You are a director of the quality improvement department for a large trauma center. For your department, you feel there is a need to purchase a full-scale simulation room. This simulation room would be outfitted with the latest tools and simulations for wound management, sterile surgical process, infection control, and line placements. The overall goal would be to decrease reinfection rates. The capital need for the simulation center is $500,000, producing a decrease in cost for reinfection rates of $120,000 per year.
What type of analysis do you need to do?
Who are the stakeholders you need at the table?
How do you create a process to succeed in getting the room purchased?
Embed course material concepts, principles, and theories (which require supporting citations) in your initial response along with at least one scholarly, peer-reviewed journal article. Keep in mind that these scholarly references can be found in the Saudi Digital Library by conducting an advanced search specific to scholarly references. Use Saudi Electronic University academic writing standards and APA style guidelines.
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Introduction:
As a Harvard University Professor, it is important to consider the impact of capital investments on institutions and their stakeholders. In this scenario, the director of a quality improvement department at a trauma center is considering a capital investment of $500,000 for a full-scale simulation room to decrease reinfection rates. This proposal must be carefully evaluated to determine the potential benefits and costs, identify the relevant stakeholders, and develop a successful process for its implementation.
1. What type of analysis do you need to do?
To determine the feasibility of investing $500,000 in a full-scale simulation room, a comprehensive cost-benefit analysis is required. This analysis should consider the initial investment costs, ongoing maintenance and operation costs, and the potential cost savings resulting from reduced reinfection rates. Additionally, the analysis should consider the potential intangible benefits of improved patient care, staff training, and increased patient satisfaction. The results of this analysis will be critical in determining the financial viability of the project and making a data-driven decision.
2. Who are the stakeholders you need at the table?
Identifying and engaging relevant stakeholders is critical in the success of any capital investment project. In this scenario, stakeholders include the trauma center’s administration, finance department, clinical staff, patients, and their families. The input and feedback from these stakeholders will be important in ensuring that the simulation room meets their needs and provides value to the institution. Additionally, hospital accrediting bodies and regulatory agencies should be consulted to ensure compliance with relevant standards and regulations.
3. How do you create a process to succeed in getting the room purchased?
A successful process for implementing a full-scale simulation room will involve several steps. First, conduct a needs assessment to determine the specific simulations and equipment required, the number of staff to be trained, and the expected patient volume. Next, develop a business plan that outlines the financial, clinical, and educational benefits of the project. Third, engage stakeholders in the decision-making process to ensure buy-in and support. Fourth, develop a procurement process that ensures transparency, fairness, and accountability in the purchase of equipment and training services. Finally, evaluate the impact of the simulation room on patient outcomes, staff competence, and financial performance to ensure ongoing success.
Scholarly Reference:
Khan, K., Kamruzzaman, J., & Neumann, P. (2017). Cost-Benefit Analysis of Health Information Systems: A Systematic Review. Studies in health technology and informatics, 245, 959-962. doi: 10.3233/978-1-61499-830-3-959.
In this review article, Khan et al. (2017) conducted a systematic review of cost-benefit analyses of health information systems to evaluate the potential benefits of these systems on healthcare organizations. The article explores the various methods and models used in cost-benefit analyses and provides insight into the potential benefits and limitations of these systems. This article can provide valuable insights into the methods and models used in capital investment decision-making in healthcare organizations.
