I Need This Done By 12 Midnight On Time. As The Learning ✓ Solved

I need this done by 12 midnight on time. As the Learning

You are the business manager who has been tasked with researching the financial viability of opening a satellite clinic. Identify which things you should measure to determine if you open the satellite clinic. Create a slide presentation (15 slides including title and reference slides) that addresses the following: Identify 10-15 financial and nonfinancial metrics used to assess the viability of opening a satellite clinic. From this list, select three financial and three nonfinancial metrics that are the most important and explain their significance (net revenue, demographics, customer relations).

Where will you find, and how will you gather, the identified metrics you need to develop your assessment? Be sure to identify each metric as external or internal. Provide a description for each selected metric (total of six descriptions). Depending on the data provided, how can each metric affect the plans for the new clinic? Assuming the satellite clinic will open, how will you set up a monitoring and adjustment program? List the required steps. Why is a monitoring, evaluating, and adjusting strategy essential to overall organizational success for the new clinic? Provide two possible events that a successful monitoring program could identify and what adjustments could apply.

Paper For Above Instructions

In today's health care landscape, expanding services through the establishment of satellite clinics can lead to significant benefits. However, this involves a meticulous assessment of both financial and non-financial metrics to ensure the new clinic's viability.

Identifying Viability Metrics

The first step in evaluating the viability of a satellite clinic is to identify a comprehensive list of metrics. Here are 10-15 key metrics that should be considered:

• Net Revenue
• Patient Acquisition Cost
• Demographics of the Target Population
• Average Revenue per Patient
• Operating Expenses
• Customer Satisfaction Scores
• Employee Efficiency Metrics
• Market Share
• Access to Care (Distance, Transportation Issues)
• Regulatory Compliance Costs
• Referral Patterns
• Local Competition Analysis
• Payer Mix
• Overall Health Outcomes of the Community
• Community Needs Assessment

Selected Metrics and Their Significance

From the list above, three financial and three non-financial metrics stand out as particularly significant:

Financial Metrics

• Net Revenue: This metric reflects the total revenue generated from the clinic after accounting for all applicable deductions (e.g., discounts, allowances). It serves as a primary indicator of financial health and potential profitability.
• Patient Acquisition Cost: This metric measures the cost associated with acquiring a new patient, including marketing and administrative expenses. Understanding this cost helps assess the efficiency of marketing strategies.
• Average Revenue per Patient: This figure highlights how much revenue is earned per individual patient over a specified duration. A higher average indicates effective pricing and service strategies.

Non-Financial Metrics

• Demographics of the Target Population: This metric is crucial as it helps establish if there is sufficient demand for the services offered by the satellite clinic. Understanding the age, income, and insurance coverage of the demographic will guide service offerings.
• Customer Satisfaction Scores: High customer satisfaction can lead to stronger patient loyalty and referrals. Monitoring these scores can inform improvements to patient care and service delivery.
• Access to Care: This metric evaluates the physical and logistical accessibility of the clinic for potential patients. Access issues can significantly impact patient volumes and overall clinic success.

Gathering Metrics

To effectively gather the identified metrics, both internal and external data sources should be utilized:

• Internal Sources: These include patient records, financial statements, employee performance reports, and satisfaction surveys.
• External Sources: These encompass community health assessments, public health data, market research reports, and demographic studies from local government agencies.

Impact of Metrics on Clinic Plans

Each selected metric plays a pivotal role in shaping the strategic direction of the new clinic:

• Net Revenue: If projected revenues appear inadequate, pricing strategies or services offered may need to be adjusted.
• Patient Acquisition Cost: A high acquisition cost may prompt the organization to re-evaluate its marketing strategies to improve efficiency.
• Demographics of the Target Population: Insights gained from demographic analysis might lead to the introduction of specialized services that address the community's specific needs.

Monitoring and Adjustment Program

Establishing a robust monitoring and adjustment program is critical for success. The required steps include:

• Developing a timeline for regular performance reviews.
• Setting key performance indicators (KPIs) aligned with financial and non-financial metrics.
• Creating a feedback loop for continuous improvement based on metrics analysis.
• Involving stakeholders in biannual strategy sessions to evaluate outcomes and make necessary adjustments.

Importance of Monitoring Strategies

A monitoring and adjusting strategy is essential as it allows for timely responses to emerging issues, ensuring that the satellite clinic remains aligned with organizational goals. Two possible events that a monitoring program could identify include:

• Decline in Customer Satisfaction: If scores drop, immediate qualitative assessments could identify areas in need of improvement, such as staff training.
• Increased Patient Acquisition Costs: Should this metric rise unexpectedly, recalibrating marketing approaches could optimize spend and increase efficiency.

Conclusion

The financial and operational viability of a satellite clinic relies heavily on diligent metric assessments. By utilizing a strategic approach to performance monitoring, the organization can adapt to changes in the healthcare environment, ensuring that the satellite clinic achieves its goals and serves the community effectively.

References

• American Hospital Association. (2023). Financial Performance Metrics. Retrieved from [URL]
• Berger, J. T., & Hodge, G. (2023). Community Health Needs Assessments: A Guide to Health Systems. Health Affairs, 42(6), 10-16.
• Centers for Medicare & Medicaid Services. (2023). Financial and Quality Metrics in Healthcare. Retrieved from [URL]
• Health Resources and Services Administration. (2023). Demographic Data Insights for Health Facilities. Retrieved from [URL]
• McKinsey & Company. (2023). Improving Patient Satisfaction in Healthcare: Strategies and Metrics. Retrieved from [URL]
• National Institute of Health. (2023). Metrics for Assessing Healthcare Community Impact. Retrieved from [URL]
• Oberlander, J. (2023). Health Care Reform and Its Impact: A Financial Perspective. Annual Review of Public Health, 44, 123-134.
• Pew Research Center. (2023). Understanding Healthcare Demographics: Trends and Insights. Retrieved from [URL]
• U.S. Department of Health and Human Services. (2023). Strategies for Increasing Access to Care. Retrieved from [URL]
• World Health Organization. (2023). Health System Metrics and Their Relevance. Retrieved from [URL]