Write a 3-5 page executive summary that justifies the operating budget you prepared in Assessment 2. Consider the operating budget you developed in Assessment 2. RUBRIC . Competencies Meas

1

Budget Negotiations and Communication

John Foscolos

Capella University

NURS-FPX6216: Adv Fin & Operations Mgmt

Dr. Georgena Wiley

July 2022

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/

2

Budget Negotiations and Communication

A medical facility's ability to succeed relies heavily on the planning and maintenance

of its budget. Effective service delivery and high-quality care depend on effective teamwork

and contact between diverse healthcare divisions. This essay discusses how to communicate

effectively about budgetary control to raise the caliber of medical care provided in Cascade

Hospital. A few of the initiatives include assuring financial productivity and growth,

increasing staff performance while staying within budgetary constraints, and supporting the

inclusion of material and service costs in the institution's budget.

Strategic Plan to Ensure Profitability and Fiscal Success

Cascade Health's capacity to deliver high-standards, secure healthcare services will

help to strengthen its profitability and financial performance. The patient will choose Cascade

Health Facility above other medical facilities if they receive high-quality care in the coming

years. Additionally, a study analysis reveals a correlation between better hospital profits and

increased patient contentment levels. The study found that American institutions that offered

top-notch patient experiences earned net profits of a minimum of 50 percent more than those

that only provided acceptable patient satisfaction (Jha et al., 2017). A contented customer is

more inclined to have a favorable impression of the whole medical center. A disgruntled

patient is likely to exhibit complacency and even force the professionals to invest additional

time in settling unnecessary disputes.

Medicare fines medical facilities for high levels of 30-day rehospitalization, which are

a sign of the quality of treatment. Clinical investigations show that specific care changeover

procedures lower readmission rates. The frequency of rehospitalization will be essential when

looking into measures to make the healthcare institution more viable. Keeping the frequency

of rehospitalization as low as possible is ideal for the institution. Although the degree to

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/

3

which rehospitalizations are avoidable is still fiercely contested, hospitals have primarily

concentrated efforts on enhancing care transformation as a plan to minimize preventable

readmissions. This is because they are now aware of the clinical and social complexity of

patient populations who are most susceptible to readmission (Pugh et al., 2021). Amidst this,

the poor coordination between inpatient and outpatient treatment continues to be a problem

for United States care systems. Several trials have used simple, multiple, and complicated

strategies to ease care changeover and subsequently lower hospitalizations. The most efficient

procedures, including educating patients, prescriptions reconciliation, discharge planning, and

follow-up phone calls, have been compiled via comprehensive evaluations of this research.

The doctor at the hospital usually repeats clinical history and assessment of patients

who have been sent from inpatient to the outpatient clinic without any issues. Nevertheless, it

is frequently seen to be unnecessary to duplicate lab or diagnostic imaging. A typical

instance of overutilization is unnecessary replicated testing, which accounts for

approximately 21% of overall laboratory tests. In addition to raising healthcare expenses,

performing unneeded tests can harm the clinical diagnosis by producing more misleading

results (Vrijsen et al., 2021). A fundamental improvement in laboratory test usage is the high

rate of multiple examinations, a considerable amount of which is probably unnecessary.

Economic benefits and better patient care may result from eliminating the hardship of

pointless follow-up tests. Therefore, implementing the system will be a priceless instrument

for raising revenue for the healthcare institution. Health institutions must also be aware of

their income cycles to identify possibilities and limitations. Making judgments that establish

the standards for resource distribution need the data. Identifying bottlenecks also requires

knowledge of revenue cycle effectiveness. Fiscal data visual representations can help make

the revenue cycles more obvious.

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/

4

Additionally, healthcare institutions want to use effective IT-based solutions like

Clinical Decision Support Systems. Utilizing clinical decision support systems (CDSS) may

change processes and enhance clinical results, lowering work burden and enhancing quality

(Skyttberg et al., 2018). This will enable the business to generate a profit and boost client

contentment. Notably, firms use efficient technology to cut back on pointless diagnostic

procedures while retaining high standards of care. Effective technology also assisted

healthcare institutions in reducing drug mistakes, which raise costs when the medications

need to be reordered.

Achieve Staff Productivity within Budget Parameters

The correct procurement in healthcare institutions should be part of a strategy to

increase staff efficiency while adhering to financial constraints. The period that caregivers

lose looking for supplies like drugs, injectables, and vitamins is estimated to be around 7% of

their total time. Nursing staff members in certain institutions may even work 20 percent of

the time, which negatively impacts on medical institutions (Pronovost et al., 2019). The lost

time adds to discontent and exhaustion by causing wasteful expenses, patient danger, and

disdain for the nursing practice. The doctors should have indications signaling the delivery of

the drugs from the drugstore to fix the issue.

