Assignment on Capital Project Proposal
Added on 2020-04-21
7 Pages2161 Words80 Views
Healthcare and Research
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Capital Project Proposal1
Introduction:Purchase of the automated medicine dispensing machine like Pyxis can be a noteworthyaffair. Prior to purchase of this machine multiple factors need to be considered and detailedanalysis of pros and cons associated with the purchase of this machine needs to be studied.Discussion with all the stakeholders associated with the functioning of the machine need tobe carried out. Specifically, primary stakeholders like pharmacist, pharmacy technician andnurses need to be educated about the actual process of machine functioning. Thesestakeholders should be aware of all the advantages and disadvantages of this machine(Holdford and Brown, 2010). Intent to estimate cost of the equipment:Cost of the equipment should be estimated to generate required funding for the purchase ofthe equipment. Cost estimation should be done to analyse the cost-effectiveness of theequipment. Estimation of cost-effectiveness include comparison of cost incurred towardspurchase, working and maintenance of equipment with decrease in person time and relatedsavings of salary. Person cost savings by the purchase of the equipment include pharmacistfull-time equivalents (FTEs), pharmacy technician FTEs, nurses FTEs and per shift traveltime of nurses. Purchase of the equipment can increase amount of bills for medications in themedical and surgical unit and ultimately can generate good amount of revenue for thehospital. Estimation of the cost of the equipment is necessary because equipment purchase isgoing to block the fixed capital of the hospital. Hence, revenue forecasting is necessary toevaluate the return-on-investment by spending in terms of expenditure in the form of fixedcapital (Robinson and Brown, 2014). Cost also should be estimated to select machine withcertain specifications which would be helpful in getting required productivity. Costestimation is also useful in shortlisting bidders and enabling alternative options. Costestimation would be helpful in negotiating cost of the machine with the supplier. Thisnegotiation would be helpful in getting better offer for the Pyxis machine. Cost estimationwould be helpful in making technology driven decisions and supply chain estimation of themedications. Cost estimation of Pyxis equipment can be useful in finalising budget for thefinancial year. Hence, there would not be any budget shortfall. Cost estimation can lead tosmooth purchase process of Pyxis instrument purchase. All the stakeholders likemanagement, clinicians, pharmacist, nurses and pharmacy technicians should be incorporated2
in estimation of cost of Pyxis instrument (Obremskey et al., 2012). Cost of the Pyxis machinewould be 10000 USD. Management goal the equipment purchased would support :To improve revenue of hospital by increasing number of patients and reducingexpenditure on the salaries of healthcare staff.To provide technical upgradation to the medical and surgical department. Hence,quality medical service can be provided to the patient. To provide more choices to the patients and healthcare providers. To improve department standards and to provide safety and protection to the patients. To improve retention of employees because due to purchase of equipment there wouldbe less burnout of the employees. To initiate new advocacy services to the patients. To monitor utilisation of medicines.To maintain proper medication record of patients.To readdress medication errors in case of wrong case of wrong doings. To improve patient consultation and representation can be improved. To establish procurement policies and procedures.Benefits:Purchase of Pyxis instrument would be helpful in improving overall quality of the hospital. Itwould give advantage edge to the hospital over other competitive hospitals. This machinewould be helpful in improving speed of the drug dispensing to the patients. Hence, morenumber of patients can be handled in a single day. Purchase of this machine would reduceburden on different stakeholders like pharmacist, pharmacy technician and nurses. Hence,there would be less burnout of these healthcare professionals and retention of employees inthe hospital can be improved. Purchase of this instrument can produce long term benefits tothe hospital. Due to lessening of the manpower requirement, hospital management can divertworkforce to the other department and it would be added advantage to the hospital. Medicaland surgical department can share Pyxis with another department. Hence, productivity ofanother department can also be increased. It would be helpful in improving overallproductivity of the hospital (Baker, 2012). 3
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