Principles of Healthcare Business and Financial Management - C162.docx - Running head PRINCIPLES OF HEALTHCARE BUSINESS FINANCIAL MGMT Principles of

Principles of Healthcare Business and Financial Management - C162.docx

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Running head: PRINCIPLES OF HEALTHCARE BUSINESS & FINANCIAL MGMT. 1 Principles of Healthcare Business & Financial Management Dawn Wright Western Governor’s University – C162
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PRINCIPLES OF HEALTHCARE BUSINESS & FINANCIAL MGMT. 2 Principles of Healthcare Business & Financial Mgmt. Hospital Value-Based Purchasing (VBP) Program was developed by Centers for Medicare & Medicaid Services (CMS) as an incentive to reward acute-care organizations for providing quality care to their patients. VBP has changed the way that hospitals are reimbursed for service lines based not only on the quantity, but the quality and how closely the healthcare delivery follows best clinical practices and enhances the patient experience providing higher quality care with better outcomes (Hospital Value-Based Purchasing Program, 2012). My current organization has opportunities to improve the quality and outcome measures and their adoption of VBP to improve both quality and outcome measures that fall below expected benchmarks. In this paper, I will review current processes and identify ways to improve the adoption of VBP incentive programs within my healthcare organization. A1. VBP Degree of Implementation The organization that I work for, Manatee Memorial Hospital, has slowly adopted and only partially embraced the concept of value-based purchasing on initial implementation. When CMS first introduced the concept of VBP this facility was struggling with retaining quality staff which is a requirement when attempting to improve patient perception of quality care. Since then, we have switched to an environment that encourages managers to use effective hiring skills to recruit and retain staff that will support the mission of the organization as well as embrace VBP initiatives. Effective hiring skills includes matching skill with position and addressing low performers to help them either move up or out (C. Smith, personal communication, December 7, 2018). As a result of these changes the concept of VBP has evolved over time, and our facility continues to monitor and improve processes to ensure that we are providing quality and
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PRINCIPLES OF HEALTHCARE BUSINESS & FINANCIAL MGMT. 3 satisfactory care to our patients, understanding that it is the right thing to do for our patient population. B1. Departments Impacting BVP B1-B1a. Department One: Med-Surg Inpatient Unit - Patients admitted to a Med-Surg unit in an acute care facility typically expect to have a longer length of stay and nurses on this unit put in a large amount of face time with the patients. As a result of this there are plenty of opportunities to effect quality patient care and the overall patient experience. Nurses on this unit are expected to impart evidence-based practices that provide quality care that is appropriate, individualized, effective and timely.
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