Best Practices in Healthcare Facilities Capital Planning WK 3

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Best Practices in Healthcare Facilities Capital Planning WK 3

Best Practices in Healthcare Facilities Capital Planning WK 3

Respond to two of your classmates’ posts, stating whether you agree with the best practice they identified and explaining why you agree or disagree.

 

Article & both peers response attached below! Respond to both peers individually

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Healthcare facilities and organizations are some of the biggest organizations financially that are in operation today. These facilities are open twenty four hours a day, seven days a week, regardless of weather, natural disasters and holidays. The main focus that is driven home in nursing school is patient safety, which also is highly stressed in hospitals, everything is centered around patient safety and high quality patient care. While the focus is on high quality patient care and patient safety, hospitals and health care organizations need to be mindful of their finances. The best practice for ensuring that an organization’s capital plan will be essential would be to use capital planning and management software. By using software, they would need to have contract assessment personnel with expertise in healthcare systems,” (Dufrense, R. 2009). These individuals would have the main focus of monitoring the finances via software systems. Software to monitor finances and capital budgets would be highly useful especially when larger healthcare organizations which have multiple locations which are spread out, to maintain accurate balances. “By employing a capital planning and management software tool to view this information in aggregate from a variety of perspectives, for example, by cost, priority and category, hospitals can make better-informed spending decisions and begin to convert facilities’ data into action plans with achievable deadlines as part of a larger capital plan,” (Dufresne, R. 2009). Software can easily be updated as well as utilized by financial managers at all locations within one specific healthcare system and would be the most beneficial as well as best practice.

Reference Dufrense, R. (2009). Best practices in healthcare facilities capital planning. Healthcare Design 9:6, 36-40.

Peer Response 2:

Yaye Marone posted

Healthcare organizations have many different budgetary obligations. With advancements in technology, as well as safety at highest priority, increasing quality of care for patients there are continuous improvement that are necessary to be made to keep up with the ever-changing healthcare trends. Healthcare organizations need to monitor capital budget closely. Saving and planning for unidentified, unexpected costs, while considering trends, creating objectives and setting ambitions for improvement. “Developing and effective long-term capital plan requires a healthcare organization to maintain a comprehensive understanding of the entire facility portfolio, determine what improvements are required, prioritize those improvements to align with the overall goals of the organization, and finally ensure that the dollars are spent as planned.” (Dufresne, p.38). Organizations need to be extremely strategic, and fluid in order to be successful. “

I think that the best practice for ensuring that an organizations capital plan will be successful is to align with organizational objectives, maintain fluidity with planning, as well as being strategic with purchases. Being fluid, means changing with the varied trend in healthcare; changes will not always happen in the order we requested it to be done. Sometimes, specific changes will incur more revenue, making a greater reimbursement and opportunity for more change at a faster pace. Employing strategies to look at the overall gain of one purchase over another will increase revenue. Increase in revenue will increase capital budget and this will favor further purchases and organizational improvements. “It is important that organizations go into the process with both a clear view of their end goals and the realization that a strategic capital plan is a fluid document that needs ongoing review against organizational objectives.” (Dufresne, p.40).

 

References:

Dufresne, R. (2009). Best practices in healthcare facilities capital planning. Healthcare Design,

6(9), 36-40.

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