Healthcare Budget Request and Workbook Template
1 PAGE ESSAY AND SECOND EXCEL SPREADSHEET
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 Healthcare Budget Request and Workbook Template 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.
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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.
Reflect on the impact this issue/opportunity and product/service solution have (or could have) on various stakeholders and systems across your healthcare organization Healthcare Budget Request and Workbook Template.
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. Healthcare Budget Request and Workbook Template.
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. Healthcare Budget Request and Workbook Template
Describe the healthcare product or service that you propose to address the identified gaps/opportunities and explain why.
Part 2: Workbook Template
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 Workbook Step-by-Step Guide found in the Resources.Follow the instructions in the guide, which will help you:
Create a workbook tab for each analysis you will conduct in subsequent parts of your Healthcare Budget Request.
Format your spreadsheet and presentation of results.
Save and close the spreadsheet file.
Assignment 2: Healthcare Budget Request and Workbook Template
This assignment has two parts. Part 1 is the development of an executive summary. Part 2 is the development of an Excel workbook template to be used throughout the course and you analyze data related to your proposed healthcare product or service. Be sure to read the details and directions as presented in the Blackboard classroom for this week.
Part 1: Executive Summary
Your executive summary will be a critical first component of your formal healthcare budget request. It will be your first real opportunity to sell leadership and other stakeholders on the value of your proposed product or service. Hence it should be persuasive. It should also be informative without explaining every facet in more detail that anyone cares to read up front. It should outline why the organization should invest resources in your idea. It should be specific and focus on results. Healthcare Budget Request and Workbook Template.
For the purposes of this Assignment, your executive summary should be 1-2 pages in length. Be sure to review the Learning Resources and conduct your own research to review samples of executive summaries (many examples can be found online).
Be sure to save your Executive Summary and submit it to the appropriate Assignment 2 Part 1 submission link by the due date specified in the classroom.
Part 2: Workbook Template
As you progress through this course on the development of your Healthcare Budget Request, you will apply financial ratios and other calculations to make the business case for your idea. In this Part 2 of this Assignment, you will develop a workbook that will be used in subsequent Assignments for use in your analysis. To do this:
1) Open a blank Excel workbook. Name this “lastname_firstname_assn2part2.xlsx” (where “lastname_firstname” is your last and first name).
2) Create a worksheet for each analysis you will conduct in subsequent parts of your Health Budget Request. Name each worksheet as follows:
• A3 Estimated Expenses
• A4 Budget Development
• A5 Ratio Analysis
• A6 Financial Statement Analysis
3) On each worksheet, include a title/header that reads similar to the following:
You may format these however you see fit, but you should make each worksheet presentable as these will be used by stakeholders considering your budget request.
4) Save and submit the workbook to the appropriate Assignment 2 Part B submission link by the due date specified in the classroom. Healthcare Budget Request and Workbook Template
Note: You have completed Assignment 2. Return to the Healthcare Budget Request Step-by-Step Guide Section 4 when it is time to begin the next Assignment.
Addressing the Healthcare Issue of the Need for Continuous Weight Monitoring of Patients Already on a Telehealth Platform: An Executive Summary
The Healthcare Issue or Opportunity
This opportunity concerns the recognized need for effective and efficient continuous weight monitoring and reporting remotely for patients who are at home but treated on a telehealth platform. Without leaving the comfort of their homes to go to the health facility, these patients need to take their weight hand have that information together with the accompanying body mass index (BMI) value reach the clinician. This proposal seeks to address this issue by proposing a technological solution. Healthcare Budget Request and Workbook Template
Stakeholder Groups Impacted by the Issue
Two major stakeholder groups are impacted by this healthcare issue. These are the clinicians who include nurse practitioners and physicians on the one hand, and patients suffering from overweight, obesity, diabetes, renal failure, hyperlipidemia, and heart disease on the other. These two stakeholder groups are already connected together in a therapeutic relationship on an existing telehealth platform. The patients already consult and receive healthcare directions and interventions remotely by telemedicine. However, their weights and BMIs need constant monitoring and a way has to be found to facilitate this on the telehealth platform.
The Stakeholder Groups Most Likely to Help Address the Healthcare Issue Identified
Two stakeholder groups are most likely to help address this healthcare issue identified. The first one comprises of the companies that come up with the novel healthcare technologies that are currently transforming healthcare. These will help address this issue by availing the technology needed in terms of a digital weighing scale that can take weight, calculate the BMI, and relay the information automatically through the telehealth platform to the clinician. The other stakeholder group are the targeted patientsHealthcare Budget Request and Workbook Template. They will help address this healthcare issue if they will embrace this innovation and use it well and effectively for the benefit and convenience of themselves and their clinicians.
The Healthcare Product Proposed to Address this Issue
This will be a smart digital weighing scale which is Bluetooth-enabled and with the capability to calculate the BMI from the patient weight taken in kilograms. It will be able to do this through installed application software to which has been fed the patient’s height in meters. It relays this information by Bluetooth to the patient’s smartphone which then automatically sends it to the clinician on the telehealth platform Healthcare Budget Request and Workbook Template.
The financing sought for this project is for the start-up expenses and the operating and maintenance costs of the smart digital scales over the next five years. It comes to a total of USD 18,000. This includes USD 6,000 for the purchase of 80 smart digital scales (start-up cost) and USD 12,000 for the operating and maintenance costs. The reason why the start-up costs are not high is because this project is being mounted on an existing and functional telehealth platform. It is thus devoid of the need to set up an entire telehealth platform whose start-up costs are astronomical. One smart scale will be bought at USD 75 and the total number of patients starting to use the innovation in 2020 is 40 patients. It is projected that patient numbers will increase by 10 every year up to 2024 (the fifth year). By 2024 there will be 80 patients on the platform using the smart scales. This explains the purchase of 80 smart digital scales. Healthcare Budget Request and Workbook Template
Davenport, T. & Kalakota, R. (2019). The potential for artificial intelligence in healthcare. Future Healthcare Journal, 6(2), 94-98. Doi: https://dx.doi.org/10.7861/futurehosp.6-2-94
Masson, D.J. (2018). 6 steps to an effective financial statement analysis. Retrieved 9 March 2020 from https://www.afponline.org/ideas-inspiration/topics/articles/Details/6-steps-to-an-effective-financial-statement-analysis
Medicoreach (2019). 5 healthcare wearable devices and gadgets promising improved healthcare in 2019. Retrieved 9 March 2020 from https://www.medicoreach.com/healthcare-wearable-devices-gadgets-in-2019/ Healthcare Budget Request and Workbook Template