Creating Psychologically Safe Healthcare Teams Essay

The Role of Nurse Leaders in Ensuring Psychological Safety to Team Members at the Healthcare Workplace

Psychological safety is concerned with individual employee perceptions about the repercussions of their actions at the workplace with regard to interpersonal interactions. The nurse leader is one of the key persons in the organization who are crucial in creating a psychologically safe work environment (Sherman, 2012). She is expected to understand that workplace safety behavior is affected by various psychological factors (Kotzé & Steyn, 2013). Creating a healthy and supportive workplace environment as through transformational leadership is therefore paramount (Arnold et al., 2011) Creating Psychologically Safe Healthcare Teams Essay.

The nurse executive can therefore make the case for creation of a psychological safe workplace to the various team leaders by pointing out what needs to be done. She needs to let them know that in a psychologically unsafe workplace environment, nurses may not report problems or mistakes made out of fear of the repercussions and how the news will be received. She should thus make the point by letting the team leaders know that they need to (Sherman, 2012):

• Let team members freely speak their minds at all times.
• Allow for disagreements in an amicable and constructive way.
• Not hold mistakes against the team members who make them.
• Encourage the freedom of sharing information, whether positive or negative.
• Encourage open discussion of thorny issues, and
• Allow for contrary opinions.
• Creating Psychologically Safe Healthcare Teams Essay

Presentation of the role of team leaders in creating a psychologically safe workplace environment is going to take place through training them to adopt a healthy and supportive workplace culture (Arnold et al., 2011). They will be trained to set workplace rules of engagement, encourage open two-way communication, create opportunities for bringing employees together, encourage appreciation of diversity, and value people (the team members) more than workplace processes (Forbes Coaches Council, 2017) Creating Psychologically Safe Healthcare Teams Essay. One of the challenges that might be faced in working with the team members to achieve this include encounters with difficult personality traits of some of the team leaders, such as the narcissistic personality trait. Overcoming this would require patience and a cognitive behavioral therapy (CBT) approach to training this particular type of team leader (APA, 2020).

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References

American Psychological Association [APA] (2020). What is cognitive behavioral therapy? Retrieved 16 March 2020 from https://www.apa.org/ptsd-guideline/patients-and-families/cognitive-behavioral

Arnold, I.M.F., Mulvale, G., GermAnn, K., & Baynton, M. (2011). Opportunities abound to improve mental health and psychological safety in the workplace. Healthcare Papers, 11(Special Issue), 85-90. Doi: 10.12927/hcpap.2011.22414

Forbes Coaches Council (November 15, 2017). 14 ways you can improve psychological safety at work. Forbes. Retrieved 16 March 2020 from https://www.forbes.com/sites/forbescoachescouncil/2017/11/15/14-ways-you-can-improve-psychological-safety-at-work/#6dee1ee85610

Kotzé, M. & Steyn, L. (2013). The role of psychological factors in workplace safety. Ergonomics, 56(12), 1928-1939. DOI: 10.1080/00140139.2013.851282

Sherman, R.O. (May 24, 2012). Creating psychological safety in our workplaces. Emerging RN Leader. Retrieved 16 May 2020 from https://www.emergingrnleader.com/emergingnurseleader-8/

To Prepare:
Review the Learning Resources on psychological safety. In particular, review the video resources featuring Amy Edmondson, a Harvard professor and expert on psychological safety in the workplace.

Consider the role of team leaders in creating psychologically safe environments, and based on the resources provided, the specific benefits for healthcare organizations. Creating Psychologically Safe Healthcare Teams Essay
Reflect on your role as a nurse executive and how you would explain to team leaders and other managers in a healthcare setting their roles in creating psychologically safe environments for team members, including benefits for teams and the organization. Consider possible types of resistance from team leaders and others, and how you would respond.

By Day 3 of Week 4
Post the following:

A brief explanation of how, as a nurse executive, you would make the case to team leaders in a healthcare setting for the importance of developing a culture of psychological safety for team members. Describe how you would present the role of team leaders in creating psychologically safe environments, challenges you might face in working with team leaders on this goal, and how you would respond to overcome those challenges Creating Psychologically Safe Healthcare Teams Essay. Cite the Learning Resources or other literature to support your post.

Environments are generally fashioned by the people in charge and changing how people react and respond is not as simple as flipping a switch—or even issuing a directive. It often requires providing strong evidence that encourages a change in behavior.

