Week 8 Touchpoint Reflection: Finance, Budgets, and Business Plans-“Oh my!”

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Guidelines for Touchpoint Reflections

A downloadable version of the guidelines, which includes further information, is available for access in the week 1 discussion thread. 

Reflection Information

This is the final week of discussion and there are two important areas of reflection included in this discussion. Please label each area with a heading to facilitate classmate and instructor response.

EXPERIENCE

• Post your executive summary.
• Compare your pre-and post-self-assessments.

REFLECTION

• Discuss the strengths and weaknesses to the business plan for your final proposal. 
• Identify areas of strength and weakness related to financial and budgeting principles discovered through your pre- and post- self-assessments comparison.

IMPLICATIONS FOR THE FUTURE

• What adjustments are needed for you to create the most compelling plan?
• What concepts from the course do you need to study further?
• What is your plan for enhancing your knowledge of finance and budgets in the healthcare organization?

Running head: BUSINESS PLAN: EBD MODEL 1

BUSINESS PLAN: EBD MODEL 8

Business Plan: EBD Model

Chamberlain College of Nursing

Course Number: NR533

February, 2020

Business Plan: EBD Model

There is evident improved decision-making and patient education when using EBD model compared to conventional approaches in reducing the burden of pain through enhanced professional interactions. The model promotes the building of an environment that is a powerful force in inpatient care since it brings efficiency. This assignment aims at enhancing learning skills, visions, and perspectives regarding the healthcare system as well as promoting communication, expression of thoughts, and ideas on the EBD model in the healthcare environment. This aim reflects the level of understanding of the effectiveness of improved decision-making and patient education through the use of the EBD model compared to conventional approaches in reducing pain among people with diabetes though enhanced professional interactions. This business plan on the EBD model on reducing pain gives a roadmap to the model’s implementation through running an organization with a cohesive vision. It includes the project’s financial plan, breaking-even analysis, cost-benefit analysis, development, and implementation budget.

Proposal

February 20, 2020.

Advocate Good Samaritan Hospital,

3815 Highland Ave, Downers,

IL 60515, U.S.

Dear David S. Fox,

I am glad to enclose the institution’s business plan for the EBD model project. Inside, there is adequate information about the project, a thorough opportunities assessment in reducing pain through enhanced professional interactions. The current conventional approaches used are ineffective in pain reduction, thus a need to adopt the EBD model to improve the outcomes. The project creates a blueprint for a growing diabetes treatment outcome.

The project emphasizes making things work and work well to make a difference in reducing pain. It does not matter whether the model is solving an existing problem or filling a need, building a bridge, or establishing a new system that does a job better, more comfortable, and faster. After an in-depth analysis of the project, integrating it with the current care system, enable the institution to:

· Increase diabetes intervention awareness

· Streamline approaches of reducing a burden of pain

· Target new diabetes patients, including untapped local base

· Increase efficiency in treatment

The achievement of a successful project implementation requires the institution’s management to set out the standards with which the project process can comply (ergonomics, density, and norms for health). These set standards must display clear sociotechnical regulations and principles to keep the project development and implementation process on the right track.

I look forward to working together to facilitate the implementation of the project. I would like to hear your views and respond any questions you may have concerning the EBD model project.

Thank you for your time.

Sincerely,

Executive Summary

EBD model is applied in healthcare design and beyond to provide evidence in multidisciplinary practice where the design solutions have measurable outcomes. The project outcome is the reduced burden of pain among people living with diabetes. The main expectation upon the implementation of the EBD model project is the reduction of the pressure mounting on nurses and doctors in reducing pain treating diabetes. Practitioners require the academy to learn more about EBD. Stakeholders will get an exposure to various intervention approaches within and beyond this project that depends on an evidence-based approach, know any of their progress towards EBD adoption. Practitioners can determine a personal viewpoint on EBD. The project will enable dieticians, doctors, nurses, and nurse educators to identify the problem, solve the issue, generate a solution, and test theory to adequately practice an EBD-approach that leads in solutions that enhance human behavior relationships and demonstrate the design’s value. Healthcare outcomes’ improvements drive the implementation of the project. Increasingly, most of the institution’s competitors are going for EBD models to increase efficiency. The project appeals to patients with diabetes desire for reasonable costs. The projection of the EBD model project is $275, 000.

Abstract

Description of the Project Purpose

EBD model contains a series of guides founded on a methodological framework that provides practical guidance and assessment of approaches to reducing the burden of pain among people living with diabetes. These guides target improved decision-making and diabetes patient education and take a practical, step-by-step technique that uses evidence-based examples. With the EBD model, the estimates of reducing the burden of pain are both comparable and reliable.

