Healthcare is in the midst of a paradigm shift in which the focus is transitioning from volume based care to value based care. Ginter, Duncan and Swayne (2013) describe value as the “amount of satisfaction received relative to the price and the expected outcome or results” (p. 131). In order to ensure success for these healthcare institutions, care must be cost effective and higher in quality (Homsted, Chen & Knoer, 2016). This focus on quality is guided by the Institute for Healthcare Improvement’s triple aim which looks at improving the population health, enhancing the patient experience and controlling the cost (Cornett, 2015).
The healthcare industry is in the infancy stages of value creation as recent initiatives have been newly set …show more content…
132). This tool assists with developing implementation strategies for the development of value in healthcare. This tool is multifaceted as it assists the leaders in making the overall patient experience valuable, not just one activity. In terms of service delivery, it looks at the pre-service, point of service and after service. However, this strategy also reviews the organizational culture, structure and resources that support the activities. Once all of these items are combined, it creates a chain of value, hence the name, Value Chain (Ginter, Duncan & Swayne, 2013).
Driven by Centers for Medicare and Medicaid Services’ push to decrease the rate of readmissions, my hospital, led by Tara, a quality nurse with a passion for improving patient health, began the journey of value creation as it created a program to reduce the readmission rate. Although Tara did not follow a formal value chain, upon review of the process, similar steps were taken. Before she began implementing a plan, she reviewed the data to determine the population most at risk for readmission. She then created a focus group from the step down unit population on the third floor, which consisted mostly of heart failure and …show more content…
(2013). Strategic Management of Health Care Organizations (7th ed.). San Francisco, CA: Jossey-Bass
Homsted, F. E., Chen, D. F., & Knoer, S. J. (2016). Building value: Expanding ambulatory care in the pharmacy enterprise. American Journal Of Health-System Pharmacy, 73(10), 635-641. doi:10.2146/ajhp150843
Kelly, D. (2011). Applying quality management in healthcare: A systems approach (3rd ed.). Chicago, IL: Health Administration Press. ISBN: 978-1-56793-376-5
Cornett, B. S. (2015). Defining Health Care Value: Elegant Complexity. Journal Of Health Care Compliance, 17(4),
The healthcare industry is in the infancy stages of value creation as recent initiatives have been newly set …show more content…
132). This tool assists with developing implementation strategies for the development of value in healthcare. This tool is multifaceted as it assists the leaders in making the overall patient experience valuable, not just one activity. In terms of service delivery, it looks at the pre-service, point of service and after service. However, this strategy also reviews the organizational culture, structure and resources that support the activities. Once all of these items are combined, it creates a chain of value, hence the name, Value Chain (Ginter, Duncan & Swayne, 2013).
Driven by Centers for Medicare and Medicaid Services’ push to decrease the rate of readmissions, my hospital, led by Tara, a quality nurse with a passion for improving patient health, began the journey of value creation as it created a program to reduce the readmission rate. Although Tara did not follow a formal value chain, upon review of the process, similar steps were taken. Before she began implementing a plan, she reviewed the data to determine the population most at risk for readmission. She then created a focus group from the step down unit population on the third floor, which consisted mostly of heart failure and …show more content…
(2013). Strategic Management of Health Care Organizations (7th ed.). San Francisco, CA: Jossey-Bass
Homsted, F. E., Chen, D. F., & Knoer, S. J. (2016). Building value: Expanding ambulatory care in the pharmacy enterprise. American Journal Of Health-System Pharmacy, 73(10), 635-641. doi:10.2146/ajhp150843
Kelly, D. (2011). Applying quality management in healthcare: A systems approach (3rd ed.). Chicago, IL: Health Administration Press. ISBN: 978-1-56793-376-5
Cornett, B. S. (2015). Defining Health Care Value: Elegant Complexity. Journal Of Health Care Compliance, 17(4),