Week 5 DQ 1
1. Mandatory: Review the scenario below and answer the questions that
follow:
ABC Hospital is a small, privately owned community hospital. It has
been struggling to survive financially, as reimbursement r
...
Week 5 DQ 1
1. Mandatory: Review the scenario below and answer the questions that
follow:
ABC Hospital is a small, privately owned community hospital. It has
been struggling to survive financially, as reimbursement rates have
declined and consumers are being drawn to the larger state-of-the-art
hospital facilities in urban areas that are perceived to have better quality.
ABC Hospital was built in 1960 and has been operating in the same
manner for many decades. The hospital meets legal and regulatory
requirements but has not kept pace with some of the newer technologies
and patient conveniences becoming more prevalent in the health care
industry.
What strategies can the organization take to survive, improve its
performance, and compete with other hospitals over the next 5
years?
What are some advantages or disadvantages of these strategies?
Provide specific examples to support your answers.
Financial performance is important any type of organization
whether small or large. With a small organization, the financial
stability may decline due to overspending, unorganized book
keeping, or not providing advances in technological services.
It is important that an organization be prepared for any
financial burdens that could arise. With a small organization
that is struggling financially, some strategies that could be
implemented to survive would be spend on advertising to
increase revenue, cut high costs by using spending systems
that might increase accounts receivable, and strategize more
efficiently with leadership and administration. Though the
small organization may not have all the advanced
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technological advances, the organization can still provide the
best care to patients with the resources that they have. An
advantage to some of these strategies are that revenue may
increase from advertising stating that they provide the best in
care and the organization may be more advanced in
leadership and ownership, but a disadvantage may be that it
may be hard to complete these tasks due to high expenditures
and increasing high costs of health care.
In our health care industry competition is increasing, resources are
limited; government regulations and balanced budget are touchy
subjects. The health care market is now more demanding than 20
years ago. In order for hospitals that are struggling need to stay a
float by working on a plan of strategies like:
1) Despite the barriers hire more physicians
2) Offer more medical services
3) Provide improvements
4) Advertise the organizations new services
Hospitals are competing for physicians and patients. This health
care organization needs to have a committed medical staff.
Today physicians are what the health care market is recruiting
for. ABC Hospital may need to work with the administration to
come up with guarantee compensation regardless of the
financial struggles.
Due to the increase cost for hospitalization; health insurance
companies have d
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