As part of your business and financial plan due next week, you will include financial data to support the proposal. ? Presenting the data clearly and concisely drawing the readers atten

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DNP-804-ECONOMICS & FIN. ASPECTS OF HEALTHCARE

MODULE 6 DQ

Module Objectives

At the end of this module students will be able to:

1. Articulate basic data analysis techniques to interpret financial data for effective financial stewardship and safe patient care. (CO 2, 3)

2. Analyze the role of the nurse leader in competently transforming data from a variety of sources into usable information including the use of visual representations to communicate results. (CO 3)

Module Activities

· Waxman, K. (2022).  Financial and business management for the doctor of nursing practice (3rd ed.). Springer Publishing LLC.

· Review Chapters 10 and 11

· Click the links below to read the articles and examples of visual data:  

· Beyond Bar and Line Graphs: Time for a New Data Presentation Paradigm. https://journals.plos.org/plosbiology/article?id=10.1371/journal.pbio.1002128

·

· Cincinnati Shootings Links to an external site. https://public.tableau.com/app/profile/spencer.baucke/viz/ShootingsinCincinnati/ShootingsinCincinnati

· Review the module lecture materials.

· Participate in Module 6: Discussion — Data Analysis

Online Lecture

This week we will review basic data analysis techniques to interpret financial data for effective financial stewardship and safe patient care.

The ability to transform data from a variety of sources into accurate information using visual representations, graphs, and tables is key when communicating the benefit of your proposed change. 

Download the PowerPoint presentation below and use it to take notes on the assigned reading in the Waxman and Knighten 3rd Ed. text for Chapters 10 and 11:

Chapter 10_ Basic Data Analysis Techniques for Nurse Leaders.pptx (ATTACHED).

Chapter 11_ Role of Technology, Informatics, Artificial Intelligence, and Big Data in Healthcare Finance.pptx (ATTACHED).

Check out the link below!

· Florence Nightingale: Joy of Stats Links to an external site. – https://www.openculture.com/2016/03/florence-nightingale-created-revolutionary-visualizations-of-statistics-that-saved-lives-1855.html

Online Discussion Question

In 600 Words, please include financial data and Graphs and tables as basic formats for communicating and displaying the data to inform the proposal.

As part of your business and financial plan due next week, you will include financial data to support the proposal.  

Presenting the data clearly and concisely drawing the reader’s attention to the important facts for interpretation.  

Graphs and tables are basic formats for communicating and displaying the data to inform.  

For the initial discussion response, share a draft of data that you will use to inform your proposal.

PLEASE NOTE THAT THIS ASSIGNMENT WILL ALSO BE USED IN ALIGNMENT OR INCONJUNCTION WITH NEXT WEEK’S ASSIGNMENT

In your response to two peers, offer feedback on the presentation of the data.

This activity aligns with course outcomes 2 and 3. ATTACHED

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STRATEGIC PROCESS FRAMEWORK 1

Nanu Ogunyoku

Northern Kentucky University

DNP-804-Economics & Fin. Aspects of Healthcare

Dr. Pam Lehenbauer

July 16, 2023

Introduction and Overview

The proposed effort intends to improve patient care and financial performance within the healthcare organization by implementing a healthcare service supported by evidence. The organization's vision is to become a top provider of cutting-edge, patient-centered care, while its mission is to offer its community access to high-quality healthcare services (Bock et al., 2022). The organization's fundamental values emphasize compassion, integrity, cooperation, and continual improvement. By tackling strategic concerns, including revenue diversification, cost control, and financial risk management, the company connects its efforts with its goal, vision, and values, resulting in improved outcomes and sustainable growth.

Formulation

Organization Mission, Vision, and Values

Mission. The mission of the healthcare company is to offer the local population high-quality healthcare services while fostering wellness, compassion, and patient-centered care.

Vision Statement. The vision is to become a renowned leader in innovative and patient-centered treatment, known for its outstanding quality results, state-of-the-art equipment, and dedication to improving healthcare. Being at the forefront of healthcare innovation, continually looking for new approaches to boost patient satisfaction, improve clinical outcomes, and optimize care delivery is priority.

