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Responses to the following 2 posts comprising at least 150 words supporting, challenging, clarifying, or adding to the existing information.
Post 1:
The learning provides the nurses with practical strategies that we are able to use and are important to utilize in order to prioritize and assess the possibility of making changes. In many cases, the planned upgrades are lacking enough information on the costs and risks connected with them (Lezcano, 2022). If we are given the opportunity to do so, nurses should take the lead when it comes to analyzing the benefits and drawbacks of any changes that are being considered. Even though there is widespread consensus that improving patient safety should be a top priority, prioritization problems continue to plague the healthcare industry. This is due to the lack of importance placed on the ratio of the expense of safety measures to their overall efficacy.
Also, because of the one-of-a-kind relationship nurses have with their patients, registered health practitioners play a significant part in improving the overall level of patient safety. In addition to the advantages that will immediately accrue as a consequence of improved patient safety, nurses and other practitioners will experience a broad variety of positive psychological impacts as a result of greater patient safety (Costa, 2021). The management of the healthcare need to be able to cut down on the number of accidents that take place, the number of times that workers quit, and the number of times that there is a chronic lack of labor. Health economics may be beneficial to nurse managers since it allows for improved prioritization of efforts and evaluation of the level of success gained via various initiatives.
Post 2:
As a nurse, the fundamentals of managerial economics are a precious field of study. It helps me understand how to make decisions that will benefit the organization and patient care. This week, I have learned that the core principles of managerial economics revolve around making economically feasible decisions while still considering the cost-benefit ratio and the impact of those decisions on the patient. This week, I have learned about the different types of costs and their implications for decision-making. For instance, understanding that fixed costs do not change with an increase or decrease in output, while variable costs are those that do change with an increase or decrease in production, is essential for making decisions that minimize costs and maximize efficiency. Additionally, I have learned about opportunity costs and how they can help managers allocate resources to maximize their benefits (Baye et al., 2017).
Furthermore, I have learned about the different types of pricing strategies, such as cost-plus pricing, which takes into account the costs of production and then adds a percentage to the price to cover overhead and other costs, or demand pricing, which takes into account the demand for a product and sets the price accordingly. This knowledge is valuable for me as a nurse because it allows me to understand the different implications of different pricing strategies. For example, suppose a hospital charges a high price for a particular service. In that case, it could be because they are using a cost-plus pricing strategy and adding a percentage to the cost of production, or it could be because they are using a demand pricing strategy and setting the price according to the demand for the service (Gillett, 2022).
Finally, I have learned about the different market structures, such as perfect competition, oligopoly, and monopoly, and their implications for pricing and decision-making. This is important for me as a nurse because it allows me to understand how the market structure of a particular healthcare service affects the cost of that service and the pricing strategies that are used (Gillett, 2022).
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