Purpose
On behalf of the Interventional Radiology Department, we express a strong need for investing in new capnography equipment with an approximate cost of $31,498 (see Table 1 for additional information about costs). Consequently, the purpose of this proposal is to optimize the current operational processes of the Interventional Radiology Department. It will assist this medical facility in maximizing its revenues, productivity, quality, and safety of its patients. Alternatively, it will encourage the professional development of the employees while ensuring alignment with the organizational mission statement and vision. In this case, the proposal tends to provide the benefits of this purchase to the company such as its compliance with corporate goals and the required budget while focusing on the possible responses of stakeholders and evaluation of potential risks.
Benefits to the Company
In the first place, it is critical to focus on the advantages that the company will gain from buying new capnography equipment for the Interventional Radiology Department. In the first place, purchasing new instruments will help the firm optimize the efficiency of its processes (Huston, 2013). Taking advantage of novel treatment devices will not only have a beneficial impact on the effectiveness while minimizing the possibilities of medical errors but also decrease the associated costs and expenditures (Huston, 2013). It could be theorized that purchasing new capnography equipment will contribute to the shift in profits and reduced expenditure.
At the same time, despite the need to invest a substantial amount of financial resources in this purchase, buying new capnography equipment will enhance the company’s competitive edge. It will assist the firm in complying with the constantly changing business environment and trends (Auzina-Emsina, 2014). In this instance, the medical institution can increase its market share and face the intensity of the rivalry in the healthcare segment. Simultaneously, emphasizing the gravity of labor productivity will have a beneficial influence on the quality of communication with the patients, commitment, and motivation (Auzina-Emsina, 2014). Based on the aspects indicated above, it could be said that our proposal will have an advantageous impact not only on the company’s financial performance but also on the desire of the employees to continue working in the company.
Supporting Managerial Goals
Simultaneously, it remains apparent that the proposed renovation tends to prioritize organizational mission and purposes. Taking advantage of this strategy will help ensure the alignment of the Interventional Radiology Department with the overall company’s goals and objectives. One of the central managerial aims is maximizing profits and revenues of the firm. Using this approach will increase the retention of the customers while generating additional revenues for the company. Additionally, the medical institution tends to prioritize the high quality of healthcare as one of its central aims. In this case, supplying the nurses and physicians with the right set of equipment will have a beneficial impact on productivity and effectiveness.
Furthermore, the executives of the firm have a tendency to consider the overall productivity of the medical facility while paying attention to the accuracy and effectiveness of diagnosis. Moreover, one cannot underestimate the significance of safety to the executives of the medical institution. In this case, according to Advanced Cardiac Life Support, capnography is gaining its recognition when being applied in cardiopulmonary and intensive care (Kodali & Urman, 2014). The procedures at the Interventional Radiology Department are also associated with a number of risks. Subsequently, taking advantage of capnography can decrease the percentage of deaths and maximize the safety of risky radiology assessments.
Lastly, despite having original intentions on improving the quality of healthcare, it is vital to underline that the medical facility has a tendency to spend its financial resources on training and development of the personnel. In the medical sphere, the majority of healthcare professionals were “confronted with the introduction of new technology” (Veer, Fleuren, Bekkema, & Francke, 2011). This matter tends to be present due to the lack of competences and skills (Veer et al., 2011). Consequently, buying new equipment will assist in encouraging training and development, as it will have a beneficial impact on the productivity of the employees and their level of commitment.
Stakeholders and Their Potential Responses
Alternatively, purchasing new equipment will be beneficial from the viewpoints of different stakeholder groups. In this instance, stakeholders can be divided into management, employees, patients, policy-makers, and community. In the first place, the management can perceive this proposal as negative since it requires additional investment in buying new capnography equipment. Nonetheless, underlining the main benefits of this the purchase such as increasing the commitment among the employees and their motivation, maximizing profitability, and complying with the organizational goals and mission statement will help change the perception of the ineffectiveness of the proposed solution.
