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In response to discussion below, be sure to include at least one APA-formatted citation
(in-text plus full reference). The citation may be from course textbooks, assigned
readings, or an outside source. Your initial post must be a minimum of 125 words in
length.
My initial impression on financial management in healthcare organizations is bottom line
finding the balance between decreasing outgoing cost, or debt and increasing revenue.
As a healthcare leader, a main goal would definitely be to find the balance between the
two. For example, as a healthcare manager I strive to find the biggest dent in our
budget, how to remove that cost, and ways to increase incoming units to balance said
debt. In my case, the more patients who are admitted, satisfied, and complete their
rehabilitation stay increase revenue for our department. This research suggests that,
“changes in the industry, such as increased competition, consumerism, and demand for
accountability, mean patient satisfaction can contribute to a healthcare organization’s
bottom line (Press, Ganey, Malone 1991). As stated above, this stands true today in my
experience.
As a current rehabilitation healthcare leader, I experience financial data, such as
budgets, incoming revenue, outgoing debt, and payroll. In my position, I have the ability
to visually see our financial year in review, starting budgets, spending, and income. Also
with the position, I on a daily basis review units made by my staff to determine if we’ve
made “budget”. Made budget meaning, if we made the amount of incoming revenue to
equally match or trump the amount of outgoing expenses that day. I then have to report
this information to a management team and they critically determine the success of our
program, our future budget given by the hospital, and spending resources. When given
this position, I was very anxious, nervous and apprehensive about facing financial data
so I’m eager to learn more in depth knowledge to further my career.
Reference:
Press, I., Ganey, R. F., & Malone, M. P. (1991). Satisfied patients can spell financial
well-being. Healthcare financial management: journal of the Healthcare Financial
Management Association, 45(2), 34-6
JM
In response to discussion below, be sure to include at least one APA-formatted citation
(in-text plus full reference). The citation may be from course textbooks, assigned
readings, or an outside source. Your initial post must be a minimum of 125 words in
length.
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As health care continues to change, so does the management approach. When change occurs,
gaps in care and service can increase. In section 1.2 in Financial Management of Health Care
Organizations text by Zelman, McCue, Glick, and Thomas it lists eight ways to help close gaps
and decrease risk of failure. The writer considers two techniques to be highly beneficial when
switching to value based reimbursement for the health care industry. The first guide is to invest
in primary care and then begin a cultural revolution (Nowicki, 2015). It is suggested that
focusing on primary care can help improve the coordination of care when there are multiple
stakeholders and cultural shifts redesigns aspects for employees to focus the wellbeing of
individuals and not episodic care. When change occurs, it takes time, education, and money to
implement new models. Therefore, closing gaps will not happen in week, but before
implementation a process is needed to be successful.
Both suggestions come with strength and weaknesses. The strengths and weakness for each
object is outline below:
Invest in Primary Care
Strengths
Weakness
Provides a streamline of communication
• Primary care physicians not understanding the
through both multidisciplinary and
shift in service
interdisciplinary care models
• Primary care physician not onboard with
Opportunity to decrease high utilization cost
patients coordinating with other doctors not
of emergency room visit
associated with their practice
Quality of care increases for the patient
• Patients can have skepticism or apprehension
Hospitals and health plans could
to multiple care providers or communicating
contractually develop a projection of service health status
and evaluate the return on investment
(nowicki, 2015)
Outstanding emergency room bills can
potentially decrease by increasing services
aligned with care from the primary
care physician
As potential to provide a larger income for
primary care physician when patient
collaboration is present
Cultural Revolution
Strength
Weakness
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Can invigorate collaboration between health •
partners (Nowicki, 2015)
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Majority of individuals look toward episodic
care, but revolutionary care looks to
•
increasing the needs of patients long term
Can help patients save money by aligning
medical care teams and the patient care plan
Employees are not ready for change
Patient education regarding can increase visit
times
The change could include quantity care over
quality care until the new model is aligned
Nowicki, M. (2015). Introduction to the financial management of healthcare organizations (6th
ed.). Chicago, IL: Health Administration Press
Zelman, W. N., McCue, M. J., Glick, N. D., & Thomas, M. S. (2014). Financial management of
health care organizations: An introduction to fundamental tools, concepts, and applications (4th
ed.). San Francisco, CA: Jossey-Bass. ISBN: 9781118466568.
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