Capstone Project: Preliminary Literature Review And Action Item Checklist
Better life healthcare
Providing (Health) Care to Better Your Life
EXECUTIVE SUMMARY
Topic
The topic I showed was long-term healthcare management and provision of services for aging and disabled population.
About Better Life
Better Life Healthcare, LLP (“Better Life”) is a Arizona-based for-profit corporation based in Phoenix, Arizona. Better Life’s singular focus is to provide healthcare solutions for critically-ill and injured individuals. Accredited as a Nursing Care Center from The Joint Commission, one of the most prestigious classification in the healthcare industry, Better Life is recognized as a top-notch healthcare organization. With operations throughout the state, Better Life concentrates its efforts on offering its patients with the kind of care they would expect to receive at home.
Mission Statement
Better Life takes care of people, people who otherwise would be care-less. We focus on patients who have long-term debilitating injuries and ailments, nursing them back to health and preparing them for the next phase in life.
Services
Better Life provides hospice care, physical and mental therapy, pain management and out-patient surgical procedures for its patients. Better Life also has an orthodontist on-staff full-time, as well as health and wellness professionals like masseuses and acupuncturists. Better Life currently has an inventory of over 1,000 beds in 8 locations, an average of 125 beds per location.
Market
There are multiple Better Life facilities located in the Greater Phoenix and Greater Tucson areas. Last year we decided to open up a location in Flagstaff in order to service surrounding areas like Sedona, Williams and Prescott. There is a Better Life facility within a 90-minute drive for over 90% of the state’s population.
Revenue
One of our primary objectives is to provide quality care over financial performance. That is not to say that profitability isn’t important. Over the years, Better Life has discovered by offering a high-quality of product across the board (bed, furnishings and most importantly, care), it can charge a premium for its services.
This past year Better Life saw tremendous growth. Our revenue per facility exceeded $10 million, with expenses hovering under $5 million. Our per-bed revenue past $80,000 for the first time, an increase of 15% from the previous year. Profitability companywide increased 10%, allowing Better Life to increase its annual contribution to its Capital Improvement Plan (CIP) fund by $1 million.
Risks
As the population ages, the demands for care increases, leading to a decrease in the labor pool. A decrease in the labor pool fester intense competition for human capital, resulting in an uptick in wages and the resultant perks. Better Life is facing that level of competition, as everyone from multi-billion dollar Health Maintenance Organizations (HMOs) and corporations to the advent of the home-healthcare industry; is entering the marketplace looking to not only get a share, but to dominate.
In addition, due to the nature of what Better Life does and the economics behind it, it has been a struggle for us to diversify our business model. Based on the market research we have conducted, people of color generally do not accept the rationale behind a hospice, a trauma-care center, or a facility promoting long-term stay. Convincing a growing populace Better Life is a viable and healthy option to what is currently offered in the marketplace is one of its major priorities.
Use of Proceeds
Due to the overwhelming demand for our services, and the tremendous price pressures placed on how we provide said services, Better Life seek to raise $15 million to aid in its expansion efforts. These funds will be earmarked for the construction of 2 new facilities, the expansion of 2 more, the renovation of 4 aged properties; as well as operational expenses.
Outlook
Due to Better Life’s reputation and performance, there is no shortage of people interested in utilizing our services. All our facilities are filled to capacity, resulting in a waiting list over 1,500. As a result of this incredible demand, Better Life decided to invoke on a $20 million Capital Improvement Plan. The CIP includes the aforementioned construction, expansion and renovation of properties. Following the project, Better Life will have more than doubled its bed inventory to 2,100.
Resources I would use for my capstone project would be site from:
– New England Journal of Medicine
– American Medical Association
– United States Census Bureau
– Bureau of Labor Statistics
– National Center for Assisting Living
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