Managing the budget requires effective financial and resource allocation programs. To ensure that a high ROI is attained through the phases of the project implementation, it is imperative to ensure that the costs are kept minimum while the benefits are maximized. Maximizing benefits involves ensuring that the patients have maximum care experience throughout the phase of the implementation of the program. The benefit of maintaining an improved patient experience is that the number of patients seeking care at the facility will increase, thereby generating more income for the facility (Lee et al., 2016). High patient turnover is paramount in maintaining a significant ROI for the healthcare facility.
Ethical and professional code of conduct requires that the patients’ needs have to be met without exploiting the patients. Thus, the hospital administration has to ensure that the healthcare costs do not increase beyond the expected standard healthcare charges allowed by the federal or state policies ( McKie, Singer, & Richardson, 2016). Conversely, the patients’ insurance coverages should not be overly charged to cover for the costs of treatment.
Delegate your assignment to our experts and they will do the rest.
Maintaining a high ROI on the improvement of patient experience plan in light of providing affordable care is challenging. As a result, the project management and hospital administration have to ensure that the project-associated costs are well distributed through the different aspects of the project to prevent overspending (Tolsgaard et al., 2015). The training costs and incentives spent on the staff, for example, have to be compensated by ensuring that the employees spend more time in care delivery. This, in turn, ensures that more patients are attended to.
References
Kealey, B. (2014). Cut Costs, Improve Quality and Patient Experience. The Hospitalist.
Lee, V. S., Kawamoto, K., Hess, R., Park, C., Young, J., Hunter, C., ... & Graves, K. K. (2016). Implementation of a value-driven outcomes program to identify high variability in clinical costs and outcomes and association with reduced cost and improved quality. Jama , 316 (10), 1061-1072.
McKie, J., Singer, P., & Richardson, J. (2016). The allocation of health care resources: An ethical evaluation of the'QALY'approach . Routledge.
Stone, A. B., Grant, M. C., Roda, C. P., Hobson, D., Pawlik, T., Wu, C. L., & Wick, E. C. (2016). Implementation costs of an enhanced recovery after surgery program in the United States: a financial model and sensitivity analysis based on experiences at a quaternary academic medical center. Journal of the American College of Surgeons , 222 (3), 219-225.
Tolsgaard, M. G., Tabor, A., Madsen, M. E., Wulff, C. B., Dyre, L., Ringsted, C., & Nørgaard, L. N. (2015). Linking quality of care and training costs: cost-effectiveness in health professions education. Medical education , 49 (12), 1263–1271. doi:10.1111/medu.12882
