Economic Opportunity Proposal: Expansion and Modernizing of Emergency Room (Research Proposal Sample)
The paper required me to propose an economic activity that has an economic implication on the operations of the healthcare facility. The proposed activity had to have a significant effect on the quality of services offered at the hospital. The attached sample based its discussion on the following proposed economic activity; Expansion and modernizing of the emergency room of the hospital.source..
Economic Opportunity Proposal
Proposal of New Economic Opportunity
Healthcare facilities are designed in a manner that they have all that is required to take care of the healthcare demands presented. The fact that the facilities are of different levels, it means that the services offered vary depending on the level and standards of the facility. However, the healthcare facilities can be upgraded in one way or the other to the point that they can be able to improve the quality of healthcare offered to people. Several activities and actions can be implemented that can increase the operations and improve the quality of healthcare services provided. Most of the activities to be executed have economic implications for the management of the facility, which means that the operation chosen has to be within a reasonable cost and at the same time increase the quality of services offered. For instance, expansion of the emergency room in the healthcare facility to make it more modernized will have a positive impact on the quality of services provided in the hospital. Since the opportunity will improve the quality of services offered, it will also have an impact on the supply and demand for the services provided.
Expansion and Modernizing of Emergency Room
The emergency room in a healthcare facility is one of the essential and busy departments in a healthcare facility. Since there are many incidences of emergencies that may be of accidents or common medical issue that requires an emergent response; they will be handled through the emergency room. It is at this point that the emergency room needs to be expanded and modernized so that medical practitioners have ample time and space to admit new emergency cases in the facility (Overholt & Saunders, 2010). The proposal for enlarging and upgrading the emergency room will have a positive impact on the services offered as there will be enough space and equipment that are used to handle an emergency situation. At this point, the emergency department will have modernized equipment that helps its staff deal with any emergency situation. Since the emergency room will be big, it means that the facility will be able to deal with more than one case at the same time. Additionally, the proposed opportunity will have a positive impact on the overall operation of the healthcare facility and the community that it serves in general (Overholt & Saunders, 2010). The expansion of the emergency room will help the hospital meet the demand for healthcare services; therefore meeting the community’s needs accordingly. The proposal is in the position to meet all contemporary requirements therefore; services offered will be of high quality. Therefore, the facility will meet the required ethical standards of taking good care of emergency cases of patients.
Financial and Economic Impact of the Proposal
Organizations implement different strategies and actions in their systems that help them improve their services. The plan when implemented has different implications for the organisation like financial and economic (Garbarino & Holland, 2009). At this point, the proposed proposal of expanding and modernizing the emergency room in a healthcare facility has financial and economic implications on the hospital. For example, the implementation of the project will have cost-benefit, supply and demand, risk and return on investment implication on the hospital management and quality of services offered (Garbarino & Holland, 2009). A precise analysis will be carried out that will explain each financial implication each factor has on the hospital.
Cost-benefit is the process by which management used to measure and compare the benefit of a project and its cost implications. By focusing on the proposed improvement in the emergency room, the benefits of the project are way much more than the cost (Rodreck, Ngulube & Adock, 2013). The expansion and modernizing will increase the number of cases and issues dealt with by the hospital thus increasing the revenue of the hospital gained from payments made for the services offered. The approach is used to determine if a project is viable for investment or not depending on the benefits the project will have for an organization. At this point, the benefits of the proposal are used to determine its viability. Adock et al. (2013) explain that cost-benefit analysis can help determine if the proposal is beneficial by analyzing the significant aspects that affect the functioning of the project (Adock et al., 2013).
Economic and Environmental Data
Expanding and modernizing the emergency room of the hospital will significantly affect the operations of the hospital in the emergency room. First, the proposal will improve the quality of services offered to patients who will, in turn, refer other people to the same facility. The referral increases the number of patients treated thus growing revenue earned from the payments for services offered. On the other hand, the proposal abides by all environmental policies that are prone to violation by many business activities. For instance, the proposal has a provision of how to take care of its waste products without causing any harm to the environment.
Supply and Demand
Supply is the availability of products and services in the market while demand is the urge or need for a particular product or service in the market. The fact that the emergency room will be expanded and modernized, it means that the supply of emergency services offered by the facility will increase (Ritchie, Lewis, Nicholls & Ormston, 2014). Additionally, the improvement of the emergency room will improve the services provided therefore attracting a high number of people willing to get the services. By following the arguments, the facility will have many emergency cases to deal with due to the modernization and the quality of services offered. In so doing, the proposal will increase the supply and demand of healthcare practices provided in the facility (Ormston et al., 2014). Since the proposal focuses on expanding and modernizing the emergency room, it means that the demand for emergency health care services is high. According to a CDC statistics in 2015, it shows a gradual increase of emergency cases in the US, which calls for an increased rate of emergency care services (National Centre for Health Statistics, 2015). With the increased rate of demand for emergency services in the US, it calls for the expansion and modernizing emergency room in healthcare facilities. With the indicators showing an increased demand for emergency services in the hospitals, it means that the proposal is viable and will yield results as predicted.
Return on Investment
Return on investment is the period taken for a proposed project to have fully paid back the initial investment capital of a project. Expanding and modernizing the emergency room will give room for medical practitioners to accept and handle several cases at the same time by using improved technological processes in their services (Pearce, 2015). The demand for their services will increase which intern will making the emergency department to always be on the move handling and taking care of high demand of healthcare services from the community if all is taken into consideration. When the demand is high, it means that the services offered are of high quality and consumers on the other hand are willing to pay for the services. It is at this point that the return on investment period will reduce as the influx of consumer’s increases who in turn pay for the services offered which contributes to t increase in the revenue of the hospital (Pearce, 2015). Return on investment proves to be one significant aspect used by investors and stakeholders in determining whether to invest or not in the proj...
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