Premium Essay

Financial Managers and Quality Initiatives in Health

In: Business and Management

Submitted By tinamahopac
Words 1455
Pages 6
Financial Managers and Quality Initiatives in Health Care
Post University
Tina M Dixons

Abstract
This paper will discuss the importance of why financial manager should be concerned with quality initiatives in the health care setting. The topic will describe why quality initiatives are a key role in the financial success and failures in healthcare. Delivery of healthcare is synonymous with finance and the task related to quality improvement and quality initiatives that support accuracy in documentation and treatment. There is a strong correlation between providers and finance.

Key words: Finance, Quality initiatives, Providers, Patient care.

Financial Managers and Quality Initiatives
It is clear that if good quality of services, successful outcomes and customer satisfaction are presented in a healthcare setting, then the financial stability may sustain. As financial managers collaborate to achieve health care quality, they know that there are several variable factors that must manifest in order to sustain and earn profits for their organization. Some variables include reduction in medical error, appropriate diagnostics, medical analysis, education programs, staff training, prevention, primary care, financial reimbursements, technological advancements and minimizing waste.
Error and Accuracy Medscape reported that “Eight years ago, the Institute of Medicine's (IOM) report To Err is Human revealed that between 44,000 and 98,000 Americans die each year as a result of medical errors. Medication errors alone are estimated to cause more than 7000 deaths annually, compared with 6000 annual deaths from workplace injuries. Although much of the discussion of medical errors has focused on the hospital setting, errors can occur in other settings, such as physician offices, outpatient surgical centers, nursing homes, and retail...

Similar Documents

Premium Essay

Merger Memo

...Soderberg-Beck University of Phoenix Author Note: This paper is being submitted on January 30, 2015, for Dr. Kale Kruger’s HCS/514 Managing in Today’s Health Care Organizations course. Merger Memo MEMORANDUM TO: All Employees FROM: Management Team DATE: January 30, 2015 SUBJECT: Healthcare International Organization Merger CC: Leadership Team In response to the recent merging of Healthcare International and Care Alliance Health Systems, the management teams of both medical facilities has come together to write a memo on the merger and the effect that it will have within our new organization. Our organization will now be called Care Alliance International Systems. This memo will discuss how the merger will affect our organizational culture (on products and services), how organizational behavior affects overall quality, and how organizational behavior affects competition and human relations. In addition to that, this memo will review how job design, work processes, and performance expectations effect our organization. Lastly, this memo will discuss how the management team will ensure the success of the new Care Alliance International systems. Organizational Culture: Care Alliance Health Systems is dedicated to providing a healthy culture within our facilities so that we may maintain our spirit of excellence with our customer service. There are......

Words: 1953 - Pages: 8

Premium Essay

Risk and Quality Management

...Risk and Quality Management Strategies 4 Executive Summary  VOLUME 2 July 2009 Key Recommendations  Assess current activities in risk management and quality improvement to evaluate their effectiveness in addressing overlap. Establish a structure to ensure that patient care activities are addressed in a coordinated manner involving risk management and quality improvement functions. Seek legal counsel to ensure that the structure for risk management and quality improvement activities maximizes legal protections granted by state and federal statutes while allowing for the flow of information. Align risk management and quality improvement plans with the strategic goals of the organization. Educate stakeholders on the role of risk management and quality improvement functions. Design systems to coordinate and streamline data collection, analysis, monitoring, and evaluation. Risk Management, Quality Improvement, and Patient Safety In the past, the risk management and quality improvement functions often operated separately in healthcare organizations and individuals responsible for each function had different lines of reporting—an organizational structure that further divided risk management and quality improvement. Today, risk management and quality improvement efforts in healthcare organizations are rallying behind patient safety and finding ways to work together more effectively and efficiently to ensure that their organizations deliver safe and high-quality......

Words: 10499 - Pages: 42

Premium Essay

Presentation Skills

...ONLY Job Title: Business Manager Position No: Existing Grade: Band 8A Approved Matching Classification CSC: Surgery & Cancer Job Analysis Unit: Surgery Job Evaluation Location: Alexandra Hospital Band code: Reports to: General Manager Accountable to: General Manager Entered By: Job Purpose 1. 2. 3. 4. 5. 6. To lead the operational and service delivery agenda in partnership with clinical colleagues, to meet the agreed plans standards of care and priorities within available resources for these inpatients and outpatient led services. To manage and support the delivery of Cancer and RTT performance standards for the Trust, including administration of performance management and monitoring, ensuring development of systems and processes to ensure the achievement of key national and financial targets, and local objectives within the CSC, including the development of action/ recovery plans, and the implementation/ monitoring thereof. To contribute to the achievement of the Divisional and Trust strategic and operational objectives. Development of robust business cases, working with the finance and performance business partners, making use of income and expenditure information to support service strategy. Supporting the development of the annual business plan for the Clinical Service Centre. Project management of service improvement and process improvement initiatives. Key......

