“Hospital Financial Wellness Program”

Most hospitals struggle to improve the quality of healthcare, reduce or control costs, and provide their customers access to healthcare. Nevertheless, several steps can be taken by hospitals to improve their productivity in the midst of these economic conditions.
The aim of this proposal is to improve hospital profitability by reducing costs and increasing revenues.
I. Mission (align with the existence/mission of the company/hospital)
KSSH-MOH is dedicated to providing healthcare at all levels, promoting general health and disease prevention, as well as developing laws and regulations that govern both the public and private health sectors. Additionally, MOH is responsible for monitoring the performance of healthcare institutions including research initiatives and academic development for health investment (MOH, 2020)
II. Business & Financial Goals (Aim/Purpose)
The following goals stated below are to make revenue and to save the allocated budget of the hospital.
– Implementation of mandatory health insurance;
– Strengthen the effective use of available resources;
– Increase health professionals training opportunities;
– Identify potential sources of revenue including as increase in the share of private sector expenditure through alternative methods of financing;
– Improve hospital’s ability to track financial positions using information technology
– Improve management of facility
III. Pitch (Big Idea/Concept!)
The Ministry of Health (MOH) fulfilled the traditional role of chief governmental health coordinator. It has a wide scope of regulatory functions. These include regulation of health products and service quality, and price setting. It is also allocating global budgets for each regional health directorate. Each regional directorate has relative autonomy in managing its health-related affairs. Directorates are provided with lump-sum budgets which they distribute to their hospitals.
The Saudi Government has demonstrated its strong commitment to improving the health of the Saudi population, and has given high priority to the development of primary, secondary and tertiary healthcare services. In 2018 alone, the Saudi government allocated a SAR 146.5 billion (1 SAR=13.5php) fund for health services and development, which accounted for 15 per cent of government budget expenditure (Al Hanawi, M et al, 2019).
As a result, practitioners obtain generous premiums for vacation pay, 58 days leave per year. Additionally health care is free for all Saudi citizens and expatriates working in the public sector and staff nurse wages vary from 6,480 SAR (lowest) to 18,600 SAR (highest) with free accommodation and transportation.
Despite the considerable resources currently being allocated by the government, hospitals are increasingly under pressure as a result of the most important challenges posed by rapid expenditure and demand while services remain finite.
The hospital will need to consider the following approaches to minimize economic burden of the hospital.
First, implement the health care insurance to cover both consumer and employee expenses. The direct effect of requiring insurance is to allow the annual healthcare budget to be shifted from the government to an insurance company. In addition, insurance companies are looking to build networks to ensure successful business attraction services and create restrictive professional networks to track the hospital’s efficiency as well as costs. It therefore, demonstrates a chance to improve and develop the facilities and services of the hospital.
Second, hospitals would aim to give employees continuous awareness of the most efficient way to use available resources as unnecessary use of resources would drive up hospital cost. Hence, proper utilization leads to cost control.
Third, hospital considers the privatization as recommended by the MOH. The aim of hospital privatization is to sell or rent the hospitals and clinics to private entities and/or probably establish a semi-independent state-owned corporation to manage and operate the hospital.
Fourth, other way hospitals can generate revenues and operate efficiently at the same time is through the use of innovative technology. Hospitals can use clinical decision-support systems to achieve positive financial results. Such systems allow providers to monitor facility utilization. In certain cases, providers may use such technologies as a way of significantly decreasing the number of unnecessary usage of supplies and equipment, without compromising the quality of patient care.
Finally, the hospital needs to understand the revenue cycles so that opportunities and weaknesses can be identified. When hospital managers have a clear understanding of the sales cycle of the organization, they will then determine where funds and services will be distributed.
IV. Guideline/s (how you will implement it?)
Hospital Financial Program differs from organization to organization, but it can be consolidated into the steps below as to how they are implemented.
Step 1. Public involvement
Community participation is considered essential to the success of healthcare initiatives, and must be addressed when designing healthcare financing system. According to Mooney, listening to the population is needed in order to change healthcare systems to become more economically competitive.
Step 2. Understand the community unique needs by conducting a survey
Determine the viewpoint of the community on their health services and assesses their willingness to contribute to the financing of the national health insurance as well as their views in relation to system stewardship, coverage dimensions and funding functions of the health insurance scheme.
Step 3. Review financial position of the hospital
Determining the hospital’s assets as well as its liabilities can provide the hospital’s overall financial position. This will allow executives in hospitals to take constructive action to improve financial conditions.
Step 4. Submit a Financial Wellness Program proposal to the hospital director for review and approval
Step 5. Conduct financial awareness program among employees
Financial awareness can encourage health care providers to become more concerned about the costs of supplies of the hospital.
Step 6. Formulation of Policy and Procedure on health insurance
The result of the study will guide policy makers on the viable implementation of a national health insurance.
V. Total Yearly Budget: __________________________________________________________
VI. Income Projection & Explanation:_______Please try to answer this for me___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
VII. Expenses: (Operational Cost)
___________please answer this for me_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
VIII. Professional & Personal Growth (Plan to build skills to grow)____________________________________________________________________________________________________please answer this for me___________________________________________________________________________________________________________________________________________________________________________________________________
IX. Monitoring/Control (Review/Feedback)
One of the most important ways that hospitals can improve their profitability is by continually evaluating and renegotiating their managed care contractson a quarterly basis,

References:
Mooney GH. Economics, medicine and healthcare. London Financial Times Prentice Hall; 2003.
Al Hanawi, M et al (2019). Healthcare human resource development in Saudi Arabia: emerging challenges and opportunities-a critical review. Retrieved from: https://link.springer.com/article/10.1007/s40258-017-0353-7
Ministry of Health-Kingdom of Saudi Arabia (2020). Retrieved from https://www.moh.gov.sa/en/Ministry/About/Pages/Mission.aspx

Sample Solution

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