Organizational Values. Everything done, every choice made, and every encounter with one another and with the patients are guided by their core principles. These guiding principles distinguish the team and the culture of the company:

1. Compassion: We treat each patient with kindness and compassion, acknowledging their uniqueness and respecting their autonomy at all times.

2. Integrity: We are always committed to acting with the utmost integrity and encourage open communication, honesty, and personal responsibility. Our staff is dedicated to protecting our patients' privacy and retaining their trust.

3. Collaboration: We emphasize teamwork and collaboration because it improves patient outcomes when our healthcare professionals and staff put together their knowledge and viewpoints. We encourage open communication and respect for one another in our collaborative work environment.

4. Continuous Improvement: Our organization promotes a culture of ongoing learning and development as we pursue excellence in all spheres. To improve the caliber and effectiveness of our services, we look for novel solutions, embrace best practices, and partake in continual professional development.

These enduring values are reflected in our promotional materials, staff orientation and training programs, and critical organizational decisions since they are engrained in our corporate culture. By upholding these values, we will be able to fulfill our goal, realize our vision, and offer our patients outstanding care while having a beneficial impact on the health and well-being of our neighborhood.

Strategic Issues, Goals, and Strategies

Strategic Issue: Revenue Diversification

Goal:

Improve monetary stability and lessen reliance on a single source of income.

Strategies:

1. Look into and uncover other service offerings that fit the organization's expertise and the community's requirements.

2. To draw in a more extensive patient base, look into prospects for expansion into more markets or geographical areas.

3. Create strategic alliances or partnerships with other healthcare organizations to provide complementary services and pool resources.

Strategic Issue: Cost Control and Efficiency

Goal: To control rising expenses and boost overall operational effectiveness

Strategies:

1. Analyze operational processes in-depth to find possibilities for process simplification and improvement.

2. Utilize cost-cutting techniques, such as optimizing staffing levels and renegotiating supplier contracts, without affecting the quality of patient care.

3. Invest in technology and infrastructure enhancements to improve operations and lessen manual processes.

Strategic Issue: Financial Risk Management

Goal: To take preventative measures to manage financial risks, such as bad debt and variances in payment.

Strategies:

1. Establish reliable billing and collection procedures to guarantee prompt and accurate billing.

2. Improve collection methods and put sinister debt reduction plans into action.

3. Pay special attention to reimbursement agreements and bargain favorable terms with insurance companies and governmental organizations.

Operationalizing

A careful planning procedure is necessary to operationalize the suggested project and guarantee its successful implementation. For the planning process to effectively gather information, align goals, and distribute resources, essential stakeholders from the organization's various departments and disciplines should be included (Shneyder, 2022). An extensive examination of the current financial situation and identifying potential areas for improvement serve as the first stage in operationalizing the project. An evaluation of the organization's revenue sources, costs, and prior financial performance should be part of this research. The company can more effectively spot chances for revenue development and expense savings by better awareness of the present financial environment.

Market analysis is a crucial step in the planning process and it entails researching market dynamics, spotting trends, and evaluating the level of competition. The company will be able to identify prospective areas for revenue diversification and growth using this research. The firm can provide services that meet consumer demand and boost financial success by getting to know the demands and preferences of its target audience (Waxman, 2013). A draft budget can be created using the financial analysis and market study results. A summary of the proposed program's estimated costs should be included in the budget. This could include funds for capital expenditures, staff training and development, marketing and advertising campaigns, and any necessary infrastructure and technology upgrades. Both the initial costs and any potential long-term returns on investment must be taken into account when constructing the budget.

The resources and labor required for each stage should be taken into account during the planning phase, together with the budget and the implementation timetable. Roles and responsibilities for specific tasks should be clearly defined for teams or individuals. To make sure the effort stays on track and meets its goals within the allotted time limit, effective project management tactics should be implemented. Setting milestones and regularly reviewing progress are two of these methods (Bock et al., 2022). Throughout the operationalizing phase, effective communication and stakeholder engagement are also essential. To ensure that every staff member is aware of their roles and duties in carrying out the initiative, they must all be informed of its goals, objectives, and anticipated outcomes. Frequent updates and feedback meetings should also be planned in order to address any difficulties or questions from stakeholders and get crucial feedback to improve the initiative's implementation.