Words: 2681 - Pages: 11

Premium Essay

Human Resource Mgt

...allows them to evaluate the appropriateness of their behavior in the eyes of their coworkers and managers, correct weaknesses, and improve their contribution. HRM professionals must devise uniform appraisal standards, develop review techniques, train managers to administer the appraisals, and then evaluate and follow up on the effectiveness of performance reviews. They must also tie the appraisal process into compensation and incentive strategies, and work to ensure that federal regulations are observed. Training and development activities include the determination, design, execution, and analysis of educational programs. Orientation programs, for example, are usually necessary to acclimate new hires to the company. The HRM training and education role may encompass a wide variety of tasks, depending on the type and extent of different programs. In any case, the HRM professional ideally is aware of the fundamentals of learning and motivation, and must carefully design effective training and development programs that benefit the overall organization as well as the individual. Training initiatives may include apprenticeship, internship, job rotation, mentoring, and new skills programs. Human resource management (HRM), or human resource development, entails planning, implementing, and managing recruitment, as well as selection, training, career, and organizational development initiatives within an organization. The goal of HRM is to maximize the productivity of an......

Words: 2502 - Pages: 11

Premium Essay

Quality Improvement Report

...Quality Improvement Report Quality Improvement (QI) is an organizational approach that leads to the quality of patient care and services through use of specific set of guidelines, principles, and methodology. This is so that there is assurance that quality care is provided for every patient. Principles of quality improvement focus on measurements. These measurements involve data collection used to improve the quality of care, and patient outcomes. Any good quality improvement program ensures strengthening the systems through analyzes and processes. This quality improvement discussion will review the purpose of quality management in health care industry and why it is needed. Included in this QI report will be an explanation of the differences in stakeholder definitions of quality. Also the explanation of the various roles involved with QI will be reviewed. Explaining what areas must be monitored to ensure quality improvement standards will be addressed. Furthermore, identifying roles of the various accrediting and regulatory organizations will be evaluated. Finally, this QI report will identify helpful resources and organizations that affect QI and outcomes. Purpose of Quality Management and why it’s Needed in Health Care Quality management is essential to the success of the quality improvement of the health care industry. “Management uses management and planning tools to organize the decision making process and create a hierarchy when faced with competing......

Words: 960 - Pages: 4

Premium Essay

Sustainability For Sustainable Development

...socially responsible but also to ensure adequate returns to the shareholders and satisfy various stakeholders and society at large about their conduct. The economic activities of corporate entities in different countries are causing concerns for planners, managers and the environmentally conscious people. Since the corporate continue to be the biggest consumers of environmental resources and hence they should shoulder greater responsibilities towards the environmental management. There is a pressing need to ensure that environmental concerns are woven into corporate actions and the best corporate governance practices. It is now being realized by the economists, environmentalists, business managers and accountants that (i) if the benefits from rising incomes are offset by the costs imposed on health and quality of life by pollution, this cannot be called development and that (ii) environmental damage can undermine future productivity. The corporate also managers need to remember the effects of their investment decisions on the...

Words: 1135 - Pages: 5

Free Essay

Individual Strategic Assignment: Chipotle Mexican Grill

...Chipotle announced the launch of a second restaurant concept, ShopHouse Southeast Asian Kitchen, putting to the test Ells’ belief that “the Chipotle model could work well with a variety of different cuisines,” it left many optimistic that lighting, perhaps, could strike twice and that ShopHouse might prove to be a second home run for both Ells and Chipotle. Core Competencies Chipotle Mexican Grill has two core competencies that can best be rolled up and described as “the Chipotle Experience,” namely the quality of their food, prepared as per Ells’ mantra of “slow food served fast,” and their setting being more upscale than a traditional fast food restaurant. Figure 1 – Core and Distinctive Competencies Figure 1 illustrates that these core competencies are arrived at through four distinctive competencies of the five elements of Ells’ original strategy for Chipotle: - Serving a focused menu of burritos, tacos, burrito bowls, and salads; - Using high quality raw ingredients and classic cooking methods to create great tasting and reasonably priced dishes ready to be served to customers minutes after they were ordered; - Creating an operationally...

