In the field of health care, one thing is for certain: innovation will continue to grow exponentially. “..Most of the innovations that healthcare leaders say they are excited about have less to do with medical advances and more to do with improving how health care is accessed, provided, and paid for in this country” (Phillips, 2015). Understanding how to support and move forward with this growth is essential for a health care manager.
Research and prepare a proposal to address the following health care topic/issue:
An assisted living center wants to add a fitness studio, staffed by licensed Physical Therapists.
You will need to use a document template for this assignment. Templates may be found by searching Microsoft Word. A few examples include the “Business Plan” and “Project Scope Report” templates. You will need to edit the template headers to be applicable to this assignment, but retain the overall design elements to create a clean, professional-looking document.
Use the following outline within your template. Bolded items should be used as section headings. Additional subcategories may be included:
Executive Summary
What is being proposed?
Proposal Description
Supporting documentation: basic financials (ex: purchase price, lease or buy options, average reimbursement rates, etc.)
Market Assessment
Utilization of the product or service
Financial & Risk Analysis
Provide a clear picture of revenues, expenses, profits, etc.
How will the project be financed?
What is the expected ROI?
What is the financial risk? (include how risk is calculated)
Recommendation
Is this a viable option?
How should the entity proceed?
On a separate page, include a minimum of three references, in APA format.
Expert Solution Preview
Proposal to Add a Fitness Studio Staffed by Licensed Physical Therapists in Assisted Living Center
Executive Summary:
This proposal suggests adding a fitness studio to an assisted living center, staffed by licensed physical therapists. The studio will offer physical therapy services to the residents of the assisted living center to improve their health and well-being.
Proposal Description:
The fitness studio will be equipped with modern equipment to provide a range of physical therapy services, including fitness and wellness programs, balance training, and therapeutic activities. The studio will be staffed by licensed physical therapists with specialized training in senior care. Basic financials such as purchase price, lease or buy options, and average reimbursement rates will be calculated for setting up the fitness studio.
Market Assessment:
Physical therapy services are becoming a crucial component of healthcare for seniors with mobility issues, chronic diseases, or musculoskeletal disorders. The assisted living center can offer cutting-edge services and attract more seniors to its facility by implementing the fitness studio. The studio can also act as a marketing asset and differentiate the center from other assisted living facilities in the area.
Financial & Risk Analysis:
The project will require a significant investment in purchasing equipment and health staff salaries. Revenue can be generated through pricing the services competitively and expanding outreach to the local community. ROI and profitability may take some time to achieve, but the demand for physical therapy services in senior care is growing. A risk assessment can be carried out by considering factors such as competition in the area, reimbursement rates, staffing costs, and potential market demand.
Recommendation:
Adding a fitness studio staffed by licensed physical therapists is a viable option for the assisted living center to improve the quality of care for its residents, attract more seniors, and generate additional revenue streams. The entity can proceed by conducting a market assessment and risk analysis, identifying the sources of financing, and preparing a detailed implementation plan.
References:
1. Phillips, J. (2015, April). What Will Healthcare Look Like in 5-15 Years? Retrieved from http://www.hfma.org/Leadership/E-Bulletins/2015/April/What_Will_Health_Care_Look_Like_in_5-15_Years_/
2. Medicare.gov. (2021). Physical therapy. Retrieved from https://www.medicare.gov/coverage/physical-therapy
3. The National Council for Aging Care. (2021). Exercise tips for seniors. Retrieved from https://www.aginginplace.org/exercise-tips-for-seniors/
