DNP 815 How can economic theory be applied to your proposed DNP Project?

DNP 815 How can economic theory be applied to your proposed DNP Project?

DNP 815 How can economic theory be applied to your proposed DNP Project?

Economic theory is based on a model of human behavior that assumes rationality, a primary motivation to be happy, and the ability to calculate subtle differences between possible trade-offs. The goal of economic theory is accurate prediction of the choices people make regarding resource allocation. . (Scott, et al 2001). Efficiency in resource use (getting the most out of limited resources) is a goal that every health-care organization can accept, regardless of one’s perspective (e.g., that of society, insurers, hospital administrators, or patients). Economic analysis is fundamentally about resource use and can serve an important role in health-care decision-making.

My DNP project is on patient centered fall prevention measures. The sequelae from falls are costly. Fall-related injuries account for up to 15 percent of rehospitalizations in the first month after discharge from hospital. Inpatient fall rates range from 1.7 to 25 falls per 1,000 patient days, depending on the care area. Extrapolated hospital falls statistics indicate that the overall risk of a patient falling in the acute care setting is approximately 1.9 to 3 percent of all hospitalizations. Based on data from 2000, total annual estimated costs were between $16 billion and $19 billion for nonfatal, fall-related injuries and approximately $170 million dollars for fall-related deaths across care settings in the community. As health care moves toward patient-centered care, fall-related-injury prevention now has the potential to be addressed across the care continuum (Currie,2008. In the United States, there are approximately 37 million hospitalizations each year.  Therefore, allocation of the scarce resources of nursing care becomes the responsibility of the frontline nurse.

 

 

References

 

Currie L. (2008) Fall and Injury Prevention. Patient Safety and Quality: An Evidence-Based Handbook for Nurses. Rockville (MD): Agency for Healthcare Research and Quality (US); 2008 Apr. Chapter 10. Available from: https://www.ncbi.nlm.nih.gov/books/NBK2653/

 

Scott, R. D., Solomon, S. L., & McGowan, J. E. (2001). Applying Economic Principles to Health Care. Emerging Infectious Diseases7(2), 282-285. https://doi.org/10.3201/eid0702.700282.

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Economic theory is based on a model of human behavior that assumes rationality, a primary motivation to be happy, and the ability to calculate subtle differences between possible trade-offs. The goal of economic theory is accurate prediction of the choices people make regarding resource allocation. . (Scott, et al 2001). Efficiency in resource use (getting the most out of limited resources) is a goal that every health-care organization can accept, regardless of one’s perspective (e.g., that of society, insurers, hospital administrators, or patients). Economic analysis is fundamentally about resource use and can serve an important role in health-care decision-making.

My DNP project is on patient centered fall prevention measures. The sequelae from falls are costly. Fall-related injuries account for up to 15 percent of rehospitalizations in the first month after discharge from hospital. Inpatient fall rates range from 1.7 to 25 falls per 1,000 patient days, depending on the care area. Extrapolated hospital falls statistics indicate that the overall risk of a patient falling in the acute care setting is approximately 1.9 to 3 percent of all hospitalizations. Based on data from 2000, total annual estimated costs were between $16 billion and $19 billion for nonfatal, fall-related injuries and approximately $170 million dollars for fall-related deaths across care settings in the community. As health care moves toward patient-centered care, fall-related-injury prevention now has the potential to be addressed across the care continuum (Currie,2008. In the United States, there are approximately 37 million hospitalizations each year.  Therefore, allocation of the scarce resources of nursing care becomes the responsibility of the frontline nurse.

 

 

References

 

Currie L. (2008) Fall and Injury Prevention. Patient Safety and Quality: An Evidence-Based Handbook for Nurses. Rockville (MD): Agency for Healthcare Research and Quality (US); 2008 Apr. Chapter 10. Available from: https://www.ncbi.nlm.nih.gov/books/NBK2653/

 

Scott, R. D., Solomon, S. L., & McGowan, J. E. (2001). Applying Economic Principles to Health Care. Emerging Infectious Diseases7(2), 282-285. https://doi.org/10.3201/eid0702.700282.

