HSM 331 NSU Stakeholder Needs in Evaluation of Healthcare Quality Improvement Case

Expert Solution Preview

Introduction:
In this assignment, we will be addressing two questions related to hospital management and health financial management. The first question focuses on creating a forecast for a hospital in a competitive market. The second question requires writing a 2-3 page paper in APA format, answering research questions related to health financial management.

1. Suppose you are the new Chief Executive Officer (CEO) at Memorial Hospital. Memorial is a nonprofit hospital with 300 beds and is located in a busy metropolitan area directly adjacent to a large university. Memorial is the only hospital within a 20-mile radius of campus, but construction on a new, competing hospital has just started within 5 miles.
a. Identify three forecast content items. How will they be measured?
To identify the forecast content items, we need to assess the factors that are likely to impact Memorial Hospital’s performance. The following are three forecast content items that can be considered:

i. Patient volume: Patient volume can be measured by the number of patients admitted and the total number of patient visits to the hospital. The data can be obtained from the hospital’s electronic health record (EHR) system.

ii. Revenue: Revenue can be measured by tracking the total amount of money the hospital receives from patients, insurance companies, and government programs. The data can be obtained from the hospital’s financial records.

iii. Staff turnover rate: Staff turnover rate can be measured by calculating the percentage of employees who leave the hospital each year. The data can be obtained from the hospital’s human resources department.

b. What is the expected status of the content items in the future?
With the construction of a new competing hospital within a five-mile radius, Memorial Hospital is likely to face increased competition for patients and staff. Patient volume and revenue are likely to decline as patients are likely to choose the new hospital due to its proximity. Moreover, staff turnover rate is also likely to increase as employees may be attracted to the new hospital. Therefore, the expected status of the three content items is likely to be negative.

c. Which forecasting techniques should you use?
To develop accurate forecasts for the three content items, we should use quantitative forecasting techniques such as trend analysis and regression analysis. These techniques involve analyzing historical data and identifying patterns and trends that can be used to forecast future performance.

2. Write a 2-3-page paper in APA (2020) format, create a thesis statement relative to health financial management, and answer the research questions listed above in the Mini-Case Study. Include a cover page, a reference page, three peer-reviewed references, and use the textbook. The paper should follow the SESC format of state, explain, support, and conclude, see the Sample Paper.
Thesis statement: Effective health financial management is critical for the survival and success of healthcare organizations, especially in competitive markets.

Research questions:
i. What are the key financial challenges faced by healthcare organizations in competitive markets?
ii. What strategies can healthcare organizations adopt to improve their financial performance in competitive markets?
iii. How can healthcare organizations measure and monitor their financial performance?

State: Healthcare organizations, especially nonprofit hospitals, face several financial challenges such as declining reimbursements, rising costs, and increased competition. These challenges can impact their profitability, patient care, and community well-being. Therefore, it is vital for healthcare organizations to adopt effective financial management strategies to mitigate these challenges.

Explain: Healthcare organizations can improve their financial performance in competitive markets by adopting several strategies such as cost reduction, revenue enhancement, and strategic partnerships. Cost reduction strategies include optimizing resource utilization, reducing waste, and implementing lean management principles. Furthermore, revenue enhancement strategies include exploring new service lines, expanding the existing patient base, and optimizing pricing. Finally, strategic partnerships with other healthcare providers or insurance companies can help organizations to improve patient access, reduce costs, and improve quality.

Support: Several studies have shown that effective financial management strategies can improve the financial performance of healthcare organizations. For instance, a study by Kuo et al. (2017) found that implementing lean management principles in a hospital led to significant cost savings and improved patient care quality. Similarly, a study by Wierenga et al. (2018) reported that strategic partnerships between healthcare providers can lead to reduced costs, improved patient satisfaction, and increased market share.

Conclusion: Effective health financial management is critical for the survival and success of healthcare organizations in competitive markets. By adopting cost reduction, revenue enhancement, and strategic partnership strategies, healthcare organizations can improve their financial performance and provide high-quality patient care. Therefore, healthcare organizations must measure and monitor their financial performance regularly to identify areas of improvement and make necessary adjustments to ensure long-term sustainability.

References:
Kuo, H.-T., Chen, T., & Hsu, M. (2017). Improving efficiency and quality of healthcare services through lean management. Journal of Medical Systems, 41(7), 114.

Wierenga, D., Eng, M. P., & Boivie, I. (2018). Strategic partnerships in health care: Lessons for managers. Healthcare Management Review, 43(3), 146-155.