The Product Evaluation Policy at Abbot Northwestern Hospital, Minneapolis is a cost control policy that was put in place on Mar 27, 2017. The adoption of the policy involved a system-wide approach where the entire staff at Abbot Northwestern Hospital, together with allied health personnel, and credentialed specialists are bound to observe its implementation ( Ozair, Jamshed, Sharma, & Aggarwal, 2015) . The policy addresses the purchase of devices or products, affecting patients or staff, ensuring that the purchases are subjected to consistent, effective assessment and reviewing process ( Dimitrov, 2016) . Moreover, the policy is related to risk management and infection control within the organization.
There are several consequences that will arise in the event that the policy is not followed at all levels of the healthcare institution. For starters, at the organizational level, the healthcare institute will run out of finance to cater for some other critical and essential operations as it will have overspent on purchasing expensive medication and equipment ( Wang, Kung, & Byrd, 2018) . At the unit level, it will face large losses from the frequent purchase of substandard goods that wear off within a short time. The losses will be compounded if, at any event, the cost of purchase of the mediocre equipment was relatively high ( Ozair et al., 2015) . However, at an individual level, it could have more catastrophic results, such as the death of patients.
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The product evaluation policy is significant as it affects the quality of the consumables, such as the capital items purchased ( Dimitrov, 2016) . Additionally, the policy ensures that commercially distributed goods that are as a consequence of a production process or manufacturing are obtained for use in the facility at very competitive rates. Thus, it is relevant in the budget control by managing the finances and risks of the hospital in such a manner that it will enhance the attainment of Abbot Northwestern Hospital’s financial goals ( Wang, Kung, & Byrd, 2018) . All in all, the policy aids in the overall functioning of the healthcare institute in effectively planning for the future using the available resources.
The policy acts as a cost control as it ensures optimal resource allocation within the hospital. Furthermore, the policy ensures that all products purchased are sourced at the best market price to address the requirements of the patients and staff at Abbot Northwestern Hospital while maximizing the power of purchase ( Ozair et al., 2015) . As the product evaluation policy ensures the quality of purchases comprising of the ease of use, effectiveness, and efficiency can be assessed, it minimizes not only the organizational risks but also the clinical risks ( Dimitrov, 2016) . By the policy avoiding duplication, it helps in saving unnecessary costs and improving the proficiency of the healthcare services offered.
There is a tremendous impact of the policy on the compliance of the healthcare institute with safety, health, and the standards of control of infections for best practice within all departments of the hospital. Patient care is improved dramatically as only the best medicine and equipment is purchased meaning that the quality of the service they receive is improved ( Wang, Kung, & Byrd, 2018) . Furthermore, due to the policy advocating for proper allocation of resources, it is clear that the patents will also enjoy such things as good food and comfortable laundry to name but a few ( Ozair et al., 2015) . Since the product evaluation policy ensures environmental consideration, therefore, the patents will be in an environment that is conducive for their health improvement.
The policy facilitates for the improvement of efficiency at very high rates, taking into consideration that resources are adequately allocated due to the amounts of money that have been saved from other purchases and thus the amounts can be reallocated. By eliminating duplication, there are so much of the costs that are saved, and which can be used to increase the number of goods that have more value to the hospital in regards to patient care ( Dimitrov, 2016) . Thus, the policy improves the services provided to the patient through the efficiency of purchasing only the required products as its objective is to reduce cost and improving healthcare.
As much as the policy carries a lot of positive consequences that are not only beneficial to the hospital but also the patents, it also has a secondary impact in not only the organization and unit but also the patient and staff ( Obama, 2016) . For instance, through its process of evaluation that involves committee meetings for the assessment, the product evaluation policy contributes to the prolonged acquisition of some products that could be of immediate need. It could also easily lead to the overriding of critical decisions by physicians based on the cost analysis evaluation by the committee members ( Wang, Kung, & Byrd, 2018) . Since the policy has more gains than the adverse effects; there is no need for its revision. Some of the shortcomings experienced from the introduction of the system can easily be overcome through staff training on the benefits derived and how best to use the policy to their benefit.
This policy is the best for addressing cost management issues, and hence should be adopted by all state-run healthcare facilities. There are several goodnesses in the policy, one of them being, ensuring the consideration of sustainability goals and energy competency of Abbot Northwestern Hospital ( Obama, 2016) . Furthermore, there are no alternatives to the policy as it is all around and takes care of not only the gains of the patient but also the organization and staff.
References
Dimitrov, D. V., (2016). Medical internet of things and big data in healthcare. Healthcare informatics research, 22(3), 156-163.
Obama, B., (2016). United States health care reform: progress to date and next steps. Jama, 316(5), 525-532.
Ozair, F. F., Jamshed, N., Sharma, A., & Aggarwal, P. (2015). Ethical issues in electronic health records: A general overview. Perspectives in clinical research, 6(2), 73.
Wang, Y., Kung, L., & Byrd, T. A. (2018). Big data analytics: Understanding its capabilities and potential benefits for healthcare organizations. Technological Forecasting and Social Change, 126, 3-13.
