UKCustomPapers | BRAINSTORMING THE BUSINESS CASE

BRAINSTORMING THE BUSINESS CASE

As a nurse, you may be accustomed to wearing many hats, including healthcare provider, educator, counselor, and confidant. The hat that may be a less familiar fit is that of “salesperson.”
A nurse’s drive to advocate for their patients often leads to the development of creative solutions to improve care. Bringing these solutions from idea to reality often requires the development of a business case, which will sell leadership on the idea. As any salesperson will advise, a key to an effective sales pitch is to clarify the benefits to the buyer.
An effective business case must clarify the benefits of the proposal, highlighting what is to be gained by the organization if the proposal is pursued. This often includes financial, competitive, and strategic benefits, among others.
For this Discussion, you share ideas for a healthcare product or service that addresses gaps or provides opportunities within your healthcare organization.
RESOURCES

• Review this module’s Resources focused on business plans and systems thinking in healthcare organizations.
• Identify one or more individuals within your organization to act as “finance counselor” with whom you can consult on financial and budget items, such as costing, estimating, and budget request processes.
With these thoughts in mind:

Post a statement describing at least one gap and/or opportunity for enhanced services or approaches within your healthcare organization. For each gap or opportunity, identify one possible solution, applying systems thinking to your approach. Be sure to address financial (including budgetary) impacts of your solutions, consulting as needed with your finance counselor.

Sample Answer

Based on the provided prompt, here is a statement addressing a gap and offering a solution using a systems-thinking approach.

Gap and Opportunity

A significant gap within many healthcare organizations is the high rate of patient readmissions for conditions like congestive heart failure (CHF) and chronic obstructive pulmonary disease (COPD). This not only burdens the healthcare system but also negatively impacts patient outcomes. The opportunity lies in enhancing post-discharge care to reduce these readmission rates, which would lead to improved patient health and significant financial savings for the organization.

Full Answer Section

Proposed Solution

A possible solution is to implement a telehealth-based post-discharge monitoring program. This program would use remote patient monitoring devices to track key vital signs (e.g., blood pressure, weight, and oxygen saturation) of high-risk patients for 30 days following their discharge. The data would be automatically transmitted to a centralized nursing hub, where a dedicated team of nurses would monitor for early warning signs of a worsening condition.

This solution applies systems thinking by recognizing that readmissions are not a single-point failure but a complex problem influenced by multiple factors, including patient education, medication adherence, timely follow-up appointments, and access to care. The telehealth program addresses these interconnected elements.

Financial and Budgetary Impacts

Initial Investment: The primary financial impact would be the initial capital expenditure for purchasing the remote patient monitoring devices and the software platform. There would also be a budgetary request for the dedicated nursing staff to manage the monitoring hub. Let’s estimate this cost at approximately $100,000 for the first year, covering the technology and a part-time nurse.
Operational Costs: Ongoing costs would include data plan fees for the devices and staff salaries.
Financial Benefits: The financial benefits, however, far outweigh the costs. Medicare and other payers penalize hospitals for high readmission rates. By reducing readmissions, the organization could avoid these penalties, which can be in the millions of dollars annually. Furthermore, a decrease in readmissions frees up hospital beds and resources, allowing for more revenue-generating admissions. The program’s return on investment (ROI) could be calculated by comparing the cost of a single readmission (e.g., an average of $15,000) to the cost of preventing it. If the program prevents just seven readmissions in a year, it could pay for itself. The improved patient outcomes would also enhance the hospital’s reputation and competitive standing.

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