Words: 2103 - Pages: 9

Premium Essay

Hrm 586 Course Project

...[pic] Quality of work life programs: are they nothing more than a fad? HRM 586 Labor Relations [pic] Abstract As the economy of the world continue to struggle due to stiff competition and rapid global expansion, labor organizations in every country of the world continue to find ways and means to help their respective workforces develop their skills and knowledge, as well as improve their health and wellness. Strategic implementation of quality work life programs and activities have all been critically evaluated by experts to determine their effectiveness on the organizations as a whole, meaning, how those programs will benefit not only the employees but the companies as well. The objective of this project is to inform the public and concerned entities about the kinds of plans and programs that public and private organizations have extended to their workforce to improve the quality of their life within and outside of the workplace. This paper will also try to evaluate the success of these projects and will try to offer other options and related programs to achieve a more favorable outcome for the whole organizations. Table of Contents Abstract 1 Purpose 5 Basic Issues and Research Questions..........................................................................................5-6 Literature review 6-13 Recommendations 13-18 Conclusion 18-20 References 21-22 Quality of Work Life Programs: Are They......

Words: 5499 - Pages: 22

Premium Essay

Health Care Operations Management Roles and Goals

...Health Care Operations Management Roles and Goals Today the health care industry is facing a changing financial and clinical environment and a relationship shift between patients, physicians, insurance companies, hospitals, and government. As costs continue to spiral out of control, operations management (OM) becomes even more important in eliminating waste and reducing costs to ensure financial success and excellent patient care results. Operations management is “a discipline that integrates scientific principles of management to determine the most efficient and optimal methods to support patient care delivery” (Langabeer, 2008, p. 3). At the heart of operations management are the goals of managing work and process flow, capacity management, process design, quality management, technology management, supply chain management, and operations strategy (Hanna & Sethuraman, 2005). Roles of effective leaders in health care operations management includes promoting a physician-led organization, employing a shared vision with other health care team members, understanding financial data, understanding the changing environment of health care, and understanding one of the most important concepts-who the customer is (Henderson, 1995). Work and process flow encompasses critical paths and patient flow developed in conjunction with physicians, nurses, and other organization staff. These workflow changes reduce the variability in the care and facilitate outcomes resulting in decreased......

Words: 622 - Pages: 3

Premium Essay

Patient Safety

...as fractures and head trauma. Medical cost for such falls are $34 billion yearly, and hospital cost account for two-thirds of the total of falls (CDC, 2013). Along with this information, hospital losses from falls occurring as inpatients have lost millions of dollars in revenue. Many of these fall can be avoided, and can also decrease extended inpatient care along with decrease profit loss. A process must be developed here at Davis Healthcare System (DHS), in response to patient falls, injuries and profit loss. In the Mission and Vision statement at the DHS, it states several key words: high-quality care, safety, innovation, patient-centered care, and that is the reasons that we must initiate the quality improvement plan immediately. Safety deals with lack of harm to the patient and Quality is an effective, efficient and focused direction that to get to safety. Our team of experts in quality improvement will use our mission, tools, communication along with collaborating with the patients to get to the root and cause of this problem. There are several ways to accomplish this goal, 1). Purchasing an item called Radio Frequency Identification floor mats 2). Lowering beds to the floor, 3). Hourly rounds, and 4). Identifying fall risk patients. The only cost involved would be the floor mats, which after discussing with the company of our needs, The Rainbow Company would negotiate a price value on the number of mats sold. Purchasing the mats would be an investment in......

Words: 3184 - Pages: 13

Premium Essay

Work Life Balance

...Seven Categories of Work-Life Effectiveness Successfully Evolving Your Organization’s Work-Life Portfolio • Caring for Dependents • Health and Wellness • Workplace Flexibility • inancial Support F for Economic Security • Paid and Unpaid Time Off • Community Involvement • liciting Management E Buy-In and Transforming Organizational Culture C1 Defining Work-Life Effectiveness Work-life refers to specific organizational practices, policies and programs that are guided by a philosophy of active support for the efforts of employees to achieve success within and outside the workplace. These employersponsored initiatives comprise a strategic framework referred to as the worklife portfolio, a key element of the organization’s total rewards strategy to attract, motivate and retain employees. Career Build Your Portfolio Step One: Assess your present work-life situation It is easy to construct the outline of your organization’s existing work-life portfolio by performing a simple inventory of the policies, practices and programs currently offered within each category of the work-life portfolio. A useful resource for this activity is the Work-Life Audit, available on the Alliance for Work-Life Progress website. www.awlp.org/pub/selfaudit.pdf he term “work-life” refers to the T intersection of self (the worker), career (work), family and community. Self Life Family Community Creating and Sustaining a Successful......

