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July 2, 2023

Create a Strategic Process Framework to support an evidence

Nursing

 FULL ASSIGNMENT DETAILS ATTACHED 

Prompt:

Create a Strategic Process Framework to support an evidence-based healthcare service or change in current service relevant to your current practice or support of your DNP scholarly project. This will inform your business proposal and financial plan due in Module 7.  

Your strategic framework needs to address how your proposal or initiative will help your organization achieve its mission, vision, and goals. For example, how will your plan be operationalized, are there steps? 

A potential budget request? Once implemented, give preliminary thought to how you will monitor which key performance indicators (some mentioned last week) you might track?

IN 5 PAGES, EXCLUDING THE DEMOGRAPHIC & REFERENCE PAGE

  • attachment

    DNP-804-MODULE3INSTRUCTIONS.docx

  • attachment

    DNP-804Module3_Template_StrategicProcessFramework-5.docx

  • attachment

    DNP-804-MODULE3Assignment1-StrategyProcessFramework_SAMPLEPAPER-1.pdf

  • attachment

    MODULE3STUDYMATERIALS-Chapter8_FinancialAnalysisandtheDNP-UnderstandingBusinessPerformanceinHealthcare.pptx

  • attachment

    MODULE3STUDYMATERIALS-Chapter7_StrategicPlanningandCapitalBudgeting.pptx

DNP-804-ECONOMICS & FIN. ASPECTS OF HEALTHCARE

Module 3 DQ

Review the income statement provided below and address the following questions:

· According to this income statement, the net margin for the organization has shown strong growth over the past year. What factor/s is/are driving this improved performance?

· What concerns do you have regarding the current financial performance of this organization?

· As an executive leader within this organization, what priority issues should this organization address?

· Is your impression of the reported financial performance generally favorable or unfavorable? Explain your position.

Download the PowerPoint presentations below and use them to take notes on the assigned readings in the Waxman and Knighten text 3rd Ed. for Chapters 7 and 8:

Chapter 7_Strategic Planning and Capital Budgeting.pptx

Chapter 8_Financial Analysis and the DNP- Understanding Business Performance in Healthcare.pptx

Additional Lecture Materials:

Please tune into the audio only podcast with Dr. Anna Sheets and Courtney-Campbell Saxon Vice President of Finance at Cincinnati Children's Hospital, as we discuss the importance for nurse leaders to be knowledgeable regarding financial acumen.

· LinkLinks to an external site.

https://www.youtube.com/watch?v=bWQxdaAEX0M&t=1s

 

 

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,

Strategic Process Framework

[Student Name]

Date

Professor Name

DNP 804

Running head: STRATEGIC PROCESS FRAMEWORK 2

STRATEGIC PROCESS FRAMEWORK 1

DNP 804: Strategic Process Framework Template

Instructions for using the template: Remove all yellowed instructional content prior to submitting.

Introduction and Overview

(Describe the proposed initiative and an overview of the organization)

Formulation

Organization Mission, Vision, and Values

Mission. Insert Mission

Vision Statement. Insert Vision: A key component of strategic planning is the development of a future vision. This vision should reflect the agency’s intentions, describe the way the organization will look in the future, and help to position the organization to achieve its goals. The strategic plan is then developed to move the agency from its current position toward this vision.

Organizational Values. Insert Values: Value statements go beyond what an organization does, and describe the core beliefs that influence the way the organization conducts business. These enduring tenets will be incorporated across the organization in promotional materials, staff orientation and training, and turned to when making key organizational decisions.

Strategic Issues, Goals, and Strategies

Name at least three issues, goals, and strategies associated with your plan.

Strategic Issue:

Goal:

Strategies:

Strategic Issue:

Goal:

Strategies:

Strategic Issue:

Goal:

Strategies:

Operationalizing

Provide an overview description of the required planning and preliminary budget for the proposal. You will expand upon this section when you prepare the executive summary. 

Execution

Provide a brief description of the clear communication required, incentives, accountabilities and key stakeholders defined. Logical order to presentation of information; information well-organized; easy to understand and makes sense. You will expand upon this section when you prepare the executive summary. 

