Existing in an era of healthcare reform, implementation of the Golden Age Hospital and the Community Clinic requires a combination of best practices, business processes, technology, equipment, and excellence in financial and operational performances. An effective business model, incorporating promotion of patient/family-centered care with excellence in patient experience, requires careful consideration of financial and budgeting goals (Arduino 2014). Overall, GAH/CC ‘s strategic financial leadership deliberately considers the facility construction expenses, equipment and supply costs, fees, purchased services, as well as operating costs such as salaries, wages, and employee benefits. Strategic planning of the financial future of GAH/CC
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Construction of a state-of-the art senior hospital equipped with advanced technology in design, equipment, and instrumentation benefits the senior populace in Mission Viejo and surrounding municipalities. Therefore, the State of California made provisions for grants to entirely offset the expenses of the GAH/CC facility construction, including primary medical equipment and instrumentation (Trident 2016). As the facility is completed, Golden Age Hospital and the Community Clinic will strive to deliver excellence in healthcare to any senior resident seeking health promotion, education, and/or healthcare treatments.
Medicare
As GAH/CC exclusively serves senior patients, the strategic financial team recognizes the sole reimbursement source of this specific demographic will exist as the Federal Medicare health insurance. Since 1965, Medicare, the nation’s largest health insurance program, has provided health coverage for people, age 65 and over, with fixed payments for diagnostic and/or treatment procedures. After various federal payment methods occurred over the years, Medicare currently relies …show more content…
Strategic initiatives within an organization occur along service lines, electronic records, physician practice integration, effective ICD-10 coding, and/or successful quality improvement performances. As an illustration, promotion of patient care coordination as an inpatient, upon discharge and beyond with adequate electronic records, appropriate follow up care, and effective coding promote high quality healthcare with slim chances of readmission and efficient billing practices. Concentration on specific actions such as flexing staff hours with census adjustment, identifying costly admissions with the initiation of counteractive strategies and incorporation of statistics of service lines will prove to be a financial benefit. On a different plane, detailed operational budgets among departments will allow leadership to evaluate and understand cost-effective opportunities and impact on projects or initiatives within a twelve-month timeframe. Correspondingly, the development of rolling forecast, an outlook of 18-24 months, delivers the advantage of comparing actual performance with projected outcomes (Arduino 2014). In addition, the MHA599CT recommends the creation of multi-year financial plan, aiding in visualizing financial goals in relation to patient
Construction of a state-of-the art senior hospital equipped with advanced technology in design, equipment, and instrumentation benefits the senior populace in Mission Viejo and surrounding municipalities. Therefore, the State of California made provisions for grants to entirely offset the expenses of the GAH/CC facility construction, including primary medical equipment and instrumentation (Trident 2016). As the facility is completed, Golden Age Hospital and the Community Clinic will strive to deliver excellence in healthcare to any senior resident seeking health promotion, education, and/or healthcare treatments.
Medicare
As GAH/CC exclusively serves senior patients, the strategic financial team recognizes the sole reimbursement source of this specific demographic will exist as the Federal Medicare health insurance. Since 1965, Medicare, the nation’s largest health insurance program, has provided health coverage for people, age 65 and over, with fixed payments for diagnostic and/or treatment procedures. After various federal payment methods occurred over the years, Medicare currently relies …show more content…
Strategic initiatives within an organization occur along service lines, electronic records, physician practice integration, effective ICD-10 coding, and/or successful quality improvement performances. As an illustration, promotion of patient care coordination as an inpatient, upon discharge and beyond with adequate electronic records, appropriate follow up care, and effective coding promote high quality healthcare with slim chances of readmission and efficient billing practices. Concentration on specific actions such as flexing staff hours with census adjustment, identifying costly admissions with the initiation of counteractive strategies and incorporation of statistics of service lines will prove to be a financial benefit. On a different plane, detailed operational budgets among departments will allow leadership to evaluate and understand cost-effective opportunities and impact on projects or initiatives within a twelve-month timeframe. Correspondingly, the development of rolling forecast, an outlook of 18-24 months, delivers the advantage of comparing actual performance with projected outcomes (Arduino 2014). In addition, the MHA599CT recommends the creation of multi-year financial plan, aiding in visualizing financial goals in relation to patient