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Cost-Benefit Analysis

Create a 5-6 page cost-benefit analysis that supports a risk financing recommendation for a selected organization.

Introduction

In your current and future role as a healthcare leader, you can expect to conduct a cost-benefit analysis (CBA) to determine whether the positive benefits of a proposed recommendation outweigh the negative costs.

Plowman relates that "a cost-benefit analysis is used to evaluate the total anticipated cost of a project compared to the total expected benefits in order to determine whether the proposed implementation is worthwhile for a company or project team" (2014, para. 1). Plowman also identified the three parts of a CBA to be the following:

Identification of potential costs.
Recording of all anticipated benefits.
Examination of the differences to determine if positive benefits outweigh negative costs.
A pre-formatted Excel spreadsheet that can be used as a template for CBAs is a good tool to have in your personal toolbox. Inputting data is simply the first step. As you fill out templates, always consider the numbers within the context of an organizational mission, strategic direction, patient safety, risk management issues, regulatory requirements, patient and stakeholder satisfaction, and also the dynamics within the healthcare industry.

As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as a part of your assessment.

What steps do you need to take in order to align a CBA with an organization's mission and strategy?
If you were to offer three alternative recommendations after a CBA, what types of elements would you consider to differentiate them from one another?
How would you substantiate a recommendation for reducing financial risks in a healthcare setting when the quality of care is involved?
What are the three parts of a CBA?

Full Answer Section

Based on this comprehensive CBA, the recommendation is to proceed with the immediate implementation of the new patient safety software system. This strategic investment not only represents a fiscally responsible risk financing decision but also aligns directly with the hospital's mission to provide safe, high-quality, and patient-centered care.

Introduction and Background

In today's complex healthcare environment, leaders must make strategic decisions that balance financial sustainability with the paramount goals of patient safety and quality of care. A cost-benefit analysis (CBA) is an essential tool for evaluating such decisions by systematically comparing the total anticipated costs of a project against its total expected benefits. The purpose of this report is to conduct a CBA for a proposed risk financing solution for Riverside Community Hospital.

Riverside Community Hospital, a 250-bed acute care facility, has recently seen a notable increase in its medical malpractice insurance premiums. This rise is attributed to a history of preventable medical errors, including medication errors, patient falls, and healthcare-associated infections. These incidents not only result in financial losses from claims and increased premiums but also cause significant harm to patients and damage the hospital's reputation. The current approach of solely relying on high-cost insurance coverage is not a sustainable long-term risk financing strategy. To proactively mitigate these risks, the proposed recommendation is the implementation of a new patient safety software system. This system will integrate with the hospital's electronic health record (EHR) to provide real-time clinical decision support, track patient safety events, and generate actionable insights to prevent future errors. The following analysis identifies the potential costs and anticipated benefits of this recommendation, providing a clear financial and operational framework for a decision.

Sample Answer

Cost-Benefit Analysis Report: Patient Safety Software Implementation

Date: October 26, 2025 To: The Executive Leadership Team From: [Your Name], Healthcare Leader Subject: Cost-Benefit Analysis and Risk Financing Recommendation for a New Patient Safety Software System

Executive Summary

This report presents a cost-benefit analysis (CBA) to support a risk financing recommendation for Riverside Community Hospital. The hospital is facing increasing medical malpractice insurance premiums and liability risks due to a documented history of preventable medical errors. To address this,

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