Monitoring

Provide a brief explanation of appropriate key performance indicators for monitoring. Demonstrates critical thinking with an excellent understanding of the topic. You will expand upon this section when you prepare the executive summary.

References

,

STRATEGY PROCESS FRAMEWORK: CLINICAL WORKPLACE 1

Strategy Process Framework: Clinical Workplace Safety Program

DNP Student

Northern Kentucky University

STRATEGY PROCESS FRAMEWORK: CLINICAL WORKPLACE 2

Strategy Process Framework: Clinical Workplace Safety Program

Formulation Operationalizing

ExecutionMonitoring

• Mission: “As a catholic healthcare ministry….

• Vision: Hospital will lead the region to become one of the healthiest communities in

America.

• Values: Innovation, Collaboration, Accountability, Respect, and Excellence

(ICARE)

• SWOT Analysis

o Strengths: Staff are empowered to make change, steering committee

created to increase staff safety, workplace violence committee in place.

o Weaknesses: Workplace safety is rated below national benchmark,

organization can tend to be “top heavy”, lack of resources to support staff

safety,

o Opportunities: Install panic buttons on all units, create comprehensive

system to assess staff who have been physically assaulted

o Threats: Hospitals in the area have higher engagement scores regarding

perception of staff safety, visiting hours restricted at other local hospitals.

• Strategic Outcomes

o Increased perception of workplace safety has been linked to higher quality

care for patients. (Highest quality care in the region)

o Staff who feel like they work in a safe environment tend to stay longer in

their roles. (Best place for staff to work)

• Personal dashboards

o Unit huddle boards to display patient experience data, engagement

scores, and quality patient outcome data.

o Workplace violence forms will be displayed on unit huddle boards.

• Tactical progress report

o Workplace steering committee to meet once per month and update on the

current progress of the clinical workplace safety initiatives.

o Once all items of the strategic plan are in place, meetings can be moved

to once per quarter.

• Snapshot reviews

o Engagement survey to be reviewed after the July and December pulse

survey. Units that are scoring poorly in the nurse safety category will be

identified and work improvement plan will be created. e

• Incentives

o Create follow up process when associates report

workplace violence incidents.

o Incentivize participation in the associate

engagement survey.

• Accountabilities

o Performance Improvement

o Workplace violence forms

o Course evaluations

• Relentless communication

o Practice alerts

o Email communication from Senior Leadership

o Marketing to assist with communication in

organization communication in newsletter and

Intranet.

Tactical Planning

• Purchase panic buttons for all units that currently do not have them.

• Create disruptive patient swarm to better support staff who have been

physically or verbally assaulted.

• Train staff to identify policies and procedures that are in place to assist with

workplace safety.

• Hire dedicated FTE to manage the clinical safety of all associates.

Budgeting

• Panic button=$1200 to install per unit

• Disruptive patient swarm= no cost to the organization; resources that are in

place will be utilized.

• Training= 500 participants X $29.00 (avg. hr salary) X 4 hours= $58,000

(avg.) for indirect training.

• Clinical workplace safety manager (1.0 FTE)= $80,000 salary

STRATEGY PROCESS FRAMEWORK: CLINICAL WORKPLACE 3

Formulation

As part of the organization’s mission, vision, and values, X Hospital strives to provide

comprehensive and compassionate care to all of the patients served. Implementing a clinical

workplace safety program will promote a safe environment for staff and therefore a safe

environment for patients. X Hospital’s vision to lead the healthiest communities in America and

includes the faculty and staff. Evidence demonstrates a positive correlation between a safe and

healthy work environment and safe high quality of care for patients (2016 Nursing Special

Report, 2016). After completing a Strengths, Weaknesses, Opportunities, and Threats (SWOT)

analysis, it was determined that X Hospital was below the national benchmark in perception of

workplace safety as described in the engagement survey completed in May 2019. The

organization has demonstrated a need to develop a program focused on workplace safety to

ensure that staff feel supported and safe while at work.

Hospital X has created a strategic plan with four pillars that aligns with their mission,

vision, and values. They strive to be 1) the best place for staff to work 2) provide the highest

quality of care in the region 3) best community partner and 4) lead the patient experience. Press

Ganey (2016) released a special report aligning nurse perception of workplace safety and quality

outcomes. The higher the perception of workplace safety, the better the quality outcome data.

