Indiana Wesleyan University Nutrition in Health Care Case Discussion

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Getting StartedNow is the time you have been waiting for. Your case analysis is complete, and your work is ready to be shared. Your peers will have the opportunity to share their thoughts and provide beneficial feedback to you on your project. Be sure to use this feedback to revise the final piece before you add it to your employment portfolio.Upon successful completion of this discussion, you will be able to:Discuss the way in which you feel your industry will be impacted over the next five years.InstructionsReview the rubric to make sure you understand the criteria for earning your grade.Create a 10-minute video summary that discusses your case analysis. Screencast-o-matic(new tab) is a resource that may be useful for your presentation.Provide an overview of the industry and its overall importance to the healthcare sector.Discuss the way in which you feel your industry will be impacted over the next five years.Navigate to the threaded discussion and:Post your video and your case analysis Word document.Open a discussion among your peers comparing industries and forecasting success over the next five years.*****I do not need the 10 minute video. I need the word document of questions and dialogue for the 10 min video

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How forecasting impacts on the Healthcare Industry
Demara Wilson
Indiana Wesleyan University
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Introduction
COVID-19 pandemic was for the first time spotted in Wuhan, China; in the world history
of pandemic diseases, the Coronavirus has triggered a severe recession in almost a century, and
from the latest Economic outlook. The pandemic has caused detrimental damages to individuals’
health, jobs, businesses, and overall well-being across the globe (Hua & Shaw 2020). The
COVID-19 pandemic has put the entire world on hold for more than a year. Unfortunately, the
death cases reported from the virus infection keep growing in many countries in Africa, the
USA, and the entire planet.
Despite the premature deaths associated with HIV/AIDs, the COVID-19 spread and
killing are at an alarming rate than other pandemic diseases like HIV/AIDS and other killer
diseases. Coronavirus has an exceptional ability to infect and kill even the healthiest people
within a short period. The way the COVID-19 pandemic impacts people and the world economy
is unprecedented and unique. Furthermore, it has led to a global healthcare crisis, with the supply
chains facing significant disruptions, travel restrictions and lockdowns implementation, and
closer of multiple businesses in different industries worldwide (Hua & Shaw 2020).
Currently, many organizations have limited information about the approval of the fiscal
year 2021 operating budgets on the COVID-19 effects on which the budgets are based. More
time may be created to develop knowledge on the immediate impacts of the pandemic by
organizations with a calendar-year budget. However, no organization has managed to fully
handle the effects of COVID-19 or even the economic recession resulting from the pandemic
disease (Hua & Shaw 2020). Based on the below discussed vital factors related to revenue,
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expenses, cash-flow projections, and volume, Coronavirus has disrupted traditional forecasting
assumptions.
Impacts of rolling forecasting in the Corona Virus pandemic environment
Forecasting the post-corona virus disease environment by tracking the immediate needs
of the crisis requires precise data, sufficient and flexible methodologies for adjustments to
unpredictable and complex short and long-term effects, and sophisticated analysis. The
Healthcare industry and, specifically, Hospitals need a process like that of rolling forecasting that
is capable of providing perfect and timely updates to enable the management to assess changes
often and adjust quickly to a volatile condition.
The use of forecasting enables the presentation of both cultural and a process shift for
most organizations’ budgeting. The rolling forecasting process will unite participants and
stakeholders for short blocks of period across the fiscal year for them to assess and automatically
update the financial performance of the organizations. For about 0 days of the forecasting
process, the manager will be able to make changes, corrections, and adjustments in specific
positions for the general success of the organization. Rolling forecasting cooperates seamlessly
into the broader integrated decision-making process such as strategic planning capital allocation,
capital budgeting, financial planning, and forecasting.
Frequent productivity reporting rolls like monthly performance reporting or quarterly
performing reporting, which performs updates on monthly or quarterly on rolling forecast
provides precise details which are used for updating strategic planning and other related
initiatives, management, financial plans, and capita allocation (Hua & Shaw 2020). This helps to
provide information for actual performance and a better understanding of the coming day’s
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environment. The information gathered is used by the management to influence decisions and
initiatives of an organization for plans and expenditures.
