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Revenue Cycle Processes
In 2019, the CFO Outlook on Healthcare survey found that 96% of healthcare Chief Financial Officers (CFOs) believe that that they should be doing more to leverage financial and operational data to inform strategic decisions. Planning for the future in healthcare can be a risky thing as there are so many factors that can impact an organization\'s current finances and can make long-term planning much more difficult. To help make better and quicker decisions, health care organizations and boards are looking to implement dashboard systems.
Based on your research, find a case example of a health care organization that has used a dashboard, and discuss the benefits and any concerns that the health care organization experienced.
How do hospitals determine the quality measures to be used, and how are these related to the financial health of the health care organization?
Who, in addition to the board, should be given the dashboard? How frequently should the dashboard be updated?
How can the dashboard be linked to the organization’s strategic plans or objectives?
Your initial response should be 150 to 200 words in length for each question and include at least one academic source that is properly cited.
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Revenue Cycle Processes
The Virginia Commonwealth University is an incredible example of an institution relying on healthcare dashboards to inform decision-making. The facility depends on the dashboard to address issues of preventable medical errors. The facility has benefited from the dashboard by meeting its goal of having zero cases of preventable harm (Leconte, 2020). Also, the dashboard provides other important metrics, including vaccine administrations and infection and fall rates.
A hospital determines the quality measures to embrace depending on available metrics. For example, if a certain department has a high rate of catheter-associated urinary tract infection (CAUTI), they can use the available metrics to determine the steps to take towards promoting positive patient care outcomes. Also, healthcare planners must continually rely on data flowing through the facility from medical records and departmental data to determine any possible quality interventions (Lagasse, 2018). How well a company uses such data affects profitability. For example, a facility that promotes positive care outcomes by reducing the rate of CAUTIs might face an increase in patients leading to increased profit margins.
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Other than the board, the hospital management and key healthcare providers involved in planning should have access to the dashboard. The hospital management or senior leadership could involve the CNO, CMIO, CIO, CEO, and CMO. Due to the wealth of untapped information captures by electronic health records or other hospital systems, it is critical to update the dashboard routinely (daily if possible) (Lagasse, 2018). The dashboard could be linked to an organization’s strategic plans or objectives through tracking key performance indicators (KPIs) that influence the financial position of the hospital across different facilities or departments. For instance, a care facility can rely on specific KPIs to track operational costs leading to quality care and cost containment.
Lagasse, J. (2018, September 24). CFO's guide to creating a successful innovation dashboard for healthcare. Healthcare Finance News: https://www.healthcarefinancenews.com/news/cfos-guide-creating-successful-innovation-dashboard-healthcare
Leconte, P. (2020). 4 Types Of Healthcare Reporting Dashboards To Copy. https://www.clearpointstrategy.com/healthcare-dashboard/
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