MRI Machine for MEI Medical Clinic Analytical Essay by scribbler

MRI Machine for MEI Medical Clinic
A financial and strategic analysis of whether MEI Medical Clinic should invest in an MRI machine.
# 152861 | 2,155 words | 1 source | APA | 2013 | US


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Description:

The paper identifies the stakeholders for this MRI project that include the patients, the physicians, the clinic itself, its staff, the owners of the clinic and the community at large, and explains how the project meets the needs of all of these different stakeholders. The paper then addresses the risks of the MRI purchase and discusses the tradeoff between the malpractice risk, which the MRI will reduce by virtue of delivering faster and more accurate diagnoses, and the management risk that the revenues associated with the MRI machine fall short of expectations. The paper shows how overall, the risk associated with the purchase of an MRI machine is relatively low, since it delivers a positive net present value and it meets the needs of all of MEI clinic's major stakeholders. The paper also examines the economic feasibility of the project and finds that it is financially viable.

Outline:
Economic Feasibility
Final Project Summary

From the Paper:

"Based on what we've seen at other clinics, the patients benefit from an MRI machine in a number of different ways. Primarily, patients are concerned with their health, and secondarily, with the cost of their health care. The first is that they receive better diagnoses, and faster. With better diagnoses, patients can receive the care they need faster, resulting in better patient outcomes. The cost of an MRI is higher than other techniques, but for patients the increased accuracy usually leads not only to greater health outcomes but perhaps even a lower cost of service overall, as they are able to resolve their issues more quickly and return to a normal lifestyle more quickly, including their work.
"For physicians, the MRI provides better diagnoses, which serves two key functions. The first of these functions is that the physician is able to deliver better patient outcomes. Physicians are concerned with patient outcomes foremost because that is their job to deliver superior results to patients. The MRI also has a financial benefit to physicians in that it lowers their financial risk. The financial risk stems from malpractice risk. With faster and more accurate diagnoses, the physicians will be subject to fewer malpractice lawsuits, which will see not only a lower level of risk but an associated lower cost of malpractice insurance as well."

Sample of Sources Used:

  • Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine. Retrieved September 24, 2010 from http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html

Cite this Analytical Essay:

APA Format

MRI Machine for MEI Medical Clinic (2013, April 30) Retrieved January 28, 2022, from https://www.academon.com/analytical-essay/mri-machine-for-mei-medical-clinic-152861/

MLA Format

"MRI Machine for MEI Medical Clinic" 30 April 2013. Web. 28 January. 2022. <https://www.academon.com/analytical-essay/mri-machine-for-mei-medical-clinic-152861/>

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