Assess the Role of Economic Models in Administrative Decision Making
The Health Economics and Statistics Team continues to work on the initial project of meeting the needs of members acquired through the purchase of an outpatient clinic. As the Health Economics intern, you are part of the team investigating the possible launching of new services at the clinic location. The senior vice-president will attend the presentation on this important topic. Remember, you serve a very diverse population and that equity and parity are now important considerations. Be sure to create a voice-over PowerPoint presentation by providing a narrative to accompany your slide presentation or use Kaltura Capture to demonstrate how economic reasoning and analysis make important contributions to strategic planning, financing, and marketing decisions for the new clinic.
For this assignment, you will be relying on your knowledge and skills from Weeks 1 through 5. Be sure your presentation addresses the following:
1. Develop an introduction that discusses what you plan to present and the relevance of the topic.
2. Divide the presentation into three sections one for strategic planning, one for marketing, and one for financing.
a. Provide a description for each section regarding how economic analysis and reasoning are vital for success in each of these important managerial/administrative functions.
b. Demonstrate with at least one graph or other figures relevant to your discussion.
3. Conclude your presentation with an appropriate ending for this topic.
4. Be sure your presentation includes an introduction, at least two slides for each of the three major headings for a total of six slides, one graphic slide that is relevant to the presentation, a conclusion, and a reference slide.
5. Hint: Please remember you are making a professional, thoughtful presentation. Create attractive meaningful slides that can be read by your audience. When doing your voice-over, speak clearly and slowly.
6. If you are unable to successfully use or upload your PowerPoint or Kaltura presentation, please let your professor know immediately so other arrangements may be made.
7. Length: a minimum of 10 slides, not including title and reference slides. By completing this assignment, you will be developing your competency in Analytical Thinking, Financial Skills and Accountability.
8. References: 3 references
Sample Solution
Expanding Services at the New Clinic: A Health Economics Perspective
Slide 1: Title Slide
- Title: Expanding Services at the New Clinic: A Health Economics Perspective
- Your Name
- Health Economics and Statistics Team
- Date
Slide 2: Introduction
- Briefly introduce yourself and your role in the Health Economics and Statistics Team.
Full Answer Section
- State the purpose of the presentation: To explore how economic analysis can inform strategic planning, marketing, and financing decisions for launching new services at the newly acquired outpatient clinic.
- Emphasize the importance of considering equity and parity in service offerings to meet the needs of our diverse patient population.
- Title: Strategic Planning - Making Informed Decisions
- Explain how economic analysis helps with strategic planning for new services:
- Cost-benefit analysis: Evaluate potential costs (staffing, equipment) and projected benefits (improved patient outcomes, increased revenue) of new services.
- Demand analysis: Assess the demand for new services within the community through surveys, focus groups, or analyzing existing data on patient needs.
- Market analysis: Identify potential competitors offering similar services and analyze their pricing strategies.
- Include a graph (source to be included in references) illustrating the cost-benefit framework, with cost on the X-axis and benefit on the Y-axis.
- Title: Marketing New Services - Reaching Diverse Populations
- Explain how economic analysis informs marketing strategies for reaching a diverse patient base:
- Price sensitivity analysis: Evaluate how different pricing structures (sliding scale, bundled services) might impact patient access to new services.
- Culturally sensitive marketing: Develop marketing materials and outreach strategies tailored to the specific languages and cultural preferences of diverse communities.
- Targeting underserved populations: Identify and target marketing efforts towards populations with limited access to healthcare or specific health needs addressed by the new services.
- Consider including an image showcasing culturally sensitive healthcare marketing materials (source to be included in references)
- Title: Financing New Services - Securing Resources
- Explain how economic analysis guides financial planning for new services:
- Return on investment (ROI) analysis: Estimate the time it will take for new services to generate enough revenue to offset initial investment costs.
- Grant opportunities: Identify potential grant funding sources that align with the goals of the new services and community needs.
- Cost-containment strategies: Develop strategies to minimize operational costs associated with launching new services (e.g., leveraging existing staff resources).
- Include a simple chart (source to be included in references) illustrating the concept of ROI, with time on the X-axis and return on investment on the Y-axis.
- Summarize the key points: Economic analysis is a valuable tool for strategic planning, marketing, and financing decisions associated with launching new services at the clinic.
- Emphasize the importance of considering equity and parity in service offerings to ensure all members of our diverse community have access to the healthcare they need.
- End with a call to action: Invite the senior vice-president and team to discuss the economic feasibility of specific new service proposals.
- List a minimum of three academic references used to support the information presented in the slides.
- Maintain a professional presentation style with clear visuals and concise text.
- Speak clearly and confidently when delivering the voice-over narration.
- Tailor the level of detail to your audience's understanding of economic concepts.
- Be prepared to answer questions from the senior vice-president regarding the economic analysis and its implications for the new clinic.