Finances are important in a business as they determine the types of equipment and materials that can be bought, the services that can be sought and ultimately the business performance. Funds are used to buy tools and equipment, for construction, payment of staff, legal fees, and research development, among others. Heart failure clinic staff is usually caring for the critically ill and the finances have to be to be prioritized for effective and efficient management.
For a startup, there is a need for the funds for the purchase of X-Ray, CT scan, and laboratory equipment. Cardiovascular problems are complicated making it necessary for the facility to consider having a consult in around for the management of the patients. Also, there is a need for to have finances that cater for the salaries of the staff within the institution. P
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Examine Fixed and variable costs
Fixed costs are the costs that are always incurred due to business operations. They are costs that cannot be done away with. Some of the fixed costs include rent, electricity and water bills, the alarm system, and monthly maintenance costs for phones, equipment, and computers. They are costs that are constant and have to be met regardless of whether the business is doing well or not.
Variable costs are costs that change with the output of the business. In a heart failure clinic, such costs can increase when the numbers of the patients increase and reduce if the number reduces as well. They include staff remuneration, bonuses, annual salary increments, and retirement plans for older staff. Costs on new phone and alarm systems or components, stationery, chemicals, laboratory supplies, bed sheets, towels, laboratory coats, syringes, continuing education, licensing, and subscriptions are also variable costs.
Capital budget items
The capital budget is that of the items that last for a very long time, usually beyond six years. They include computers, the phone systems, alarm systems, furniture, ultra sound unit, the radiography unit equipment and others that last more than six years. In cases where the equipment is worn out, there may arise the need for replacement and repair.
Contingency fund and parameters
Contingency funds are finances that are set aside for emergency purposes, used in the case of events that are unforeseen. These funds have to be available at all times so that operations are not jeopardized whenever a situation befalls. Furthermore, the money used has to be replaced from the consolidated funds so that there is no risk of stalled service provision.
Apply legal and professional standards for resourcing outpatient services
For outpatient services, there may be a need for Ambulatory Care Accreditation Standards, Medical Aid programs, professional licenses and certification of care providers and the outpatient compliance certification. The facility and the care providers have to meet the legal and professional standards at all times to make sure that the patients get what is best and safe for them (Ballard, 2008).
Explain the alignment to best practices and professional standards for cost effective outpatient services
There are several aspects that have to be implemented if the service provision has to be effective and efficient. They include policies by the facility management to enhance quality in service provision. Such policies can include appraisal, continued professional development, sharing and comparing information and use of tools such as practice guidelines.
How will uninsured or underinsured patients be managed?
Uninsured patients make up a significant number of patients in facilities and need to be helped to prevent instances where they stay in hospitals for long. The management can begin a program where the uninsured patients receive free primary care and in cases where they are a bit stable, they are reconnected with the facilities that provide primary care for management. Such patients should also be managed with minimal costs. Unnecessary drugs should be avoided, cheaper drug formulations should also be used and in cases where generic drugs are present, they are used. That helps reduce the cost of managing such patients and thus help them regain their basic abilities within the shortest time possible.
Describe management and accountability tools and procedures used to manage health delivery services and patient outcomes.
Healthy systems and processes should be functional to avoid errors that can lead to undesired outcomes. Some of the aspects include patient provider ratio, equipment statistics, and patient centered care, integrity and professional oaths and pacts, and patient participation.
What data resources and tools analyze costs, health insurance, and hospitalization services?
The resources used to analyze cost and other services include monthly reports that include procurement, admission, discharge, transfers, and referrals. Some of the tools that can be used include Medical Expenditure Panel Survey (Jacobs, Clawson, & Mynatt, 2015)
How will billing be handled?
Billing is an important aspect of medical care as it is one of the main sources of funds that are used to run the business. An invoice can be made weekly or bi weekly and payments are done through credit cards, cash or by using a cheque.
How will you determine if outpatient management is cost-effective?
The costs of services provided are supposed to match the desired outcome. The analysis can be done by comparing various management options on several patients over time and determining the one that is best in terms of time, money, the outcome (Frew, Liu, & Singer, 2009).
How does transparency impact the consumer?
Transparency provides meaningful cost and quality information to consumers and helps them make decisions that suit their financial (Jacobs, Clawson, & Mynatt, 2015).
Ballard, G. (2008). The Lean Project Delivery System: An Update. Lean Construction Journal.
Frew, S. E., Liu, V. Y., & Singer, P. A. (2009). A business plan to help the ‘global South’in its fight against neglected diseases. Health Affairs, 28(6), 1760-1773.
Jacobs, M. L., Clawson, J., & Mynatt, E. D. (2015, February). Comparing health information sharing preferences of cancer patients, doctors, and navigators. In Proceedings of the 18th ACM Conference on Computer Supported Cooperative Work & Social Computing (pp. 808-818). ACM.