Principles of Healthcare Business and Financial Management – C162

Principles of Healthcare Business and Financial Management – C162

Principles of Healthcare Business and Financial Management – C162

Principles of Healthcare Business and Financial Management – C162

            Healthcare sector is among the most dynamic industries. Most new interventions are implemented in the healthcare organizations to improve the quality and safety of patient care. While various interventions have been adopted in healthcare organizations, this paper will focus on the implementation of VBP. First, it will assess the current status of VBP implementation in the organization. Additionally, it will include a strategic plan to support further implementation of VBP in the organization. Finally, an executive summary will be prepared to inform the key stakeholders about VBP.

ORDER A CUSTOMIZED, PLAGIARISM-FREE Principles of Healthcare Business and Financial Management – C162 HERE

Good News For Our New customers . We can help you in Completing this assignment and pay after Delivery. Our Top -rated medical writers will comprehensively review instructions , synthesis external evidence sources(Scholarly) and customize a quality assignment for you. We will also attach a copy of plagiarism report alongside, AI report alongside the assignment. Feel free to chat Us

1. Organization’s Current Status with the Implementation of VBP

The organization has embraced VBP to approximately 50%. Some key departments, including nursing, physician services, and physician practices have replaced fee-for-service (FFS) with value-based purchasing (VBP). Therefore, these departments strive to provide safe and high-quality patient care safe at a reasonable cost. It is anticipated that the remaining departments will embrace value-based purchasing (VBP) in the new future to meet the expectations of the government, payers, and the public as far as healthcare services are concerned.

1. A Strategic Plan for the Progressing of VBP in the Organization

Departments with the most Impact on VBP in the Organization

The Hospital VBP Program was primarily designed to achieve two primary goals, including improving patient care quality in healthcare organizations and making patients’ hospital stay experience better. Three departments, including the coronary care unit (CCU), the nursing department, and the physician services department, impact VBP in the healthcare organization.

The Significance of the Roles of these Departments in Implementing VBP

The implementation of VBP in the organization will be guided by the three departments’ roles and functions that have the highest impact on the program. First, the coronary care unit (CCU) will influence the implementation process substantially. This department specializes in patients diagnosed with various heart complications, including heart attacks, cardiac dysrhythmia, and unstable angina. The changes in care delivery have mainly targeted cardiovascular. The policy efforts to improve value and quality of care have targeted heart failure and acute myocardial due to three primary reasons. First, millions of Americans are at risk of developing cardiovascular disease, which is likely to increase the morbidity and mortality burden associated with this disease (Chee et al., 2016). Secondly, both the direct and indirect healthcare costs of cardiovascular disease are relatively high, thus taking a significant percentage of healthcare spending. Finally, the cardiovascular community has played a substantial role in developing evidence-based practices for treating this condition. They participated in randomized controlled trials, which resulted in guidelines for supporting clinical care. The establishment of quality measures emerged from these evidence-based guidelines. In turn, these quality measures provided the basis for evaluating delivering guideline-based care to the patients (Chee et al., 2016). Therefore, cardiovascular disease has significantly contributed to the development and implementation of incentive programs and quality measurement, and it will continue playing a significant role.

Secondly, the implementation of VBP in the healthcare organization will be influenced by the roles and functions of the nursing department. The adoption of newly defined standardized measures and procedures in healthcare organizations has enhanced the registered nurses’ capacity to make critical clinical decisions such as medication refills and the management of chronic conditions (McCleerey, 2017). VBP is directing nurse practitioners in their multiple clinical practices, including conducting triage, physical examinations, and presenting patient cases to practitioners. These activities have, therefore, improved the overall efficiency and workflow in healthcare organizations. Transitional and nurse-led chronic care management has, in turn, lowered admissions in the emergency department (ED) and hospital days.

Finally, the functions and the roles of the physician services department are significant for implementing VBP in the healthcare organization. Physicians provide diagnose and treat individual patients. This financial incentive strives to improve the quality of care and reduce the overall costs. Thus, the implementation of VBP will enable the physicians to control the quality and prices of patient-centered care, reduce clinical variation, and measure their overall performance (Deloitte University Press, 2016).

The Goals of the Three that will help to further the Implementation of VBP

First, further implementation of VBP in the organization will be guided by the coronary care unit (CCU). This department focus on reducing the prevalence and complications associated with various heart conditions, including heart attacks, cardiac dysrhythmia, and unstable angina. The urge to improve the quality and efficiency of care provided to patients with cardiovascular diseases assists in further implementing VBP in the healthcare organization. Therefore, the implementation of new VBP measures would improve patients’ overall clinical outcomes with cardiac problems.

More so, further implementation of VBP in the organization will be helped by the nursing department’s goals. The primary purpose of the nursing department is to provide quality and safe patient care. Further improvement in value-based care will enable nurse practitioners to redefine the patient’s primary care team’s structure. The new structure will support various nursing practices, such as selecting the care team member required for a particular clinic visit. Thus, further implementation of VBP will enable the nurses to provide quality and safe care services.

