Journal: Economic Impacts

Overview

As a BSN-level nurse, you may or may not have much practical experience with the business aspects of healthcare. At the MSN level, the expectation is that MSN professional nurses develop competencies related to the business of healthcare. The business competencies listed in the contemporary leadership model also include hospital economics. Hospital economics and the implementation of QI initiatives are interrelated; therefore, it is essential to factor in hospital economics when planning quality improvement (QI) initiatives. For example, implementing a QI initiative in one area of improvement may impact another area of improvement if reallocation of resources is needed. The Institute of Medicine’s landmark report listed six recommended areas on which to focus quality improvement initiatives. The six recommendations are as follows:

  • Safe: Avoiding injuries to patients from the care that is intended to help them
  • Effective: Providing services based on scientific knowledge to all who can benefit and refraining from providing services to those not likely to benefit
  • Patient centered: Providing care that is respectful of and responsive to individual patient preferences, needs, and values and ensuring that patient values guide all clinical decisions
  • Timely: Reducing waits and sometimes harmful delays for both those who receive and those who give care
  • Efficient: Avoiding waste, including waste of equipment, supplies, ideas, and energy
  • Equitable: Providing care that does not vary in quality because of personal characteristics, such as gender, ethnicity, geographic location, and socioeconomic status

Prompt

In your journal, reflect on potential economic impacts when implementing quality improvement initiatives. Select three areas of the QI recommendation to focus your journal entry. For each of the chosen recommendations, explain the economic impacts. Then, suggest at least one leadership strategy to contribute to an organization’s success for each of the three of the recommendations for quality improvement listed above. It is encouraged to choose recommendations you are less familiar with for this journal. Provide specific evidence from at least one scholarly source to support your claims.

Specifically, you must address the following rubric criteria:

  1. Discuss economic impacts. Explain the relationship between hospital economic impacts and each of the quality improvement recommendations.
  2. Suggest strategies for success. Identify and explain a leadership strategy to contribute to an organization’s success for each of the three recommendations you selected based on your past experiences. Consider the following question to guide your response:

What to Submit

Submit your journal as a 1- to 2-page Word document using double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

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