Furthermore, rolling forecasting is applicable in course guide corrections which are
essential in the impacts of COVID-19 and a likely recession cascade via hospitals and other
healthcare organizations and the entire communities involved. However, the financial plan
proceeds to drive the long-term balance of uses of capital and sources. Performance indicators
such as long-term range financial plan, changing near-term models, and being informed by nearterm performance trends are the key impacts of the rolling forecasting such as long-term
profitability, significant strategic investments, capital structure decisions, and capital availability
(Hua & Shaw 2020). During the COVID-19 crisis and the likely post-Corona virus pandemic
recession, the primary indicators for rolling forecasting will single-out on revenue, supply cost,
service mix, average pay, and mean working hours. The impacts of budgeting for the
determinant indicators, in turn, will allow the management of various organizations to implement
short-term plans and be able to manage through to the long-term implications that may arise in
the future.
Rolling forecasting success relies intensely on technology. Budgeting must be linked to
both patient-centric and financial data sources to improve and promote accuracy in planning,
whether through payment, expense plans, and across volume (Shinde et al., 2020). The
technology should incorporate input from many people, departments, and teams containing an
audit trail of the results. In addition, technology is very crucial in ensuring smooth workflow in
which key-in data are systematically collected, processed, and get authentication by people
concerned.
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How trends impact the financial standing of organizations within the hospitals
There are many trending ramifications from the COVID-19 pandemic that healthcare
leaders have to contend with. There are four main challenges with their implications discussed.
The first one is a massive financial challenge. The unplanned and abrupt postponements of
elective inpatient and most outpatient procedures due to COVID-19 emergence in 2020, in
addition to many patients being admitted because of infection by a coronavirus, has caused
revenue providers and general profitability to decline drastically (Shinde et al., 2020). Up to
about $323 billion is estimated to have been lost in 2020, with more than 50% of the hospitals
experiencing negative margins and not yet the total recovery from the shock, although vaccines
are in place.
The second challenge is operational dislocations. The majority of the organizations
developed staff furloughs and home-based working stations in several departments. The flow of
work in many of such organizations got disrupted, specifically in the revenue cycle, which
remained reliant on personal interactions and manual processes.
Planning complexity is another challenge caused by the COVID-19 pandemic; the
pandemic caused a crisis that has ended up causing complications in the strategic planning for
2021 and the coming years. The management in the healthcare sector has recorded a loss in
revenue followed by health impacts of deferred care and high usage of telehealth (Shinde et al.,
2020). In addition, the healthcare managers have highlighted the COVID-19 challenge as the
fundamental care delivery shift, not just going back to the pre-pandemic norms. There are a lot
of adjustments required to fix the coronavirus challenge.
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Lastly, Healthcare equity has broadly been experienced worldwide; the pandemic has led
to sharp attention to economic and racial disparities in the Healthcare industry. Staff delivery
improvement and the attacks on the social determinants have increased the health inequities in
the pandemic years. With the presence of all the challenges brought by pandemics, opportunities
abound. Most trends due to COVID-19, such as financial, regulatory, and technological
embankment, are essential because the pandemic will still be here to live and influence all trends
in 2021 and the coming years (Shinde et al., 2020). Hence, commercial healthcare requires close
monitoring to monitor the nation’s developments across the year and the coming ones.
How the profits are impacted based on the strength of the economy.
The abrupt emergence of COVID-19 globally has highly impacted the organization’s
profits depending on the strength of the country’s economy. Governments of different nations
took fundamental decisions to focus on tax policy during the COVID-19 crisis (DubasJakóbczyk et al., 2020). For the government to help control the spread of the pandemic virus, at
the same time balance and limit the adverse impacts on the public and the economy of the
country, different governments in different nations put various measures to help to maintain
businesses, supporting the public and trying to preserve jobs.
In the Healthcare industry, the outbreak of COVID-19 has led to a health crisis and a near
collapse in economic activity. The industry record reduced profit and requires a lot of support
from the national government to support its services. Trying to contain and mitigate the virus
spread has been the priority of all governments in ruling for the public leaders. Trying to limit
the incidence of the disease and reduce the pressure on the industry, and making ways to try and
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be back to life as the relaxation of the mitigation measures continue (Dubas-Jakóbczyk et al.,
2020).
