Capital Purchase Justification

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Penn Foster College *

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Feb 20, 2024

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Capital Purchase Justification 1 Capital Purchase Justification HCA-240 Savannah Moore January 21, 2024
Capital Purchase Justification 2 Executive Summary: Mr./Ms. Vice President, thank you for taking the time to hear me out. As we all know the health care world things are constantly changing, we as a business have to keep up with the changes to better serve our patients. Technology has helped shape our health care industry, including an increase in how satisfied patients are, and helping diagnosis, treat and cure patients. To allow us to help serve our patients more I would like to introduce you to 3D bioprinting, this is used to create living human cells or tissue to use in tissue enginerring and other things. This will help Valley Children’s hospital in not only better serving our patients but the world.
Capital Purchase Justification 3 As we know the health care world has changed and grown so much in the past 70 years. We have been able to cure things that we couldn’t before, diagnose things we couldn’t before and use technology in so many ways to help us. I think in order to help Valley Children’s become the best hospital we need to invest in a 3D Bioprinting machine. “After the first developments in 3D printing, which was described as "stereolithography" by Charles W. Hull11 in the early 1980s, new methods and techniques for the construction of 3D objects have been developed and used for educational, research and even clinical purposes. Initially, stereolithography, also termed photo-solidification, optical fabrication or resin printing, was used to form 3D structures using sequentially printed thin layers of a material processed by ultraviolet light.” (Sin, 2019) This machine can change the way we do so many things in health care. Sadly, as some of us have experienced first-hand the waitlist for organs is long and can take years, if you even qualify for the waitlist. “Developments in 3D bioprinting have been mostly motivated by the limited availability of organs globally, which are needed for the rehabilitation of lost or failed organs and tissues.” (Sin, 2019) If we were able to get this machine we would be able to help the patients get the organs they need while not waiting for new organs on the waitlist. “More than 100,000 people are waiting for lifesaving organ transplants. Even the largest football stadium in the US could not fit the number of patients on the national transplant waiting list.” (Donate Life) Upon searching there is a few ways to get a 3D Bioprinter that we would need, though research would need to be done to make sure the one we buy is good quality and price. I think that we should apply for some grant funding to help us purchase a machine as we will also need materials, training for staff and also the clinical trial designs. In this proposal I suggest we have a team compare a few different machines with the information of each, the reviews and even contact other hospitals who have these. This will all pay off in the long run but
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Capital Purchase Justification 4 the upfront cost will be a little pricy like any other technology we have purchased it is an investment. Health care has such a high demand, with this many companies are making technology that is new or even improving what was already out. I have asked the doctors and nurses what kind of technology they think we need to make our hospital better and most stated a 3D printer. This will come with many risks like a normal surgery, but this is why we will run our own trials and study other trials ran. We will make sure just like any other surgeries or things done that the patients know the risks. This purchase would be a helpful new strategic capital purchase as this will be something that our hospital has never done before. “The global 3D bioprinting market is expected to grow at a compound annual growth rate of 12.5% from 2023 to 2030 to reach USD 5.3 billion by 2030” (Grand View Research, 2018) There is a few things we have to think about but once we figure out the price of buying the new technology piece, we will have to find a space to put the equipment. Once we find the space then we will have to purchase the machine and the supplies needed. I will review the staff and find a few to get training for so that we have a few employees who are able to use it. Once they are fully trained then we can slowly train other staff. We can look at a few different funding options for the project. This will be costly, which is why we can get funding from possible grants. If we cannot get grants, we can get funding from donations, stakeholders and even possibly investors. We can prepare an event where we can accept donations and explain to the public what we are planning. This will help being more exposure to the hospital as well. I will recommend that we do our best to gain funding from grants and donations and whatever is left we can’t cover with donations and grants we can get loans to cover the rest. This will be a big front cost but will pay off and help the profits increase along with helping more patients. “The
Capital Purchase Justification 5 market for 3D printing is expected to grow to $8.4bn by 2025, according to Lux Research's report.” (Jeffery, 2013) This will be an investment with a lot of man hours and cost but in the end will hopefully pay off with not only helping more patients but also profits. Just like anything else that has been life changing in the health care industry. The risk is worth the investment in this case. We have worked hard on researching what the next best investment we can make to benefit the hospital and also the community. Our final decision was 3D bioprinting, we can give a kidney to a child who isn’t able to live their life fully. We could help change so many lives, people wouldn’t have to wait years on a transplant list. “3D printing, also known as additive manufacturing has also led to remarkable advances in the healthcare sector (3D bioprinting), especially in regenerative medicine, as it facilitates on-demand "printing" of cells, tissues and organs.” (Sin, 2019) There is so many other things we can accomplish with this machine, I hope that you will allow us to go forward in 3D bioprinting.
Capital Purchase Justification 6 References: Cleverley, W. O., & Cleverley, J. O. (2018).   Essentials of health care finance   (8th ed.). Jones & Bartlett Learning. ISBN-13: 9781284094633 Guardian News and Media. (2013, July 17). 3D printing human organs - but where’s the money for it? The Guardian. https://www.theguardian.com/technology/2013/jul/17/3d-printing- organs-money Organ, eye and tissue donation statistics. Donate Life America. (2024, January 12). https://donatelife.net/donation/statistics/#:~:text=More%20than %20100%2C000%20people%20are%20waiting%20for%20lifesaving%20organ %20transplants . Papaioannou, T. G., Manolesou, D., Dimakakos, E., Tsoucalas, G., Vavuranakis, M., & Tousoulis, D. (2019, May). 3D bioprinting methods and techniques: Applications on Artificial Blood Vessel Fabrication. Acta Cardiologica Sinica. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6533576/ 3D bioprinting market size & share analysis report, 2030. 3D Bioprinting Market Size & Share Analysis Report, 2030. (n.d.). https://www.grandviewresearch.com/industry-analysis/3d- bioprinting-market
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