Evaluate effective financial options for outsourcing operations of key departments
Business Operations Analysis Example
This is an example of how to begin organizing information for your analysis. Note: Because this example is designed as planning guidance, remember that your final summative assessment deliverable needs to be in presentation format with slides. If you use this example as guidance, consider how your information will translate into the correct format and style for presentation slides and speaker notes.
Information sections:
• Evaluate effective financial options for outsourcing operations of key departments: The use of value-based purchasing (VBP) incentivizes acute-care hospitals to improve performance on the basis of several quality measures. In 2013, CMS began withholding a percentage of revenue that hospitals had received in previous years.
• Evaluate just-in-time inventory-management implementation: Although not specific to inventory management per se, note that in order for acute-care hospitals to receive a higher rate of reimbursement payments from CMS, these hospitals must deliver high-quality services through successful clinical outcomes and improved patient satisfaction outcomes.
• Analyze advantages and disadvantages of a flexible budget: The use of Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) surveys or patient satisfaction surveys correlate to the perception of patient care delivered by nurses and doctors. Consequently, it is essential for hospitals to utilize flexible budgets to add nursing staff in those areas where they have scored low in HCAHPS surveys to avoid a reduction in revenues.
• Describe leasing versus buying decision-making factors: In the context of this business operations analysis example, when readmission rates are higher, patients provided a lower service quality rating of the hospitals. In terms of leasing or buying in relationship to nursing staffing (i.e., not equipment), hospitals should consider hiring temporary staff (leasing) to add to their existing nursing staff (buying) in order to meet the demands of patient satisfaction.
• Describe the effect of financing strategies: It is critical for hospitals to implement the necessary financial plans and strategies to avoid readmissions within 30 days and negative HCAHPS scores. Hiring additional staff in case management is an effective financial strategy because investing in nurses to review all admission on a concurrent basis prevents unnecessary readmissions.
• Describe advantages and disadvantages of debt financing: In the final analysis, according to Chen et.al. (2016), there isn’t an association between high-readmission rate and lower payment from CMS. Instead, the emphasis is on patient perceptions in the delivery of quality and service by staff and the correlation to HCAHPS satisfaction scores. Hospitals should implement strategic financial plans to optimize debt financing through accounts payable and accounts receivable to improve working capital.
Reference
Chen, H., Cates, T., Taylor, M., & Cates, C. (2020). Improving the US hospital reimbursement: How patient satisfaction in HCAHPS reflects lower readmission. International Journal of Health Care Quality Assurance, 33 (4), 333–344. https://doi.org/10.1108/IJHCQA-03-2019-0066
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