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Choose two preferred financial and patient care outcomes from the following list and describe two ways to achieve each of them (in approximately 200-250 words): -Reduction in overall hospital admissions -Reduction in average length of stay (LOS) -Reduction in avoidable hospital readmissions -Reduction in high-tech imaging services -Reduction in CMS-paid amount per beneficiary USE THESE…
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Week 3 Discussion 1: Optimize Reimbursements Partnerships between acute care and community-based settings improve continuity of care. How do these partnerships influence reimbursement for health systems? Required Read the following in your Waxman textbook: Chapter 2, “Health Insurance and Reimbursement” Chapter 3, “Nurse Practitioner and Nurse Leader Strategies for Practice and Population Health Management: Financial…
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Evaluate your organization’s mission, vision, and values statements and determine how well they match the current state of affairs. How well do they describe what your organization is, does, and aspires to be? How is the organization doing in aligning with its stated pillars? How well is the organization aware of its individual contributors’ cultural…
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After having written your business plan earlier in the course in Week 2, the next step is to create mission, vision, and values for your business practice and conduct a SWOT analysis. Strategic planning not only helps you look for opportunities to expand your medical practice, it also makes you analyze your current condition. A…
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Capital Budgeting Techniques Chapter 7, “Strategic Planning and Capital Budgeting” (pp 187–197) Chapter 8, “Financial Analysis and the DNP: Understanding Business Performance in Health Care” Initial Post Every year, organizations must use discretion in determining how to allocate limited financial resources between competing capital purchases and projects. Generally, annual CapEx budgets consist of both new…
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The Net Present Value (NPV) is a method used in capital budgeting that critically assesses the value an investment is expected to generate over time (Waxman, 2022). NPV helps to calculate the difference between the present value of expected cash inflows and the present value of cash over a period of time. To calculate the…
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Capital budgeting is a decision-making process used to evaluate long-term investments and determine whether they are financially worthwhile (Waxman, 2021a). One key tool in this process is the Net Present Value (NPV) method, which compares the initial investment cost to the present value of expected future cash inflows. A positive NPV suggests the project is…
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No one will argue the importance of quality, especially in health care, but the critical financial question is, what is the cost of added quality? If a hospital can take actions that will improve its quality score and realize an additional $1 million in payment, should it do so if it costs $2 million to…
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At Sacred Heart Hospital, the CNO went to a conference where he learned about a new mattress that could decrease pressure ulcers significantly. When he returned, he met with the wound nurse specialist and was told that she had wanted these types of mattresses for some time, but the cost was seen as prohibitive. The…
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A growing share of health insurance plans have high deductibles, so that an individual must spend up to $6,450 before insurance begins to pay for services. What problem(s) are these insurance plans trying to solve? Answer this question using economic terminology related to health insurance. For what reasons might these plans be successful? In what…