Making high-risk drugs subject to computerized double-checks should be another

tactic. When giving high-risk medications like insulin, nurses perform a double check.

According to the recommendations made by the Institute of Safe Medication, these steps are

essential. The personal double verification, meanwhile, takes up much of the caregiver's

effort as they have to divert another nurse from their present duty, providing minimal safety

to the medical staff. Additionally, most nurses do not adhere to the standards, raising

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/

5

questions about the approach's efficacy (Pronovost et al., 2019). Electronic checking helps

nurses work more efficiently and spend less time treating patients.

Reducing the amount of human paperwork is another way to increase staff

productivity. Manual recordkeeping raises human risks, exhaustion, and efficiency. Manual

documentation presents risks, exhaustion, and inefficiency. Additionally, useless and risking

loss of information is manual documenting. The issue is now being solved by employing

writers to tackle the paperwork challenges. This approach is less effective and significantly

more expensive. Alternatively, the medical center should collaborate with IT firms and EMR

suppliers to allow automated recordkeeping (Skyttberg et al., 2018).

Justification of Equipment and Service Cost

The planned rollout of a modern telehealth application will impact Cascade Health's

devices and operating expenditures in the budget. New gear and ICT equipment are necessary

to function with the most recent technology. The technique will also require the purchase of

pertinent software. The servicing charges should cover both the new machines and the

existing ones.

Analysis of the Project Alignment with the Hospitals Missions and Objectives

The process of bringing together components of a firm's or system's interior and

exterior contexts is known as alignment (Lundmark et al., 2021). The objective of this

approach of interconnecting is to align objectives, initiatives, processes, mindset,

requirements, or leadership, to maximize likelihood of attaining intended goals. The objective

of Cascade Hospital is to provide unwavering health standards and patient-centered care

while utilizing cutting-edge technology to provide excellent clinical results. By integrating

telehealth, the hospital's care teams will guarantee coordination and continuity of treatment

even after discharge or a transition in treatment, leading to patient satisfaction and patient-

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/

6

centered care. Additionally, having cutting-edge technology like CT scanners and dialysis

machines guarantees optimal treatment delivery.

Conclusion

The efficient operation of current technology and apparatus, such as CT scans and

dialysis units, is essential for enhancing clinical outcomes by delivering top-notch medical

care. The telehealth technology advancement is crucial for achieving the hospital's financial

performance and increased profit targets. Many people will afford medical care due to the

advanced technology, and patient experience will rise due to better results. These initiatives

will aid the organization in fulfilling its objectives and transforming into a premier provider

of high-caliber healthcare.

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/

7

References

Jha, D., Frye, A. K., & Schlimgen, J. (2017). Evaluating variables of patient experience and

the correlation with design. Patient Experience Journal, 4(1), 33-45.

https://doi:10.1371/journal.pone.0219124

Lundmark, R., Hasson, H., Richter, A., Khachatryan, E., Åkesson, A., & Eriksson, L. (2021).

Alignment in implementation of evidence-based interventions: A scoping review.

Implementation Science, 16(1). https://doi.org/10.1186/s13012-021-01160-w

Pronovost, P., Sapirstein, A., & Ravitz, A. (2019, March 26). Improving hospital

productivity as a means to reducing costs. Health Affairs: Leading Publication of

Health Policy Research &

Insight. https://www.healthaffairs.org/do/10.1377/hblog20190321.822588/full/

Pugh, J., Penney, L. S., Noël, P. H., Neller, S., Mader, M., Finley, E. P., Lanham, H. J., &

Leykum, L. (2021). Evidence based processes to prevent readmissions: More is better,

a ten-site observational study. BMC Health Services Research, 21(1).

https://doi.org/10.1186/s12913-021-06193-x

Skyttberg, N., Chen, R., & Koch, S. (2018). Man vs machine in emergency medicine – a

study on the effects of manual and automatic vital sign documentation on data quality

and perceived workload, using observational paired sample data and questionnaires.

BMC Emergency Medicine, 18(1). https://doi.org/10.1186/s12873-018-0205-2

Vrijsen, B. E., Ten Berg, M. J., Van Solinge, W. W., & Westerink, J. (2021). Redundant

laboratory testing on referral from general practice to the outpatient clinic: A post-hoc

analysis. BJGP Open, BJGPO.2021.0134. https://doi.org/10.3399/bjgpo.2021.0134

This study source was downloaded by 100000757798438 from CourseHero.com on 01-27-2023 01:48:48 GMT -06:00

https://www.coursehero.com/file/187910363/NURS-FPX6216-John-Foscolos-Assessment-31docx/ Powered by TCPDF (www.tcpdf.org)