The coronavirus containment measures and the mitigations have had a drastic and
profound impact on the economy. There have been suggestions from the OECD estimations that
might result in an initial decline in the investment ranging from 1/5 to ¼ in most economies.
Consumers are predicted to have reduced spending by about 1/3 (Dubas-Jakóbczyk et al., 2020).
This shows how the pandemic containment measures have negatively impacted the profit
generation from businesses in operation, which generally leads to reduced revenue collection by
the government and hence a poor economy.
Most nations have already acted carefully and forcefully to reduce the economic hardship
that resulted from the direct containment measures effects. The full focus on the economic
recovery policy measures has been on availing liquidity support to the businesses to bolster them
stay active and be able to retain the employment of the staff members; at the same time, the
movement still provides income support to the vulnerable households. All these steps are taken
to contain the profit and strengthen the economy of the people.
Different governments have put in place the escalating policy response with broader and
more robust measures to help contain the evolving impacts and risks of the pandemic virus.
There has been bilateral and multilateral collaboration and coordination to help increase the
countries’ effectiveness in response to all recovery paths required and help bolster the global
economy (Dubas-Jakóbczyk et al., 2020). The introduction of policy adaptation is marvelous. Its
main aim is to support and maintain economic capacity for the hardship to initiate economic
recovery as a containment and mitigation action method.
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Developing countries had the least profit and weak economy as a result of COVID-19
invasion in respective countries. The countries require specific support to help their recovery
from hardship, more inadequate healthcare systems, monetary policy, broader informal
economies, limited fiscal and monetary poly scope, and less favorable conditions to sustain
containment. The presents of low revenue collection and a weak economic system restrict the
countries’ ability to respond to health and economic challenges such as the COVID-19 pandemic
(Dubas-Jakóbczyk et al., 2020).
Strategies for competing financially within the Healthcare Industry
The Healthcare industry is a delicate sector that deals with the lives of the people; its
importance advanced during Coronavirus when the inpatient and influx boomed till there was not
enough space for patients and the relevant machines required for life support (Dubas-Jakóbczyk
et al., 2020). The health care system, which comprises the payers, the CMS, staff, and the
stakeholders, all contribute to the sophisticated process of setting and having the skills and
knowledge about medical pricing. The most crucial strategy is enabling healthcare price
transparency for the organizations dealing with healthcare.
Patient Interest in cost care satisfaction
Communication between the healthcare provider and the patient provides a deep
understanding of the cost of care. Patients will tend to go to a hospital with clear financial
records on how the money they pay is being used to provide them with the service they require
(Dubas-Jakóbczyk et al., 2020). This improves patient satisfaction with the fee they produce and
the kind of service they, in turn, get from the healthcare facility. Patients tend to believe that the
type of care they get from the hospital is associated with the cost they pay; in case of inequality.
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The patients tend to divert from one facility to another; hence hospitals, even though they tend to
make a profit, should be adequately provided to the patients.
Earning patients trust
Even though the healthcare price transparency legislation dictates that health systems
should share their structure for pricing, patient-friendly information provision on the cost
structure, it is also essential that the facility earns the patient’s trust to help patients understand
why they are paying a certain fee and for what services (Dubas-Jakóbczyk et al., 2020).
Healthcare with transparency earns the patients’ trust faster, which makes more patients prefer
the facility. The higher the number of the patients attending services in the facility, the higher the
profit made hence making it financially reliant.
Creating an optimal patient experience
The kind of treatment the patient will receive with welcome the patient for a next-time
chance or drive them away, better treatment of patients starting from the person at the gate to the
last person matters a lot as it determines the information about the hospital. Providing
information to the patients about the procedural costs and the payment options is essential in the
patients’ treatment with high quality of care and setting the clients up for the best results.
Employing the use of technology
In the healthcare sector, technology application is an essential requirement for better
patients treatment outcomes. The technology implementation starts from the reception and gets
interconnected to the treatment process, where sophisticated machines are used to detect patient
health problems. A healthcare facility with modern technological equipment is better placed at
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providing complete services to the patients; hence patients tend to look for better healthcare
providers.