This would be congruent with the strategic pillar of providing the highest quality of care. Staff

who perceived their work environment as being “safe” are more likely to stay in their roles

(Bloom, 2019). This would support the strategic pillar of best place for staff to work.

STRATEGY PROCESS FRAMEWORK: CLINICAL WORKPLACE 4

Operationalizing

The chart below will demonstrate the tactics needed to support the strategic planning of a

clinical workplace safety program. Embedded in the chart is the budget plan and cost for each

item.

Tactic Owner Cost and Timing Complete By: Quarterly Status Update

Implement restricted

visiting hours

Nurse 1 Cost: N/A

Timing: 1 month

July 1st 2019 Communication sent out to all staff

and the public.

Create contact hour

course for RISE

training

Nurse 2 Cost: $58,000 of indirect

time.

Timing: Monthly

meetings leading up to

planning

September 11th,

2019

RISE training approved for 3.25

contact hours by the ANCC.

Will implement training program in

July.

Install panic buttons on

all units that are in

need.

Operations team Cost: $1200/unit install

Timing: Begin install in

3rd quarter 2019

September 31st

2019

Units submitted request to install

panic buttons. Since the cost was less

than $3,000, this can be considered an

operational cost not capital.

Create follow up

process for workplace

violence incidents.

Steering

committee

Cost: Utilization of

resources that are

currently in place.

Timing: monthly

meetings to determine

gaps

September 1st Create form and upload in

organization software; Midas. This

will allow staff to electronically fill

out the workplace violence swarm

form.

Create clinical

workplace safety

manager

Senior

Administrator

Cost: $80,000

Timing: 1st quarter 2020

March 31st, 2020 Review need for full time position

to coordinate efforts towards

workplace safety

Execution

In order to encourage participation in the engagement survey, incentives are

recommended. Previous incentives include pizza parties for units above 80% participation and

PTO drawings for anyone who submitted a survey. The engagement survey is important due to

the associate safety index that is embedded in the survey. Creating a performance improvement

(PI) effort towards workplace safety could occur by assessing the workplace violence complaints

and the amount of workplace violence forms that were filled out. There would also be the need

to review the amount of workplace violence swarms that are occurring. If a workplace violence

incident occurs, then a workplace violence swarm form should accompany the form.

STRATEGY PROCESS FRAMEWORK: CLINICAL WORKPLACE 5

Communicating the ongoing initiatives will be crucial to the success of the program.

Senior leadership will be instrumental in communicating to the associates the importance of the

new workplace safety initiatives and that the system changes were in response to their feedback

on the associate engagement surveys. Associates want to know that their feedback was

considered and that their voices were heard. The marketing department can also assist with

sending email communication, displaying the information on the Intranet, and included the

information on the associate newsletter.

Monitoring

Personal dashboards such as the unit huddle boards will be used to communicate the

information and track the individual unit progress in increasing the safety awareness scores. At

the moment, the individual units track their progress in quality patient outcomes. It will be up to

the unit manager or unit leader to assist staff with correlating the increase in safety measures

with the improvement in quality patient outcomes. The clinical workplace safety steering

committee will continue to meet once per month to determine the progress with meeting each of

the initiatives listed and will reduce to once per quarter once all areas of the tactical plan are

addressed.

STRATEGY PROCESS FRAMEWORK: CLINICAL WORKPLACE 6

References

2016 Nursing special report: The role of workplace safety and surveillance capacity in driving

nurse and patient outcomes. [Special issue]. (2016). Press Ganey.

http://images.healthcare.pressganey.com/Web/PressGaneyAssociatesInc/%7Bed8d680c-

2306-4169-bb64-361996870807%7D_2016_PG_Nursing_Spec_Report.pdf

Bloom, E. M. (2019). Horizontal violence among nurses: Experience, responses, and job

performance. Nursing Forum, 54, 77-83. http://dx.doi.org/10.1111/nuf.12300

,

Financial and Business Management for the Doctor of Nursing Practice Third Edition

© Springer Publishing Company, LLC.

