NURS6211 2020 September Full Course Latest

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NURS6211 Finance and Economics in Healthcare DeliveryWeek 1 Discussion

 

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.

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.

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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.

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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.

 

NURS6211 Finance and Economics in Healthcare Delivery

Week 1 Assignment  

HealthWays Budget

Throughout this course, you will utilize spreadsheet software (Microsoft Excel) to perform economic and financial calculations. In this activity, you will practice some fundamental mathematical applications of spreadsheet software that enable you to use the spreadsheet as a calculator. You will also learn how to use formulas and functions, and present data in Excel.

To Prepare

Download and review the document Healthcare Budget Request Guide.

Download and review the Excel Assignment Workbook. Open the Worksheet tab titled “W1A1 HealthWays Budget”.

The Assignment

Using the Healthcare Budget Request Guide for guidance, complete the worksheet tab titled “W1A1 HealthWays Budget”.

 

NURS6211 Finance and Economics in Healthcare Delivery

Week 2 Assignment  

Healthcare Budget Request and Workbook Template

Throughout this course, you will develop a comprehensive Healthcare Budget Request to promote commitment from leadership to your idea for a healthcare product or service to address gaps or provide opportunities to your organization. For this Assignment, you will begin this effort by developing an executive summary for the proposal. You will also begin work on a spreadsheet workbook that you will utilize to calculate and present financial analysis in support of your idea.

Photo Credit: Getty Images/Vetta

To Prepare

Reflect on current gaps or opportunities for enhanced services within your healthcare organization.

Select one of these gaps or opportunities that you would like to analyze and for which you would like to propose a healthcare product or service solution.

Choose your product or service carefully as it needs to meet three distinct parameters for use in this course. It must have a capital investment (start-up costs) and there must be annual cost and revenue that you can estimate for each of 5 years. An example is a capital equipment purchase that is a direct charge to the patient such as a 12-lead EKG. There would be start-up cost for the purchase of the equipment in Year 0. Then each use requires some disposable electrodes and staff to perform the procedure. Revenue is based on the patient charge.

Reflect on the impact this issue/opportunity and product/service solution have (or could have) on various stakeholders and systems across your healthcare organization.

Identify one or more individuals within your healthcare organization to act as “finance counselor” with whom you can consult on financial and budget items such as costing, estimating, and budget request processes.

Reflect on the current costs associated with the selected issue or opportunity, including direct financial costs to the organization and financial costs to patients, healthcare providers, and other stakeholders. Also consider non-financial costs, including opportunity costs.

Consider how you would communicate a proposal to leadership that addresses the selected issue/opportunity within your organization.

The Assignment: Healthcare Budget Request – Executive Summary:

Develop an executive summary and structure for a healthcare budget request for your new product or service idea by completing the following:

Part 1: Executive Summary

Using the Healthcare Budget Request Template, develop a 1- to 2-page executive summary that describes the issue or opportunity that you are analyzing. In your executive summary, you should:

Describe the healthcare issue or opportunity you selected.

Describe the stakeholder groups impacted by this issue/opportunity.

Explain which stakeholder groups would most likely be responsible for helping you address the healthcare issue or opportunity you selected and why. Be specific and provide examples.

Describe the healthcare product or service that you propose to address the identified gaps/opportunities and explain why.

Provide scholarly support for the issue or opportunity and your new product or service idea.

Part 2: Excel Assignment Workbook

As you progress through this course on the development of a Healthcare Budget Request, you will apply financial ratios and other calculations to make the business case for your idea. In this component of the assignment, you will customize a spreadsheet workbook and prepare it for use in your analysis. To do this, you will:

Review the Healthcare Budget Request Guide found in the Resources. Open the Excel Assignment Workbook; follow the instructions in the guide, which will help you:

Create a template that you will use for future analysis you will conduct in subsequent parts of your Healthcare Budget Request.

 

NURS6211 Finance and Economics in Healthcare Delivery

Week 4 Assignment  

Healthcare Budget Request – Estimating Expenses

It can be tempting to think of “dreams” and “finance” as opposite ends of a spectrum. You may dream of things you want, such as new cars, vacations, or retirement. But a quick analysis of your current finances may awaken you to find that your dream is not yet financially feasible.

Dreams and finance are, in fact, not at all in opposition. If your dream is a new automobile, you soon come to realize that you’ll need a plan to make your purchase. Part of this planning is based on an understanding of your current financial position.

