Unit 3 Business Principles Paper
In the healthcare business as in any business decisions will impact how you do business in a significant way. Moreover, one of the more difficult decisions is what I am going to do within the business and more importantly, what am I not going to do. This post will discuss three business principles that I feel create patient-centered care delivered with quality and safety.
My first business principle is, decide who you serve (and focus on them intensely) (Fisher, 2008). I made this my first choice because it is the reason I became a nurse. I wanted to care for, treat, and educate the sick and infirmed population. This business principle ensures that one provides the best possible patient care because without this concept quality is lacking. …show more content…
Having clear, well defined goals can: help business growth, achieve your objectives, improve teamwork and collaboration, and help everyone understand the direction a business is heading (Australian Government, 2016). I chose this principle because goals towards patient-centered measures and outcomes are increasingly important as insurance reimbursement is based on performance. Having well- implemented goals that provide a transformation to a more patient-centered model ensures the highest reimbursement for the facility, this should be the direction healthcare facilities from a business stand point are moving. Moreover, well-implemented goals have the potential to improve the comprehensiveness, coordination, efficiency, effectiveness, cost effectiveness, and value of care, as well as the satisfaction of patients and providers. My institution strives to continuously improve the quality-of-care, with a vision of patient-centered care. They value and promote evidence-based processes and goals that promoted patient-centered care that improves quality and has cost effective outcomes. It is the reason why my department is supporting my capstone for Nursing 4600. In conclusion, healthcare because of its nature is a complex service or product, it is not an item on a store shelf. Applying business principles is necessary to the success of a healthcare facility. The Affordable Care Act’s strategy focuses on lower cost and team-based approach, but it may take a while before the evidence is clear to the public and traditional providers (Mason, Gardner, Outlaw, & O'Grady, 2016). Therefore, healthcare professionals need to apply economic thinking into their delivery-of-care for healthcare businesses to thrive in a competitive
My first business principle is, decide who you serve (and focus on them intensely) (Fisher, 2008). I made this my first choice because it is the reason I became a nurse. I wanted to care for, treat, and educate the sick and infirmed population. This business principle ensures that one provides the best possible patient care because without this concept quality is lacking. …show more content…
Having clear, well defined goals can: help business growth, achieve your objectives, improve teamwork and collaboration, and help everyone understand the direction a business is heading (Australian Government, 2016). I chose this principle because goals towards patient-centered measures and outcomes are increasingly important as insurance reimbursement is based on performance. Having well- implemented goals that provide a transformation to a more patient-centered model ensures the highest reimbursement for the facility, this should be the direction healthcare facilities from a business stand point are moving. Moreover, well-implemented goals have the potential to improve the comprehensiveness, coordination, efficiency, effectiveness, cost effectiveness, and value of care, as well as the satisfaction of patients and providers. My institution strives to continuously improve the quality-of-care, with a vision of patient-centered care. They value and promote evidence-based processes and goals that promoted patient-centered care that improves quality and has cost effective outcomes. It is the reason why my department is supporting my capstone for Nursing 4600. In conclusion, healthcare because of its nature is a complex service or product, it is not an item on a store shelf. Applying business principles is necessary to the success of a healthcare facility. The Affordable Care Act’s strategy focuses on lower cost and team-based approach, but it may take a while before the evidence is clear to the public and traditional providers (Mason, Gardner, Outlaw, & O'Grady, 2016). Therefore, healthcare professionals need to apply economic thinking into their delivery-of-care for healthcare businesses to thrive in a competitive