Case Study #6
Doctors and the Capital Budget
You are the hospital CEO. Doctors on the capital budget committee cannot agree on which equipment to recommend for purchase and for how much. They are way over budget. What do you say to them?
Please use these articles :
https://bizfluent.com/info-7832316-functions-budget-committee.html
https://www.hfmmagazine.com/articles/1671-is-now-the-time-to-purchase-new-health-care-equipment
https://hbr.org/2018/03/hospital-budget-systems-are-holding-back-innovation
Videos :
APA format with Refences and in text citations . Thank you
Expert Solution Preview
Introduction:
As the hospital CEO, it is important to address the disagreement among doctors on the capital budget committee regarding the purchase of equipment and their allocation of funds. This issue carries significant financial implications and must be addressed in a timely and effective manner.
Answer:
In addressing the disagreement among doctors on the capital budget committee, the first step would be to review the hospital’s budget and determine the extent of the deviation from the allocated funds for equipment purchases. It may be necessary to involve finance professionals to ensure that the budget remains on target while still providing necessary equipment.
Next, it is important to understand the reasons for the disagreement among the doctors. This may be due to a lack of information or understanding of the various equipment options available, clinical disagreements regarding the type of equipment needed, or concerns about the cost of the equipment.
To address these concerns, it may be helpful to organize a meeting with the doctors to discuss the options available and develop a consensus on the most appropriate equipment for the hospital. In addition, it may be useful to obtain feedback from other key stakeholders, such as nursing staff or other clinical staff, to ensure that their needs and concerns are being addressed.
Ultimately, as the hospital CEO, it is important to ensure that the hospital’s resources are being used efficiently and effectively. This may require making tough decisions and prioritizing equipment purchases based on patient needs and budget constraints. By working collaboratively with doctors and other stakeholders, it is possible to find a solution to the disagreement and ensure that the hospital is meeting the needs of patients while also remaining financially sound.
References:
– Functions of a Budget Committee. (n.d.). Bizfluent. https://bizfluent.com/info-7832316-functions-budget-committee.html
– Is Now the Time to Purchase New Health Care Equipment? (n.d.). Health Facilities Management. https://www.hfmmagazine.com/articles/1671-is-now-the-time-to-purchase-new-health-care-equipment
– Budgeting for Capital Equipment in Healthcare Facilities. (2017, July 12). Attainia. https://www.attainia.com/blog/data-budgeting-capital-equipment/
– Austin, R. D., Greene, F. J., & Gupta, V. K. (2018, March). Hospital Budget Systems Are Holding Back Innovation. Harvard Business Review. https://hbr.org/2018/03/hospital-budget-systems-are-holding-back-innovation
