Create a Strategic Process Framework to support an evidence
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
-
DNP-804-MODULE3INSTRUCTIONS.docx
-
DNP-804Module3_Template_StrategicProcessFramework-5.docx
-
DNP-804-MODULE3Assignment1-StrategyProcessFramework_SAMPLEPAPER-1.pdf
-
MODULE3STUDYMATERIALS-Chapter8_FinancialAnalysisandtheDNP-UnderstandingBusinessPerformanceinHealthcare.pptx
-
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
image2.png
image1.png
,
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
| ($ 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% |