1

Timothy Bock, KT Waxman, Carlton Abner, and Juli Maxworthy

Chapter 8: Financial Analysis and the DNP: Understanding Business Performance in Healthcare

POWERPOINTS TO ACCOMPANY

Healthcare Accounting

GAAP (Generally Accepted Accounting Principles)

Organizations utilize GAAP for financial reporting.

GAAP is not written law, rather is set of established industry standards

The Financial Accounting Standards Board (FASB) establishes GAAP standards of financial reporting.

GAAP is an evolving set of standards, principles, and practices that serve to guide how financial statements are constructed and organized.

© Springer Publishing Company, LLC.

2

Healthcare Accounting (cont’d)

The basic equation of accounting is assets = liabilities + owner’s equity.

Assets are the total resources owned by the organization.

Liabilities and Equity are used to acquire the organizations assets.

Liabilities are the total capital investment borrowed.

Owner equity represents the total capital owned.

Within not-for-profit entities, such as many healthcare organizations, owner’s equity is referred to as “net assets” – assets remaining after accounting for liabilities.

Organizational assets and liabilities are reported on the balance sheet.

© Springer Publishing Company, LLC.

3

Financial Statements

Financial statements present fiscal information in a structured and easily understandable format, three basic financial statements include:

Statement of Financial Position: also referred to as the balance sheet, reports on a company’s assets, liabilities, and equity at a given point in time.

Statement of Comprehensive Income: also referred to as profit and loss (P&L) statement, which reports on an institution’s income, expenses, and profits over a period of time.

Statement of Cash Flows: reports on a company’s cash flow activities, particularly its operating, investing, and financing activities.

© Springer Publishing Company, LLC.

4

Statement of Financial Position: Balance Sheet

The Balance Sheet provides a snapshot of the organization’s financial position at a given point in time.

Is an accounting of the entity's total assets, liabilities, and net equity.

Identifies what the organization owns and what it owes.

Directly affects the credit rating of the organization and ability to borrow additional funds.

© Springer Publishing Company, LLC.

5

Statement of Financial Position: Balance Sheet (cont’d)

The Balance Sheet provides a static snapshot, comparing these statements over time offers a more comprehensive view of the organization's business activities.

Is used to understand the financial health of business operations and impact of strategic decisions—are we going in the right direction?

© Springer Publishing Company, LLC.

6

Balance Sheet

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($ in 000’s) 3/31/19 3/31/20 Change 1-Year Growth
Current Assets        
Cash and investments (savings/checking) $80,000 $56,800 $23,200  40%
Accounts Receivable (money owed to hospital) $472,000 $370,120 $101,880  26%
Inventory (on the shelf) $16,400 $15,200 $1,200  8%
Gross Assets $568,400 $442,120 $126,280  29%
Less:        
Bad debt ($57,200) ($77,250) $20,050  26%
Charitable allowance ($14,100) ($13,680) ($420)  3%
Contractual allowance ($269,300) ($233,750) ($35,550)  15%
Subtotal (340,600) ($324,680) ($15,920)  5%
Total Current Assets $227,800 $117,440 $110,360  94%
Fixed Assets        
Land $29,000 $27,500 $1,500  5%
Buildings (plant) $805,000 $805,000 $0 No Change
Equipment $610,000 $624,000 ($14,000)  2%
Construction in progress $37,000 $28,000 $9,000  32%
Total Fixed Assets $1,481,000 $1,484,500 ($3,500)  0.2%
Less accumulated depreciation ($880,800) ($810,200) ($70,600)  9%
Net Fixed Assets $600,200 $674,300 ($74,100)  11%
Total Assets $828,000 $791,740 $36,260  5%
Current Liabilities        
Accounts payable salaries, supplies, pharm $36,560 $27,600 ($8,960)  32%
Accrued compensation and benefits $10,900 $8,280 ($2,620)  32%
Accrued liabilities (interest, physician contracts) $2,520 $2,960 $440  15%
Current portion of long-term debt $8,350 $9,000 $650  7%
Subtotal $58,330 $47,840 ($10,490)  22%