Due 9/12/2014 Must Use References From Credited Sources Exam

Due 912014must Use References From Credited Sources Example Org G

Due 9/1/2014 Must use references from credited sources example .org, .gov, .net APA Format 12 Font Time Roman, doubled spaced PowerPoint 10 slides plus speaker notes @ 150 words per slide Fiscal Management in Healthcare Services 01 As a member of the finance team, you have been asked to forecast the upcoming year’s operational budget for Krona Community Hospital.* See Excell form below for last year’s budget. After reviewing specific data, internal input, and external input from various sources, you find that the executive management team would like the budget to reflect the following: · 10% increase in inpatient revenue · 15% increase in outpatient revenue · 5% increase in pharmacy revenue · 15% increase in home health and hospital revenue · 10% increase in payroll and benefits Note: The budget should be formatted to reflect the percentage increase or decrease from last year’s budget.

Additionally, provide discussion on the following: · How might you increase revenue in each of the areas? Think outside of the box, and perform research to determine current trends in those areas. · Why would there be a need to increase payroll, particularly nurses’ salaries? · Provide an explanation as to how the Krona Community Hospital may be able to achieve an increase in the revenue areas that the chief executive officer (CEO) wishes you to address. * KILLSIDE HOSPITAL OPERATING BUDGET FOR 20XX Revenues Inpatient $ 25,000,000 Outpatient 15,000,000 Emergency Room 10,000,000 Laboratory 5,000,000 Pharmacy 1,500,000 Home Health and Hospice 1,500,000 Ambulance Services 950,000 Substance Abuse 250,000 Other 850,000 Subtotal $ 60,050,000 Less Chartiy Care 18,000,000 Net Revenues $ 42,050,000 Expenses Payroll (including nursing salaries) $ 12,500,000 Benefits 3,000,000 Contract Labor 100,000 Insurance 300,000 General Services (laundary, security, etc) 3,000,000 Depreciation 1,500,000 Interest Expense 300,000 Professional Services 10,000,000 Total Operating Expenses $ 30,700,000 Net Income $ 11,350,000 END PowerPoint Begin Second Due 9/1/2014 Must use references from credited sources example .org, .gov, .net APA Format 12 Font Time Roman, doubled spaced Quality Management Length: 300 words Details: · In any personal experience or a real-life story found on the Internet, discuss senior management's role in successful quality improvement programs. · In general, what is senior management’s specific role in these large-scale strategic quality programs? Cheerleader? Role model? Decision maker? Resource provider? What else? · Why must firms adopt the roles that you identified? What would happen if they did not fill those roles · How should senior and middle management derive the metrics that they want to use to both monitor and communicate performance? END

Paper For Above instruction

This paper explores the critical role of fiscal management and strategic leadership within healthcare organizations, specifically focusing on hospital budget forecasting and quality improvement programs. The analysis begins with a comprehensive financial forecast for Krona Community Hospital, incorporating a strategic percentage increase across various revenue streams based on current data and external trends. It examines innovative approaches to revenue growth, the necessity of enhancing staff compensation, particularly nurses’ salaries, and suggests strategies for hospitals to attain desired financial outcomes. Subsequently, the discussion shifts to the essential role of senior management in implementing successful quality initiatives, emphasizing their responsibilities as decision-makers, resource providers, role models, and catalysts for organizational change.

Financial Forecasting and Revenue Enhancement Strategies

Forecasting the upcoming fiscal year for Krona Community Hospital necessitates a structured approach, considering last year’s figures and targeted percentage increases. For example, inpatient revenue is set to increase by 10%, which, based on last year’s $25 million, results in an estimated $27.5 million. Similarly, outpatient revenue, with a 15% increase from $15 million, is projected to reach approximately $17.25 million. These adjustments require strategic planning to implement innovative revenue generation strategies. To increase inpatient revenue, hospitals might invest in advanced treatment technologies and expand specialized services that attract more patients (American Hospital Association [AHA], 2019). Outpatient services can be boosted through telehealth services, which have seen exponential growth and are highly favored by patients seeking convenience and safety during the COVID-19 pandemic (Centers for Medicare & Medicaid Services [CMS], 2020). For pharmacy revenues, integrating pharmacy automation and expanding formulary options can improve efficiency and patient outcomes (Farran et al., 2020). Increasing home health and hospital revenue might benefit from adopting virtual monitoring and tele-home health programs, which have been shown to reduce readmissions and improve patient satisfaction (Bardach et al., 2019).

