NR 533 Week 6 Discussion: Business Plan Development: SWOT Analysis (Version 1) | Download To Score An A

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NR 533 Week 6 Discussion: Business Plan Development: SWOT Analysis Week 6: Business Plan Development: SWOT analysis For any new project or revision of a current process, key questions that wil... l need to be answered are whether it's needed, does the institution have the capacity to support it, what is already in place that will facilitate implementation, and what are the downsides or barriers to development. In short, the SWOT analysis is a necessary component of planning a project and preparing the business plan. Critically examine your PICO(T) and project proposal through the lens of a SWOT analysis of your organization. Determine and describe what information you know and what you need to find out to complete a SWOT analysis that will provide rationale and validity for your project. Hello class and Dr. S., Performing a SOT analysis is a creative move to evaluate your organizations position within the healthcare industry that identify is strengths, weakness, opportunities and threats. Analysis will assist in development of strategies to marginal threats, enhance strengths, and provide guideline for potential solutions while optimizing opportunities. This can be helpful in the budgeting propose, staffing necessities, as well as, other strategic plans or evaluating a project proposal. SWOT analysis is a useful tools to evaluate things that may impede or progress a research project. The factors can be more defined with greater specificity related to the actual project. It can be beneficial in determining whether a problem is important and reasonable to address in a business plan. The data will come from multiple sources. However establishing your objective will determine the source of where you obtain the data. Strengths Weaknesses Internal High Quality Care RN level nursing staff Nurse Residency Program Tuition Reimbursement Positive employee rating Established reputation in community Large provider network Cutting edge surgical technology Onsite Wellness Center Aging work force Growing elderly population Increased salary, wages, benefits Budgetary constraints Struggling profit margin Shortage of RN staff Frequent Leadership turnover Lack robust research activity Limiting physician specialties Only for-profit organization Opportunities Threats External School of nursing collaboration Increase Market Share Magnet designation Acquisition by local based organization Enhanced onboarding process Research promotion Interoperable health IT Magnet Organizations Paired organizational school of nursing Rising Cost of healthcare Payer Capitation Increase self-funded/under-funded population Growing support of cost reduction activities Triple AIM Newer/renovated facilities Older, larger local based organizations (over 100 years of service) Increase consumption of healthcare This is my original SWOY analysis. Much of this information is associated with my PICOT question. However, some data will have to refined based on the objective of my PICOT project. I would need to obtain data of current initiatives that could promote or retard accomplishment of the project. Currently 25% of Medicare dollars is spent on services for 5% of beneficiaries in their last year of life.(Marquis, 2018) Supporting evidenced based practice will lead to less waste, higher efficiency, and decrease cost while improving the quality of care. One external threat to my organization and nursing is the rising cost of healthcare. Moreover, organizational financial instability and loss is attributed to an increase in governmental regulation, poor health management, slow policy reform, and Medicare/payer reduction in reimbursement. (Owaid, 2017) The major factors related to an increase in healthcare spending include poor quality related lack of care coordination, non-competitive prescription drugs allowances, and increase rate of preventable illnesses leading to higher mortality rates. (Rother, 2016) We need to find out what the patient values (eliminating many unnecessary procedures patients do not want) and figure out better ways to provide treatment in the home rather than in more expensive settings. Currently 25% of Medicare dollars is spent on services for 5% of beneficiaries in their last year of life. (Marquis, 2018) Research supports that evidence-based best practice (EBP) reduces morbidities, mortality, and medical errors. The triple aim, as defined by the Institute for Healthcare Improvement in 2007, is “to encourage hospitals to simultaneously focus on population health, increased quality, and reduction in health care cost per capita” All of these factor are important consideration in formulating the business plan for my project. Gwen Leger, J. M. (2017). Financial Management for Nurse Managers. [VitalSource Bookshelf]. Retrieved from https://online.vitalsource.com/#/books/9781284148909/ Owaid, O., (2017). The death of private practice: How the rising cost of healthcare is destroying physician autonomy, Brooklyn Journal of Corporate, Financial, & Commercial Law, 11(2), 521- 539 Rother, J. (2016). Top of the administration’s agenda: Stem the rising cost of healthcare. Generations: Journal of the American Society on Aging, 40(3), 30-37. Retrieved from https://www.jstor.org/stable/26556244Links to an external site. During the process of this SWOT analysis what surprised you the most? What was the most challenging? Where do you think the most obstacles will occur? Dr. S., Thank you for your response. What surprised me the most during this SWOT analysis was the lack of research activity. Currently, there is little research done at the facility level. We have an IRB but it is not robust and has little activity. The patient is assessed upon admission if they are part of a clinical trial or research project. They are mostly involved through their local provider. This also the most challenging as there is little opportunity to promote evidenced based practice. My original PICOT question: In adults with a chronic life limiting non-cancerous illness, how does end of life discussions in comparison to no discussions affect the completion of an advanced care plan/advanced directive over a 4-6 weeks evaluation period? Specific information needed to create a cost-benefit analysis include: patient volume, revenue per patent, variable cost, fixed cost, projected visits per year, and days of operation. However, there is limited studies indicating there is a cost benefit related to this intervention. This will is where my obstacles will occur since there is little information regarding the cost benefit of this service. Cost reduction and savings is associated with decreased treatment and acute care hospital admission in the last year of life. (Aldridge & Kelley, 2015) It was surprising that the Oncology specialist has the least consults for palliative care considering the population they serve. If they consult palliative care, it is very late in the treatment process. However, I feel the earlier the discussion, the more time the patient has to ensure their wishes are formalized are provided to their caregivers. I think this is a disservice to the patient robbing them of quality care and assisting them to experience a good death. Gwen Aldridge, M. D., & Kelley, A. S. (2015). The Myth Regarding the High Cost of End-of-Life Care. American Journal of Public Health, 105(12), 2411–2415. https://doi.org/10.2105/ajph.2015.302889 [Show More]

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