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Use of quantative methods for a healthcare organization when launching a first of its kind medical device - Essay Example

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Proper innovation and implementation of disruptive technology based on accurate statistical data may improve the business scenarios in various fields including healthcare. The drawbacks of present care system can be addressed in a focused way…
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Use of quantative methods for a healthcare organization when launching a first of its kind medical device
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Download file to see previous pages These technologies use molecular diagnostics, diagnostic imaging technologies and revolutionary telecommunication to serve their clients and have a wider reach. Similarly a disruptive innovation is one which brings to market the products and services that are much more affordable, and also keeping the quality levels intact and may be higher. It exceeds the expectation of the market in terms of cost effectiveness or being designed for a different set of customers. Disruptive innovations are now the key to ushering of affordable and competent healthcare. For example, a health care disruptive innovation was the one which disrupted retail pharmacies. In addition the potential drugs discovered to lower cholesterol are considered as the disrupted technologies and innovation to replace the frequency of angioplastic surgeries which itself was a disruptive technology to open heart surgery.
The Zenith Hospital wanted to use a disruptive technology due to the some facts studied by the management survey. The survey was based on statistical models which gave a direction for the implementation of the disruptive technology. The focus of the hospital was to increase the patient turnover and profitability by reaching to the unattended patient population. Methodology Data collection of the patient turnover in the hospital was considered for the previous two years. This was compared by statistical analysis to find out the difference in patient turnover and statistical tests of significance were implemented. Data collection done from a competitive hospital of a similar profile to understand the position Feedback questionnaire was formulated to find out the reasons and preferences for selecting the hospital services. This was represented as a pie chart to analyze the major reasons of satisfaction or dissatisfaction of the factors causing usage of hospital services. The correlation coefficient will then be found out with the various factors that is positively related with the positive turnovers and the factors related with the negative turnover of the patients. Usage of ordinary least squares regression to be done to find out the weighted significance of all the factors which contribute to the positivity and negativity of the patient turnover in the hospital. A cost benefit analysis was done to estimate the return on investment for the AKA disruptive technology to be implemented and the feasibility of such project Results 1. Patient turnover in the Zenith Hospital in 2011(1) and 2012(2) in earlier 2 years. (p0.01) 3. The factors leading to dissatisfaction for reduced turnover of the patients 4. The correlation coefficients calculated with turnover were -0.7 with waiting time, +0.123 with Competency of hospital staff, +0.003 with cost effectivity and +0.21 with care giving. Significant correlation coefficients were related to waiting time and care giving(p ...Download file to see next pagesRead More
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