Assignment: Proposing a New Initiative

Assignment: Proposing a New Initiative

Assignment: Proposing a New Initiative

Executive Brief: Telemedicine as an Economic Opportunity

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Economic opportunities are essential for healthcare organizations since they help them leverage their expenditure and increase patient satisfaction. The best way to ease the current situation is by the organization starting up a telemedicine center. Hence, the proposed economic initiative in our hospital is the introduction of telemedicine which will serve the community. The main factors to evaluate include telemedicine’s viability, economic initiative, its effectiveness at macro and micro-level, and its ethical and cultural context. Also, the paper evaluates telemedicine’s supply and demand factors, economic and demographic data, important additional analysis data, and telemedicine’s economic and environmental data and its relevance

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Telemedicine Viability

Our organization works towards ensuring that all patients receive quality care to promote their health and overall well-being. However, the organization has recently been receiving increased cases concerning mental health from the community it serves. The situation has been overwhelming since the increased number of patients increases its spending due to nurse shortage. Consequently, the organization is facing congestion while its healthcare workers spend more time in hospital, resulting in burnouts, thus risking its mission to provide quality care and satisfactory patient services.

Telemedicine Economic Initiative

Telemedicine refers to the technology that helps physicians deliver care to patients virtually.  According to Haleem et al. (2021), telemedicine has three categories, remote monitoring, real-time interactive practices, and store-and-forward. Hence, when utilized properly, the patient, healthcare workers, and organizations gain tangible benefits, especially in improving the overall health services.

Telemedicine at Micro-Level And Macro-Level

For our hospital, the main components essential for its telemedicine include telepsychiatry, telerehabilitation, telenurse, and teleneuropsychology services to serve patients seeking mental health services. Hence, at the macro level, the organization will collaborate with other organizations for effective service delivery. At the micro-level, the organization will leverage its revenue while reducing travel costs for the patients.

Telemedicine at Ethical and Cultural Context

In ensuring that telemedicine brings ethically and culturally accepted improvements, the organization will monitor patient privacy and doctor-patient relationships to avoid bleaching the initiative goodwill (Das & Gonzalez, 2020). Also, the organization will continue researching ways to improve telemedicine services for quality care and patient satisfaction.

Telemedicine Supply and Demand Factors

Telemedicine aims at addressing transportation costs, waiting time, and increased mental help needs demands within the community. Hence, the organization will need to collaborate with organizations with good reputations, quality care, and qualified nurses to be part of the telemedicine team.

Telemedicine Economic and Demographic Data

From data provided by Stewart (2021), the telemedicine supply and demand are experiencing tremendous growth. By 2019, the growth of global telemedicine was at 50 U.S billion dollars with an estimate of growth to 460 U.S billion dollars due to traditional healthcare increased cost, an increase in telemedicine funding, and digital health users.

Important Additional Analysis Data

Other factors that can help telemedicine analysis include researching whether investors. For instance, Stewart (2021) indicates that in 2020, digital health industry investors invested  21.6 U.S billion dollars. Such information will help the organization in evaluating the best telemedicine investors.

Telemedicine Economic and Environmental Data and its Relevance

From the data provided, the organization management will manage to create goals for the organization. Also, since the telemedicine growth projection is going on, the organization will manage to compare and contrast their services and evaluate other services that they can incorporate for the benefit of the patient and in leveraging the organization’s revenue. Stewart (2021 ) projects telemedicine’s growth, especially on economic growth, which will help convince the organization management regarding its viability even as a long-term goal.

Conclusion

Telemedicine will be a great economic opportunity for our organization, especially in reducing congestion, reducing patient transport costs, and increasing the organization’s revenue.

References

Das, L. T., & Gonzalez, C. J. (2020). Preparing telemedicine for the frontlines of healthcare equity. Journal of General Internal Medicine35, 2443-2444.

Haleem, A., Javaid, M., Singh, R. P., & Suman, R. (2021). Telemedicine for Healthcare: Capabilities, features, barriers, and applications. Sensors International, 100117.

Stewart, C.  (2021). Global telemedicine market size forecast 2019-2030. Statista. https://www.statista.com/statistics/671374/global-telemedicine-market-size/

Stewart, C.  (2021). Investor funding in digital health industry 2010-2020. Statista. https://www.statista.com/statistics/388858/investor-funding-in-digital-health-industry/

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health care practitioners are charged with the responsibility of constantly scanning the external environment for shifts in the supply of, and demand for, services. Concurrently, leaders must examine their organization’s strategic direction and determine whether adjustments must be made to current service offerings, whether equipment updates are needed, whether staffing models should be changed, and whether other decisions must be made. Each decision that is proposed must be evaluated in terms of the organization as a system, alignment with the organization’s mission and strategy, available internal resources, potential contract and payer source implications, and the short- and long-term economic effects at both the micro and macro levels. research an economic opportunity that might be available within your health care setting—at both micro (departmental, neighborhood) and macro (organizational, community) levels—that you believe will provide ethical and culturally equitable improvements to the quality of care. Then, propose an initiative to take advantage of that opportunity. Support your proposal with economic data (sector growth, supply versus demand, cost versus reimbursement, et cetera) and an analysis of the prospective benefits for your department and for the organization overall.

Such economic opportunities might include offering a new service line, working to improve a service line already offered, retiring an outdated or unprofitable service line, or any other initiative you believe will be of benefit to your organization in the short and long term. One example is a recently launched partnership with a local bicycle-sharing company. Your organization partners with them to host healthy community events that offer free screenings for early detection of various health issues. Free screenings help fulfill some of your organization’s preventive and healthy lifestyle initiatives, while also potentially driving referrals to other services provided by your organization.

the requirements for your proposal, outlined below, correspond to the scoring guide criteria, so be sure to address each main point. Read the performance-level descriptions for each criterion to see how your work will be assessed. In addition, be sure to note the requirements for document forma, length, and supporting evidence.

Explain why your proposed initiative presents a viable and beneficial economic opportunity for your organization.
Describe your proposed service line or economic initiative.
Explain why your proposal presents an economic opportunity at the micro level and macro level.
Explain how your proposed initiative will provide ethical and culturally equitable improvements to the quality of care.
Analyze the economic factors of supply and demand associated with your proposed initiative, within a context relevant to your organization or care setting.

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What do economic and demographic data suggest is the supply and demand?
What additional information would improve your analysis?
Explain how relevant economic and environmental data support your proposed initiative.
How does the data illustrate a potential opportunity and the economic viability of your proposal?
Write concisely and directly, using active voice.
Proofread your proposal before you submit it to minimize errors that could distract readers and make it more difficult for them to focus on the substance of your proposal.
Support main points, assertions, arguments, conclusions, or recommendations with relevant and credible evidence.

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