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  • Essay / Robertwood Johnson University Hospital Case Study

    It is essential that the operating budget be linked to long-term strategies by planning, setting goals and looking ahead. According to Wright, Robertwood Johnson University Hospital has adopted the GE model of "operational excellence" with long-term strategies for its operating budget. With the “Operational Excellence” strategy, the organization has transformed the operating budget over the years by accurately tracking and constantly improving its revenue cycle each year by defining payment practices to generate revenue in order to achieve specific financial goals of greater demand with maximum revenue margins as well as eliminate waste and streamline the budget by reducing expenses and prioritizing programs With the "Operational Excellence" strategy, Robertwood Johnson University Hospital has continually progressed over the years by implementing long-term strategies that have ensured the financial success of the organization. Having a strategic plan by setting objectives with goals and having an idea of ​​where they would like to go is a key factor in their success with the “operational excellence” strategy. The capital management plan consists of capital budgeting, with leaders making the decision whether to pursue long-term investments for their healthcare organization. It is essential that managers plan, analyze, select and manage capital investments. Usually, long-term capital funds are raised over a period of time to invest in capital projects. Capital planning involves long-term strategic objectives on how to successfully realize potential investments. The capital management plan includes several steps, such as planning, analysis, selection, execution and monitoring of the selected items to re-evaluate whether there are factors in the organization that can influence the selection decision based on the needs and demand of the Healthcare organizations must adopt a strategy to stay ahead of their competitors so that they can maintain their patient volume. By measuring quality of care through performance, patient satisfaction, experience and cost, all play a role in whether patients choose your hospital. Today, many healthcare organizations have adopted a triple bottom line strategy: exceptional quality, exceptional patient experience at a reasonable cost. By monitoring their patients' experience and continuously improving the quality of care at a reasonable cost, staying ahead of their competitors and maintaining and increasing patient volume has been an effective aid in the healthcare sector.