Estimating cost of Nursing care

Estimating cost of Nursing care - MGNT 6005-Managerial...

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MGNT 6005-Managerial Economics Professor J. Elu, Group Members: Joel Njenga, Mohammad Aladalh El Drame Verda Weekes, Case Analysis: Estimating the cost of Nursing Care for Regional Hospitals
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Overview: For many years, cost estimation and containment has been a concern for both hospital as well as the government. The unpredictability of the practice has been the most challenging part of the issue. Organizations need this vital information to effectively manage and plan both their short as well as long term goals. Being able to cater for patients in a timely manner is always a struggle for most organizations. This information is also invaluable to the government as well. The government uses the information to determine Medicaid costs as well as plan for future planning in terms of needs as the cities continue to grow. According to the article, most state Medicaid reimbursement programs have heavily relied on historical accounting measures to estimate the average cost per person. This data, they admit doesn’t account for the high capacity Problems: According to the article the first and most important problem has been the irrelevance of historical accounting measures for hospital management decisions. These measures never account for the periods that the facilities get excessive capacity thus making these costs useful for planning only. Secondly, from a public policy point of view, the Stakeholders: According to the case the stakeholders include: Hospital Management : this includes all the managerial staff such as the hospital director, facilities manager, and operation manager as well as department heads. These individuals rely on the accuracy and ability to predict their anticipated costs as well as how and where expenses are to be allocated. They hold meetings on a regular basis and using weekly or monthly reports anticipate and budget for the hospitals. Without accurate reports as well as ability to forecast future expenses, they cannot
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This note was uploaded on 11/13/2011 for the course MIS 4100 taught by Professor Maxnorth during the Spring '11 term at Birmingham-Southern College.

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Estimating cost of Nursing care - MGNT 6005-Managerial...

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