NUR 621 Topic 7 DQ 1

Discussion: The American Hospital Association (2014) recommends 10 must-do financial strategies in order to be successful in a value-based healthcare environment.

NUR 621 Topic 7 DQ 1 Assessment Description

The American Hospital Association (2014) recommends 10 “must-do” financial strategies in order to be successful in a value-based healthcare environment. Select at least five of these strategies and discuss how you could implement a change in your current work environment.

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NUR 621 Topic 7 DQ 1 Sample

Altering a nursing environment based on five of the American Hospital Association’s “must-do” financial strategies can considerably advance value-based care. Bunger et al. (2020) note that lean management system principles assist in presenting efficient ways of managing workflows and avoiding resource wastage. For example, sharing Electronic Health Records (EHR) can help minimize paperwork and errors, enhancing patient outcomes.

Another significant area of financial management is the focus on integrating and coordinating clinical services. This strategy could help enhance the quality of care that is offered to the patients in addition to the reduction of the costs that are incurred. NUR 621 Topic 7 DQ 1 Ellis et al. (2024) believe patient outcomes should be improved by ensuring sustained and coordinated patient care through a comprehensive multidisciplinary healthcare team, including physicians, registered nurses, and others. This approach allows persons with chronic sickness to manage their illnesses excellently due to increased access pruning from this strategy. Therefore, consumers can incur lower healthcare expenses, exhibit fewer related health complications (co-morbidities), and experience fewer deaths attributed to these chronic diseases.

Apart from coordination, a culture of accountability and performance improvement is vital. This goal can be achieved by deploying a performance measurement system focusing on patient satisfaction scores, readmissions, and treatment outcomes (Hollis et al., 2020). In this case, appraisal and feedback sessions assist the workers in setting goals and objectives and establishing areas of strength or weakness. This open communication working environment creates a culture of excellence and continuous improvement.

Building strong relationships with doctors is another essential strategy. Including nurses in decision-making and giving them the help and tools they need leads to better patient care and better use of hospital resources (Ellis et al., 2024). NUR 621 Topic 7 DQ 1 By working collaboratively, all healthcare team members— the healthcare facility and the medical staff—are aligned and focused on achieving the same objectives. This unified approach ensures that their efforts are coordinated and directed toward common goals.

The last central strategy for stabilizing finances is improving revenue cycle management. Zelman et al. (2022) emphasize optimizing billing processes, reducing claim denials, and ensuring timely reimbursements. The researchers further elaborate that educating the nursing staff on proper documentation and coding will decrease costly errors and better support billing. Thus, the hospital’s success in its attempts to enter new markets, diversify its services, and develop new services is tied to its ability to maximize its revenue cycle management.

NUR 621 Topic 7 DQ 1 References

Bunger, A. C., Powell, B. J., Robertson, H. A., MacDowell, H., Birken, S. A., & Shea, C. M. (2020). A scoping review of strategies for financing the implementation of evidence-based practices in behavioral health systems: State of the literature and future directions. Implementation Research and Practice, 1. https://doi.org/10.1177/2633489520939980

Ellis, P., & Hartley, C. (2024). Financial Management for Nurse Managers: Merging the Heart of the Dollar. Wolters Kluwer.

Hollis, G., & Broyles, L. (2020). Preparing for a value-driven future. Journal of Nursing Management, 28(3), 1-7. https://doi.org/10.1111/jonm.12960

Zelman, W. N., McCue, M. J., Glick, N. D., & Thomas, M. J. (2022). The Great Payoff: Transforming Patient Satisfaction ROI in the Revenue Cycle. Health Administration Press. NUR 621 Topic 7 DQ 1