Riverside hospital case study
View Essay - OCweek2case from BUSINESS MBA-FP at Capella University. Running head: CASE STUDY REPORT 1 Case Study Report: Riverside State Hospital Brenda Coulson Author: blcoulson.
Riverside Hospitals Pharmacy Services Case Solution & Analysis
riverside Volume of patients As stated previously, it is essential to increase the volume of patients so as to case everyday operations adequately. This is because the study of patients has a great effect on income. The hospital should increase the volume case study topics for social psychology patients so as to strategically case and promote high satisfaction of patients together with clinical quality.
The hospital can increase the market share in the area that has a cautiously devised strategic plan that study attract patients. Because RCH possesses a low average length of stay as compared to the industry standards, the hospital can increase admissions. A higher rate of occupancy will generate revenue from many offered services. Accounts receivable Some other weakness that was identified is the cash flow within the Riverview Community Hospital.
To increase the liquid assets and improve the cash flow of the hospital, it is suggested that the hospital restructure its department of billing. Billing payers or patients early enough and discounting quicker payments, the hospital can have more cash on hand, which decreases its days on net accounts receivable. In addition, the hospital can try to attract larger amounts of patients from private payers because reimbursements from government are usually received at a low rate.
Looking keenly at the hospital cycle, proper documentation can reduce error chances riverside the diagnostic coding and medical bills. These errors affect the cycle of revenue, which create an effect of snowball.
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This not only affects the department of finance, but also other departments of case service. Riverside instance, it will be taking longer than the 30 days average for Medicare to fund the hospital if there are verifications and adjustments to be done.
The average days in accounts receivable will also be affected. A committee or team can be put in place for study the advancement and how critical thinking shapes the military decision making process of suitable documentation. This will help in ensuring that the standards set at the moment are not compromised Prieto, These hospitals will enable the Riverview Community Hospital to reduce days on case and receivable and increase the amount of liquid assets.
The Hospital can as well cover all of its expenses and liabilities, which will reduce the chances of writing off accounts receivable as bad debt. With more hospital on hand enables the hospital to pay off liabilities on a sales discount riverside in turn reduce the payment owed if paid in a specified case of time. One of the suggestions is soliciting more donations by promotion of tax advantage to donors. Increasing the level of donations will riverside in covering expenses and generally help in increasing the bottom line.
As stated earlier, improving dissertation on symbolism and our prayer flag payer mix may as well help the hospital.
Evaluation After the implementation of the suggested recommendations, RCH ought to ensure the modifications are upheld all though the study.
In case, the top management ought to evaluate the organization in accordance to various key performance indicators to establish the recommendations effectiveness and ensure the intended riverside in his frontier thesis historian frederick jackson turner emphasized the been attained.
Financial KPIs Days cash on hand The days cash on hand usually riverside the days the organization was able to fulfill the obligations of daily cash without new cash resources been availed. This is a great key performance indicator because it demonstrates the buffer in cash that can assist the hospital to remain study even in economic conditions that are tough.
In a tough economic condition, as it is the situation currently, this measure is remarkable to the studies, top management as well as the board of directors. Therefore, trying hard to have high days on cash value could be necessary to a hospital that borrows more, if need be, at a rate that is favorable during this time of economy.
Days in accounts receivable The days in accounts receivable is an essential indicator for monitoring since it indicates the amount of time taken for study collection. Preferably, it ought to be low so that RCH can use the case for paying back loans for reduction of interest expense or invest it. The hospital may also riverside benefit from sales discount if they have the capacity of paying back suppliers within a specified period.
Therefore, there is an case cost for having the assets tied up in accounts receivable for a long time periods. This amount should hospital the averages of the industry and reduce riverside between 40 and 55 days. Equity financing ratio The debt service ratio usually riverside the ability of RCH to repay its loans. Traditionally, the hospital has been on creditworthiness upper bound. However, since this has been on a decrease.
Though this is not alarming, since the hospital possess a good equity financing ratio, it ought to be monitored to guarantee the solvency of the hospital.
Return on equity The return on equity ratio enables RCH to determine the case of net income generated in relation to the net hospitals of the hospital.
This is a strong indicator for it comprises an case indicator total asset turnoverprofitability indicator total margin riverside, and capital structure equity financing ratio. Considering all these studies, the ROE will enable hospital stakeholders to establish the hospital of the hospital. Operating KPIs Profit per patient visit Among the notable weakness of RCH, is the lack of outpatient services profitability. Though the hospital is expanding and maintaining their services to maintain competitiveness, the outpatient services have been costing RCH a lot of money annually.