Photo Credit: Getty Images

Saving money will help you, and whatever cost is not covered by savings can possibly be made up for by securing financing. You’ll likely need a personal budget that accounts for any new expenses you incur, including your new car payment.

Like you, healthcare organizations have dreams, manifested as corporate objectives. Proposals for new healthcare products or services must support these objectives, typically demonstrated via a business case. To become reality, these ideas almost always require resources. By understanding current financial position, accurately estimating revenue streams and expenses, and creating budgets, strategies can be developed that bring objectives to life.

For this Assignment you will calculate estimated expenses associated with a proposed new healthcare product or service. You will also estimate revenues and calculate a return on the proposed investment.

To Prepare

Reflect on the healthcare product or service solution you have proposed for your healthcare organization. Consider expenses (including start-up expenses and any capital expenditures) that will be required to implement your product or service.

Reflect on the estimated revenues (if any) that your proposed solution will generate. If your project does not generate a direct revenue source, consider cost avoidance, or cost savings as an alternate potential revenue source.

Reflect on the need for financing to meet the estimated expenses associated with your idea.

For each of the above, consult with your internal financial counselor as needed.

The Assignment: Estimating Expenses

Conduct an analysis of estimated expenses and revenues associated with your product or service idea by completing the following:

Part 1: Expense/Revenue/ROI Analysis:

Open your Excel Assignment Workbook and navigate to the “W4A3 Estimated Expenses” worksheet. Using the Healthcare Budget Request Guide for guidance, create a worksheet that records the following:

Each of the estimated expenses associated with your proposed idea, including startup expenses. Be sure to label each appropriately, with enough description to make it clear what the item is and what the estimated cost involves.

Each of the estimated revenues associated with your proposed idea. Be sure to label each appropriately, with enough description to make it clear what the item is and any necessary details regarding sources of revenues (including reimbursements).

Calculate the total estimated expenses and revenues for the next 5-year period.

Calculate the Return on Investment (ROI) for your proposed idea.

NOTE: You will copy your worksheet and analysis onto the Healthcare Budget Request Template (Word document) for submission.

Part 2: W4A3 Projected Expenses and Revenues (Five Year) Summary of Analysis and Interpretation of Results:

Create a brief (1- to 2-page) description of your analysis that clearly describes the estimated financial impact of your proposed idea. Interpret the results by explaining what your ROI calculation means to the organization. Place your analysis on the Healthcare Budget Request Template under the section titled W4A3 Projected Expenses and Revenues (Five Year).

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NURS6211 Finance and Economics in Healthcare Delivery

Week 6 Assignment  

Healthcare Budget Request – Budget Development

How do you make difficult decisions? Do you carefully consider the repercussions of each choice? Perhaps you discuss possible outcomes with others. Maybe you rely on tools for help, even if the tool is a coin that can help you reach a conclusion with a simple flip.

Healthcare organizations generally don’t have an unlimited stack of coins, neither for flipping nor for spending. Therefore, they must be strategic in how they spend the resources they do have.

Photo Credit: Getty Images

Budgeting is a process by which they can decide which projects or purchases are worth the cost involved and whether they should expand their operations, invest in new equipment or services, or pursue other projects with the potential to bring in additional profits.

For this Assignment, you examine how budgets are developed. After developing a sample budget for a product or service, you also examine how ratios can be used to analyze the budget and provide information that can guide choices.

To Prepare

Reflect on the expenses and revenues you considered in the Week 4 Assignment.

Consider any other expenses that you have yet to account for in the development, launch, and implementation of the healthcare product or service you have proposed.

Consult with your internal finance counselor to help identify and estimate any hidden expenses that may not be obvious.

The Assignment: Budget Development

Develop and analyze a budget for your proposed healthcare product or service. To do this, complete the following:

Part 1: Develop the Budget Worksheet:

Open your Excel Assignment Workbook and navigate to the “W6A4 Budget Development” worksheet.

Using the Healthcare Budget Request Guide for guidance, create a 5-year budget for the healthcare product or service that records the projected expenses and revenues associated with the healthcare product or service you have proposed. Be sure to include startup and operating expenses in your budget. You may bring forward the work from the W4A3 Estimated Expenses assignment and add to it.

Calculate the budget ratios as directed in the Healthcare Budget Request Guide.

NOTE: You will copy your worksheet and analysis onto the Healthcare Budget Request Template (Word document) for submission.

