Questions and Topics We Can Help You To Answer:
Paper Instructions:
Answer following and cite: 200 words
Read the posted articles and all the PowerPoint Presentations related to Revenue Determination, Cost Concepts and Decision Making, and Capital Project Analysis.
Explain and describe what performance improvement is and its importance for a sustained financial health of the healthcare organization. What role does strategic budgeting have on controlling costs? Additionally, how will the new requirement to publish prices affect the hospitals, if at all? Please read the following article and discuss how patients might perceive price publishing https://www.nytimes.com/2019/01/13/us/politics/hospital-prices-online.html
Part two: 75 words
answer the following student df as if you are having a conversation. Respond by name.
Amber wrote:
Performance improvement is a continuous effort that reviews processes of providing healthcare to ensure patient needs are met. The effort focuses on improving the patient experience at the same time improving clinical outcomes (Brown & Falk, 2014). Success with performance improvement is achieved when programs are ongoing. Performance improvement is important from a financial stand point because it can create better reimbursement through value-based payment system (Auton, 2018). Strategic budgeting is a long-term budget planning process. It helps in controlling costs because the budget is focused on goals, meaning it stays on focus with what the organization is working towards (Taylor, 2009).
The new requirement for hospitals to post their prices hasn’t had much of an impact on the hospitals. The law was created in an effort to create transparency and empowerment for patients (Pear, 2009). In reality, knowing hospital pricing does not do much for a consumer unless they are paying cash or receiving services out-of-network (Pear, 2019). If anything, the pricing release has created confusion because consumers don’t understand how to interpret the information. If an individual has medical insurance, the price of a knee replacement isn’t going to mean much for them as their plan will cover a good portion and they would cover co-insurance. There would also likely be a write off cost involved with the insurance portion, which the patient isn’t responsible for.
Auton, G. (2018, August 14). A New Framework for Healthcare Performance Improvement. Retrieved from https://www.hfma.org/topics/article/61619.html
Brown, B. H., & Falk, L. H. (2014, June 18). Implementing Healthcare Performance Improvement Initiatives. Retrieved from https://www.healthcatalyst.com/insights/implementing-healthcare-performance-improvement-initiatives/
Pear, R. (2019, January 13). Hospitals Must Now Post Prices. But It May Take a Brain Surgeon to Decipher Them. Retrieved from https://www.nytimes.com/2019/01/13/us/politics/hospital-prices-online.html
Taylor, A. (2009, February 20). How strategic budgeting can control cost while improving performance. Retrieved from https://onlinelibrary.wiley.com/doi/pdf/10.1002/jcaf.20484
