Economics and Financial Management in Health Sciences

Economics and Financial Management in Health Sciences

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A virtual hospital solution is a way to provide remote hospital-level care and monitoring to patients with communicable and non-communicable diseases using tele health-based communication, AI for disease patterns identification, and more. Virtual hospital management involves a combination of investigations or telephone consultations by doctors before deciding if the patient could be managed entirely virtually before discharge to a physical consultation, or would require a referral to a hospital outpatient or inpatient clinic. Key elements of a virtual hospital solution include:

  • A patient app  to schedule and visit virtual appointments, message doctors/nurses to consult about the symptoms, track health state (e.g., vitals and symptoms) and medication intake, view treatment plans, request medication refills, etc. The app can also be used by a patient’s caregiver (e.g., a relative) to help better coordinate the care.
  • An app for the virtual hospital care team (e.g., nurses, general physicians, cardiologists, physical therapists) – to provide online patient consultations, examinations, suggest treatment changes, access and evaluate patients’ vitals, tests results, medical images, manage patients’ medication, etc.
  • A video streaming server for real-time audiovisual communication between patients and the virtual hospital care team.
  • A cloud data storage and processing module for storage of PHIs, consultation recordings, etc., and analysis of patient information (e.g., device-generated data, treatment plans).
  • An admin web panel (for virtual hospital administrators, etc.) – to manage user access to virtual hospital software, view the list of patients, etc.

 

The virtual hospital can create safe and efficient healthcare pathway, utilizing technology that significantly reduces hospital footfall, reducing patient waiting times and delivers system-based cost savings.

After taking the course in Health Economics, you decide to open your own virtual hospital in Dubai. https://healthmanagement.org/c/it/news/uae-to-pioneer-the-regions-first-virtual-hospital

 

 

Analysis and assessment

A good proposal will provide some preliminary analysis as part of the proposal document, but this is often achievable through a simple interrogation of existing literature. The following links shed some light on the experience of virtual hospitals.

“Insights from Rapid Deployment of a “Virtual Hospital” as Standard Care during the COVID-19 Pandemic”

http://proxy.hbmeu-elibrary.com/MuseSessionID=0h10ajx9k/MuseProtocol=https/MuseHost=content.ebscohost.com/MusePath/cds/retrieve

“Postoperative Remote Automated Monitoring and Virtual Hospital-to-Home Care System Following Cardiac and Major Vascular Surgery: User Testing Study “

http://0h101jx9o.y.https.eds.p.ebscohost.com.proxy.hbmeu-elibrary.com/eds/detail/detail?vid=1&sid=fd83ba2b-00a8-405d-802d-6b15bb6749d4%40redis&bdata=JnNpdGU9ZWRzLWxpdmU%3d#AN=32186521&db=mdc

“Virtual Interdisciplinary COVID-19 Team”: A Hospital Pandemic Preparedness Approach

http://proxy.hbmeu-elibrary.com/MuseSessionID=0h10ajx9w/MuseProtocol=https/MuseHost=content.ebscohost.com/MusePath/cds/retrieve

“NEW TECHNOLOGIES AND QUALITY IN HEALTHCARE”

http://proxy.hbmeu-elibrary.com/MuseSessionID=0h10ajmz6/MuseProtocol=https/MuseHost=content.ebscohost.com/MusePath/cds/retrieve

What to consider in your project:

You should consider:

  1. How many people could the proposed virtual hospital benefit? What are the main factors that will affect the demand for the services of a virtual hospital?

What are the main factors that will affect the supply of a virtual hospital services?

(6 points)

  1. How much would the technology cost per patient treated? Include an analysis of the types of costs incurred-Fixed costs, variable costs, total costs, average costs, marginal costs (6 points)
  2. if the technology has the potential to deliver other benefits, such as allowing patients to be treated more rapidly, saving clinician time, or allowing a service to be delivered in primary care, saving hospital beds. In other words what are the effects on productivity of inputs? (4 points)
  3. Which economic evaluation method will you use to prove that your project is a worthy project in terms of benefits and costs? In terms of the benefit to the patient, you should consider how effective the technology would be using economic evaluations methods- Cost minimization, cost utility analysis, cost effectiveness analysis, cost benefit analysis including: does it have the potential to cure patients and if so, what proportion; if it’s a treatment, how long will it extend the patient’s life; How will it affect the patient’s quality of life; Monetary benefits of using the technology etc.(7 points)
  4. Create a hypothetical balance sheet for your company and calculate the current ratio, Quick ratio, working capital ratio, debt to equity ratio and solvency ratio.Analyze the numbers( 6 points)
  5. Create a hypothetical income statement and calculate the gross profit margin ratio, the operating profit margin, net profit margin, return on assets, return on equity, assets turnover, interest coverage ratio, earnings per share and price earnings ratio.Analyze the numbers( 6 points)
  6. Create a hypothetical cash flow statement and calculate the coverage cash flow margin ratio, cash flow margin ratio, price to cash flow ratio and cash flow to net income. Analyze the numbers (5 points)

 

GOOD LUCK.

 

Grading Rubric

1 – Unacceptable: Student shows little evidence of understanding the concept and/or demonstration of skill development (0 points)

2 – Beginning Skill Development: Student shows some understanding of the concept and is beginning to recognize in hindsight how it might have been applied in practice situations. (2 out of 6 points)

3 – Progressing in Demonstration: Student understands the concept and demonstrates the skill but performance is uneven.  Student needs time and practice to be more consistent. (3 out of 6 points)

4 – Consistent Demonstration of Skill Development: Student understands the concept and demonstrates the skill with consistency. (5 out of 6 points)

5 – Exceptional Demonstration of Skill Development: The skill is an integrated part of the student’s stance and style. Student exhibits independence, creativity and flexibility in use of the skills. (6 out of 6 points)

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