How do you create a process to succeed in getting the room purchased?

Scenario

As the director of the Quality Improvement department for a large trauma center,The simulation room would be equipped with the latest tools and simulations for wound management, sterile surgical processes, infection control, and line placements.

Financial analysis

To determine the feasibility of purchasing the simulation room, we need to conduct a cost-benefit analysis. This analysis will involve calculating the costs of purchasing and maintaining the simulation room versus the potential cost savings from reducing reinfection rates.

If you think the value of an investment will be worth 10% of what it will be in 5 years, you can use these formulas to figure out how much money you will have to save each month to have enough money when the investment is actually worth.

FV = PV × ( 1+1 )n

= 500,000 × ( 1.1 )5

=805,255

The return on investment may be calculated over 5 years with an interest rate of 10% will be.

0Year 1

Year 2

Year 3

Year 4

Year 5

– \$500,000

\$120,000

\$120,000

\$120,000

\$120,000

\$120,000

120,000

120,000

120,000

120,000

120,000

\$100,000

= Simple dollar return

If you take cash out of a bank account over time, sometimes the money will come back as a negative number because it’s worth less now than when you took it out. But this isn’t always the case. Sometimes the cash comes back as a positive number because it’s worth more now than when you took it out.

10%

Interest rate

-\$500,000

Year 0 CF

120,000

Year 1 CF

120,000

Year 2 CF

120,000

Year 3 CF

120,000

Year 4 CF

120,000

Year 5 CF

-\$45,105.59

NPV

today

1

2

3

4

5

109,090

120,000

99,173

120,000

90,157

120,000

81,961

120,000

74.510

120,000

-\$500,000

Invested

-45,109

NPV

If we look at the calculation results, we can see that it would be better to reject the project because the estimated interest for the current values would be paid if we invested it differently, at a rate of 10% over the next 5 years. This is higher than the net present value of the project investment.

Stakeholders:

To ensure the success of this project, we need to involve key stakeholders, including patients, doctors, administrators, infectious control team, quality team, and supplies. It is important to get their input and buy-in to the project to ensure that it meets their needs and expectations.(Huang X, 2018).

Implementation plan:

To succeed in getting the simulation room purchased, we need to develop a comprehensive process that includes a business plan, approval purchase, building the simulation room, and staffing it with trained personnel.

The business plan should outline the financial and operational benefits of the simulation room and how it aligns with the trauma center’s goals and objectives. The approval purchase process should involve presenting the business plan to the relevant decision-makers and obtaining their approval.

Once the purchase is approved, we can move forward with building the simulation room and staffing it with trained personnel. We should also develop an implementation plan that includes training programs for staff and regular evaluations to ensure that the simulation room is being used effectively.(Huang X, 2018).

Damianos A, et al.(2017) Central venous catheter retention and mortality in children with candidemia: a retrospective cohort analysis. J Pediatric Infect Dis Soc 5:403–408.

Huang X, Zhang W (2018) Adherence to central-line insertion practices (CLIP) with peripherally inserted central catheters (PICC) and central venous catheters (CVC): A prospective study of 50 hospitals in China. Infect Control Hosp Epidemiol 39:122–123.

This is was question

You are a director of the quality improvement department for a large trauma center. For your department, you feel there is a need to purchase a full-scale simulation room.

This simulation room would be outfitted with the latest tools and simulations for wound management, sterile surgical process, infection control, and line placements.

The overall goal would be to decrease reinfection rates. The capital need for the simulation center is \$500,000, producing a decrease in cost for reinfection rates of \$120,000 per year.

What type of analysis do you need to do?

Who are the stakeholders you need at the table?

How do you create a process to succeed in getting the room purchased?

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