Hrm 531 Week 3 Business Principles Paper

The reality of the health care industry is that it works and operates as a business. With a strategic marketing strategy coupled with high patient care satisfaction, these businesses will prosper if certain internal are met. Operating a large entity such as a health care organization also demands innovative and up to date care, recruiting and retaining high quality staff and Chief Executive Officer (CEO) who has a vision for success. In the following discussion, three business principles will be addressed that are essential to maintaining safety and patient-centered care that makes a health care institution financially stable and how these concepts apply to my current facility. The first principle of business in sustaining longevity in any health care organization is determining what your niche is, then focus on that particular area that will set you apart from the rest of the contenders (Fisher, 2008). In terms of succeeding in the health care industry, a facility needs to have …show more content…
High quality care and good serive is important in today’s competitive health care business. With internet access and the media focusing on issues of malpractice, it is important for an organization to provide the best kind of care, which includes employing good doctors, nurses and other members of the auxiliary team to meet the patient’s needs. In the recent years, healthcare organizations have been focused on the Press Ganey and Hospital Consumer of Healthcare Providers and Systems (HCAHPS) was a way to attract patient. When patients are satisfied with the quality of service care, they are likely to become returning consumers and make referrals. Patient’s satisfaction is mostly impacted by the caregiving, therefore, HCAHPS is not only a means to receive government reimbursement, but also attract current and new patients (Barlow,