Finally, the physician practices department’s goals will help in the further implementation of VBP in the healthcare organization. Primary care physicians focus on providing patient-centered care to individual patients. In most cases, physicians base their clinical practices on short-term outcomes. Therefore, further implementation of VBP will enable the physicians to accrue significant short-term benefits to their patients.

The Impact of the Selected Goals on Attain Quality Outcomes in Reimbursements and Patient Care in the Next Three Years

The goals discussed in part B2 will help the healthcare organization to achieve quality outcomes in reimbursement and patient care in the next three years. First, the primary goal of the coronary care unit (CCU) involves providing quality, efficient, and safe care services to patients with various cardiac conditions. Improved care services lead to quality clinical outcomes for patients with cardiac conditions. Additionally, improvement in care services will lower the reimbursement in the next three years due to a reduction in cardiac care costs. Additionally, the nursing department’s goal, which involves providing quality care services, will enable the medical facility to achieve quality outcomes in reimbursement and patient care in the next three years. Quality services will lead to improved clinical outcomes in inpatient care. Reimbursement will also be improved due to a decline in medical complications associated with low care services. Finally, the physician services department’s goal that entails providing patient-centered care will enable the healthcare organization to achieve quality outcomes in reimbursement and patient care in the next three years. The provision of patient-centered care leads to quality clinical outcomes (Kuipers et al., 2019). Additionally, reimbursement will improve following patient-centered care provision due to a decline in the rate of hospital stay and readmissions.

Key Points of the Strategic Plan

Healthcare should understand and embrace two critical points of the strategic plan. First, the staff should understand and embrace the strategic plan’s primary goal to support the implementation of VBP in the healthcare organization. Secondly, they should understand and support the plan’s critical components, including training, communication, and monitoring. Finally, the staff should understand and embrace the strategic plan results, including improving the quality, efficiency, and safety of patient care through VBP.

Marketing the Key Points

The identified vital points can be marketed to the staff members through discussions during weekly meetings. One can share the idea of the strategic plan highlighting the critical points before adjournment of weekly meetings. Additionally, the crucial point can be marketed through an internal memo addressing all staff members. Finally, marketing of the key points can be done by sending emails to all the staff members.

The Incorporation of Ethical Clinical and Ethical Business Practices into the Strategic Plan

First, ethical clinical practices will be incorporated into the strategic plan. These ethical principles include beneficence, nonmaleficence, and justice. The principle of beneficence will ensure that the strategic plan benefits the patients. Secondly, the principle of nonmaleficence will ensure that the strategic plan does not expose the patients to any form of harm. Finally, the ethical principle of justice will ensure that the plan benefits all patients equally. In addition to ethical clinical practices, the plan will incorporate ethical business practices. These practices include integrity, honesty, and fairness.

Coordination of Information and Educational Events

Training and information will be required to facilitate the implementation of VBP in the three departments. The training will be provided to each department’s staff members separately to inform them on how they should implement VBP in their respective departments and the expected outcomes. According to Chaghari et al. (2017), education equips healthcare staff with knowledge and skills, thus enabling them to implement a new intervention in their clinical practices. Informational and educational events in the selected departments will be coordinated by external and internal training professionals. The facility’s management will hire external experts to assist internal trainers in coordinating informational and educational events. The hospital’s management will provide the trainers with all the resources required to facilitate the educational program. The trainees will be subdivided into three groups based on their department. Training program of each of the three groups will last for three days continuously. Various subtopics associated with the implementation of VBP in the healthcare organization will be discussed during the educational event. The trainers will monitor the educational events closely to ensure that all training goals have been met to increase the success rate of the implementation of VBP.

Timeline for Implementing VBP in the Next Three years

The implementation of VBP in the healthcare organization will be achieved in the next three years. The first six months of year one will be spent in understanding the care needs that necessitate the implementation of VBP in the organization. The second half of the first year will be spent in securing various resources, including finances and human resources required for the implementation process. The first half of the second year will be spent in training staff members who will participate during the implementation process. The actual implementation of VBP will take place between the second half of year two and the first half of year three. The second half of the third year will be spent monitoring and evaluating the success of the implementation process and the required modifications.

Overall, the organization has embraced VBP to approximately 50%. Value-based purchasing (VBP) has been adopted to replace fee-for-service (FFS) in some of the major departments, including nursing, physician services, and physician practices. A strategic plan will facilitate further implementation of VBP in the healthcare organization.

References

Chaghari, M., Saffari, M., Ebadi, A., & Ameryoun, A. (2017). Empowering education: A new model for in-service training of nursing staff. Journal of advances in medical education & professionalism, 5(1), 26.

