HCAD 640 UMDC Financial Ratios and EHR Documentation

I like that you consolidated different assessment criteria from multiple researchers. I think that makes your tool more comprehensive. I also like that you laid each criterion out in table format, which makes completing a data check a much more linear process, like filling out a checklist. When researching tools for this week’s discussion I was surprised to found how often poor record keeping ended up being a major factor in healthcare litigation cases. Keeping accurate and up-to-date records not only buffers a facility against malpractice allegations, but is vital for clear-cut communication between providers and patients, as well as communication between different providers in varying facilities or between different departments (Abdelrahman & Abdelmageed, 2014). Your tool most definitely encompasses the necessary criteria for the most efficient upkeep of medical records. If you had to shorten your list of criteria for the sake of reducing the complexity of your tool, what would you say are the top 3 most important aspects you would keep?

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References:

Abdelrahman, W., & Abdelmageed, A. (2014). Medical record keeping: clarity, accuracy, and timeliness are essential. BMJ, 348, f7716. https://doi.org/10.1136/bmj.f7716

Peer 2:

Re: “Data quality is the extent to which the data set meets the requirements of the user. According to Green et al. (2014), there are three main assessment criteria for measuring data quality: completeness, accuracy, and consistency.”

This post is very informative. The discussion is great, and I enjoyed reading it. I would like to comment on this portion of your contribution. Though I believe that the quality of data, and as well as the quality of information for this matter, is not just limited to the extent of a data set meeting the needs of the user completely, accurately, and consistently, I agree with your point when these assessment criteria characterize data quality. The user, such as the patient, would greatly benefit, health-wise as reflected on positive health outcomes, safety, and satisfaction. Ascertaining more data quality characteristics are met provides a better quality of healthcare and care delivery of a healthcare facility or organization.

References:

AHIMA Work Group. (2013). Integrity of the Healthcare Record: Best Practices for EHR Documentation (2013 update). Journal of AHIMA, 84(8), 58–62 [extended web version]. https://library.ahima.org/doc?oid=300257#.Yf7qAprMLtR

What is a Quality Measure | CMS. (n.d.). Www.cms.gov. https://www.cms.gov/Medicare/Quality-Initiatives-Patient-Assessment-Instruments/MMS/NTM-What-is-a-Quality-Measure-SubPage

HCAD 640 Discussion: Financial Ratio Analysis: (Please respond in 100 words minimum for this)

Peer 3:Great post! The tracking of a few key ratios is essential, but many smaller, more comprehensive operational ratios are frequently overlooked. Instituting a streamlined operation for monitoring fine details on a regular manner is critical to achieving high levels of precision tracking. It is critical for health care organizations to keep track of and analyze financial ratios on a regular basis. These ratios indicates where the production costs are flowing, they assist in cash flow management and serve as a great starting point for interpreting profitability. Accounting for financial ratios is useful for a wide range of organizations, from privately owned practices to large healthcare systems (Lazzari, 2018).

Reference:

Lazzari, Z. (2018, May 19). What is the importance of financial ratios in healthcare organizations? Azcentral. https://yourbusiness.azcentral.com/information-financial-ratios-trucking-industry-27250.html

Peer 4: You discussed some critical elements of the different ratios that can indicate how well (or not) a company is performing financially and operationally. When evaluating companies’ financial and operational stability, particularly for investment opportunities, it is important to do so in the context of their own sector, because organizational attributes can vary by industry; therefore, different financial ratios are better suited to analyzing certain sectors than others.

For example, airline companies tend to be capital-intensive and rely heavily on capital- investments to increase revenue and profit. Whereas healthcare entities are more labor-intensive and rely heavily on training and resource-utilization to increase quality and efficiency, which correlates to strong financial performance when utilizing a Balanced Scorecard. (Amir, et.al., 2021).

Over the past few decades there has been steady growth of corporate interest and influence in the healthcare sector, which has produced a more business-oriented healthcare system that is heavily influenced by aspects of for-profit and private equity investments. Some who champion this trend say it: makes the healthcare system more efficient, encourages innovation, and provides financial stability to ensure assess and improve care delivery. Opponents counter that this trend favors profit-over-care and erodes the patient-doctor relationship. (Crowley, et.al., 2021).

Either way, HCOs, healthcare leaders, including physician practices, can evaluate and strengthen the financial health of their organization by learning how to analyze information on various financial statements (current and past) as you indicated.

References:

Amer, F., Hammoud, S., Khatatbeh, H., et al. (2021). The deployment of balanced scorecard in health care organizations: is it beneficial? A systematic review. BMC Health Serv Res 22, 65 (2022). https://doi.org/10.1186/s12913-021-07452-7

Crowley, R., Atiq, O., Hilden, D., et al. (2021). Financial Profit in Medicine: A Position Paper from the American College of Physicians. Annals of Internal Medicine. 2021; 174:1447-1449. doi:10.7326/M21-1178