For this Discussion, you will explore the process of creating psychologically safe healthcare teams by considering how you would educate others about the necessity of providing psychological safety and, specifically, how to achieve it.

To Prepare:
Review the Learning Resources on psychological safety. In particular, review the video resources featuring Amy Edmondson, a Harvard professor and expert on psychological safety in the workplace.
Consider the role of team leaders in creating psychologically safe environments, and based on the resources provided, the specific benefits for healthcare organizations Creating Psychologically Safe Healthcare Teams Essay.
Reflect on your role as a nurse executive and how you would explain to team leaders and other managers in a healthcare setting their roles in creating psychologically safe environments for team members, including benefits for teams and the organization. Consider possible types of resistance from team leaders and others, and how you would respond.
By Day 3 of Week 4
Post the following:

A brief explanation of how, as a nurse executive, you would make the case to team leaders in a healthcare setting for the importance of developing a culture of psychological safety for team members. Describe how you would present the role of team leaders in creating psychologically safe environments, challenges you might face in working with team leaders on this goal, and how you would respond to overcome those challenges. Cite the Learning Resources or other literature to support your post.

Psychological Safety

How, as a nurse executive, you would make the case to team leaders in a healthcare setting for the importance of developing a culture of psychological safety for team members.

Psychological safety in a healthcare working environment refers to the belief that an employee will not be punished, or face humiliation for speaking their concerns, questions, or mistakes (Aranzamendez, James, & Toms, 2015). Teams that make mistakes tend to be more successful compared to those that avoid mistakes or criticize employees for making mistakes (Newman & Donohue, 2017). This is because when an organization creates an environment where people feel safe and comfortable enough to take up challenges and risks, innovation in such a workplace is enhanced. As a nurse executive, I would build a case for more innovation, creativity, and team participation through the creation of a workplace that nurtures psychological safety. Creating Psychologically Safe Healthcare Teams Essay

Describe how you would present the role of team leaders in creating psychologically safe environments.

The first step is to let the team leaders know that the most effective way of creating a psychologically safe place is through leading by example. Team leaders will be tasked with asking for upward feedback from their subordinates; acknowledging their own mistakes; be open to listening to opinions that differ from their own; encourage reports as well as make themselves approachable to team members. The second step would encourage active listening. Team leaders can take actions that show they are actively listening to their team members such as switching off phones during meetings; repeating what a team member says to show the team leader understands; encourage more questions to be asked to improve participation, and actively asking opinions from employees who rarely speak.

Challenges you might face in working with team leaders on this goal, and how you would respond to overcome those challenges

One of the major challenges that I am likely to face with team leaders is a lack of trust (Jones & Van de Ven, 2016). Team leaders may feel they cannot trust the new change; have suspicions as to why the change is being made; or believe that their job is under question. They may also fear that one of the team members may look for reasons to complain about their leadership skills if the team member’s feedbacks are not handled o their satisfaction. To counter this, as a nurse executive I will need to reassure the team leaders that I understand their fears and proceed to help them understand that the new approach will impact the work of every staff member (Will, 2015). I will also ensure that the team leaders embrace the vision of better service delivery and how integrating the new changes would be in line with this vision. Creating Psychologically Safe Healthcare Teams Essay

References

Aranzamendez, G., James, D., & Toms, R. (2015, July). Finding antecedents of psychological safety: A step toward quality improvement. In Nursing forum (Vol. 50, No. 3, pp. 171-178).

Jones, S. L., & Van de Ven, A. H. (2016). The changing nature of change resistance: An examination of the moderating impact of time. The Journal of Applied Behavioral Science, 52(4), 482-506.

Newman, A., Donohue, R., & Eva, N. (2017). Psychological safety: A systematic review of the literature. Human Resource Management Review, 27(3), 521-535.

Will, M. G. (2015). Successful organizational change through win-win. Journal of Accounting & Organizational Change Creating Psychologically Safe Healthcare Teams Essay.