Economic theory is based on a model of human behavior that assumes rationality, a primary motivation to be happy, and the ability to calculate subtle differences between possible trade-offs. The goal of economic theory is accurate prediction of the choices people make regarding resource allocation. . (Scott, et al 2001). Efficiency in resource use (getting the most out of limited resources) is a goal that every health-care organization can accept, regardless of one’s perspective (e.g., that of society, insurers, hospital administrators, or patients). Economic analysis is fundamentally about resource use and can serve an important role in health-care decision-making.

My DNP project is on patient centered fall prevention measures. The sequelae from falls are costly. Fall-related

DNP 815 How can economic theory be applied to your proposed DNP Project
DNP 815 How can economic theory be applied to your proposed DNP Project

injuries account for up to 15 percent of rehospitalizations in the first month after discharge from hospital. Inpatient fall rates range from 1.7 to 25 falls per 1,000 patient days, depending on the care area. Extrapolated hospital falls statistics indicate that the overall risk of a patient falling in the acute care setting is approximately 1.9 to 3 percent of all hospitalizations. Based on data from 2000, total annual estimated costs were between $16 billion and $19 billion for nonfatal, fall-related injuries and approximately $170 million dollars for fall-related deaths across care settings in the community. As health care moves toward patient-centered care, fall-related-injury prevention now has the potential to be addressed across the care continuum (Currie,2008. In the United States, there are approximately 37 million hospitalizations each year.  Therefore, allocation of the scarce resources of nursing care becomes the responsibility of the frontline nurse.

 

 

References

 

Currie L. (2008) Fall and Injury Prevention. Patient Safety and Quality: An Evidence-Based Handbook for Nurses. Rockville (MD): Agency for Healthcare Research and Quality (US); 2008 Apr. Chapter 10. Available from: https://www.ncbi.nlm.nih.gov/books/NBK2653/

 

Scott, R. D., Solomon, S. L., & McGowan, J. E. (2001). Applying Economic Principles to Health Care. Emerging Infectious Diseases7(2), 282-285. https://doi.org/10.3201/eid0702.700282.

Economic theory in nursing, as said by Jones and Yoder in 2010, is the ideology that nurses evaluate the task and resources and consider all possible alternatives comparing the costs and efforts to determine what the most financially sound options are in terms of not only efficiency for the company, staff, and clients, but also maintaining the effectiveness of the intervention itself (Jones & Yoder, 2010). As said in Butts and Rich’s 2018 textbook, efficiency is one of the key components of economic theory. Basically, a company will ask what effective intervention can be implemented to benefit client care and safety that is also the most efficient price to maintain the financial stability of the company (Butts & Rich, 2018, chapter 14, p. 496). My DPI project helps to improve communication amongst staff. This improvement of communication amongst staff helps to decrease sentinel events from occurring to clients or staff. Sentinel events cost hospitals several thousands of dollars each year because the hospital is liable to pay for an event that occurred under the direct care of a staff member that could have otherwise been prevented. Many of these events can be prevented with proper communication and handoff from nurse to nurse. This will then increase task efficiency, decrease sentinel events and save the hospital and clients money in the grand scheme of things. This helps to maintain financial stability for the facility, which then allows for more funds to be placed elsewhere to benefit client care and safety. This is a definite way to illustrate economic theory in the nursing practice. One small fix can domino into many big changes that benefit each party in the situation.

References

Butts, J. B., & Rich, K. L. (Eds.). (2018). Philosophies and theories for advanced nursing practice (3rd ed.). Jones & Bartlett. ISBN-13: 9781284112245

Jones, T. L., & Yoder, L. (2010). Economic theory and nursing administration research–is this a good combination?. Nursing forum45(1), 40–53. https://doi.org/10.1111/j.1744-6198.2009.00160.x