What is the current financial impact of your capstone project on the organization and the patient?
Capstone Project: Financial Impact and Sustainability
What is the current financial impact of your capstone project on the organization and the patient? Explain current costs involved with project implementation, and how those expenses are being funded. (Be sure to include the cost of both human and material resources, as well as savings realized through the initiative.
The project’s progress is tracked using an estimate, and without a plan, there is no control. (Heagney 2016). Reducing the depression rate among newly admitted senior residents to 5 % will have some financial impact on the organization. Implementing the project will increase the organization’s budget for the year. The income lost by the facility in the area of decreased census rate, increase in hospitalization and suicidal rate, will be more than the change in change project cost. Before starting the project, it is crucial to let the residents know of the cost to them; this will enable the residents to make informed choices and increase the likelihood of compliance with the project. Luckily there will be no financial cost to be incurred by the residents to implement this project. Rather all the residents will have to contribute their time and willingness to participate. The project is being implemented by 10% of the workforce which includes nurses, social worker, dietitian, personal trainer, unit manager, and psychiatric physician that are required to work extra 30 minutes three times a week. This is estimated to cost the facility an additional $3000.00 in payroll over eight week period. The estimated cost of weekly staff meetings, educating, and training staff to document the result of the project plus the cost of procuring additional exercise equipment is $2000.00. When compared to the income from one depressed resident that was paying $3000.00 a month ($3000.00×2 months = $6000.00) per resident, you will find out my plan has a positive financial impact of $1000.00 on the budget of the facility. But if the plan achieved its goal of reducing depression to two people out of 10 residents, the positive financial impact will then be 8 x$6000.00= $48000.00 income -$5000.cost= $43000.00 profit for the current year.