Impacts of Employee Empowerment and Psychological Safety Essay

A Comparative Look at Empowerment of Employees and Workplace Psychological Safety: Interviews with Employees in Healthcare, Automobile, and Finance Industries

The three employees that were interviewed are from the healthcare industry, the finance industry, and the automobile industry. Alisonia who is a registered nurse is a best friend who has been a nurse for the last two years since her graduation. She works in a large healthcare organization with several hospitals across the state. Marx is my maternal uncle and has been an automobile salesperson for the last four years. Lastly, Marion is a family friend who is a teller at a local bank and has been at the job in the same position for the past three years. All the three interviews were conducted separately (but in-person) with each of the three participants Impacts of Employee Empowerment and Psychological Safety Essay.

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The concept of employee empowerment, by definition, means that every employee in the organization is allowed to actively contribute to the organization’s processes and procedures. Literally speaking, the employee is given the power to suggest how things should be done, how improvements can be made to processes, and what measures can be taken to curtail problems within the organization. It also means that the employee is given the freedom to point out what is not right within the organization without fear of victimisation and/ or retribution (Lee et al., 2018; Asiri et al., 2016; Choi et al., 2016; Laschinger et al., 2013) Impacts of Employee Empowerment and Psychological Safety Essay. Employee engagement, on the other hand, is closely related to employee empowerment. It means that the leadership of the organization in which employees are empowered frequently seeks the input of the same employees when important decisions about procedures and processes are to be made. Engaging employees means that their suggestions about important issues within the organization are taken into account. They are made to feel that their views are important and that they themselves are important in the realisation of the goals of the organization.

A Summary of the Views and Perceptions of the Interviewees

Alisonia is a bedside registered nurse in the surgical unit of one of the chain of hospitals in the state. Having worked for two years in the same organization, she had a clear perspective of the state of employee empowerment and engagement within that healthcare organization. She clearly understood what empowerment meant and stated that she didn’t feel sufficiently empowered at her place of work. For instance, she felt that she lacked autonomy in the work that she does as a professional nurse. In her hospital, she feels that the work of the nurse manager seems to be to monitor the nurses under her to find out if they have made any mistake in the course of their work. This makes her tense and stressed every time the nurse manager is around her Impacts of Employee Empowerment and Psychological Safety Essay. She would have preferred to be left to do her duties without undue supervision because, as she states herself, she is a well-trained and qualified nurse. For instance, when doing a drug round, the nurse manager has the habit of exercising direct supervision by being physically behind her. She would have preferred that the manager be doing indirect supervision by letting them do the task and later report their result/ progress. Alisonia also felt that she is not sufficiently engaged at her work place. They are never asked what they think before major decisions affecting them as nurses are made. The management adopts a top-down approach to all issues. Because of this, she says that she may never even report a problem she has noticed at the workplace. This is because she will either be blamed for the problem or ignored altogether (A.N. Morales, personal communication, March 15, 2020).

Marion has been a bank teller for the past three years. She says that her work is pretty much routine from day to day. Even though she has her immediate superior at the workplace, she says that it is not common to find him following her around. She feels that for the three years she has worked at the bank, she has been empowered to make decisions on her own and only report to her supervisor if she is not sure of what to do. She therefore feels quite empowered in her job. Furthermore, she states that there are weekly meetings in which the section manager sits down with them and they discuss how the past week has been. During these meetings, everyone of the employees is free to contribute and their views are included in the minutes of the meeting. On countless occasions, she has made suggestions that have ended up being implemented for the betterment of the work environment. Because of this, her opinion and feeling is that the management of the bank adequately engages its employees and takes their feelings and views seriously (M.A. Jeanice, personal communication, March 16, 2020)Impacts of Employee Empowerment and Psychological Safety Essay.

Marx is my maternal uncle. Since he graduated from college, he has been working as a salesperson for the Ford Motor Corporation. This is his fourth year in the job and he is greatly satisfied with his job. Of the three interviewees, he is the one who appeared to feel the most empowered in his workplace. He stated that in his work, the only thing that he discusses with his immediate superior are the targets that he needs to achieve within a given period of time. After that, he has the autonomy to do his work as he deems fit. In doing so, also, he is provided with all the resources that he needs for his work. For him, he has more say in how he does his work as the company is only interested in results and the meeting of objectives. This, according to him, is testament enough that he is empowered in his work. Concerning employee engagement, Marx says that this has always gone hand in hand with the empowerment. In every sales meeting, it is what he has to say that is important as the managers realise that he is the one that talks directly with the customers and knows what they want. In all, he feels he is empowered, has the autonomy, and is engaged as much as he would wish for (M.J. Nelson, personal communication, March 18, 2020) Impacts of Employee Empowerment and Psychological Safety Essay