References
Hua, J., & Shaw, R. (2020). Coronavirus (Covid-19) “infodemic” and emerging issues through a
data lens: The case of china. International journal of environmental research and public
health, 17(7), 2309.
Shinde, G. R., Kalamkar, A. B., Mahalle, P. N., Dey, N., Chaki, J., & Hassanien, A. E. (2020).
Forecasting models for coronavirus disease (COVID-19): a survey of the state-of-theart. SN Computer Science, 1(4), 1-15.
Dubas-Jakóbczyk, K., Kocot, E., & Kozie?, A. (2020). Financial performance of public hospitals:
a cross-sectional study among Polish providers. International journal of environmental
research and public health, 17(7), 2188.
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Appendix
Impacts of rolling forecasting in the Corona Virus pandemic environment
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DEATHS
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COVID-19
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0
January
Feb
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April
May
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July
August
How the profit is impacted based on the strength of the economy
Series 1
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Maerch
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Factors Market in the Healthcare Industry
Demara Wilson
Indiana Wesleyan University
Discuss how the government impacts the healthcare industry
Governments play a critical role in developing health systems and producing human,
financial, and other resources to promote healthy development through their health sector and
other associated ministries and organizations. In this way, health systems may accomplish their
objectives of promoting health, decreasing health disparities, ensuring fairness in healthcare
funding, and responding to the demands of the general public (Deloitte, 2021). While the
government and administration have pushed for more interoperability and pricing transparency
for medicines and hospital charges, these reforms are being driven by, or at the very least
motivated by, consumers.
A comprehensive look at the causes driving change in the health care industry is provided
in Deloitte’s 2020 Global Health Care Outlook, which includes recommendations that
stakeholders should consider as they build a strong foundation for the future (Deloitte, 2021).
Health care stakeholders are adopting payment reforms such as value-based reimbursement
models to assist providers, payers, and patients in achieving the most significant results at the
lowest possible cost. Patients’ financial independence in their healthcare choices is enhanced
thanks to technology-enabled patient engagement methods, improving interactions with their
healthcare systems. Governments are also making strides forward by enacting universal health
care and instituting price limits on medicines and medical-technology equipment, among other
initiatives. Population health management (PHM) is a technique for identifying people’s
healthcare requirements and providing them with the appropriate services.
Care model innovation-Care model innovation is anticipated to express itself in various ways
during the year 2020. Individual and community health requirements are expected to change over
time, and future-focused care models will likely use people, processes, and technology to meet
these changes. Improving the health of a population necessitates the development of innovative
care models and technology that address the underlying causes of disease, allow early diagnosis,
and track the response to therapeutic interventions (Deloitte, 2021). Hospital executives may
spend more on virtual care technology or existing facilities as an alternative to increasing their
physical footprint. Data management will move from storing data sets to the idea of innovation
that can support growth opportunities in areas such as population health management and valuebased care as digital adoption gains momentum in the health care industry.
Explain factor markets and the role they play in the healthcare industry
The phrase factor market refers to all of the resources that healthcare utilizes to buy, rent, or
employ the resources they need to provide services to their customers. All production elements,
such as raw materials, land, labor, and capital, are necessary to meet those requirements (The
Investopedia Team, 2021). According to this concept, all markets fall into one of two categories:
factor markets, where healthcare acquires the resources they need, or products and services
markets, where clients make their purchasing decisions. It is possible to sell three factors of
production. Typically, healthcare employ workers, purchase land, and take loans. When
healthcare has the right equipment to put their ideas into action, factor markets help the economy
develop. In exchange for providing products and services to customers, product marketplaces
generate profits for manufacturers and suppliers.
Discuss how factor markets are impacted based on the strength of the economy.
In many respects, the healthcare industry is the most critical sector of the United States
economy. It is an essential component of people’s life since it promotes their health and wellbeing. Furthermore, it is significant because of the size of the economy and the consequences for
the budget. It is currently responsible for 11 percent of all American jobs and 24 percent of all
federal expenditures (Mwachofi & Al-Assaf, 2011). The majority of the budget is allocated to
health insurance. Nonwage compensation accounts for 26 percent of total compensation, and
health care is one of the most significant areas of consumer expenditure.
