Financial Trends

Financial trends

Paper instructions:

Add the following written analysis to your Week 4 Individual Project document:

Mr. Magone and the senior leadership of Healing Hands Hospital understand the importance of evaluating operational performance in the healthcare industry and its impact not only on the patient satisfaction but also maintaining sound financial management. This is increasingly important in the era of value-based care including Medicare’s Quality Payment Program. Both qualitative and quantitative analysis of data related to patient care is needed. This data includes average length of stay, readmission rates, mortality rates, and compliance with standard of care guidelines.

As part of the Task Force you have been asked to research and analyze data regarding 1) length of stay and 2) hospital acquired infections and the impact of both metrics on the hospital budget and reimbursement. As reimbursement payments become increasingly linked to quality of care, it is important for Healing Hands Hospital to continue to improve in these areas. You have been asked to help the Chief Financial Officer and Chief Nursing Officer evaluate these aspects of patient care as part of your report to Mr. Magone and the Task Force.

Average length of stay
Hospital acquired infection rate
Describe how these statistics impact the organization’s budget and reimbursement opportunities in the future. Be sure to include how Medicare reimbursement will be impacted.

For your research, remember to use the hospital that you chose to represent the fictitious Healing Hands Hospital and use data for the same state and region for comparison in your analysis.

For the final paper reference list, be sure to include all of the reference sources besides the textbook identifying where you found your data on hospital statistics and add this to your references for the other sections of your final paper from the previous week’s assignments. Document your references using APA format.

Part 2: Note this part of the Unit 5 IP is a separate submission. This is in the form of a 2 paragraph memo.

Being asked to be part of the Task Force was recognition of your abilities and value to Healing Hands Hospital. When you started to work on the Task Force, you were not an expert in all of the aspects of the healthcare industry on which you were asked to report. Your manager, Ms. Woods, the Chief Operating Officer, recognizes this and that you had not previously had the opportunity to present to the Chief Executive Officer and other members of the executive team. She tells you that this is a good opportunity to develop skills as a professional and expand your expertise level in the healthcare field. She is curious about how you feel about the opportunity and what skills you feel you already had and those that you developed in this process. She also would like to know what skills you feel you still need to develop to continue to advance in your healthcare management career. Write a 2 paragraph memo to Ms. Woods that answers her questions and reflect on your professional development through the work that you did for the Task Force (as a part of this course) and how you will continue to maintain your acquired skills and knowledge base.