The Problem and Supportive Evidence

Ineffective approached in reducing the burden of pain have led to inefficiency in health outcomes. Due to incompetence, there is an increased number of diabetes patients’ readmission, substantial costs, and a lack of prioritization of actions. Cleveland Clinic Foundation’s Avon Hospital has used the EBD model in its new patient room to improve the patient experience (Jazayeri & Park, 2019). Improvements cover areas of safety and shortening of the length of stay.

Expected Project’s Outcome and Timeline

With the full implementation of the project, dieticians, doctors, nurses, and nurse educators can identify the problem, solve the issue, generate a solution, and test theory to adequately practice an EBD-approach. This approach leads to efficient solutions that enhance patient behavior relationships and demonstrate the design’s value. It is a seven-month project whose completion is early September 2020.

Marketing or Needs Analyses and Plans

The project focuses on meeting the demand for reducing the burden of pain among people with diabetes. In the current healthcare market, EBD is growing beyond the industry, hence a need for making critical decisions based on a data-informed approach. The diabetes care market needs a model that focuses on evident principles to measure and monitor efficiency and meeting diabetes care demand. Previous methods such as convention have not met the requirement, hence creating a business gap and opportunity for development and implementation of the EBD model to fill the gap. The project team will define, find, interpret, create, hypothesize, collect, monitor, and measure the project (Adler, 2020). In defining step, there is the establishment and articulation of a vision that defines the direction and intentions, of the project. The finding involves the identification of gap knowledge and determination of already performed projects. The research of literature will include interpretation of whether the evidence is credible and can inform the model project as well as the project’s hypotheses. After the interpretation, create steps follows and encompasses the translation of relevant evidence into the project’s guidelines for guiding the decision-making process and the creation of preliminary design concepts. In hypothesizing, predictions of the expected relationship between variables is tested as well as pointing out the direction for gathering data and analysis (Larsson & Larsson, 2020). After hypothesizing, evaluation of current processes at macro levels as well as defining the EBD model’s metrics follows. Then ensuring the project’s strategies are executed as specified in project documents and comply with the outlined plan. The last method is measuring in which project manager tracks changes and makes essential adjustments for achieving the overall project goal.

Project and an Organization’s Mission

The institution’s mission is to inspire hope and impact health by offering the best healthcare to patients; the EBD model works at integrating clinical practice, education, and research to realize this mission. The current institution’s services aim at reducing cardiovascular risk resulting from diabetes. Services include addressing blood pressure, lipid control, combating smoking, managing weight, and physical activity.

Financial Plan

The project covers these services for further improvements. The project needs $275,000 to finance the development and implementation steps. The raise of this amount involves one-year loan of $175,000 from SQD bank. A budget for contracting experts (2), consultants (1), paying staff (dieticians, nurse educators, nurses, doctors), and procuring essential equipment and tools for project development and implementation.

Financial Impact on Stakeholders

The organization will witness reduced revenues since most of the money funds the project processes, such as hiring experts and consultants. Patients will have lowered costs since the project aims at introducing efficiencies. Efficiency in healthcare reduces cost reduction since patients will no longer pay more for more extended stays. As a result of increased improved decision-making and patient education, better services mean patient visits go down as well as minimized emergency department admissions. So, the expenditure in the Unit of Service decreases (Currivan, Takeshita, Goebert, & Fleming, 2019). The community benefits from increased income since crucial stakeholders such as consultants and expertise come from the community members. Also, the community sells material, tools, and equipment for use in project development and implementation.

Break-even Analysis and Cost-Benefit Analysis

At some point, the project will have its total fixed and variable cost equal to total revenues (Richards, 2020). This point means the project will not bring either profits or losses in the organization; hence there is an easy determination of the required units to cover fixed and variable expenses resulting from the project. Project’s 10,000 units will bring a break-even point at

$120,000

. In a cost-benefit analysis, the project will have a sum of benefits totaling $290,00 with a sum of costs of $272,500.

Conclusion

The plan covers the prevalent issue in reducing pain and explores the EBD model as a practical approach for improved decision-making and patient education compared to a conventional method. The project identifies the problem as inefficiency in reducing the burden of pain among patients with diabetes while offering the implementation of the model as a solution to improved healthcare outcomes. The plan identifies critical inputs for project development and implementation, such as consultants, experts, nurses, nurse educators, dieticians, and doctors, together with the budget for the entire project. The availability of dieticians, nurses, and doctors form the strengths of the plan. On the other hand, external consultants and experts for project development are crucial opportunities for the program. The plan for seeking project approval starts with a request letter for approval, then submission of pre-view to the management. Once the accepted pre-view is approved, the presentation of the final review follows.

