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-exper
Solomon, Daniel H. “Patient-Centered Care: What Does It Mean for You?” Brigham Health Hub, 7 Feb. 2018, brighamhealthhub.org/treatment/what-pati
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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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.
