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Economics and Decision Making in Healthcare

Business Case for Change

Develop a 10-slide business PowerPoint for the economic issue you have been working with as your topic in the previous assessment. You will then present this PowerPoint using Kaltura and submit the video.

As a master's-level health care practitioner, you are expected to consider a number of factors when supporting change by analyzing the feasibility of a new initiative or identifying an issue within your organization. For example, you must take into consideration the various types of risk (such as patient safety, physical plant, financial, or reputation), as well as the present and future value of the service line or economic opportunity you are invested in. Additionally, you must also balance your ethical and moral responsibility to provide quality care to patients and populations while protecting your organization's assets and economic viability in the near and long terms

Background and Context
As a master's-level health care practitioner, you are expected to consider a number of factors when supporting change by analyzing the feasibility of a new initiative or identifying an issue within your organization. For example, you must take into consideration the various types of risk (such as patient safety, physical plant, financial, or reputation), as well as the present and future value of the service line or economic opportunity you are invested in. Additionally, you must also balance your ethical and moral responsibility to provide quality care to patients and populations while protecting your organization's assets and economic viability in the near and long terms.

Full Answer Section

- Urgency: The market for skilled nursing professionals is highly competitive in [South Florida/Kenya, depending on context], exacerbating recruitment difficulties and driving up expenses.
Speaker Notes: "Good morning/afternoon, Executive Leadership/Board. Today, I'm here to present a critical business case addressing an issue that, while sometimes overlooked in the broader financial statements, directly impacts our bottom line, patient outcomes, and long-term sustainability: nurse turnover. Our current turnover rate is X%, which significantly exceeds benchmarks, and this trend is unsustainable."

Slide 3: Impact Analysis - The Multi-faceted Risks

Headline: Unpacking the Risks: Beyond Just Dollars and Cents
Key Points:
- Financial Risk:
  - Direct Costs: Recruitment (advertising, agency fees), onboarding, training new hires ([e.g., $40,000-$60,000 per nurse]).
  - Indirect Costs: Reduced productivity, overtime pay for existing staff, increased medical errors leading to readmissions/litigation.
- Patient Safety & Quality Risk:
  - Decreased continuity of care.
  - Higher rates of medical errors and adverse events due to less experienced staff or fatigued permanent staff.
  - Lower patient satisfaction scores (HCAHPS).
- Reputational Risk:
  - Perception as an unstable or undesirable workplace.
  - Negative impact on community trust and patient referrals.
  - Difficulty attracting top talent in the future.
- Physical Plant/Operational Risk (Indirect): Overstretched staff can lead to less diligent monitoring of equipment, increased wear and tear due to high workload, or increased incidents that put physical plant at risk.
- Ethical & Moral Responsibility: Our core mission is to provide quality care. High turnover directly impedes this, compromising our commitment to patients.
Speaker Notes: "The costs of nurse turnover are staggering, extending far beyond the immediate recruitment fees. Financially, we're looking at a drain of potentially millions annually. But equally concerning are the non-financial risks: compromised patient safety, a decline in quality metrics, and damage to our hard-earned reputation in the community. Ethically, we have a responsibility to our patients to provide consistent, high-quality care, and high turnover undermines this fundamental commitment."

Sample Answer

Business Case for Change: Addressing Nurse Turnover for Enhanced Economic Viability and Quality of Care

Target Audience: Hospital Executive Leadership / Board of Directors

Slide 1: Title Slide

Title: Business Case for Change: Optimizing Nurse Retention for Sustainable Growth and Quality Outcomes
Subtitle: A Strategic Imperative for [Your Hospital Name]
Presenter: [Your Name/Title - e.g., Clinical Nurse Leader, Director of Nursing Innovation]
Date: July 24, 2025

Slide 2: Introduction - The Problem Statement

Headline: The Silent Drain: Understanding the Economic Burden of Nurse Turnover
Key Points:
- Context: [Your Hospital Name] is experiencing a significant increase in nurse turnover rates over the past [e.g., 12-24 months], currently at [e.g., 20-25%] compared to a national average of [e.g., 15-18%].
- Impact: This issue is more than just a staffing challenge; it's a critical economic and operational threat, leading to escalating costs, compromised patient care, and declining staff morale.