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Budget Negotiations and Communication
John Foscolos
Capella University
NURS-FPX6216: Adv Fin & Operations Mgmt
Dr. Georgena Wiley
July 2022
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Budget Negotiations and Communication
A medical facility’s ability to succeed relies heavily on the planning and maintenance
of its budget. Effective service delivery and high-quality care depend on effective teamwork
and contact between diverse healthcare divisions. This essay discusses how to communicate
effectively about budgetary control to raise the caliber of medical care provided in Cascade
Hospital. A few of the initiatives include assuring financial productivity and growth,
increasing staff performance while staying within budgetary constraints, and supporting the
inclusion of material and service costs in the institution’s budget.
Strategic Plan to Ensure Profitability and Fiscal Success
Cascade Health’s capacity to deliver high-standards, secure healthcare services will
help to strengthen its profitability and financial performance. The patient will choose Cascade
Health Facility above other medical facilities if they receive high-quality care in the coming
years. Additionally, a study analysis reveals a correlation between better hospital profits and
increased patient contentment levels. The study found that American institutions that offered
top-notch patient experiences earned net profits of a minimum of 50 percent more than those
that only provided acceptable patient satisfaction (Jha et al., 2017). A contented customer is
more inclined to have a favorable impression of the whole medical center. A disgruntled
patient is likely to exhibit complacency and even force the professionals to invest additional
time in settling unnecessary disputes.
Medicare fines medical facilities for high levels of 30-day rehospitalization, which are
a sign of the quality of treatment. Clinical investigations show that specific care changeover
procedures lower readmission rates. The frequency of rehospitalization will be essential when
looking into measures to make the healthcare institution more viable. Keeping the frequency
of rehospitalization as low as possible is ideal for the institution. Although the degree to
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which rehospitalizations are avoidable is still fiercely contested, hospitals have primarily
concentrated efforts on enhancing care transformation as a plan to minimize preventable
readmissions. This is because they are now aware of the clinical and social complexity of
patient populations who are most susceptible to readmission (Pugh et al., 2021). Amidst this,
the poor coordination between inpatient and outpatient treatment continues to be a problem
for United States care systems. Several trials have used simple, multiple, and complicated
strategies to ease care changeover and subsequently lower hospitalizations. The most efficient
procedures, including educating patients, prescriptions reconciliation, discharge planning, and
follow-up phone calls, have been compiled via comprehensive evaluations of this research.
The doctor at the hospital usually repeats clinical history and assessment of patients
who have been sent from inpatient to the outpatient clinic without any issues. Nevertheless, it
is frequently seen to be unnecessary to duplicate lab or diagnostic imaging. A typical
instance of overutilization is unnecessary replicated testing, which accounts for
approximately 21% of overall laboratory tests. In addition to raising healthcare expenses,
performing unneeded tests can harm the clinical diagnosis by producing more misleading
results (Vrijsen et al., 2021). A fundamental improvement in laboratory test usage is the high
rate of multiple examinations, a considerable amount of which is probably unnecessary.
Economic benefits and better patient care may result from eliminating the hardship of
pointless follow-up tests. Therefore, implementing the system will be a priceless instrument
for raising revenue for the healthcare institution. Health institutions must also be aware of
their income cycles to identify possibilities and limitations. Making judgments that establish
the standards for resource distribution need the data. Identifying bottlenecks also requires
knowledge of revenue cycle effectiveness. Fiscal data visual representations can help make
the revenue cycles more obvious.
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Additionally, healthcare institutions want to use effective IT-based solutions like
Clinical Decision Support Systems. Utilizing clinical decision support systems (CDSS) may
change processes and enhance clinical results, lowering work burden and enhancing quality
(Skyttberg et al., 2018). This will enable the business to generate a profit and boost client
contentment. Notably, firms use efficient technology to cut back on pointless diagnostic
procedures while retaining high standards of care. Effective technology also assisted
healthcare institutions in reducing drug mistakes, which raise costs when the medications
need to be reordered.
Achieve Staff Productivity within Budget Parameters
The correct procurement in healthcare institutions should be part of a strategy to
increase staff efficiency while adhering to financial constraints. The period that caregivers
lose looking for supplies like drugs, injectables, and vitamins is estimated to be around 7% of
their total time. Nursing staff members in certain institutions may even work 20 percent of
the time, which negatively impacts on medical institutions (Pronovost et al., 2019). The lost
time adds to discontent and exhaustion by causing wasteful expenses, patient danger, and
disdain for the nursing practice. The doctors should have indications signaling the delivery of
the drugs from the drugstore to fix the issue.