Execution

Successful implementation of the suggested program necessitates good communication, suitable rewards, clearly defined accountabilities, and the involvement of important stakeholders. To ensure that every employee is aware of the initiative's goals and their specific roles in putting them into action, it is essential to communicate clearly and effectively (Waxman, 2022). Regular updates, town hall events, and departmental meetings can all be used as forums to spread knowledge and develop lines of contact. The communication plan should include the primary messages, target audiences, and appropriate communication routes in order to ensure that information reaches crucial stakeholders in a timely and accessible manner.

It is crucial to offer incentives to employees to boost participation in the project among the staff. Thanking and applauding people or teams for their contributions and accomplishments can foster pride and a feeling of belonging. Financial prizes, performance bonuses, and non-cash rewards, including chances for professional advancement or public acclaim, are all examples of incentives. Staff members will be motivated to go above and beyond their responsibilities to ensure the initiative's success if incentives align with its strategic aims (Shneyder, 2022). Clear accountabilities must be defined to guarantee that each person is aware of their duties and the expected results. Roles and responsibilities should be clearly stated and documented to prevent misunderstandings or effort duplication. A framework for assessing individual and team performance will be provided by setting performance measures and targets for each role. Regular performance reviews and feedback sessions can help track development, address any issues or gaps, and offer chances for ongoing improvement.

Identifying and involving important stakeholders is necessary for the entire execution process. This involves senior management, department heads, front-line employees, patients, and, if appropriate, outside partners. Each stakeholder group has distinct viewpoints and skills that can help the program succeed (Waxman, 2022). A sense of ownership and shared responsibility can be promoted by including stakeholders in decision-making processes, asking for feedback, and offering chances for cooperation and participation. Engaging patients as stakeholders is critical since their perspectives and experiences determine if the effort is successful.

Monitoring

It is necessary to identify and keep track of key performance indicators (KPIs) to monitor the planned program's development and efficacy. Several pertinent KPIs can be used to evaluate the initiative's effect on the organization's mission, vision, and goals. First, changes in gross patient revenues can be monitored to gauge revenue growth, focusing on assessing the contribution of diversification initiatives (Shneyder, 2022). Second, the labor cost ratio, determined by dividing labor expenses by total revenue, makes it possible to determine whether labor expenses are rising with revenue growth. The efficiency of debt management measures is measured by the bad debt ratio, which is the proportion of uncollectible debts to total patient revenues. The impact of the effort on patient care and experience can be evaluated by tracking the supplier cost variance, identifying potential waste or overpayment issues, and gauging patient happiness through feedback. These KPIs will be regularly monitored and analyzed, allowing for the necessary adjustments to be made to ensure the initiative's success.

References

Bock, T., Waxman, K., Abner, C., & Maxworthy, J. (2022). Financial Analysis and the DNP: Understanding Business Performance in Healthcare. Financial and Business Management for the Doctor of Nursing Practice. https://doi.org/10.1891/9780826160164.0008

Shneyder, M. (2022). Strategic Planning and Capital Budgeting. Financial and Business Management for the Doctor of Nursing Practice. https://doi.org/10.1891/9780826160164.0007

Waxman, K. (2022). Financial and business management for the Doctor of Nursing Practice. Springer Publishing Company, LLC.

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PICOT: Among nurses experiencing burnout in a home health setting, how does introduction of a mindfulness-based program(I) as compared to no mindfulness-based program (C) affect nurse burnout(O) within 6 months (T)

For my picot we are using the pdsa model weekly over 6 months of nurses using the mindfulness room we created at mercris where nurses come once a week to use every 

Financial stuff we are printing the tools we are using two tools job satisfaction scale and the proqol to measure the quality improvement project 

Buying materials for like 80 bucks like Bluetooth speakers, led lights, peaceful fountain incense etc.

 

Then 5 dollar Starbucks gift card x 10 

Then we are sourcing free things from next door app wiping them down to use in the mindfulnes room.

 

We do a pre survey with the tools and post survey after they use the room and mindfulness based programs weekly yoga meditation etc free Cbt-i coach app.

 

Limitations would be sample size, willingness  to participate by some nurses , this we can expand on layer 

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