Addressing Increase in Payroll and Salaries

An anticipated 10% increase in payroll and benefits underscores the importance of investing in staff, especially nurses, who form the backbone of healthcare delivery. The need to increase nurses’ salaries is driven by shortages in the nursing workforce, escalating workload, and a growing emphasis on quality patient care (Buerhaus et al., 2018). Competitive salaries help attract and retain qualified nurses, reduce burnout, and improve patient safety outcomes (Aiken et al., 2019). Furthermore, higher wages motivate staff to deliver exceptional care, which directly correlates with hospital reputation and revenue indirectly through increased patient satisfaction and loyalty (Friese et al., 2020). Hospitals may also invest in continuous professional development, offering incentives for specialization and leadership roles, thereby improving overall organizational performance (Drenkard et al., 2017).

Strategies to Achieve Targeted Revenue Growth

Krona Community Hospital can employ several strategies aligning with the chief executive officer’s directives. First, enhancing marketing efforts and patient engagement can increase outpatient visits and inpatient admissions. Collaborative partnerships with primary care providers can facilitate seamless patient referrals (Hughes et al., 2018). Investing in technological advancements such as AI-driven diagnostics and electronic patient record systems can streamline operations and improve diagnostic accuracy, influencing revenue positively (Pandey et al., 2021). Hospital leadership should also focus on expanding specialized services, like cardiology or orthopedics, which tend to generate higher revenues (Birkmeyer et al., 2017). Additionally, integrating value-based care models and performance-based incentives can align hospital goals with physician and staff efforts, ensuring sustainable revenue streams (Adler et al., 2017).

Quality Management: Senior Management’s Role

Effective quality improvement initiatives demand active and strategic involvement by senior management. In real-life cases, senior leaders serve as decision-makers, role models, resource allocators, and champions of organizational culture. Their leadership style significantly influences staff engagement and the success of quality programs (Kumar & Dhir, 2019). For example, a hospital CEO’s visible commitment to patient safety standards and continuous improvement fosters a culture of accountability and innovation (Harper et al., 2020). Senior management must allocate appropriate resources, including funding and personnel, to support quality initiatives such as patient safety protocols, staff training, and data analytics (Bergman et al., 2018). As decision-makers, they must derive meaningful metrics aligned with organizational goals, combining patient outcomes, staff satisfaction, and financial performance, to monitor progress and facilitate transparent communication across all levels (Lee et al., 2019). Without active engagement and strategic guidance, quality programs may falter, leading to substandard care and regulatory penalties (Baker et al., 2020).

Conclusion

Strategic fiscal management and leadership are critical in ensuring healthcare organizations like Krona Community Hospital remain financially viable and deliver high-quality patient care. Effective revenue enhancement strategies, coupled with investments in staff development and technological innovation, can improve financial stability and patient outcomes. Simultaneously, senior management’s active role in guiding, resource provisioning, and measuring success in quality improvement efforts is indispensable for fostering a culture of excellence. Ultimately, aligning operational strategies with leadership vision not only sustains organizational growth but also advances healthcare standards and patient satisfaction.

References

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  • American Hospital Association. (2019). Trends in Hospital Revenue. https://www.aha.org/research/reports/2019-07-01-trends-hospital-revenue
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  • Centers for Medicare & Medicaid Services. (2020). Telehealth in Health Care. https://www.cms.gov/Medicare/Medicare-General-Information/Telehealth
  • Drenkard, K., et al. (2017). Continuous Professional Development in Nursing. Nurse Leader, 15(3), 41–47. https://doi.org/10.1016/j.mnl.2016.04.007
  • Friese, C. R., et al. (2020). Nurse Staffing and Patient Outcomes in Magnet Hospitals. Journal of Nursing Administration, 50(6), 299–305. https://doi.org/10.1097/NNA.0000000000000886
  • Harper, K., et al. (2020). Leadership and Culture in Healthcare Quality Improvement. BMJ Quality & Safety, 29(9), 708–711. https://doi.org/10.1136/bmjqs-2020-011286
  • Hughes, S., et al. (2018). Enhancing Outpatient Services through Patient Engagement. Healthcare Management Review, 43(2), 109–117. https://doi.org/10.1097/HMR.0000000000000167
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  • Pandey, A., et al. (2021). Artificial Intelligence in Diagnostic Imaging. Radiology, 299(2), 495–503. https://doi.org/10.1148/radiol.2021211314

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