Performance Assessment: Application of Healthcare Business and Financial Management PrinciplesPRINCIPLES OF HEALTHCARE BUSINESS & FINANCIAL MANAGEMENT
Competencies:7015.1.1: U.S. Healthcare Economics – The graduate applies the concepts of U.S. healthcare economics in administration of healthcare organizations.7015.1.2: Financial Principles – The graduate applies the implementation of financial principles in the healthcare environment.7015.1.3: Business Principles – The graduate applies business management principles in the healthcare environment.7015.1.4: Business Law and Ethics in Healthcare – The graduate applies legal and ethical principles to business management of healthcare organizations.
Current trends in healthcare, the recent recession and sluggish economic environment, and the passage of the Affordable Care Act have forced the U.S. healthcare system to develop better ways to provide effective care for less cost. Healthcare providers and facilities must demonstrate to the government, payers, and the public that they provide care that is high quality, safe, and at a reasonable cost. Becoming a healthcare provider of choice while closely managing the costs of doing business and ensuring appropriate financial reimbursements is the new reality for organizations and providers in the healthcare arena.
This assessment challenges you to demonstrate understanding of todays complex healthcare environment while using the business and financial skills learned to develop a strategic plan to move your organization from the world of fee-for-service (FFS) to value based purchasing (VBP). You will evaluate your organizations position and strategy for the implementation of VBP requirements. You will need to identify the key stakeholders that would be involved (e.g., board members, senior leadership team, physicians, directors, managers, staff, patients, and families). You will also need to identify the critical departments of your organization (e.g., nursing, clinical support departments, case management, supply chain, education, finance, decision support, risk management, revenue cycle, medical staff office, physician services, physician practices, community and public relations, marketing). Consider the various roles and functions for each department and stakeholder group and determine which roles should be included in a strategic plan that you will develop.
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