Defending the Business Case: The Elevator Speech
An elevator speech is a brief yet (hopefully) persuasive description that is designed to spark interest in a proposed project, idea, or product. It is called an “elevator speech” because it is designed to last about as long as a typical ride in an elevator.
This week, you examine how nurses and nurse leaders can use an elevator speech to defend or strengthen the business case for a proposed healthcare product or service. You will examine strategies for making this speech interesting and memorable while remaining informative enough to sell your audience on the idea of your product’s or service’s uniqueness.
Learning Objectives:
Develop an elevator speech to communicate significant considerations of healthcare products and service solutions to stakeholders
Assess financial and economic principles related to healthcare products and service solutions for stakeholder decision making
Learning Resources
Required Readings (click to expand/reduce)
Note: To access this week’s library resources, please click on the link to the Course Readings List found in your Syllabus.[unique_solution]
Penner, S. J. (2016). Economics and financial management for nurses and nurse leaders (3rd ed.). New York, NY: Springer Publishing Company.
Chapter 13, “Entrepreneurship and Practice Management” (pp. 401–427)
Chapter 15, “Health Policy and Future Trends” (pp. 447–457)
Gjolaj, L. N. (2016). Delivering patient value by using process improvement tools to decrease patient wait time in an outpatient oncology infusion unit. Journal of Oncology Practice, 12(1), e95–e100.
The Value of Understanding Finance and Economics in Healthcare
As healthcare delivery and nursing practices continue to evolve, so too will the financing and economics of healthcare organizations. Nurse executives are well poised to tackle the challenges and strategic decision-making to facilitate cost-effective and quality, safe patient care. (6m)
Discussion: Elevator Speech
Have you ever been in a situation where you wish you’d said something differently? Perhaps in a job interview when asked to tell the interviewer about yourself, or maybe on a first date, or when questioned during an academic or professional presentation. Any of these scenarios can leave you thinking afterward about your reply, wondering if you said something the way you intended or if you could have presented it in a better manner. In situations like these, an elevator speech can come to the rescue. A well-developed elevator speech that is clear and succinct can be a lifesaver when you are looking for the right words.
For this Discussion, you examine the role of an elevator speech in defending your idea for a new healthcare product or service. You also develop a speech that will help set your idea apart as memorable, unique, and of value to the organization.
To Prepare
Reflect on the most significant talking points about the healthcare product or service solution you have proposed. These points should be those you think will educate decision makers and other stakeholders on the benefits of your idea as well as clarify the business case (including financial points, budgetary impacts, SWOT takeaways, cost-benefit analysis takeaways, etc.).
Consider how you might highlight these significant talking points in an elevator speech to stakeholders.
Post a 2-paragraph draft of an “Elevator speech” designed to both educate and “sell” decision makers on the healthcare product or service you have proposed. Your elevator speech summary should address what you believe are the significant talking points necessary to educate decision makers and other stakeholders on the benefits of your idea as well as clarify the business case (including financial points, budgetary impacts, highlight SWOT takeaways, highlight cost-benefit analysis, etc.).
Please include minimum of three to four References.
Thanks