Explain how we put a price on efficiency and improved quality of care?

Reply must incorporate at least 2 scholarly citations in current APA format. Any sources cited must have been published within the last 5 years. Below is the post to reply to.
Lisa Ritchie
da Vinci -Marketing Opportunities
Technology in healthcare had progressed in the past several decades, which has substantially changed the way of life in societies (Fuertes-Guiro, 2013). The da Vinci surgical robot was designed by Intuitive Surgical, and was introduced into the United States in 1995, and used for therapeutic purposes 2 years later, receiving FDA approval in 2000. (Fuertes-Guiro, 2013). The robotic arm is extremely useful in general surgery, cardiovascular surgery, gynecology, urology and otolaryngology (Fuertes-Guiro, 2013). In my area, cardiology, we send patients that are very elderly for robotic heart valve repairs. The result is short of a miracle. Only a few years ago, these patients did not have an option, because open heart surgery was too invasive and therefore they were turned down by the surgeon due to being high risk. Now, these patients are literally back home in 3-5 days and life expectancy is improved by 5-15 years.

A major drawback of this surgical device is the high cost to place it into production as compared to other options, traditional surgery or laparoscopy. When a company decides to consider the advantages and disadvantages of purchasing a piece of equipment in this financial category they must carefully look at several factors, including cost benefits, safety and performance, as well as physician and staff recruiting and training. A major benefit is that the robotic arm can reduce time in the operating room, and open the site up for additional surgeries, which increases productivity and revenue over time. It is also possible for reduction in human hand tremors for the delicate brain and spinal surgeries. Areas were the human hand is too large to navigate is easily accessible by the robotic arm. Weighing the balance of this investment should not come lightly. Not every facility is necessarily ready or geared toward high volume or high risk surgeries, and this would probably not be a wise investment. A facility would also have to have highly skilled surgeons that utilize their operating rooms and large patient panels to keep the robot busy. It should be remembered that the sum of the opportunity cost and total cost determine the true cost of a new device/surgical technique (Fuertes-Guiro, 2013).

Accessing the cost of operating of a robotic surgical device is difficult and it is clear that there are many variables that directly and significantly impact cost of operation (Feldstein, 2019). According to this weeks budgeting video, the budgeting process should follow a historical review of desired service, a solid variance analysis to help determine the difference between planned cost and actual cost. It is also worthwhile to due investigations on prior performance comparison studies from existing programs to help with projections and pricing (LUO.com). Cost accounting, supply/reposable efficiencies, case mix, case volumes, and case times represent core variable that can drive up or reduced cost of operation (Feldstein, 2019). In order for a hospital to develop or continue a robotic program would require a great deal of efficiency management to maximize procedures and keep cost of negotiated contracts at the lowest possible rate.

The most substantial component of robotic medicine is that is provides the patient with decreased hospital stays for most cases, and reduces healing time. How do we put a price on efficiency and improved quality of care? God gave us a bank within the vision and creativity of man to be able to build and create instruments and medicines that can heal and provide people with a better life. An intelligent heart acquires knowledge, and the ear of the wise seeks knowledge (Proverbs 18:15, ESV). It would be great if we could obtain grants for these new inventions for a certain number of years until the cost could come down so we could provide more patients with efficient medical treatment.

Here is the instructions for the original post that Angela responded to.
Discussion Thread: The healthcare organization that you are working for has asked you to provide a marketing analysis of opportunities surrounding the purchasing of a da Vinci Surgical Robot for their projected return on investment. Develop a plan for what factors should be reviewed for this acquisition. You are not required to complete the financial projections, just to identify and discuss the factors that should be addressed.


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