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HFMA 2018 Student Event

On April 10, 2018 I attended HFMA 2018 Annual student event. At the event I was too able to hear from the 3 Panelist that were present: Marie, Brent and Ashley who all were active directors/ administrators in their organizations. The 3 panelist answered various questions, asked by Professor Mitchell, that were of real interest to students, graduates, etc. some of the questions asked were: how to stand apart on your resume and deficit skills lacking in recent grads. The 3 panelist provided their personal experiences and insight to the questions that were asked. They also answered questions from the audience. I learned a lot from this event and it was really nice to meet new people from different professions and in different stage of their academic career. The big takeaway I received from this event was to be patient, stay true to myself and learn how to work well with others. Hearing from the panelist really gave me a lot to think about and hope for my future in healthcare administration. After the talk, scholarships award were given to deserving students and then we had a little mingle/ catch up sessions. Then a name was drawn for the raffle and lo and behold my name was picked! All in all it was a nice event and I’m really glad I attended.
With the evolution of healthcare it is transforming into a patient centered service with unique care plans that fits the lifestyle and values of each patient. Dr. Solomon states that “Patient-centered care involves transforming the relationship between providers and patients from the traditional model, in which a care provider prescribes the same treatment for most patients with similar diagnoses or conditions, into a patient-provider partnership that considers treatment options based on a patient’s unique concerns, preferences, and values”.it creates a unique care plan and possible solution catered to the patient individualized needs. No more cookie cutter treatments.

The link between patient experience and financial performance is not 100%, because other factors can come into play, but there is a chance that positive patient experience can lead to improved financial gains for a provider. A simple analogy of this is going to a restaurant, where the wait staffs are really friendly, ambiance is amazing and the food is great. Because of all these factors its normal to want to go there more and maybe even tell your friends and family about it. That same scenario can be applied in a hospital setting. If patients have a positive experience they are more inclined to return to that same provider and even recommend that provider to family and friends. Some research that has been done on this topic “which relied on both descriptive and regression analyses concluded that, hospitals with the highest satisfaction scores tend to treat customer experience as an investment. By so doing, they increase their costs, naturally, but they increase revenue even more”. So the research that has been done on this relationship shows that there is a correlation with patient experience and an organization financial performance. In my legal dimensions of healthcare class, when we were learning about torts our professor discussed an d made the statement that patients are less likely to sue a hospital if they have an overall good experience with the medical staff even with less than favorable care outcomes.

The relation between patient experience and financial performance is evident but it shouldn’t be the only thing taken into account when striving to run a profitable organization. Experts will still recommend being aware and flexible to legal and economic changes that can affect an organization.


Sources
Murphy, Micheal. “Why Patient Experiences Are More Important than Ever.” ScribeAmerica, 13 Sept. 2017, scribeamerica.com/blog/why-patient-experiences-are-more-important-than-ever/.
Solomon, Daniel H. “Patient-Centered Care: What Does It Mean for You?” Brigham Health Hub, 7 Feb. 2018, brighamhealthhub.org/treatment/what-patient-centered-care-means-for-you.
The webinar begins with Rosalyn Lewis the HFMA technical analyst welcoming and introducing the two speakers: Jon Bernstein, director at ADP and Roseann Kobalka, Corporate director at AlantiCare Health system. Mr. Bernstein quoted an article by Max Caldwell that stated “the effectiveness with which organization manage human capital will largely determine the success in other fronts”. This statement holds a lot of truth because there is a lot of power and influence in human capital. “Providers must able to engage and reengage a workforce that is suffering from work fatigue”. Kobalka emphasized the importance of employee engagement in her organization and how it is heavily influenced by the culture of the company. She reiterates that engagement works in a mutual relationship and must not be one way. She explains that it functions best in a two way relationship, that AlantiCare has obligations to the employees and the employee have obligations to the organization. She stated this relationship is explained at the very beginning of the hiring process in a written document that details the expectations of the employee and what the employer will provide to the individual.

Employee engagement at AlantiCare is “the level of personal commitment captured from employees both heart and mind towards advancing AlantiCare mission and goals”. She also explained how they designed a culture of engagement and showed that the view it as a puzzle with multiple parts. The parts include: Strategy/mission, career development, employee recognition, organizational culture, open communications, senior leadership’s relationship with employee and direct supervisor manager leadership abilities. In the webinar she then goes in depth of each of these parts and the role and importance they play in designing a culture of engagement.

Kobalka also broke down the financial cost of external hire vs. internal retraining. In her analysis it was shown to be more cost effective to hire and train from within especially when “rightsizing”. Because of organizational engagement employees feel more connected to an organization and are less likely to leave which in turns reduce the turnover rate. Engagement is an on-going process and just doesn’t end at the hiring process. Being aware and proactive to employee needs and wants can aid organizations in maintaining the human capital needed to succeed.


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Bundle Payment

Making payments on anything is not a fun task. It is just something that needs to be done to pay for services rendered or to avoid certain consequences like late payments, ruining your credit, etc. The bundle payment model was developed to collectively group an individual treatment that was given into one simple payment. Belliveau in her article also explains that bundle payment “are designed to pay multiple providers for coordinating the total amount of services required for a single, pre-defined episode of care”. Bundle payment is not the solution to rising healthcare cost but it can aid in reducing spending and potentially improve patient care.


Bundle payment is one of the models developed under the value based care system .Bundle payment can be described as the love child of fee-for-service and capitation. With a standard fee-for-service model services are paid separately. It inherently created an incentive for quantity over quality because the more treatments a physician administered the more they would get paid. With a capitation model service providers are paid a set amount for each patient. This can ultimately lead to physician taking on more patients that they can ideally handle and depending on certain areas (high cost of living areas) capitation is not always financial feasible. I believe bundle payment is a good middle ground between the two previous options of reimbursed that were introduced. I like that it shifts the focus more towards the health and care of the patient, which should be the ultimate goal of healthcare, instead of the physicians. RAND’s analysis of bundle payment explained how it can potential reduce spending because it “create incentives for providers to eliminate unnecessary services and reduce costs”. With this model in mind I believe it will enable physicians to act in the best interest of the patient and their speedy recovering.


Bundle payment model is not a perfect model. With this payment type physician experience a double edge sword scenario if they are able to decrease the cost they can share in the saving if the cant they incur a loss. All in all I’m in favor of this model that values the quality of life of an individual.




Sources
Belliveau, Jacqueline. “Understanding the Basics of Bundled Payments in Healthcare.” RevCycleIntelligence, 17 July 2017, revcycleintelligence.com/news/understanding-the-basics-of-bundled-payments-in-healthcare
Belliveau, Jacqueline. “What Is Value-Based Care, What It Means for Providers?” RevCycleIntelligence, 13 December 2017, https://revcycleintelligence.com/features/what-is-value-based-care-what-it-means-for-providers
Gruessner, Vera. “Are Bundled Payment Models or Capitation the Better Choice?” HealthPayer Intelligence, 30 Jan. 2017, healthpayerintelligence.com/news/are-bundled-payment-models-or-capitation-the-better-choice.
“What Is Value-Based Healthcare?” NEJM Catalyst, 13 Feb. 2018, catalyst.nejm.org/what-is-value-based-healthcare/.
“Analysis of Bundled Payment.” RAND Corporation, www.rand.org/pubs/technical_reports/TR562z20/analysis-of-bundled-payment.html.

HADM 4351 Blog intro

This page will hold my blog entries for HADM 4351