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.”
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.
Photo Credit: Getty Images
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.
To Prepare
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:
By Day 3 of Week 1
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.
By Day 6 of Week 1
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days and by critiquing the gap/opportunity/solution descriptions; by offering supporting ideas you believe your colleagues should address; or by offering alternative solutions to the issue or specific financial, budgetary, or other challenges you believe their approaches should address.
NURS6211 Finance and Economics in Healthcare Delivery
Week 3 Discussion
The Nurse Leader as Economist
What do a parking place, a picture of two men playing cards, a bird feather, and an old automobile have in common?
Surprisingly, each of these items are on the list of the most expensive items in the world. A parking spot in New York City, a painting titled “The Card Players” by artist Paul Cezanne, a feather from the extinct huia bird, and a 1963 Ferrari GTO will each set you back more money than most of us care to spend in a lifetime, let alone in a single purchase.
Photo Credit: Getty Images/Cultura RF
There is another characteristic that these items share, and it helps explain the price tags. Each of these items is rare; so rare that they are difficult to find. Their low supplies drive their demand and, subsequently, their prices. This relationship between supply, demand, and price is a fundamental economic concept.
For this Discussion, you share thoughts about prevalent healthcare financing concerns and consider how these concerns are impacted by economic principles such as price, supply and demand, and need.
To Prepare
Research current healthcare financing concerns prevalent in the United States.
Reflect on these or any other healthcare financing concerns that you have observed and/or that your healthcare organization currently experiences.
Consider how these concerns relate to fundamental issues of economics, such as “price,” “supply vs. demand,” “scarcity of resources,” or “needs and wants.”
Consider how these concerns relate to the healthcare product or service solution you have proposed for your organization.
By Day 3 of Week 3
Post an explanation of what you believe to be the three most important healthcare financing concerns in the United States today. Be specific and provide examples. Then, explain how these three concerns relate to fundamental economic issues, such as “price,” “supply vs. demand,” etc. Explain how any of these concerns relate to the healthcare product or service solution you have proposed for your healthcare organization in Module 1.
By Day 6 of Week 3
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days by suggesting a possible strategy that their organization might pursue to address the stated economic concern(s). Be specific and provide examples.
NURS6211 Finance and Economics in Healthcare Delivery
Week 5 Discussion
Why Do Good Budgets Go Bad?
In 1948, Harry Truman became President of the United States of America, winning an election against Thomas Dewey. The result of the election was a major surprise. It was considered such a forgone conclusion that Dewey would win that a Chicago newspaper printed the headline “DEWEY DEFEATS TRUMAN” before the election was over.
The newspaper that printed this headline pursued a plan based on projected data. Once that plan was set into motion, there was no turning back. By the time it became obvious that the election would go differently than anticipated, it was too late to take corrective action.
Photo Credit: Getty Images/Westend61
Organizations put a great deal of effort into their budget plans. Since budgets are based on projected data, sometimes the results go differently than anticipated. The result can be budget variances.
For this Discussion, you consider what causes budget results that are different than planned results, and you explore approaches healthcare organizations use to take corrective action to ensure resources are available to maintain performance.
To Prepare
Review the information in this week’s Resources dealing with variance analysis, how it is calculated, and how it can be used in decision making, including the video Variance Analysis.
Use the Variance Discussion Case document, provided in the Resources, to calculate budget variances for the case presented.
By Day 3 of Week 5
Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution.
By Day 6 of Week 5
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days by offering supporting ideas you believe they should address, alternative solutions to the issue, or specific financial, budgetary, or other challenges you believe their approach should address.
NURS6211 Finance and Economics in Healthcare Delivery
Week 7 Discussion
SWOT and Cost Analysis
How well do you know your organization?
Many of us spend a great deal of time at our workplace, and this often leads us to feel that we know the organization very well. But when it comes to organizational familiarity, there are several levels of understanding. Leaders faced with decisions about investing resources often use tools such as SWOT and cost analyses to truly reflect on the company and on the appropriateness and potential of an investment.
Photo Credit: Getty Images/Blend Images
In this Discussion, you will examine the use of these tools. You will reflect on your own proposal, and on the costs and potential revenue streams or other benefits associated with a healthcare product or service. You will also consider the environment in which your organization operates and potential relevant opportunities and threats.
To Prepare
Reflect on the strengths, weaknesses, opportunities, and threats associated with the healthcare product or service you have proposed.
Reflect on the costs and potential revenue streams associated with the healthcare product or service you have proposed.
By Day 3 of Week 7
Post a brief description of what you believe to be the strengths, weaknesses, opportunities, and threats of the healthcare product or service you have proposed. Also include a statement considering where costs and revenues fall in your SWOT analysis. Are their weaknesses associated with the costs? In other words, are the costs high enough to represent budgetary issues? Do potential revenue streams represent a strength? Consult with your internal finance counselor, as appropriate.
By Day 6 of Week 7
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days and critique their SWOT and cost analysis, offering supporting or contrary ideas regarding strengths, weaknesses, opportunities or threats to be considered or additional thoughts about the impact of their cost and/or revenue projections.
NURS6211 Finance and Economics in Healthcare Delivery
Week 9 Discussion
Elevator Speech
Have you ever been in a situation where you wish you’d said something differently? Perhaps in a job interview when asked to tell the interviewer about yourself, or maybe on a first date, or when questioned during an academic or professional presentation. Any of these scenarios can leave you thinking afterward about your reply, wondering if you said something the way you intended or if you could have presented it in a better manner. In situations like these, an elevator speech can come to the rescue. A well-developed elevator speech that is clear and succinct can be a lifesaver when you are looking for the right words.
Photo Credit: Getty Images/iStockphoto
For this Discussion, you examine the role of an elevator speech in defending your idea for a new healthcare product or service. You also develop a speech that will help set your idea apart as memorable, unique, and of value to the organization.
To Prepare
Reflect on the most significant talking points about the healthcare product or service solution you have proposed. These points should be those you think will educate decision makers and other stakeholders on the benefits of your idea as well as clarify the business case (including financial points, budgetary impacts, SWOT takeaways, cost-benefit analysis takeaways, etc.).
Consider how you might highlight these significant talking points in an elevator speech to stakeholders.
By Day 3 of Week 9
Start by writing a summary that defines major points you want to include in the elevator speech. This summary should be supported with scholarly references and properly formatted to meet the rubric standards. Use the summary to identify significant talking points that you will use for your elevator speech. Post a 2- to 3-paragraph draft of an “elevator speech” designed to both educate and “sell” decision makers on the healthcare product or service you have proposed. Your elevator speech summary should address what you believe are the significant talking points necessary to educate decision makers and other stakeholders on the benefits of your idea as well as clarify the business case. Remember, an elevator speech should be approximately 30-60 seconds.
By Day 6 of Week 9
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days and critique their elevator speech by offering supporting or contrary ideas regarding their talking points and/or suggesting additional points to be made. Be specific and provide examples.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
