Proposed Initiative for an Economic Opportunity
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Proposed economic initiative
Homecare is a type of healthcare that professional caregivers provide to patients in their homes. The patients who most need such services are old, those with chronic diseases, disabilities, or injuries. Homecare is usually less expensive, more convenient for patients, and matches the effectiveness of a hospital or a nursing clinic (Dilwali, 2013).
Why it presents a viable and beneficial economic opportunity
Good Hope hospital is the most advanced and the leading medical center in the community. It is popular with most community members, which has led to the hospital being at full capacity on several occasions. Setting up home care services would ensure that most conditions that are not critical relating to injuries, disabilities, old age, and chronic illnesses get treated in patients’ homes (Bergschöld, 2016). Homecare services will expand revenues for the hospital without having to admit the patients.
Why it presents a viable and beneficial economic opportunity at micro and macro levels
The initiative will offer an extra source of income for the hospital and, at the same time, help the community members save on the cost of treatment by being fully admitted at the hospital or paying for a nursing home.
How it will provide ethical and culturally equitable improvements
The medical center has strived to offer quality care to all regardless of age, gender, ethnicity, or social-economic status. Setting up home care services will ensure that this objective gets achieved and treatment is accorded to all without discrimination or prioritizing (Doty, 2017). All community members, regardless of their status, will have the opportunity to receive quality care.
Factors of supply and demand associated with the proposed initiative
Supply will be affected by physicians’ and caregivers’ productivity, the level of technological improvements of the equipment to be used, the cost of running the services, and the hospital’s business-related objectives. On the other hand demand will be affected by the charge on the services, the income level of targeted members cost charged for the same services by other service providers, and the consumers’ preference to services from the medical center.
Economic and demographic data
The community’s most members are the elderly and children. Those of old age at the risk of going to nursing homes are estimated to make up a third of the community and need home care services (Dale & Hvalvik, 2013). Most of the households are middle-income earners and can conveniently afford the home care services compared to nursing homes and admission at the hospital. The market for the initiative is available.
Additional information to improve analysis
The initiative is most viable as it will only incur costs in purchasing the required equipment and additional physicians training. The hospital can also collaborate with a caregiver’s agency and to get experienced and highly trained caregivers. The costs will therefore be relatively low of kicking off the services and the returns will be high.
Economic and environmental data supporting the initiative
The hospital is located at the heart of the community geographically, therefore conveniently accessible to every member. However, most people who suffer from chronic diseases are working class and prefer not to spend so much time in hospitals to reduce the cost of treatment. They are also responsible for caring for the old aged financially. Homecare services will hence provide the solution to all the above concerns.
How the data illustrates potential opportunity in economic viability
The initial cost of getting the equipment needed and additional physicians estimates at $100000. It will be mainly from the hospital reserves. Estimates state that at least a hundred patients will receive homecare services every week, and the cost incurred will be $100. The surplus in cash will be recorded in the first year, indicating the project is economically viable.
Conclusion
Homecare services will ensure that patients will receive high-quality and affordable care without going to the hospital. It will also ensure overcrowding in the hospital is avoided, and the hospital gets additional revenues. The services are an excellent economic opportunity for the hospital.
References
Bergschöld, J. M. (2016). Domesticating homecare services; Vehicle route problem solver displaced. Nordic Journal of Science and Technology Studies, 4(2), 41-53.
Dale, B., & Hvalvik, S. (2013). Administration of care to older patients in transition from hospital to home care services: home nursing leaders’ experiences. Journal of Multidisciplinary Healthcare, 6, 379.
Dilwali, P. K. (2013). From acute care to home care: The evolution of hospital responsibility and rationale for increased vertical integration. Journal of Healthcare Management, 58(4), 267- 276.
Doty, P. (2017). Private pay home care: new models of access and service delivery. Public Policy & Aging Report, 27(3), 111-120.