A well-functioning healthcare sector is a precondition for a well-functioning economy. There
are significant issues with health care in the United States. The cost of health care is increasing
as a percentage of the economy and government budgets at a rate that seems to be unsustainable.
This increase has slowed at times; health expenditure as a percentage of GDP remained
essentially stable for most of the 1990s, and growth has also slowed to some degree in recent
years. However, even if expenditures as a percentage of GDP were stagnant at their current
levels, they would still constitute a significant drain on available resources.
The increase may be attributed to various reasons, including new healthcare treatments and
services, improved coverage, more usage, and increasing costs. Some of these modifications are
beneficial: As a country’s wealth increases, it may become more appropriate to devote a more
significant proportion of its revenue to health care. Greater levels of production per capita are
associated with higher levels of health expenditures per capita in countries with a higher level of
output per capita. Furthermore, as the population becomes older, health conditions worsen, and
healthcare expenditures inevitably increase. In addition, when productivity improvements in
tradable commodities such as agriculture or manufacturing outpace those in services such as
health care or education, the latter will likely increase in both relative prices and as a percentage
of gross domestic product (GDP). Rent-seeking, monopolistic power, and other problems in the
healthcare market may result in the provision of unneeded treatment or the imposition of high
healthcare costs.
Spending by both private and governmental payers has risen in recent years. A majority of
private providers and private insurance companies make up the United States’ healthcare system.
Still, as health care has grown in importance as a sector of the economy, a more significant
proportion of healthcare financing has come from the federal government and other sources
(Nunn, Parsons & Shambaugh, 2020). As of 2018, 34 percent of Americans got their healthcare
coverage via government insurance or other public-sector initiatives.
Discuss strategies implementing factor markets within the healthcare industry
Marketing plans, in practical terms, define a route that is followed once an examination of
environmental variables has been completed; to carry out its whole activity, which includes
many tactics, the marketing policy outlines the basic framework of action that the company will
use. A complicated process is involved in developing marketing policies and strategies that are
unique to healthcare organizations. To make sound decisions about the future development of a
healthcare institution, it is necessary to consider a wide range of internal and external factors and
their interdependencies and conditioning relationships with one another, and the favorable or
unfavorable impact they can have on it (Purcarea, 2019). These considerations must be
thoroughly investigated, interconnected, and interpreted to make sound strategic and firm
decisions about the future development of the medical institution.
Medical technology and healthcare evolve, with abundant possibilities stimulating creativity,
excitement, and opportunities to profit from practicing expertise. Many variables influence the
market’s susceptibility to disruption caused by the coronavirus, including a substantial decrease
in the number of commercially insured lives in the area and an increase in telehealth services
displacing physicians’ offices (O’Brien, 2020). An excess of available beds, market
concentration, financial strength, and the presence of a state certificate of necessity program are
also considered. Since it uses ideas, methods, and strategies that are both traditional and social
marketing, healthcare marketing is classified as an interdisciplinary subject. The uniqueness of
healthcare marketing is that there are services and markets. The most successful marketing
approaches include an in-depth study of the patients’ requirements, discovering latent wants, and
providing new health services that patients have not expressly sought.
The level of service quality is at the heart of every marketing plan in the area of health care. A
clear, competitive strategy that both enables and pushes companies in the healthcare sector to
adapt to changing circumstances is essential for success in this area (Purcarea, 2019). It is the
attitude of the healthcare organization toward the marketing environment, its position in respect
to the components of the marketing environment that is the basis of its marketing strategy in the
healthcare services sector.
Today’s patients have so many options when it comes to selecting healthcare services and
providers that creating a well-differentiated, memorable, and unique proposal in conjunction
with a marketing strategy tailored to the digital age is the only way to differentiate healthcare
practices truly. Among the qualities of a valuable proposal are the following: In fact, it is true —
the value provided is better than that of the competitors; it matters to the target audience; it is
memorable and straightforward to recall; it is tough for the rivals to duplicate. Healthcare
consumers may be engaged in the delivery process either actively or passively. Their presence
has consequences for the activity of the medical organization since each expert who sees the
patient will contribute to the creation of the service. Any physical factor that the healthcare
consumer comes into contact with is also considered part of the health service delivery process;
in fact, any changes that occur at the point of service delivery will result in changes in the
behavior of patients.
