12 Jun 2022

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Application of Healthcare Business and Financial Management Principles

Format: APA

Academic level: Master’s

Paper type: Research Paper

Words: 545

Pages: 2

Downloads: 0

The Baptist Medical Center has the opportunity to integrate VBP practices within the three central departments for improved performance and alignment with technological principles. In developing the Pay for performance approach, the healthcare facility must consider the component of financial gain for the firm and overall quality of outcomes expected by the patients. Quality outcomes in patient care are the primary concern for the facility; thus, a significant concern in the development and integration of VBP practices. Financial gain, on the other hand, is also necessary to accommodate the expenses the hospital has to incur in ensuring excellent patient care and appropriate resources to meet patient needs. Communication and collaboration are also integral to help in creating awareness of the program and managing employees, patients, and stakeholders in the business. Departments within the firm must understand the necessity for having prompt responses on emergencies and ways through which the response times can be reduced to help increase the chances of saving more lives. The coordination of the workers must abide by ethical practices as part of the VBP practices to ensure successful interventions that meet organizational goals.

The Communications and Public Relations department must determine the best means of communicating to the public regarding the hospital and its services. According to Suša Vugec, Tomičić-Pupek and Vukšić, (2018), it is crucial to consider factors such as expenses for creating community awareness, timeline for the approach, and expected outcomes. The department must prepare budgets that outline expected financial input from the hospital, regions in Oklahoma where awareness events can be held and sources such as the facility’s website, social media and other platforms that can be used in passing information. The Emergency Department must prepare to offer services in the facility through outlining the procedures required to deal with the patients requiring immediate care, assigning duties to qualified personnel and developing competency programs and training to help them remain relevant in their field of practice. The department must be ready to ensure collaboration of the staff is sustained since it would be essential in having quality outcomes in the patient care practices (Winterbauer, Bekemeier, VanRaemdonck, and Hoover, 2016). The Critical Care Department should prepare by increasing number of beds to account for all the patients in intensive care, raise the quality standards to reduce patient readmission and mortality rate in the facility and improved cleanliness to eliminate chances of patients developing illnesses while in the facility.

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The Communications and Public Relations department personnel should undergo training on ethical practices in the awareness creation process to ascertain that everyone understand proper ways to deal with the public and how to offer them information in a reasonable manner. The staff should be trained on communication competencies, language, and media that is essential in passing information to the people. The emergency department must be trained on accuracy to limit chances of medication errors while improving the speed at which they can deal with emergencies and save patient lives (Counte, Howard, Chang & Aaronson, 2018). The Critical Care Department should be subjected to training on patient care, adherence to quality standards, and ways to improve patient care in the facility. This will be integral in ensuring that the staff has an understanding of ways with which they can foster positive patient outcomes.

References

Counte, M. A., Howard, S. W., Chang, L., & Aaronson, W. (2018). Global Advances in Value-Based Payment and Their Implications for Global Health Management Education, Development, and Practice.  Frontiers in public health 6 . Obtained from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6345717/ 

Suša Vugec, D., Tomičić-Pupek, K., & Vukšić, V. B. (2018). Social business process management in practice: Overcoming the limitations of the traditional business process management.  International Journal of Engineering Business Management 10 , 1847979017750927. Obtained from https://journals.sagepub.com/doi/pdf/10.1177/1847979017750927 

Winterbauer, N. L., Bekemeier, B., VanRaemdonck, L., & Hoover, A. G. (2016). Applying community-based participatory research partnership principles to public health practice-based research networks.  Sage Open 6 (4), 2158244016679211. Available at https://journals.sagepub.com/doi/pdf/10.1177/2158244016679211 

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StudyBounty. (2023, September 16). Application of Healthcare Business and Financial Management Principles.
https://studybounty.com/application-of-healthcare-business-and-financial-management-principles-research-paper

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