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ApplicationofHealthcareBusinessandFinancialManagementPrinciples.docx

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Running head: APPLICATION OF HEALTHCARE BUSINESS AND FINANCIAL 1 Application of Healthcare Business and Financial Management Principles WGU 162
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APPLICATION OF HEALTHCARE BUSINESS AND FINANCIAL 2 Application of Healthcare Business and Financial Management Principles Value-Based Purchasing (VBP), was created by the Centers for Medicare and Medicare (CMS) in order to improve upon the quality and delivery of how health care is delivered. CMS utilizes payment as a strategy to encourage hospitals to provide high quality care by closely following clinical best practice, all while providing exceptional hospital stays. Simply put, hospital reimbursements are tied directly to performance. (Hospital Value-Based Purchasing, 2017) A. Evaluate your organization’s current status with implementation of VBP by doing the following: 1. Discuss to what degree your organization has embraced VBP. Community Howard Regional has completely embraced value based purchasing. VBP first went into effect, there were only two categories of quality measures that were included; performance in treating certain diagnoses, which encompassed 70% of the VBP program; and patients’ satisfaction with their hospital care, which counted for 30%. At that time, we immediately formed teams around each of the measures to analyze our current performance and develop improvement in our processes that would lead to improvement in our performance and patient satisfaction. Over time, the VBP program has evolved. As a result, our goals and our teams have evolved as well. We continue to monitor and improve processes to ensure maximum quality and satisfaction for our patients. Community Howard Regional Health is certainly concerned with receiving maximum reimbursement, however, our organization believes quality patient care and patient satisfaction are ultimately the right thing to do. (K. Kamm, personal communication, September 3, 2018)
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APPLICATION OF HEALTHCARE BUSINESS AND FINANCIAL 3 B1-B1a. Inpatient Nursing Department The inpatient nursing department has the greatest amount of one on one time with our patients. For this reason, the inpatient nursing department greatly impacts quality patient care. As a result, highly qualified bedside nurses function as an important part of the interdisciplinary team ensuring the best possible patient outcomes. Inpatient nurses utilize evidence based best practices, and appropriate nursing guidelines to safely provide quality care. B2. Goal- Inpatient nursing will continue to work with the interdisciplinary team using evidence based best practices to improve patient education, understanding of disease processes, and appropriate self-care, thus increasing overall quality. Increasing hospital would recommend score by 3-5% by the completion of 2021 fiscal year.
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