Another group of stakeholders that has to be taken into account is employees. Nowadays, the workforce is often regarded as one of the most important assets of the company (Gabcanova, 2011). Paying attention to their development and training will assist in establishing trusting relationships with the patients, increasing their retention, and shifting the acquired income (Gabcanova, 2011). As for buying capnography equipment, this purchase has a direct connection with the employees, as it will not only ease their working processes but also cultivate the need for growth. Consequently, this group of stakeholders will accept this change, as it has a positive influence on their working processes.
Alternatively, patients can be regarded as another substantial group. The responses of the patients to this change can be viewed as the most important ones. It remains apparent that clients are critical sources of revenue in the medical sphere. Consequently, gaining recognition among them is one of the vital drivers for the company’s success. Speaking of buying new capnography equipment, it could be said that this change will be discovered as positive since this innovation is linked to the levels of safety of the patients and minimizes the waiting time. Furthermore, the stakeholders including the community pertaining to the actions and attitudes of the patients. Subsequently, these approaches have to be discovered simultaneously. In this case, the innovation that is associated with the need to buy new capnography equipment will be viewed as an advantage. Its ability to improve safety and quality of healthcare will be potential drivers for the community’s positive response.
Lastly, one cannot underestimate the significance of policymakers in any changes in the healthcare spheres and their working processes. In this case, this group will respond rapidly since the introduced changes have a direct impact on the levels of safety among patients and underline the need to design a sufficient framework of policies, which employees have to follow (Vogel et al., 2013). Consequently, the policymakers will consider this purchase as positive since it increases the safety of the patients. Nonetheless, it may be regarded as one of the potential drivers for introducing novel policies and applying the limitations on the certification of the employees.
Analysis of the Associated Risks
Nonetheless, despite the clarity of this proposal, it is essential to consider different risks and challenges that one has to overcome. One of the challenges is the fact that this purchase will require a substantial financial investment. To resolve this problem, the company can purchase several (2-3 units) capnographs such as Nonin RespSense II Capnograph and CO2 Monitor for $2,900 per device to check the appropriateness and its effect on the productivity and quality of the provided care (Medical Device Depot, 2016) (see Table 1). Using this approach will help minimize initial costs and may change a perception of the quality of healthcare.
Another possible risk is the fact that it takes time to adapt to the changes, and this matter will require spending additional time and financial resources on training and education of the medical personnel. Furthermore, the lack of competences may be a possible cause of the wrong understanding of technology leads to misconceptions and a high percentage of errors (Veer et al., 2011). To avoid this mistake, the management can pay vehement attention to the training programs, as it will not only encourage the implementation of technology but will also improve the company’s competitive edge.
Required Budget
This section offers a detailed description and listing of the required costs for buying new capnography equipment for the Interventional Radiology Department. Table 1 presents a well-developed listing of devices, which can be purchased to optimize the working processes in the selected department. As it was mentioned earlier, to minimize the associated risks, the company can purchase only three Nonin RespSence II Capnographs to understand the relevance of this device. It will account for $8,700.
Table 1. Associated costs (Medical Device Depot, 2016).
References
Auzina-Emsina, A. (2014). Labor productivity, economic growth, and global competitiveness in the post-crisis period. Procedia – Social and Behavioral Sciences, 156(1), 317-321.
Gabcanova, I. (2011). The employees – The most important asset in the organization. Human Resources Management & Ergonomics, 5(1), 1-12.
Huston, C. (2013). The Impact of emerging technology on nursing care: Warp speed ahead. The Online Journal of Issues in Nursing, 18(2), 1-12.
Kodali, B., & Urman, R. (2014). Capnography during cardiopulmonary resuscitation: Current evident and future directions. Journal of Emergencies, Trauma, and Shock, 7(4), 332-340.
Medical Device Depot: Capnographs. (2016). Web.
Veer, A., Fleuren, M., Bekkema, N., & Francke, A. (2011). Successful implementation of new technologies in nursing care: A questionnaire survey of nurse-users. BMC Medical Informatics and Decision Making, 11(67), 1-12.
Vogel, J., Oxman, A., Glenton, C., Rosembaum, S., Lewin, S., Gulmezouglu, A., & Souza, J. (2013). Policy makers’ and other stakeholders’ perceptions of key considerations for health system decisions and the presentation of evidence to inform those considerations: An international survey. Health Research Policy and Systems, 11(19), 32-34.