Industry Comparison of Employee Empowerment and Engagement

From the interviews, it is clear that employee empowerment and engagement within the healthcare industry is not exactly the same as that in other industries. In my opinion, this could be due to the difference in the nature of work that employees in these industries do. In healthcare, many organizations tend to prefer close supervision and monitoring of employees such as nurses because even small mistakes can be costly (malpractice litigation and vicarious liability). However, this is not to say that this is good practice. It has been shown that empowered employees are highly motivated and are more productive (Lee et al., 2018) Impacts of Employee Empowerment and Psychological Safety Essay. Not all healthcare industry organizations, however, give limited empowerment and engagement to their employees. That said, even those that have empowered their employees well cannot reach the levels of empowerment and engagement seen in other industries. As stated, the reason is that the healthcare industry is sensitive and highly regulated professionally.

A Working Definition of Psychological Safety

The concept of psychological safety at the workplace is related to the state of mind of the employee when they are at their workplace. It is how the employee feels as they carry out their day-to-day duties. For instance, does the employee feel free when they are carrying out their duties? Do they fear what might happen to them in the event that they made a small mistake in the course of their duties? Are they free to report any mistakes they may make without any fear of victimisation? These are the kinds of questions that define psychological safety in the workplace. An employee who cannot answer these questions favorably does not experience psychological safety at their workplace. This may affect their morale and workplace productivity (O’Donovan et al., 2019).

Going by Alisonia’s account in the interview; she does not have psychological safety in the hospital in which she works. She is afraid of the nurse manager who seems to be exercising authoritarian leadership style. A lack of psychological safety is therefore evident in her workplace. Marion the bank teller has a high degree of psychological safety in her workplace. She feels valued and secure. Her opinion counts and she is not afraid of her supervisors and managers like Alisonia. Lastly, Marx has demonstrated that his workplace gives him the highest degree of psychological safety. He is extremely autonomous and decides how he does his work, as long as he meets the company’s sales projections. Compared to the other two, a possible reason for Marx’s high degree of psychological safety could be because his work does not involve staying in one location at the company. He moves around to where customers are and pitches for their car products outside the company’s premises. Impacts of Employee Empowerment and Psychological Safety Essay.

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Traditionally, psychological safety within healthcare organizations has not been as it should be. Authoritarian supervision and strict standard operating procedures have been the hallmark of professional work in healthcare, especially for nurses. The only health worker category that has been enjoying the greatest autonomy and psychological safety are the physicians. However, this is rapidly changing with the realisation that creating a conducive work environment motivates nurse employees and improves the quality of care given to patients. The manufacturing and financial industries enjoy a high degree of psychological safety. Only the hospitality industry is comparable to the healthcare industry as the waiters are analogous to the nurses in the healthcare industry. The tribulations waiters go through from customers and management are similar to the tribulations nurses go through from patients and nurse managers.

From the foregoing, it goes without saying that a high degree of psychological safety, employee empowerment, and employee engagement in healthcare is a positive thing. This is because the presence of these factors motivates health workers, making them feel energised to work and deliver the highest quality of care. High psychological safety, empowerment, and engagement of employees are therefore directly correlated with patient safety.

Leadership Strategies for Ensuring Psychological Safety, Empowerment, and Engagement

The two tried and tested leadership strategies that are known to create a conducive work environment for employees and hence psychological safety are transformational leadership and consultation (Choi et al., 2016). Transformational leadership motivates, guides, appreciates, and values employees. A good example, generally, is my current healthcare organization in which there is only transformational leadership and a high level of empowerment, engagement, and psychological safety.

References

Asiri, S.A., Rohrer, W.W., Al-Surimi, K., Da’ar, O.O., & Ahmed, A. (2016). The association of leadership styles and empowerment with nurses’ organizational commitment in an acute health care setting: A cross-sectional study. BMC Nursing, 15(38), 1–10. Doi:10.1186/s12912-016-0161-7 Impacts of Employee Empowerment and Psychological Safety Essay

Choi, S.L., Goh, C.F., Adam, M.B.H., & Tan, O.K. (2016). Transformational leadership, empowerment, and job satisfaction: The mediating role of employee empowerment. Human Resources for Health, 14(1), 73. Doi:10.1186/s12960-016-0171-2

