Walkthrough Assessment 3: NHS-FPX6008 – Business Case for a New Economic Opportunity

Hey there! Hello, in this post, I am going to walk you through the third assessment of the first course, NHS-FPX6008 from MSN Capella. This assessment is: Business Case for a New Economic Opportunity.

I know you're busy juggling work, family, and your MSN program. This economic assessment seems daunting but I'll walk you through it step-by-step. First things first, take a deep breath - you've got this!

Let's start with the business case. This is where you'll identify a new economic opportunity for a hospital or healthcare organization. Think about an innovation that could help patients or improve care. For example, I proposed a smartphone app to help pregnant women monitor their health. Get creative and choose something you're passionate about!

Next, dig into the opportunities this venture presents. Consider how it could expand reach or access, improve outcomes, or reduce costs. For my app, I highlighted how it makes monitoring easy for rural and low-income women. Back up claims with stats and evidence from research.

Don't forget the risks! Outline any potential downsides, limitations, or costs. I noted how the app can't guarantee full-term pregnancies. Be candid about challenges to present a balanced view.

Step 1: Conduct an Environmental Assessment and Economic Audit

The first step in completing a systematic evaluation is to conduct an environmental assessment and economic audit. This will help you to understand the current state of the organization and identify any economic healthcare issues that need to be addressed. In the attached business case, a thorough analysis of CPH's environment has already been conducted, including an environmental assessment and economic audit. This analysis found that CPH offers high-quality healthcare to pregnant women and strives to meet all of their needs, including obstetric care for mothers and babies. However, there is a need to expand the reach of their services to a mass level, particularly in rural areas.

Step 2: Identify Opportunities for Economic Ventures

The next step is to identify opportunities for economic ventures that can help to address the economic healthcare issues identified in the environmental assessment and economic audit. In the attached business case, the proposed economic venture is the development of a smartphone application called MyHealth. This app will enable pregnant women to monitor and assess themselves without visiting the hospital, which is particularly important during the ongoing pandemic. Through MyHealth, women can monitor their health in urban as well as rural areas, which is a pressing need for rural areas in particular. This will also save them from unnecessary stress, money, and time.

Step 3: Analyze the Projected Opportunities and Associated Risks

Once you have identified an economic venture, the next step is to analyze the projected opportunities and associated risks. In the attached business case, the MyHealth app has several projected opportunities, including expanding the reach of CPH's services to a mass level and enabling pregnant women to monitor their health without visiting the hospital. However, there are also associated risks, such as the risk of design errors that can be extremely expensive to fix once the software is released. It is important to mitigate these risks from day one and develop the app in line with best practices.

Step 4: Conduct a Cost/Benefit Analysis

The final step is to conduct a cost/benefit analysis of the proposed economic venture. In the attached business case, the cost of developing a robust and effective smartphone application can range from $5,000 to $500,000 depending on its aims, quality, and reach. However, the benefits of the MyHealth app are significant, including reducing risks with premature births and enabling pregnant women to monitor their health without visiting the hospital. To contain costs, CPH administration will develop a skill mix in which professionals will be hired as well as certain tasks will be outsourced to experts in the field.In conclusion, completing a systematic evaluation of a unit, facility, or organization to identify economic healthcare issues is an important skill for nurses to have. By following the steps outlined in this tutorial, you can conduct a thorough assessment of an organization and identify opportunities for economic ventures that can help to address economic healthcare issues.

Remember it is not difficult though it might appear overwhelming at first.

For any assistance, feel free to reach me at: meokhan2/at/gmail/dot/com