It is essential from a marketing approach that delivering healthcare services is carried out
according to patient needs, and activities are being developed to fulfill these requirements.
However, achieving such a goal necessitates identifying all points of interaction between
healthcare personnel and consumers of healthcare services and evaluating the extent to which the
activities are carried out to correspond to the needs and expectations expressed by the patients. In
light of the difficulty in predicting healthcare consumers’ behavior, having a patient present
throughout the delivery process may provide a significant source of uncertainty.
Patients’ satisfaction should be the primary goal of any healthcare institution, and achieving
this demands an in-depth understanding of their requirements and expectations. Meeting specific
criteria for a healthcare service to reach the level requested by the patient is the foundation of
providing high-quality treatment. Patients’ desires, ideas, and complaints must be listened to and
addressed by the specialist staff of the area’s organizations to earn their confidence (O’Brien,
2020). At the same time, the team must become more sensitive to their problems. The
effectiveness of this approach is contingent upon the healthcare system’s ability to communicate
effectively with patients, portray an accurate image of the healthcare system, provide promised
services promptly, and demonstrate an ongoing commitment to continuous improvement of the
service provided to exceed the patient population’s expectations.
Circular flow diagram
The circular flow of economic activity is a diagrammatic representation of the fundamental
financial connections in a market economy. The circular flow model depicts where and for what
purpose money is exchanged. The model takes into account households, product marketplaces,
businesses, and governments. A financial system facilitates cash transactions and aids in
converting savings into investments that help the economy grow. In an economy with a cyclical
flow of money, money is utilized to purchase goods and services. The economy is oriented
around goods and services, whereas money is oriented around money flow. Land, labor, capital,
and entrepreneurship are all examples of production elements. Rent, salaries, and profit are the
prices associated with these production components. Members of households buy goods and
services from businesses to satisfy their diverse wants and aspirations.
Additionally, families make money by selling their labor, land, and capital to buy goods and
services from healthcare. Businesses earn money and make profits by selling goods and services
to consumers. Additionally, healthcare compensates families for using their means of production
by paying salaries, interest, and profits. Governments impose taxes on individuals and companies
to provide universal benefits.
References
Deloitte. (2021). 2020 US and global health care outlook
The Investopedia Team. (2021). Factor market
Mwachofi, A.& Al-Assaf, F.A. (2011). Health care market deviations from the ideal market.
Nash, J.(2021). Circular flow of economic activity.
Nunn, R., Parsons, J. & Shambaugh, J. (2020). A dozen facts about the economics of the US
healthcare system
O’Brien, J. (2020). Which healthcare markets are most likely to be disrupted by covid-19?
Purcarea, V. L. (2019). The impact of marketing strategies in healthcare systems. Journal of
medicine and life, 12(2), 93–96. https://doi.org/10.25122/jml-2019-1003
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Market Structure Project
Demara Wilson
Indiana Wesleyan University
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Market Structure Project
Introduction
Market structure is an essential issue in economics and marketing because both fields are
interested in making strategic decisions. Market structure plays a significant part in decisionmaking analysis because of its impact on the decision-making environment. The degree and
characteristics of market rivalry influence the actors’ decision-making. The difficulty for
economists and marketers is that a functional operational definition of market structure is
challenging to come across (Wood et al., 2021). Each discipline approaches the topic from a
distinct methodological perspective, and each has its own set of strengths and limits. Economics
is concerned with a wide range of socio-economic issues such as fair pricing and market
competitiveness) as well as organizational and microeconomic matters (e.g., firm pricing
strategies). Marketing, on the other hand, is primarily focused on market structure analyses’
management elements (Wood et al., 2021). In the healthcare industry, the type of market
structure can be described as monopolistic competition, which is affected by various factors such
as insurers, the government, market trends, and physicians.
How Market Structure Impacts Healthcare Industry
The market system is the institutional structure in which most economic activities,
particularly the allocation of resources and profit generation, are regulated in market economies.
Recognizing who gets what, why, and at what cost through market systems necessitates a grasp
of market power. The concept of market power, like the notion of power in general, is a hotly
debated t