Cost Effectiveness

Identify a new policy or procedure, product or service, capital equipment expense or new technology from your work area that will positively affect patient care. Analyze the cost-benefit or cost effectiveness of the identified policy or procedure, product or service, capital equipment expense or new technology. Be specific in the analysis of the product or service, new technology or capitol expense. (Using APA format, the length is 6 to 8 pages of text) include at least 4 scholarly references.

Provide an overview of the new policy or procedure, product or service, capital equipment expense or new technology for improving quality care that you have thought about.
Why is this an effective use of the budget? Describe the need and rationale for the new policy or procedure, product or service, capital equipment expense or new technology for improving quality care in your work place. What factors contributed to the decision?
Identify costs associated with a new policy or procedure, product or service, capital equipment expense or new technology for improving care. What type of costs would be incurred with implementation and are the costs fixed or variable and tell why?
Describe potential cost savings or revenue generated for a new policy or procedure, product or service, capital equipment expense or new technology for improving care.
Evaluate the costs vs. the projected revenue (break even analysis) of the implementation of a new policy or procedure, product or service, capital equipment expense or new technology for improving care in your work place.
Include 4 references from the literature to support your idea for a new policy or procedure, product or service, capital equipment expense or new technology for improving quality care in your work place.

Examples are: adding a new staff position, using agency vs. hiring new staff, implementing hourly rounding, implementing use of a new type of suction catheter or other product, opening a new sub-acute care unit, starting cardiac rehabilitation services, purchasing a new total body scanner, buying a second mammography machine.

Remember to go to You Tube for how to use MS Word and APA formatting by doing a search for your version of MS Word and the specific formatting you need help with.

Include an introduction about the general topic of cost benefit and cost effectiveness differentiating between the two and also include a sentence: “The purpose of this paper is to………….”. The paper needs the following required headings:

Overview (overview of the new policy or procedure, product or service, capital equipment expense or new technology) What are you proposing be adopted/implemented/purchased
Rationale
Cost Implications
Break Even Analysis
Summary
References