Laschinger, H.K.S., Wong, C.A., & Grau, A.L. (2013). Authentic leadership, empowerment and burnout: A comparison in new graduates and experienced nurses. Journal of Nursing Management, 21(3), 541–552. Doi:10.1111/j.1365-2834.2012.01375.x

Lee, A., Willis, S., & Tian, A.W. (2018). When empowering employees works, and when it doesn’t. Harvard Business Review. Retrieved 19 March 2020 from https://hbr.org/2018/03/when-empowering-employees-works-and-when-it-doesnt

O’Donovan, R., Ward, M., De Brún, A., & McAuliffe, E. (2019). Safety culture in health care teams: A narrative review of the literature. Journal of Nursing Management, 27(5), 871–883. Doi:10.1111/jonm.12740

Note: You will begin this Assignment in Week 3, and it will be due by Day 7 of Week 4. Plan your time accordingly.

How does healthcare compare with other fields in markers, such as employee empowerment and engagement? Investigating that question is one purpose of your Module 2 Assignment, for which you will interview three employees in different fields, with one individual in healthcare. You will also consider the theme of psychological safety, which you will explore in more detail in Week 4. Impacts of Employee Empowerment and Psychological Safety Essay

Photo Credit: Getty Images/iStockphoto

As you begin your Assignment, reflect on your own experiences and perceptions of a typical work environment within a healthcare setting. As a nurse executive, you will have greater influence over how the nurses you lead function within that environment. Recall examples from the Learning Resources of benefits when nurses are empowered and engaged. Consider how you can use the information you gain through this Assignment to develop your leadership skills, with the goal of providing support that is constructively impactful for nurses, patients, and a healthcare organization.

To Prepare:

Choose and secure the agreement of three individuals you know well (i.e., family and friends) to be interviewed on the topics of employee empowerment, engagement, and psychological safety in the workplace. One person you interview must work in a healthcare setting.
Review the Learning Resources on employee empowerment, engagement, and psychological safety in the workplace. Consider definitions that clarify these concepts and which you can explain to your interview subjects in enlisting their participation and guiding responses.
Access and review the document Employee Interviews: Guidelines and Questions, located in the Learning Resources, for guidance on planning, conducting, analyzing, and comparing the interview responses.

Note: You are required to submit the signature of each person you interview to confirm the individual’s agreement to participate. Fill in Page 1 of the Employee Interviews: Guidelines and Questions document, print the page, and obtain the signatures. (There is a place for all three signatures on Page 1.) Scan and submit Page 1 as a separate Word file with your completed Assessment.
Conduct a brief (20–30 minutes) phone or in-person interview with each individual. Speak with each person separately so that you have three sets of independent views to compare. Questions to ask are provided in the Guidelines document. Note the questions are repeated in a section for each interviewee. Take notes in the document, or record the interviews with each person’s permission.
When you have completed all three interviews, review each individual’s experiences and sense of empowerment, engagement, and psychological safety at work. Compare and contrast the responses with the goal of arriving at clear conclusions on how the degree of employee empowerment, engagement, and psychological safety influences job performance, satisfaction, and morale. v
Compare the responses of the individual who works in healthcare and your own experiences in professional practice in healthcare to the responses of your interviewees working in other areas. Consider conclusions you can make about employee empowerment, engagement, and psychological safety in healthcare compared with other professions.
Consider quality care and safety issues in healthcare and the relationship among psychological safety, employee empowerment, and engagement as positive or negative factors.
Consider strategies nurse executives can apply to improve or enhance employee empowerment, engagement, and psychological safety within healthcare settings.
Assignment:

Based on your three interviews and drawing on current literature, and from the perspective of a nurse executive’s role in supporting employee job performance and satisfaction, write an analysis that addresses, in 4–5 pages, the following points:

Describe the three employees you interviewed, including their industries and job titles.
Explain your working definitions of “employee empowerment” and “employee engagement” that are the basis of the interviews. Impacts of Employee Empowerment and Psychological Safety Essay
Summarize how the interviewees characterized the culture of employee empowerment and engagement within their organizations.
Analyze how employee empowerment and employee engagement within healthcare organizations compare with other industries.
Explain your working definition of “psychological safety” that is the basis of the interviews.
Summarize how the interviewees characterized the presence, absence, and/or degree of psychological safety within their organizations.
Analyze how psychological safety within healthcare compares with other industries.
Analyze how degree of psychological safety, employee empowerment, and engagement are positive or negative factors for quality care and safety issues within healthcare.
From the position of a nurse executive, explain at least two leadership strategies you would recommend for actions to improve or sustain psychological safety, employee empowerment, and engagement within healthcare organizations. Speak generally, or specifically, to your current healthcare organization or one where you have worked in the past.
Note: You began this Assignment in Week 3 and it will be due by Day 7 of Week 4. Plan your time accordingly.