Making high-risk drugs subject to computerized double-checks should be another
tactic. When giving high-risk medications like insulin, nurses perform a double check.
According to the recommendations made by the Institute of Safe Medication, these steps are
essential. The personal double verification, meanwhile, takes up much of the caregiver’s
effort as they have to divert another nurse from their present duty, providing minimal safety
to the medical staff. Additionally, most nurses do not adhere to the standards, raising
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questions about the approach’s efficacy (Pronovost et al., 2019). Electronic checking helps
nurses work more efficiently and spend less time treating patients.
Reducing the amount of human paperwork is another way to increase staff
productivity. Manual recordkeeping raises human risks, exhaustion, and efficiency. Manual
documentation presents risks, exhaustion, and inefficiency. Additionally, useless and risking
loss of information is manual documenting. The issue is now being solved by employing
writers to tackle the paperwork challenges. This approach is less effective and significantly
more expensive. Alternatively, the medical center should collaborate with IT firms and EMR
suppliers to allow automated recordkeeping (Skyttberg et al., 2018).
Justification of Equipment and Service Cost
The planned rollout of a modern telehealth application will impact Cascade Health’s
devices and operating expenditures in the budget. New gear and ICT equipment are necessary
to function with the most recent technology. The technique will also require the purchase of
pertinent software. The servicing charges should cover both the new machines and the
existing ones.
Analysis of the Project Alignment with the Hospitals Missions and Objectives
The process of bringing together components of a firm’s or system’s interior and
exterior contexts is known as alignment (Lundmark et al., 2021). The objective of this
approach of interconnecting is to align objectives, initiatives, processes, mindset,
requirements, or leadership, to maximize likelihood of attaining intended goals. The objective
of Cascade Hospital is to provide unwavering health standards and patient-centered care
while utilizing cutting-edge technology to provide excellent clinical results. By integrating
telehealth, the hospital’s care teams will guarantee coordination and continuity of treatment
even after discharge or a transition in treatment, leading to patient satisfaction and patient-
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centered care. Additionally, having cutting-edge technology like CT scanners and dialysis
machines guarantees optimal treatment delivery.
Conclusion
The efficient operation of current technology and apparatus, such as CT scans and
dialysis units, is essential for enhancing clinical outcomes by delivering top-notch medical
care. The telehealth technology advancement is crucial for achieving the hospital’s financial
performance and increased profit targets. Many people will afford medical care due to the
advanced technology, and patient experience will rise due to better results. These initiatives
will aid the organization in fulfilling its objectives and transforming into a premier provider
of high-caliber healthcare.
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References
Jha, D., Frye, A. K., & Schlimgen, J. (2017). Evaluating variables of patient experience and
the correlation with design. Patient Experience Journal, 4(1), 33-45.
https://doi:10.1371/journal.pone.0219124
Lundmark, R., Hasson, H., Richter, A., Khachatryan, E., Åkesson, A., & Eriksson, L. (2021).
Alignment in implementation of evidence-based interventions: A scoping review.
Implementation Science, 16(1). https://doi.org/10.1186/s13012-021-01160-w
Pronovost, P., Sapirstein, A., & Ravitz, A. (2019, March 26). Improving hospital
productivity as a means to reducing costs. Health Affairs: Leading Publication of
Health Policy Research &
Insight. https://www.healthaffairs.org/do/10.1377/hblog20190321.822588/full/
Pugh, J., Penney, L. S., Noël, P. H., Neller, S., Mader, M., Finley, E. P., Lanham, H. J., &
Leykum, L. (2021). Evidence based processes to prevent readmissions: More is better,
a ten-site observational study. BMC Health Services Research, 21(1).
https://doi.org/10.1186/s12913-021-06193-x
Skyttberg, N., Chen, R., & Koch, S. (2018). Man vs machine in emergency medicine – a
study on the effects of manual and automatic vital sign documentation on data quality
and perceived workload, using observational paired sample data and questionnaires.
BMC Emergency Medicine, 18(1). https://doi.org/10.1186/s12873-018-0205-2
Vrijsen, B. E., Ten Berg, M. J., Van Solinge, W. W., & Westerink, J. (2021). Redundant
laboratory testing on referral from general practice to the outpatient clinic: A post-hoc
analysis. BJGP Open, BJGPO.2021.0134. https://doi.org/10.3399/bjgpo.2021.0134
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