Writing
MHA668 Belhaven Unit 6 Finance and Quality in Healthcare Discussion Questions

MHA668

Belhaven University

Question Description

Help me study for my Writing class. I’m stuck and don’t understand.

  • Prompt: What are some of the challenges of integrating finance and quality in a healthcare organization?
  • Requirements: 250 words minimum initial post, 100 words minimum reply

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MHA 668 Healthcare Quality Management Belhaven University Unit 6 Quantifying the Quality Performance Gaps 1 Introduction In this unit, we will learn how to lay out a strategic plan driven by performance considerations. Setting performance targets and identification of gaps between current status and performance targets will be discussed. We will also discuss how the adopted strategies will have to balance the financial and quality aspirations of the organization in both the short and long runs. 2 Topics    Performance Measurement Assessment of Current Quality Performance Status Establishing Quality Performance Targets 3 Class Objectives     Define performance measurement Describe the process of performance measure selection Describe the relationship between financial performance and quality performance Describe the equilibrium between financial performance and quality performance 4 Class Objectives, cont.     Describe why and how organizations should assess their performance status Describe the role of an organization’s values and mission in assessment of organizational performance Define the business case for quality Explain how performance targets could be set Biblical Foundation “ I will bring that group through the fire and make them pure. I will refine them like silver and purify them like gold. They will call on my name and I will answer them. I will say, ‘These are my people,’ and they will say, ‘The Lord is our God.’” Zechariah 13:9 (New Living Translation) 6 Business Performance Measurement (BPM) Roles can be captured in one or more of the following:  Performance measurement  Strategy management  Communication  Behavior modification  Learning and improvement Creating a BPM Process      Selection/design of measures Collection/manipulation of data Information management Performance evaluation System review A few points…      Organizational performance is not synonymous with financial performance. The era of a single focus on finances for business executives has passed. The long-term goal of businesses is financial viability. Long-term success requires a shifting of priorities. The mission statement may need reevaluating to remain competitive. Performance Questions to Consider      How should quality be measured? How can finance and quality be balanced? Given the organizational mission, what are the most important measures of performance? How do these measures relate to one another? What measures truly predict long-term financial success in a business? 10 A Few Definitions  Measure   Indicator   Assigned quality to a variable of interest using criterion Composite of measures grouped together according to a consensus Metric  Summary representation of a group of indicators related to an aspect of organizational performance Performance Metrics   Financial  Internal Rate of Return (IRR)  Net Present Value (NPV) Quality  Aggregate metrics for the six IOM aims: safe, effective, patient-centered, timely, efficient, and equitable  Create a top metric that is an aggregate of all quality metrics: A hospital’s overall quality Determination of Measures of Performance   Must be integrated hierarchically and across business functions Based on a thorough understanding of the organization’s cost drivers Which Measures Can Be Used?  Financial measures     Speed Product cost reduction Cash flow from operations Quality measures   Technical quality Customer satisfaction Finance and Quality  Link financial and quality performances   Quantify value for quality to aid in decision making Strive for equilibrium of finance and quality in the strategic plan   More accurate picture of an organization’s performance status Alternatives can be evaluated more rigorously Assessing Current State of Quality   Remember the IOM definition of quality Evaluate IOM domains    Identify and report variances Identify contributing causes for variances Reconcile Values, Mission, and Vision with Quality Status of Organization  Imperative that all employees be familiar with these statements The Business Case For Quality  A financial return on the investment    Reasonable time frame and discount rate Form of profits/ reduction in losses/ avoided costs A positive indirect effect on organizational function and sustainability  Accrue within a reasonable time frame Establishing Quality Performance Targets    Targets are derived from an organization’s mission and are relevant to its vision Avoid overreaching targets incompatible with organizational capabilities Must be reviewed based on their impact on overall outcomes indicators (e.g., mortality) Levels of Quality Performance  Level A    Level B   Minimum requirements as per regulations Below which no point in running the business Relative to market competitors Level C  Organization’s ideal target Steps in Developing Performance Targets    Determine the current state Performance targets are set Gaps determine time frame and resources required to achieve targets Productivity  Productivity is a traditional measurement   Example: the number of patients served per year over input It is necessary to consider quality in measurement of productivity What’s next?     Complete the reading assignments. Complete the writing assignments. Answer the discussion questions. Complete the unit quiz. 25 References Jones & Bartlett Learning, LLC. (2013). Integrating quality and strategy in healthcare organizations, chapter 8 (Instructor resources). Burlington, MA: Jones & Bartlett Learning. Sadeghi, S., Barzi, A., Mikhail, O., & Shabot, M. (2013). Integrating quality and strategy in health care organizations. Burlington, MA: Jones & Bartlett Learning. 26 ...
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Final Answer

Here you go! Let me know if you need any edits or have any questions

Running head: FINANCE AND QUALITY INTEGRATION

Finance and Quality Integration

Name

Institution

1

FINANCE AND QUALITY INTEGRATION

2

Finance and Quality Integration
The quality of care is the primary focus in the healthcare system. Healthcare
professionals engage in diverse strategies that are aimed at improving the quality of care and the
delivery of quality services. Also, the healthcare facilitie...

Gilmore (20742)
University of Maryland

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