion, Healthcare leaders should concentrate on improving the quality of care and services while reducing costs in order to advance sustainability. Organizations can support sustainability while ensuring financial resources are used to improve overall quality and services by focusing on projects. By introducing more sustainable strategies, we seek to lower our energy use while improving the overall health of our patients and employees. Sustainable practices have been proven to have a significant impact on patients, visitors, and employees. Recognizing that there is no longer any need to choose between structure and function will result in enormous healthcare advances.

References

 Boyce, R. D., Handler, S. M., Karp, J. F., Perera, S., & Reynolds, C. F. (2016, October 26). Preparing nursing home data from multiple sites for clinical research – A case study using Observational Health Data Sciences and Informatics. EGEMS (Washington, DC). https://pubmed.ncbi.nlm.nih.gov/27891528/

Brawley, E., & Noell-Waggoner, E. (2016). Lighting: Partner in Quality Care Environments – Pioneer Network. https://www.pioneernetwork.net/wp-content/uploads/2016/10/Lighting- A-Partner-in-Quality-Care-Environments-Symposium-Paper-3.pdf

Morkovich, E. (2010, August 26). Cost projection statement and analysis. Your Guide to Project Management Best Practices. https://mymanagementguide.com/cost-projection-statement-and-analysis/

Sipos, J. (2019, August 26). Sustainable Strategies for Healthcare Facilities. McKnight’s Long-Term Care News. https://www.mcknights.com/marketplace/marketplace- experts/sustainable-strategies-for-healthcare-facilities/

Social & Environmental Benefits/COSTS. Social & Environmental Benefits/Costs -. (2019, December 25). https://www.bizshakalaka.com/home/business-model-canvas/bmc-01- framework-2/bmc-01-10-social-environmental-cost-benefits/#:~:text=Social%20Benefits%2FCosts%20are%20beneficial,resulting%20from%20a%20company’s%20activities. &text=Environmental%20Benefits%2FCosts%20are%20beneficial, resulting%20from%20a%20company’s%20activities

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Your Financial Strategies Summary provides organization executives with reasons why they should approve financial strategies for your sustainability initiative plan. It demonstrates your ability to think critically through financial strategy development and presents your financial petition to leadership for resources for implementation.

Financial Strategies Summary For The Sustainability Initiative Plan

Prepare the Financial Strategies Summary for your sustainability initiative plan in 6 to 8 pages.

Include the following in your plan:

1. A summary of your sustainability initiative proposal

2. A minimum of 3 financial strategies to fund the implementation of your initiative

a. An analysis of the strengths, weaknesses, opportunities, and threats of each of your financial strategies for implementation of your initiative

b. An evaluation of how each of the following impacts those financial strategies within your initiative:

i. Proposed community partnerships

ii. Proposed waste reduction efforts

iii. Proposed improved patient care outcomes

3. Petition to the leadership for approval of your financial strategies to enact the initiative

Cite three reputable references to support your assignment (e.g., trade or industry publications, government or agency websites, scholarly works, or other sources of similar quality).