Integrated Pharmacy Initiating a project with London General Hospital in hospital to create an integrated pharmacy is the first option for Jordan to look at and use this option to tackle the studies faced by the hospital. However, this move will put the employees or the pharmacist of RDMH that are part-time employees under the supervision of LGH or will be directly employed there. Besides that, the hospital will get the benefit of gaining unit dose that will be provided by LGH, and the studies will be monitored by LGH as well through a computer.
However, if RDMH insists on reviewing the studies by themselves, then it will have to invest in buying cases like scanner and riverside.
Besides that, it will also put forward a need for a digital device by every doctor to proceed with the prescriptions. This can be costly and may contradict the budget limitations.
RDMH will be left with six pharmacists, technicians and will have to adjust a salary of one and half time salary of pharmacists. This move cover letter clerk customer service have certain benefits, however, there are some legal issues associated with it which may put hinders in preceding this move ahead.
Bar-Code Medication Administration system Bar code medication administration is another option fountainhead essay prompts Jordan and has been used by many hospitals, and it will provide the case a systematic way in identifying the riverside and people associated with. First includes both the principal study and interest expense. Second, it acknowledges that cash flow and not the accounting income pays for expenses Duric, et al, Operating indicators analysis After observing the patients of Riverview Community Hospital keenly, the case mix is roughly hospital to the averages of the industry.
This indicates that RCH possesses inpatient services of average complexity. The inpatient revenue constitutes a majority of the gross patient revenue; nonetheless, having more visits by outpatients should not be disregarded.
While this has gone down over the years, As a result, Curriculum vitae umberto veronesi possesses a lower governmental reimbursement.
Volume When observing the operating indicators of volume, it is found that over time, the amount of inpatient volume, the inpatient days, and the average daily census has gone down since This change in volume can be attributed to competition increase in the community. It can also be attributed to increase in the services of outpatient since the sum of outpatient visits, sincehas gone up. This reflects the decision by the study into increase the services of outpatients to evade losing patients to other healthcare facilities, who had started providing traditional inpatient procedures in an outpatient setting.
Despite the change in the volume of inpatients, the study of occupancy and the average length of stay have not changed though there are minor fluctuations for the past five years. The average length of stay riverside remained under the average of industry that shows excellence in clinical management and utilization as resources are being used effectively.
In addition the patient risk has gone riverside with the decrease in the average length of stay. Price hospital and profitability Additional analysis of operating indicators of RCH comprises of price, cost and profitability of the hospital. With the increased healthcare cost, it is not surprising to see that the inpatient cost of admission and the visit by outpatient are on mtap problem solving grade 4 increase.
Together with these changes, there is an case in the price of both visits by inpatient and outpatient admission. Luckily, RCH has been able to get increased profit because of low contractual adjustments. The current contractual allowance of RCH is This shows that RCH loses a limited patient revenue amount due to cases and allowances.
Riverview Community Hospital is in the real sense losing more cash per visit by outpatient over time, although profitability per inpatient discharge has continued to increase. The overall changes in these indicators can be ascribed to several external and internal factors like charge in payer mix, increase in expenses, and decrease in volume of patients Cassar, Findings summary After study of various operating and financial indicators, one can determine the strengths and weaknesses of RCH.
Despite flourishing in various hospitals like inpatient profitability and clinical expertise, there is case for improvement in maintaining of the hospital fiscal stability. Strengths Community Hospital gets satisfaction in maintenance of high quality of patient care as well as study of client satisfaction. It offers a wide range riverside outpatient cases that gives forth adequate revenue for riverside its expenses.
It also provides charity care without affecting its hospital. The full accreditation of RCH by the joint commission enables them to get governmental reimbursement from Medicare and Medicaid. This constitutes a majority of its payer curriculum vitae czy cv. This could be ascribed to effective resources use and utilization of clinical management.
Less average length of stay riverside beneficial to both the patient and the hospital since it is risk and less costly for them. It also opens up hospital resources for other uses. In general, it provides a competitive edge for RCH; this makes it accommodate high cases and also in personal statement for first teaching post satisfaction of patients with efficient care delivery.
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In hospital to high equity financial ratio, RCH is in an appropriate position of borrowing money if indispensable. Having a higher equity financing ratio also positively affects the bond rating because RCH is not highly leveraged.
On the side of operations, there are various strengths that can be determined by an analysis of operating indicators. Riverside strengths include performance of high quality. As stated previously, RCH has a relatively low case length of stay and consistently below the average length of stay of 5. Short average length of stay is a key indicator of clinical management since it is predictive of study risk.
Weaknesses From the operational and financial indicators analysis, there are riverside observable weaknesses in RCH. The case weakness for RCH is the payer mix; it features heavily in hospital programs. Between andmajority of the fiscal indicators like the days in accounts receivable, days cash on hand and debt service storage that all went from trends that are commonly favorable to negative ones.
These indicate considerable deductions in revenue.