As you wrap up your analysis of the three interviews you completed, draw on the information and perspectives gained through the Learning Resources and Discussion, this week, to assess psychological safety in each workplace. As a nurse executive, you will have new avenues for making a difference for staff and patients. With those opportunities in mind, consider how to apply the insights you gain regarding psychological safety in healthcare settings.

Photo Credit: Getty Images/iStockphoto

To Prepare:
Review Learning Resources that will guide your analysis of employee empowerment, engagement, and psychological safety.
Use the Guidelines & Questions document, from the Learning Resources, to help you in completing your Assignment, including providing the signature sheet to confirm your three interviews.
Resources
Learning Objectives
Students will:

Explain concepts of employee empowerment and psychological safety*
Analyze factors associated with high-performance teams*
Analyze impact of psychological safety and employee empowerment on team decision making and performance *
Explain leadership strategies to improve psychological safety and empowerment of employees in healthcare settings*
* Objective is introduced this week and assessed in Week 4.

Learning Resources
Required Readings (click to expand/reduce)

Asiri, S. A., Rohrer, W. W., Al-Surimi, K., Da’ar, O. O., & Ahmed, A. (2016). The association of leadership styles and empowerment with nurses’ organizational commitment in an acute health care setting: A cross-sectional study. BMC Nursing, 15(38), 1–10. doi:10.1186/s12912-016-0161-7

Choi, S. L., Goh, C. F., Adam, M. B. H., & Tan, O. K. (2016). Transformational leadership, empowerment, and job satisfaction: The mediating role of employee empowerment. Human Resources for Health, 14(1), 73. doi:10.1186/s12960-016-0171-2

Laschinger, H. K. S., Wong, C. A., & Grau, A. L. (2013). Authentic leadership, empowerment and burnout: A comparison in new graduates and experienced nurses. Journal of Nursing Management, 21(3), 541–552. doi:10.1111/j.1365-2834.2012.01375.x

Lee, A., Willis, S., & Tian, A. W. (2018, March). When empowering employees works, and when it doesn’t. Harvard Business Review. Retrieved from https://hbr.org/2018/03/when-empowering-employees-works-and-when-it-doesnt

O’Donovan, R., Ward, M., De Brún, A., & McAuliffe, E. (2019). Safety culture in health care teams: A narrative review of the literature. Journal of Nursing Management, 27(5), 871–883. doi:10.1111/jonm.12740

Society for Human Resource Management (SHRM). (2017). 2017 Employee job satisfaction and engagement: The doors of opportunity are open [Executive summary]. Retrieved from https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2017-Employee-Job-Satisfaction-and-Engagement-Executive-Summary.pdf Impacts of Employee Empowerment and Psychological Safety Essay

Document: Employee Interviews on Empowerment and Psychological Safety: Guidelines & Questions (Word document)

Required Media (click to expand/reduce)

benedictineCVDL. (2018, July 6). Creating psychological safety at work in a knowledge economy – Amy Edmondson, Harvard [Video file]. Retrieved from https://www.youtube.com/watch?v=KUo1QwVcCv0

Note: The approximate length of this media piece is 3 minutes.

Fostering a Positive Workplace

This video addresses defining qualities of a positive work environment and the decisive role of nurse executives and other leaders in developing that environment. Pay particular attention to the discussion of employee engagement and its connection to job satisfaction—and how nurse executives can troubleshoot to encourage deeper engagement. (11m)

Accessible player
Creating a Culture of Engagement

Multiple experts offer advice and dynamic models of how to create an exemplary nursing staff through strategies that enhance engagement and empower nurses in healthcare settings. You may choose to skip the first section on hiring to go directly to the more relevant information for this module. (19m) Impacts of Employee Empowerment and Psychological Safety Essay

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Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

An Opportunity for Business in the Healthcare Industry: The Budget and Estimated expenses for the Proposed Venture