Words: 3733 - Pages: 15

Free Essay

Human Resources Management Approach to Samhsa Strategic Initiatives

...Human Resources Management Approach to SAMHSA Strategic Initiatives Alena De la cruz Saint Leo University Professor McCabe October 25, 2014 The human resources department plays an important role when it comes down to strategic planning. To illustrate this form of planning is a vital component in strategic human resource management. The human resource department must demonstrate a plan, which is the strategy which is intended to accomplish the goal of the organization over time. This is the way the organization functions. When the human resource department is on the same page as the organization this directly links the two together and guide them on a straight path of success while meeting the mission of the organization. Decision making is implemented through the human resource department on behalf of the organization by way of setting policies, careful planning and daily practices. In order for the organization to meet their mission and goals, the organization and human resource department must be on the same page with the business strategy of the organization culture in mind. “The goals of organizations differ within and among departments. All departments probably have goals that include employee satisfaction, survival, and adaptability to change” (Ivancevich & Konopaske, 2013). In order for this approach to work the plan must relate to the present and future critical needs of the......

Words: 1513 - Pages: 7

Premium Essay

Good News Letter

...September 16, 2015 Winnie Law Case Manager Innovations of Greater Memphis 1756 Justice Drive Memphis, TN 38125 Dear Ms. Law, Congratulations! As an employee of Innovators of Greater Memphis, you are entitled to the best treatment and service. With that in mind, I am proud to announce that we have signed a contract with CIGNA insurance. We hope to provide the highest quality care to our high quality employees, and are to pleased to announce our new healthcare initiative – and it’s completely FREE! We are glad to inform you of our newest benefits program that will help you and your family secure your financial future. This new program will take effect this upcoming Winter, 2015. CIGNA will send you all of the necessary information as soon as it is available. Did you know that 57% of families are uninsured, and end up paying four times more for their routine doctor’s visits compared to those families who have health insurance? In addition, the families collect thousands of dollars in bills from unexpected hospital visits due to illness or accidents. With this new Wellness initiative, you and your family are entitled to free yearly health screenings, a health fair to update you on new healthcare innovations, gym membership to a well-known fitness institution, French Riviera, and free nutrition seminars to keep you up-to-date with healthy eating habits. Your tenure as an employee of Innovations of Greater Memphis has shown to the management that you deserve to be treated......

Words: 297 - Pages: 2

Premium Essay

Hnd Assignment

..."Nestlé is the largest food company in the world. But, more important to them is to be the world's leading food company”. At Nestlé, we believe that research can help us make better food so that people live a better life. Good Food is the primary source of Good Health throughout life. We strive to bring consumers foods that are safe, of high quality and provide optimal nutrition to meet physiological needs. In addition to Nutrition, Health and Wellness, Nestlé products bring consumers the vital ingredients of taste and pleasure. Vision statement: “Nestlé aim is to meet the various needs of the consumer every day by marketing and selling food of a consistently high quality. The confidences that consumers have in our brands is a result of our company’s many years of knowledge in marketing, research and development, as well as continuity – consumers relate to this and feel they can trust our products”. In particular, we envision to Lead a dynamic, motivated and professional workforce – proud of our heritage and positive about the future Meet the nutrition needs of consumers of all ages – from infancy to old age, from nutrition to pleasure, through an innovative portfolio of branded food and beverage products of the highest quality. significance of stakeholders Deliver shareholder value through profitable long term growth, while continuing to play a significant and responsible role in the social, economic, and environmental sectors of Pakistan. Effective dialogue with our......

Words: 4427 - Pages: 18

Free Essay

The Financial Performance of Hospitals

...Risk Management Assesment Risk Management Assessment Baptist Hospital of Miami is currently analyzing the possibility of developing risk management strategies that will ensure to meet all needs or the organization related to quality management. Every plan needs to be approved by every member of the board of directors. The purpose of the Clinical Risk Management Plan is to support the vision and mission of Baptist Hospital of Miami as it pertains to risks associated with the safety of employees, patients, visitors, volunteer, staff, third parties; also operational risks and property risks. The risk management plan will basically guide the process of development and implementation of a risk management program. The risk management promotes the philosophy of Baptist Hospital of Miami that the risk management and patient safety is responsibility of members of the organization and team cooperation is essential for an effective and efficient functioning. Baptist Hospital of Miami believes that organizational errors should be addressed through the implementation of evidence-based practices, constructive feedback, and learning from error analysis. Clinical errors should be addressed by using the following: • Proper report and analysis of errors related to medical or patient care. • Proactive identification of hazards and unsafe conditions. • Open discussions of mistakes. • Open acceptance of system improvements. ......

Words: 2073 - Pages: 9