Chee, T, T., Ryan, A, M., Wasfy, J, H., & Borden, W, B. (2016). Current State of Value-Based Purchasing Programs. Health Policy and Cardiovascular Medicine, 133(22):2197-2205

Deloitte University Press. (2016). Practicing value-based care: What do doctors need? Perspectives from the Deloitte 2016 Survey of US Physicians. https://www2.deloitte.com/content/dam/insights/us/articles/3140_Practicing-value-based-care/DUP_Practicing-value-based-care.pdf

Kuipers, S. J., Cramm, J. M., & Nieboer, A. P. (2019). The importance of patient-centered care and co-creation of care for satisfaction with care and physical and social well-being of patients with multi-morbidity in the primary care setting. BMC health services research, 19(1), 1-9.

McCleerey, M. (2017). Value-Based Care Elevates the Role of the Registered Nurse in Primary Care. Healthcare Financial Management Association. https://www.hfma.org/topics/blog/54348.html

ORDER A CUSTOMIZED, PLAGIARISM-FREE Principles of Healthcare Business and Financial Management – C162 HERE

REQUIREMENTS
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. An originality report is provided when you submit your task that can be used as a guide.

Professional Communications is a required aspect to pass this task. Completion of a spell check and grammar check prior to submitting your final work is strongly recommended.

You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.

A. Evaluate your organization’s current status with implementation of VBP by doing the following:
1. Discuss to what degree your organization has embraced VBP.

B. Create a strategic plan to continue progressing VBP in your organization by doing the following:
1. Identify three departments that will have the most impact on VBP in your organization.
a. Explain why the roles and functions of these three departments are important for implementing VBP in your organization.
2. Discuss goals, for each of the three departments, that will help your organization further the implementation of VBP.
3. Describe how each of the goals chosen in part B2 will help attain quality outcomes in both patient care and reimbursements over the next three years.
4. Identify the key points for your strategic plan that are critical for the staff to understand and embrace.
a. Discuss how you would market the key points of your plan to staff members.
5. Reflect on how ethical clinical and ethical business practices will be incorporated into the strategic plan.
6. Explain how to coordinate informational and educational events for the three departments identified in part B1.
7. Develop a timeline to ensure that VBP is addressed over the next three years.

C. Develop an executive summary as a separate document for key stakeholders and critical department leaders that includes the following:
1. A description of the components of VBP that are most pertinent to the organization
2. The preparation that the three departments chosen in part B1 will need for the implementation of VBP in the next three years
3. A discussion of the education and training necessary to prepare the staff in the departments chosen in part B1 for implementation of VBP

D. When you use sources, include all in-text citations and references in APA format.

Berkowitz, E. N. (2016). Essentials of health care marketing (4th ed.). Sudbury, MA: Jones and Bartlett Learning. ISBN: 9781284124200
Finkler, S. A., Jones, C. B., & Kovner, C. T. (2018). Financial management for nurse managers and executives (5th ed.). Elsevier: St. Louis, MO. ISBN: 9780323415163
Roussel, L., Harris, J. L., & Thomas, P. L. (2020). Management and leadership for nurse administrators (8th ed.). Burlington, MA: Jones & Bartlett Learning. ISBN: 9781284166835
Sullivan, E. (2017). Effective leadership and management in nursing (9th ed.). Prentice Hall: New York. ISBN: 9780134153209

Current trends in healthcare, the recent recession and sluggish economic environment, and the passage of the Affordable Care Act have forced the U.S. healthcare system to develop better ways to provide effective care for less cost. Healthcare providers and facilities must demonstrate to the government, payers, and the public that they provide care that is high quality, safe, and at a reasonable cost. Becoming a healthcare provider of choice while closely managing the costs of doing business and ensuring appropriate financial reimbursements is the new reality for organizations and providers in the healthcare arena.

This assessment challenges you to demonstrate understanding of today’s complex healthcare environment while using the business and financial skills learned to develop a strategic plan to move your organization from the world of fee-for-service (FFS) to value based purchasing (VBP). You will evaluate your organization’s position and strategy for the implementation of VBP requirements. You will need to identify the key stakeholders that would be involved (e.g., board members, senior leadership team, physicians, directors, managers, staff, patients, and families). You will also need to identify the critical departments of your organization (e.g., nursing, clinical support departments, case management, supply chain, education, finance, decision support, risk management, revenue cycle, medical staff office, physician services, physician practices, community and public relations, marketing). Consider the various roles and functions for each department and stakeholder group and determine which roles should be included in a strategic plan that you will develop.

Your strategic plan will include elements to educate, communicate, mobilize, and monitor the tactics you wish to implement. You will identify the clinical and customer service components of VBP in the next three years and develop a strategy to identify, educate, and inform all stakeholders of the organization’s vision to achieve excellence in patient care and the highest reimbursements possible for the next three years.