Benchmark - Finances and Quality in Health Care PowerPoint Presentation You have recently been hired as the chief financial officer (CFO) of a large hospital. Your hospital has experienced major...

Running Head: FINANCES AND QUALITY IN HEALTH CARE POWERPOINT    1
FINANCES AND QUALITY IN HEALTH CARE POWERPOINT    2
BENCHMARK - FINANCES AND QUALITY IN HEALTH CARE
Table of Contents
Introduction    3
1. Conception of Quality in Healthcare    3
2.    4
Cu
ent Finances of Organization    4
Probable Impact of Quality on Bottom Line    5
3.    6
Outcomes of not Implementing New Department within Organization    6
Legal Implications    7
Marketing Implications    8
Conclusion    8
References    10
Introduction
· Healthcare is a moral profession and largest hospitality provider.
· Healthcare industry is highly dependent upon patient’s satisfaction.
· Quality Improvement (QI) programs can allow significant and measurable improvement in cu
ent healthcare settings.
Healthcare has been regarded as one of the largest service-providing sector in U.S and can also be considered as largest service providing sector under hospitality industry. Healthcare is dependent upon patients and therefore, growth within this sector could be exponential only when patient’s satisfaction may be considered as priority. In order to do so, hospitals may be required to inculcate quality improvement programs.
Further, QI department in an organization can help to boost the profits (Mora & Walker, 2016). This report focuses upon the importance of QI within one well-known hospital settings that is ‘Greenwich hospital’. Further, efforts will be made in order to analyze cu
ent finances of the organization and quality enhancement along with some of the consequences that the organization can suffer from if QI is not implied.
1. Conception of Quality in Healthcare
· ‘How things are done now’ can be considered as cu
ent system or functioning of organization.
· Quality of services is the consistency in meeting patient’s satisfaction.
· Quality improvement (QI) is the improvement in cu
ent functioning.
Waring, Allen, Braithwaite and Sandall (2016) suggested that cu
ent system or functioning of an organization could be defined as the way, in which the things are being done. On the other hand, performance of an organization is the efficiency or the consistency, with which they can provide the outcome of care and satisfaction to patient. Further, quality can be considered as consistency in patient’s satisfaction after receiving the services from hospital.
· QI can work as systems and processes.
· QI includes focus upon the requirement or expectations of patient needs from the organization
· QI focuses upon teamwork and focus upon use of data that is using a statistical approach.
In order to understand the areas of improvement, organization may be required to review its own key processes and delivery systems. This may allow them to identify the gaps that may be leading to patient’s dissatisfaction and ultimately are a source of quality
each (Mosadeghrad, 2014). Further, using qualitative and quantitative data, organization can identify improvement areas and therefore can improve its quality.
2.
Cu
ent Finances of Organization
· Greenwich Hospital is located in Connecticut, USA.
· Cu
ent financial strategy used is favorable payer mix system.
· Most of the funding is received from private and government insurances and very less from self-paying individuals.
· Reflects strong operating profitability and a much stable market share percentage.
The U.S health care system is mostly privatized and therefore, only individuals possessing insurance have access to healthcare facilities while other individuals either have to self-pay or do not receive healthcare services. Moreover,...