Capital Budget Business Proposal Paper Example

Published: 2021-08-10 16:06:19
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Sewanee University of the South
Type of paper: 
Business plan
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Acquiring diabetes management software is in line with the healthcare trends of hospitals moving towards information technology. This will include the use of big data analytics and information technology. In fact, the advent of big data is primarily revolutionizing healthcare delivery in a variety of ways that were not foreseen before, notably in personalized care (Chawla & Davis, 2013). There is an increasing availability of big data at a large scale, which has been catapulted by the increased trend of scaling up of computer systems, as well as the adoption of secure cloud computing technologies. The increased sophistication of cognitive technologies and analytics has facilitated this trend of relying on big data to make healthcare decisions. Healthcare leaders predict that by 2022, 91% of clinicians will utilize computer-generated pathways in delivering optimal care to individuals (Kaufman et al., 2017). As such, by incorporating the use of Diabetes Management Software in Joslin Diabetes Center is vital because big data will have a heightened role in patient care, the incorporation of e-health in hospitals, as well as the inclusion of HIPAA-enabled cloud applications, which when coupled together will enable healthcare improvements. This will ensure that

Joslin Diabetes Center, through the software, will support care management, as well as implement IT systems that will allow for effective decision-making among Joslin personnel. However, Joslin Diabetes Center should hire competent IT personnel able to manage the complicated IT systems. Besides, the software should help provide physicians with analytics and computing capabilities that are necessary for delivering personalized care (Chawla & Davis, 2013. Also, the software can work with wearables to capture patient data via in-home monitoring devices (Kaufman et al., 2017). The capital required for the installation of the software is $10,000, and the software can cost around $50,000. The training of the hospital personnel can cost a further $20,000. As such, the total cost can be estimated to be $80,000. Direct costs are the costs related to the installation and buying while indirect cost include the training costs. The software will allow for conducive cash flows such as accelerating cash slows, delaying cash outflows until they are due, investing cash to consequently earn a rate of return, borrowing cash while considering best terms, and maintaining an optimal level of cash that is not deficient or excessive (Cui, 2017).

References

Chawla, N. V., & Davis, D. A. (2013). Bringing big data to personalized healthcare: a patient-centered framework. Journal of general internal medicine, 28(3), 660-665.

Cui, C. (2017). Cash-on-hand and demand for credit. Empirical Economics, 52(3), 1007-1039.

Kaufman, K., Chernew, M.E., Ehadollahi, S., Grant, H.R., Bisognano, M.A., Angood, P.B., Moore, R.S., Diamandis, P.H. (2017). Futurescan 20172022: The building blocks of transformation. Society for Healthcare Strategy & Market Development. Retrieved from http://trustees.aha.org/envtrends/Futurescan%20PPT%20for%20Trustees.pdf

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