Part 1: Expense/ Revenue/ ROI Analysis

Part 2: Summary of Analysis and Interpretation of the Results

This is a healthcare business opportunity that will be implemented within an existing telehealth healthcare operation. Patients who need constant weight and body mass index monitoring within the telehealth program are to be given leased smart digital scales that will relay this information to the clinician whenever they take their weight. The equipment is to be bought (PCMAG Digital Group, 2020) by the business (at USD 75 per piece) and leased to the patients at a cost of USD 150 per year. The consultation or service fee charges per machine per year will be USD 2880 (USD 60 per week). Each machine will be maintained or serviced at an estimated cost of USD 30 per year. The patients that this venture will benefit are those currently being treated on the telehealth program and include those with overweight and obesity, heart disease, renal failure, and diabetes (Hammer & McPhee, 2018). The smart digital scale has Bluetooth capability. When the patient takes the weight, the machine uses it to calculate the BMI through an in-built application. The weight and the BMI are then relayed by Bluetooth to the patient’s smartphone, which then automatically sends this information to the clinician’s computer through the telehealth platform. Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

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Currently (2020), these patients (who require the smart digital weighing scale) number just about forty. This is the figure that is used to estimate the revenue for the first year (2020). It is then estimated or assumed that at least 10 patients will be added to these numbers in every subsequent year. That means 2020 will have 40 patients, 2021 will have 50 patients, 2022 will have 60 patients, 2023 will have 70 patients, and 2024 which will be the fifth year will have 80 patients.

The return on investment (ROI) is then calculated by dividing the net profit by the cost of investment (InvestingAnswers, Inc., 2019). The net profit comes from the total five year revenues minus the initial start-up costs and operating costs. Dividing USD 891000 by USD 18000 gives a ratio of 49.5 as the ROI. As a percentage (multiplied by 100), therefore, the ROI for this venture will be 4,950%. This is a very high ROI and therefore this healthcare business opportunity is worth investing in.

References

Hammer, D.G., & McPhee, S.J. (Eds). (2018). Pathophysiology of disease: An introduction to clinical medicine, 8^th ed. New York, NY: McGraw-Hill Education.

InvestingAnswers, Inc. (October 1, 2019). ROI –return on investment. Retrieved 22 March 2020 from https://investinganswers.com/dictionary/r/return-investment-roi

PCMAG Digital Group (2020). The best smart bathroom scales for 2020. Retrieved 22 March 2020 from https://www.pcmag.com/picks/the-best-smart-bathroom-scales  Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

A ratio analysis involves one or more calculations to gain insight into a project, an investment, or an organization. For example, ratios can be used to assess companies by comparing calculated values with those of other companies, or with certain benchmark values.

There are numerous ratios that have been developed, each with a different purpose. For example, a company’s profit margin is a ratio value calculated by dividing its net income by its sales. The result is a value that suggests how much of a company\’s total sales become profit. Higher profit margins are typically desirable. Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

This week, you will forecast expenses, revenues, and financing needs for a proposed new healthcare product or service. You will also calculate some ratios to gain insight into the financial health of an organization and the feasibility of implementing the proposed product or service.

Learning Objectives
Students will:

Calculate estimated expenses for healthcare products and service solutions
Calculate estimated revenues for healthcare products and service solutions
Calculate return on investment for healthcare products and service solutions
Analyze financial impacts of healthcare products and services solutions for healthcare organizations
Learning Resources
Required Readings (click to expand/reduce)

American Nurses Association. (2015). Code of ethics for nurses with interpretive statements. Retrieved from https://www.nursingworld.org/coe-view-only

Note: Review all, with special attention on “Provision 6” (pp. 23–26).

Kelly, P., & Porr, C., (2018). Ethical nursing care versus cost containment: Considerations to enhance RN practice. OJIN: The Online Journal of Issues in Nursing, 23(1), Manuscript 6. doi:10.3912/OJIN.Vol23No01Man06. Retrieved from http://ojin.nursingworld.org/MainMenuCategories/ANAMarketplace/ANAPeriodicals/OJIN/TableofContents/Vol-23-2018/No1-Jan-2018/Ethical-Nursing-Cost-Containment.html Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

Milliken, A., (2018). Ethical awareness: What it is and why It matters. OJIN: The Online Journal of Issues in Nursing, 23(1). doi:10.3912/OJIN.Vol23No01Man01. Retrieved from http://ojin.nursingworld.org/MainMenuCategories/ANAMarketplace/ANAPeriodicals/OJIN/TableofContents/Vol-23-2018/No1-Jan-2018/Ethical-Awareness.html

