This competency assessment assesses the following Outcome(s):HA425-2: Apply economic concepts to the design of quality improvement plans for a healthcare facility.Imagine that you have been asked to develop a new quality improvement program to address cost containment in your facility. Prepare a memo to the Board of Directors that proposes cost containment projects that reduce facility costs as well as improve quality.InstructionsIn the memo, discuss why there is a need to balance cost containment with quality improvement. Include at least three specific rationales.Choose at least one cost-containment strategy. Some strategies might include outsourcing services, standardizing clinical processes, reducing overhead, etc.Describe in your memo how you will apply it to an area (pharmacy, therapies, surgery, laboratory, etc.) within the healthcare facility entailing at least three steps.Discuss at least two ways the cost-containment strategy could adversely impact quality. Explain your reasoning.Minimum Submission RequirementsProper notification of any resubmission, repurposing, or reworking of prior work per the Purdue Global Student Coursework Resubmission, Repurposing, and Reworking Policy Resource.Your submission is composed in a Microsoft Word document.To meet the objective requirements, your response is at least 500 words in length.Your submission includes specific examples of concepts, topics, definitions, and other elements to demonstrate mastery of the objective.Your submission includes a highly developed viewpoint and purpose.Your response is in Standard English and demonstrates superior organization.Your communication is highly ordered, logical and unified, as well as original and insightful.Your submission displays exceptional content, organization, style, and mechanics.A separate page at the end of your response contains a list of references.Include both in-text and reference list citations where appropriate and reference all sources used following proper APA citation style.Please review the APA formatting and citation style in Academic Tools – Academic Writer.If the work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned for revision. If the work submitted does not meet the minimum submission requirements by the end of the term, you will receive a failing score.PlagiarismPlagiarism is an act of academic dishonesty. It violates the University’s Code of Student Conduct, and the offense is subject to disciplinary action. You are expected to be the sole author of your work. Use of another person’s work or ideas must be accompanied by specific citations and references. Whether the action is intentional or not, it still constitutes plagiarism.For more information on plagiarism and the University’s Code of Student Conduct, refer to the current University Catalog.