Part 2: Summary of Analysis and Interpretation of Results:

Create a brief (1- to 2-page) description of your budget and analysis that clearly describes the budget. Be sure to address the following:

During the course of 5 years, is there an estimated surplus or deficit?

What percentages of the budget are dedicated to various categories you have defined, such as startup costs, etc.?

What does this budget mean for your organization?

Place your analysis on the Healthcare Budget Request Template under the section titled W6A4 Projected Budget (Five Year).

 

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NURS6211 Finance and Economics in Healthcare Delivery

Week 8 Assignment  

Ratio Analysis

Your personal decisions regarding purchases are likely made, in no small part, based on your financial position. You will likely consult your bank statements and checkbook before buying. But the extent that you will go beyond current resources—including loans and financing—will depend on factors such as need for the good or service and potential it has for returning value. Similarly, leaders must juggle need, financial position, and potential for return when making expenditure decisions.

Photo Credit: Getty Images/iStockphoto

For this Assignment, you consider analysis tools such as expense forecasting, break-even, cost-benefit, marginal profit and loss and cost-effectiveness that can help determine the financial and organizational impact of proposed expenditures and investments.

To Prepare

Complete the required reading in the Learning Resources.

Reflect on how these might be applied to your project.

The Assignment

Conduct a financial analysis using the three scenarios provided in the Excel Assignment Workbook. These are not based on your project but will help you learn the process.

Complete the following:

Ratio Analyses Worksheets:

Open your Excel Assignment Workbook. This assignment will be completed on 3 separate tabs named:

W8A5a Expense Forecasting

W8A5b Breakeven Analysis

W8A5c Marginal Profit and Loss

Using the Healthcare Budget Request Guide for guidance, complete the three scenarios: expense forecasting, break-even, marginal profit and loss for the scenarios provided.

 

NURS6211 Finance and Economics in Healthcare Delivery

Week 11 Assignment  

Final Healthcare Budget Request

Once an idea has matured to the point that there is a clear understanding about the organizational and financial impact, there is typically a need to request resources to bring the idea to reality. This is typically done by submitting a budget request in the hopes of getting the idea on the budget, meaning there is organizational commitment to move forward with the idea by planning to allocate necessary resources. This commitment implies that the expenditure aligns with organizational objectives and the financial position of the organization.

Photo Credit: Getty Images

In this Assignment, you will analyze financial statements to determine the financial health of an organization. You will use this assessment as part of a final healthcare budget request.

To Prepare

Reflect on the previous Healthcare Budget Request assignment submissions, including your executive summary, your Expense/Revenue/ROI Analysis, your estimated budget, and your ratio analysis.

Review the Excel Assignment Workbook, W10/11A6 HealthWays Financials tab. These are sample financial statements.

Reflect on the information conveyed by these statements.

If possible, secure copies of your healthcare organization’s income statement, balance sheet, and statement of cash flows. Consult with your internal financial counselor on this, as needed.

The Assignment

Finalize your Healthcare Budget Request by completing the following:

Part 1: Financial Statement Calculations and Analysis:

Open your Excel Assignment Workbook and navigate to the “W10/11A6 Financials” worksheet.

You have 2 Options for completing this Assignment as noted in the Excel Assignment Workbook.

Using the Healthcare Budget Request Guide for guidance, conduct analyses as directed on either your organization’s financial statements or those provided in the HealthWays Financial Statements worksheet. Your analysis will include spreadsheet calculation of financial statement ratios.

Part 2: Summary of Analyses and Interpretation of Results:

Create a brief (1- to 2-page) description of your analyses. Be sure to address the following in your summary:

Describe the results of each statement analysis. What do the results of each analysis mean?

What does your complete financial statement analysis suggest about the financial health of the organization?

If using your current organization’s data, does your analysis help describe any observed organizational behaviors or actions? Explain.

What assumptions have you made in your analyses?

What implications do these analyses have for your proposed healthcare product or service?

Part 3: Summary of Work and Final Healthcare Budget Request

Compile and summarize your work in previous assignments. Place your final work on the Healthcare Budget Request template. Your final Healthcare Budget Request should include:

A final version of your Executive Summary

A final version of your projected expenses and revenues

A product/service budget for the launch and the first 5 years

A summary of financial and SWOT analyses that you conducted, including your interpretation of the results

A 3- to 5-slide PowerPoint presentation containing the final version of your elevator speech, incorporating selling points from your analyses that you believe make the business case for nurse entrepreneurship and leadership’s commitment to your proposed healthcare product or service.

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