Week 8 Assignment Group Practice Operations Plan Part 3 Over

Week 8 Assignment Group Practice Operations Plan Part 3overviewaccor

Explain what you need to know about accounting and budgeting as a practice leader. Compare the two levels of financial benchmarking (i.e., internal comparison and external comparison), and explain the strategic purpose and importance of benchmarking as a financial tool for a medical practice. Explain the role telehealth and telemedicine services have in medical group practices and how they affect patient care safety and quality. Support your response. Recommend a health information technology (HIT) system that includes an electronic health record (EHR) for the new practice to implement, and include three main benefits of having the HIT system. Propose a strategy to mitigate the impact of a specific hazardous risk associated with one of the risk categories; property (general liability and safety), technology, or financial practices could have on the practice. Support your proposal with a real-life example. Include a cover page and reference page as required in the SWS Writing Standards. Incorporate the instructor feedback once you receive it to improve Part 3 of your operations plan to be used in the Week 9 Activity and Week 10 Assignment. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions. The specific course learning outcomes associated with this assignment are: Examine the accounting, finance, and budgeting roles in the management of a physician’s group practice. Create an operations plan for a physician group practice that promotes medical excellence, and includes organizational forms, organizational goals, HRM, marketing, health information technology, accounting and finance, disaster preparedness, laws, regulations, and compliance.

Paper For Above instruction

The effective management of a medical practice hinges significantly on a comprehensive understanding of accounting and budgeting principles. As a practice leader, possessing a solid grasp of financial management is essential for making informed decisions that promote operational efficiency, fiscal health, and strategic growth. This paper explores the critical aspects of accounting and budgeting, the strategic value of benchmarking, the integration of telehealth and telemedicine, the selection of health information technology systems, and strategies to mitigate specific risks faced by medical practices.

Understanding Accounting and Budgeting in Medical Practice Management

Accounting in a medical practice involves the systematic recording, analyzing, and reporting of financial transactions. It ensures transparency, compliance with legal regulations, and accurate financial reporting, which are vital for operational decision-making and reimbursement processes (Kongstvedt, 2019). Budgeting complements accounting by projecting future revenues and expenses, facilitating resource allocation, and financial planning (Finkler et al., 2018). As a practice leader, it is crucial to understand variances between actual financial outcomes and budgeted figures to identify operational inefficiencies or areas needing strategic adjustments.

Financial Benchmarking: Internal and External Comparison

Financial benchmarking involves comparing a practice’s financial metrics against internal standards or external industry norms. Internal benchmarking compares current performance with historical data within the same practice to assess growth and efficiency (Ginter et al., 2020). External benchmarking contrasts a practice's financial ratios with similar practices or industry standards, providing insights into competitive positioning and operational gaps. The strategic purpose of benchmarking is to identify best practices, improve financial performance, and inform strategic decisions to enhance patient care and practice sustainability (World Health Organization, 2021).

The Role of Telehealth and Telemedicine

Telehealth and telemedicine have become integral to modern medical group practices, expanding access to care, especially in rural or underserved regions (Das et al., 2020). These modalities facilitate real-time consultation, remote monitoring, and follow-up care, which can improve patient outcomes and satisfaction. Moreover, telehealth enhances patient safety by reducing exposure to infections and minimizing delays in treatment; it also promotes care continuity and adherence to treatment plans. The integration of telehealth services aligns with regulatory standards and reimbursement policies, making it a strategic component of practice growth (Medicare & Medicaid Services, 2021).

Health Information Technology System Recommendation

An effective electronic health record (EHR) system is pivotal for modern medical practices. I recommend implementing the Epic EHR system, renowned for its robust features, interoperability, and user-friendly interface. Three main benefits include: (1) Enhanced clinical workflows, leading to increased efficiency; (2) Improved patient safety through alerts, evidence-based clinical decision support, and accurate documentation; and (3) Better data analytics capability, supporting quality improvement initiatives and compliance reporting (Ash et al., 2019). A comprehensive HIT system like Epic not only streamlines operations but also contributes to improved patient outcomes and regulatory compliance.

Risk Mitigation Strategy: Addressing Property and Safety Risks

Among various risk categories, property-related hazards such as fire, theft, or equipment failure can significantly threaten a practice’s operations. A strategic approach to mitigate property risk includes implementing comprehensive safety protocols, regular staff training, and investing in security systems. For example, a practice could adopt fire prevention measures, conduct routine safety drills, and install surveillance cameras to prevent theft and vandalism (Hansen & Walters, 2018). These measures reduce liability and ensure continuity of care, particularly during emergencies or natural disasters.

Conclusion

Effective management of a medical practice requires a multidimensional approach, integrating sound financial practices, innovative technology, and proactive risk management. Financial literacy concerning accounting and benchmarking enables practice leaders to optimize resources and performance. The integration of telehealth and EHR systems enhances patient care quality and operational efficiency. Finally, addressing hazards through strategic risk mitigation safeguards the practice’s assets and ensures ongoing service delivery. Embracing these strategies fosters a resilient, patient-centered healthcare environment aligned with modern standards and regulations.

References

• Ash, J. S., Berg, M., & Coiera, E. (2019). Some unintended consequences of information technology in health care: The nature of patient safety threats. Journal of the American Medical Informatics Association, 26(7), 716-724.
• Das, S., El-Ghoroury, H., & Papageorgiou, A. (2020). Telehealth in the age of COVID-19 pandemic: Opportunities and challenges. Journal of Healthcare Management, 65(4), 289-297.
• Finkler, S. A., Ward, D. M., & Calabrese, T. (2018). Financial Management for Nurse Managers and Executives. Elsevier Health Sciences.
• Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2020). Strategic Management of Health Care Organizations. John Wiley & Sons.
• Hansen, E. G., & Walters, R. H. (2018). Emergency preparedness in healthcare settings: Best practices and policy considerations. Journal of Hospital Administration, 7(1), 12-18.
• Kongstvedt, M. R. (2019). The Managed Care Handbook. Jones & Bartlett Learning.
• Medicare & Medicaid Services. (2021). Telehealth Services. https://www.cms.gov/medicare/telehealth
• World Health Organization. (2021). Framework for Health System Benchmarking. WHO Publications.

By integrating sound financial management practices, innovative health technology, and proactive safety strategies, a medical practice can elevate its operational effectiveness, improve patient care, and ensure long-term sustainability in a dynamic healthcare landscape.