Appendices

1. Break-even analysis graph of EBD model

$120,000

0 $10,0000

Number of units

2. Cost-Benefit analysis of EBD model

Benefits

Total

Fewer repeat calls

$75,000

50% reduction in lost customers

$200,000

12% reduction in turnover

$15,000

Sum of benefits

$290,000

Cost

units X rate

Trainer time

1000

50

$50,000

Training facility

1,500

100

$150,000

Annual operating cost

1

50,000

$50,000

Annual maintenance

500

45

$22,500

Sum of benefits

$272,500

3. Budget

Initial Phase

Facilitator

Budgeted hours

Actual hours

Total budgeted ($)

Actual expenditures ($)

Research draft

Project Manager

18

25

1,500

1,650

Consultations

Project Manager

7

9

1,000

1,300

Project Proposal preparation

Department Head

48

51

30,000

33,500

Contract expertise

Project Manager

80,000

75,000

Unexpected Costs

2,000

Subtotal

112,500

113,450

Definition Phase

Consultation with end users

Project Manager

8

7

800

790

Catering for meetings

1,200

1,300

Unexpected costs

650

Subtotal

2,000

2,740

Development Phase

Travel costs

5,000

7,500

Material costs

3,500

4,000

Project management

1,000

1, 250

Elaborating schedules

850

900

Unexpected costs

240

Subtotal

10,350

13,890

Implementation Phase

Travel costs

1,500

1,400

Operations (dieticians, nurses, doctors, and nurse educators)

98,000

120,000

Project management

1,420

Unexpected costs

100

Subtotal

99,500

122,920

Grand total

$224,350

$253,000

4. Timeline

Week

1

2

3

4

5

6

7

8

9

10

Starting

Feb 20

Feb 27

March
5

April 12

March 19

June 10

July
21

August
4

September
1

September
7

Phase One

Project plan

Plan review

Phase Two

Draft requirement

Test plan

Acceptance Test plan

Phase Three

Design specification

Define project guidelines

Plan review and approval

5. Business Plan Worksheet

PROJECT DEVELOPER:

PROJECT TITLE: EBD MODEL

PICOT QUESTION: In patients with Diabetes, is there reported improved decision-making and patient education when using the EBD model compared to conventional approaches in reducing the burden of pain through enhanced professional interactions?

EXECUTIVE SUMMARY:

PROJECT DESCRIPTION:

IMPLICATIONS FOR ORGANIZATIONAL MISSION: (how does the project align with and enhance the organization stated mission and strategic goals)

IMPLICATIONS FOR STAKEHOLDERS:

MARKET ANALYSIS: (market defined, the impact of the project on the market; the forecasted contribution of the project to market share, demographics, utilization rates, any competitors for the service, clinical/tech advances; anything that might affect demand)

Target population:

Market size:

Payer considerations:

Competitive factors:

Projected volumes

OPERATIONS: potential impact on clinical and service quality

Location of and space for service

Management structure

Staffing

Equipment

MARKETING PLAN:

At least two marketing strategies (external- and internal- building awareness; physician-directed; targeted consumers

INSTITUTIONAL BRAND IMPACT:

FINANCIAL ANALYSIS:

Capital Costs

Operational Costs

Payer type/payer mix

Break-even analysis and Cost/benefit ratio

REQUIREMENTS FOR PROJECT:

Launch/implementation timeline

Facility requirements

Informatics requirements

Medical staff requirements

Staff requirements

Regulatory Hurdles

Payer contracting needs

FEASIBILITY:

Risk Assessment: SWOT analysis

Launch/Implementation challenges

References

Adler, R. M. (2020). Competitive Marketing Strategy. In Bending the Law of Unintended Consequences (pp. 153-171). Springer, Cham.

Currivan, A., Takeshita, J., Goebert, D., & Fleming, L. (2019). A business plan for multidisciplinary consultation liaison team: Return on investment. General hospital psychiatry, 61, 84.

Jazayeri, A., & Park, K. T. (2019). How to Write an Effective Business Plan in Medicine. Gastroenterology, 156(5), 1243-1247.

Larsson, J., & Larsson, L. (2020). Integration, Application and Importance of Collaboration in Sustainable Project Management. Sustainability, 12(2), 585.

Richards, D. B. (2020). The Why of Professionally Developed, Written Financial Plans. Journal of Financial Service Professionals, 74(1).