INITAL POST:How will you as a health care manager use data to prioritize strategies for your department? Provide an example. RESPOND IN 175 WORDS OR MORE
CLASSMATE: KIM
Hello Everyone,
As a healthcare manager, using data to prioritize strategies in a specific department provides strategic planning and a roadmap, which is essential in decision-making. Collecting such data as race, ethnicity, and language data allows the health care organization to discover differences in care. This data will affect the outcomes and the experience in the patient’s plan. Knowing the value of the data will help me to my next step, to determine where it is coming from and how it’s stored. For appropriate strategies, both qualitative and quantitative data would be required. Qualitative data provides insights and clues focusing on a particular problem. Quantitative data illustrates the problem’s size. These data types will provide the details of the underlying issues, and by quantifying the problem, one can realize the sequence in which solutions are obtained. Having successful healthcare data strategies is important for the success of the organization. The more organized the planning is the better the outcome of the roadmap that is made.
How Healthcare Cost-Per-Case Improvements Deliver ROI (healthcatalyst.com)
Dash, Shakyawar, Sharma, & Kaushik, (2019)
RESPOND IN 125 WORDS OR MORE
PROFESSOR: In addition to the discussion in the classroom of how to prioritize strategies using data, in this course we have learned the need for identifying a financial or economic goal that aligns with the strategic plan of Phoenix Hospital, so let us review some basic principals of economics.
The concept of health care as a business is introduced this week. Health care is a market and provides goods and services to customers. Customers make choices about how many goods and services to purchase. Health care comes with a cost. That price is subject to many market forces as is the cost of housing or a new car.
If the commodity is scarce, the price will go up. If the market is flooded, the price will go down. For example, you may drive 5 miles to get to a supermarket with lower prices. On the other hand, if that market is 20 miles away, it is not worth the gas. We make the same decisions in health care. If there is a limited supply of cardiologists and too many internists, a visit with one will cost more than a visit with the other. If Hospital A costs an insurer less than Hospital B, the insurer will send their business to that hospital. If the hospital is 50 miles away, the patients may refuse to go (University of Phoenix, 2016).
Class – Now, if I told you that healthcare is an inelastic product. What exactly does that mean and in the context of supply, demand, and prices, how do these variables interact?
Reference
University of Phoenix. (2016). Read Me First Notes. Retrieved from University of Phoenix, HCS/440–The Financing of Healthcare course website.
In addition to the discussion in the classroom of how to prioritize strategies using data, in this course we have learned the need for identifying a financial or economic goal that aligns with the strategic plan of Phoenix Hospital, so let us review some basic principals of economics.
The concept of health care as a business is introduced this week. Health care is a market and provides goods and services to customers. Customers make choices about how many goods and services to purchase. Health care comes with a cost. That price is subject to many market forces as is the cost of housing or a new car.
If the commodity is scarce, the price will go up. If the market is flooded, the price will go down. For example, you may drive 5 miles to get to a supermarket with lower prices. On the other hand, if that market is 20 miles away, it is not worth the gas. We make the same decisions in health care. If there is a limited supply of cardiologists and too many internists, a visit with one will cost more than a visit with the other. If Hospital A costs an insurer less than Hospital B, the insurer will send their business to that hospital. If the hospital is 50 miles away, the patients may refuse to go (University of Phoenix, 2016).
Class – Now, if I told you that healthcare is an inelastic product. What exactly does that mean and in the context of supply, demand, and prices, how do these variables interact?
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