Document: Healthcare Budget Request Template (Word document)

Document: Healthcare Budget Request Workbook Step-by-Step Guide (Word document)

Required Media (click to expand/reduce)

Expense Forecasting

Understanding the numbers behind effective nuring practice is a critical skill for the nurse executive. Consider how forecasting expenses in day-to-day operations might impact patient care and healthcare delivery approaches as you prepare to estimate expenses for your own proposal. (5m)

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Assignment: Healthcare Budget Request – Estimating Expenses
It can be tempting to think of “dreams” and “finance” as opposite ends of a spectrum. You may dream of things you want, such as new cars, vacations, or retirement. But a quick analysis of your current finances may awaken you to find that your dream is not yet financially feasible. Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

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Dreams and finance are, in fact, not at all in opposition. If your dream is a new automobile, you soon come to realize that you’ll need a plan to make your purchase. Part of this planning is based on an understanding of your current financial position.

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Saving money will help you, and whatever cost is not covered by savings can possibly be made up for by securing financing. You’ll likely need a personal budget that accounts for any new expenses you incur, including your new car payment.

Like you, healthcare organizations have dreams, manifested as corporate objectives. Proposals for new healthcare products or services must support these objectives, typically demonstrated via a business case. To become reality, these ideas almost always require resources. By understanding current financial position, accurately estimating revenue streams and expenses, and creating budgets, strategies can be developed that bring objectives to life.

For this Assignment you will calculate estimated expenses associated with a proposed new healthcare product or service. You will also estimate revenues and calculate a return on the proposed investment.

To Prepare
Reflect on the healthcare product or service solution you have proposed for your healthcare organization. Consider expenses (including any capital expenditures) that will be required to implement your product or service.
Reflect on the estimated revenues (if any) that your proposed solution will generate.
Reflect on the need for financing to meet the estimated expenses associated with your idea.
For each of the above, consult with your internal financial counselor as needed. Expense, Revenue, ROI Ration Analysis in healthcare essay assignment
The Assignment: Estimating Expenses
Conduct an analysis of estimated expenses and revenues associated with your product or service idea by completing the following:

Part 1: Expense/Revenue/ROI Analysis:

Open your Healthcare Budget Request workbook that you created in Week 2, and navigate to the “Estimated Expenses” worksheet. Using the Healthcare Budget Request Workbook Step-by-Step Guide for guidance, create a worksheet that records the following:

Each of the estimated expenses associated with your proposed idea, including startup expenses. Be sure to label each appropriately, with enough description to make it clear what the item is and what the estimated cost involves.
Each of the estimated revenues associated with your proposed idea. Be sure to label each appropriately, with enough description to make it clear what the item is and any necessary details regarding sources of revenues (including reimbursements).
Calculate the total estimated expenses and revenues for the next 5-year period.
Calculate the Return on Investment (ROI) for your proposed idea.
NOTE: You will copy your worksheet and analysis onto the Healthcare Budget Request Template (Word document) for submission.
Part 2: Summary of Analysis and Interpretation of Results:

Create a brief (1- to 2-page) description of your analysis that clearly describes the estimated financial impact of your proposed idea. Interpret the results by explaining what your ROI calculation means to the organization. Expense, Revenue, ROI Ration Analysis in healthcare essay assignment

Culture in Nursing Essay Assignment

Culture in Nursing Essay Assignment

1.  Discuss the cultural beliefs related to delivery of health care from the Haitian and Iranian population.

2.  Discuss any differences and/or similarities in the delivery of health care in both culture.

3.  How religious beliefs influence the delivery of health care in both.  Give at least one example.

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As stated in the syllabus and instructed here, please present the assignment in a word document Arial 12 font attached to the threat in the discussion tab of the blackboard under week 8.  A minimum of 2 evidence based references and 2 replies to any of your peers sustained with the proper references are required.  Please follow the example of the APA page that was sent via email and posted in the announcement tab of the blackboard at the beginning of the course.  A minimum of 500 words excluding the first and references page are required.  If you are unable to present the assignment in the due date please let me know at least 2 days before the due date.  Time after the due date have passed will not be granted.  Culture in Nursing Essay Assignment