Different Types of Business Frameworks and Cost-Benefit Analysis

In healthcare, there is a range of business models (BM) that determine the overall budget, cost-effectiveness, and methods of care. The UK National Health Service (NHS) BM is characterized by the universal access to the necessary services, which makes small eHealth businesses unclaimed. This contradicts the idea of implementing technological innovations to help older adult patients to live at their houses.

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Oderanti and Li (2018) suggest that a new BM based on the diffusion of innovation (DOI) theory is a viable way to engage patients in investing in telehealth, focusing on its relative advantage promotion. However, Kolovos et al. (2018) state that guided Internet-based interventions are not cost-effective, although the data is limited. Another BM is noted by Carolus, Hanley, Olsen, and Pedersen (2018), who propose a bottom-up approach to cost-benefit analysis (CBA), which implies the incorporation of local knowledge and participatory environmental planning.

The CBA is the economic assessment method that compares the benefits of a program, intervention, or decision to their costs. According to Choy (2018), CBA targets social well-being in terms of utility, while the individual preferences and empirically testable facts are often ignored. The question regarding the essence of well-being needs to be researched, including the cultural, social, and biophysical dimensions of the valuation process.

In nursing, succession planning is a subject to the CBA since the majority of the current nurses are expected to leave the workforce within the next two years (Phillips, Evans, Tooley, & Shirey, 2018). In this case, the BM is associated with the cost-effective transitions to new roles as the key advantage of implementing the CBA. In addition, the use of the CBA contributes to the successful preparation of nurse leaders, which is driven by the transition of knowledge and skills that are collected by their leaving colleagues.

References

Carolus, J., Hanley, N., Olsen, S., & Pedersen, S. (2018). A bottom-up approach to environmental cost-benefit analysis. Ecological Economics, 152(C), 282-295.

Choy, Y. (2018). Cost-benefit analysis, values, wellbeing and ethics: An indigenous worldview analysis. Ecological Economics, 145, 1-9.

Kolovos, S., Dongen, J., Riper, H., Buntrock, C., Cuijpers, P., Ebert, D.,… Bosmans, J. (2018). Cost effectiveness of guided Internet‐based interventions for depression in comparison with control conditions: An individual–participant data meta‐analysis. Depression and Anxiety, 35(3), 209-219.

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Oderanti, F., & Li, F. (2018). Commercialization of eHealth innovations in the market of the UK healthcare sector: A framework for a sustainable business model. Psychology & Marketing, 35(2), 120-137.

Phillips, T., Evans, J., Tooley, S., &Shirey, M. (2018). Nurse manager succession planning: A cost–benefit analysis. Journal of Nursing Management, 26(2), 238-243.

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StudyCorgi. (2021, July 31). Different Types of Business Frameworks and Cost-Benefit Analysis. Retrieved from https://studycorgi.com/different-types-of-business-frameworks-and-cost-benefit-analysis/

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StudyCorgi. 2021. "Different Types of Business Frameworks and Cost-Benefit Analysis." July 31, 2021. https://studycorgi.com/different-types-of-business-frameworks-and-cost-benefit-analysis/.

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StudyCorgi. (2021) 'Different Types of Business Frameworks and Cost-Benefit Analysis'. 31 July.

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