Hello there! Want a discount? Grab 5% OFFon your first order!
onlinehomeworkmarket logo
Hello there! Want a discount? Grab 5% OFF on your first order!

Our Services

Get 15% Discount on your First Order

Southeastern Community College Healthcare Finance Discussion Nursing Assignment Help

I’m working on a health & medical discussion question and need the explanation and answer to help me learn.

3.Compared with a drip system, a new type of infusion pump reduces the cost of administering chemotherapy from $25 per dose to $20 per dose. The complication rate of each system is 2 percent. Which should you choose? What sort of analysis should you do?

4.You are comparing replacing the current lab, which has a cost function of C = 200,000 + 25 × Q, with an automated lab that has a cost function of C = 300,000 + 20 × Q. Doing so would reduce the error rate from 1.5 percent to 1 percent. Your volume is expected to be 18,000 tests per year. Should you choose the automated lab? Briefly explain your logic.

 

Expert Solution Preview

Introduction:

In the field of medicine, various decisions need to be made based on cost-effectiveness and efficiency. This involves careful analysis and evaluation of different options available. In the following answers, we will assess two scenarios, one related to the administration of chemotherapy and the other regarding the choice of laboratory setup.

Answer to question 3:

To determine which system, either the drip system or the new infusion pump, should be chosen for administering chemotherapy, a cost-benefit analysis should be conducted. The cost of administering chemotherapy plays a significant role, along with the complication rate.

Using the drip system:
Cost per dose = $25
Complication rate = 2%

Using the new infusion pump:
Cost per dose = $20
Complication rate = 2%

In this case, the cost of administering chemotherapy is lower with the new infusion pump ($20 per dose) compared to the drip system ($25 per dose). However, the complication rate remains the same for both systems (2%).

Based on the information provided, the new infusion pump should be chosen over the drip system. This decision is based on cost-effectiveness, as it offers a saving of $5 per dose.

Answer to question 4:

To determine whether replacing the current lab with an automated lab is a favorable decision, a cost analysis needs to be performed. The cost function of both labs, along with the error rates, should be considered.

Current lab cost function: C = 200,000 + 25 × Q
Automated lab cost function: C = 300,000 + 20 × Q

Considering a volume of 18,000 tests per year, we can calculate the costs for both options.

For the current lab:
C = 200,000 + 25 × 18,000 = $650,000

For the automated lab:
C = 300,000 + 20 × 18,000 = $660,000

The current lab has an error rate of 1.5%, while the automated lab has an error rate of 1%.

Based on the information provided, the automated lab seems to be the more cost-effective choice. Although the initial cost of setting up the automated lab is higher, the cost per year for the current lab ($650,000) is lower than that of the automated lab ($660,000). Moreover, the error rate is also lower with the automated lab (1% compared to 1.5%).

Therefore, based on cost and error rate considerations, choosing the automated lab would be a logical decision.

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Understanding how the health care system works and evolves Nursing Assignment Help

Understanding how the health care system works and evolves provides health care administrators and leadership with awareness of the position of their organization and facilitates compliance with health regulations. Discuss in detail each component of the U.S. delivery system, its function, and how it supports the delivery of care. Describe

This assignment requires you to conduct the Strengths (S), Nursing Assignment Help

This assignment requires you to conduct the Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T) SWOT Analysis.  As the planner for your health organization (selected by you), you will need to prepare a 3-page document addressing your organization’s internal and external environment to include, but not limited to, forces/trends,

This assignment requires you to conduct the Strengths (S), Nursing Assignment Help

This assignment requires you to conduct the Strengths (S), Weaknesses (W), Opportunities (O), and Threats (T) SWOT Analysis.  As the planner for your health organization (selected by you), you will need to prepare a 3-page document addressing your organization’s internal and external environment to include, but not limited to, forces/trends,

Unit 3 focused on both the nervous and endocrine systems. Nursing Assignment Help

Unit 3 focused on both the nervous and endocrine systems. Both are essential communication systems for the body and play vital roles in homeostatic balance. The endocrine system produces chemical messengers that travel throughout the body via the circulatory system and interact with receptor cells. If the interaction cannot occur,

Aubre R. presents as a new patient to your practice having Nursing Assignment Help

Aubre R. presents as a new patient to your practice having recently relocated from rural Tennessee. She is 68 years old and complains of irritable bowel syndrome (IBS) with abdominal cramping and frequent diarrhea with occasional constipation. She has a history of domestic violence with resultant anxiety requiring inpatient hospitalization

Walden University, LLC. (Producer). (2019b). Alzheimer’s Nursing Assignment Help

To Prepare  Review the interactive media piece for Alzheimer’s Disease.  (76 Year Old Iranian Male) Reflect on the patient’s symptoms and aspects of the disorder presented in the interactive media piece. Consider how you might assess and treat patients presenting with the symptoms of the patient case study you were assigned. You