MHA FPX 5014 Assessment 2 Internal Memo – Risk Financing
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Assessment Overview:
MHA FPX 5014 Assessment 2 examines risk funding at Rochester General Hospital to reduce medication errors that threaten patient safety and finances. It recommends using CPOE, BCMA, and confidential reporting systems to prevent errors, monitor performance through KPIs, and ensure compliance with CMS and Joint Commission standards. The aim is to improve security, reduce costs and strengthen financial stability.
How to Pass MHA FPX 5014 Assessment 2 Internal Memo – Risk Financing
- Start with a clear introduction that explains the patient safety problem (like drug crimes or medication mistakes) and how it hurts the economy.
- Identify key performance indicators (KPIs) that will help you keep track of progress and measure risk.
- Talk about the ideas behind risk financing, like how to figure out how much money you can afford to lose and how to lower risks.
- Think about how medication errors can cost money, like longer hospital stays, more resources used, and fines from CMS.
- Provide examples of evidence-based ways to lower risks, like CPOE with CDS, BCMA systems, and private reporting.
- Connect strategies to following the rules (CMS, Joint Commission) and how they protect money.
- Talk about legal and moral issues, with a focus on the duties of ACOs and the safety of patients.
- Show how keeping track of and collecting data (dashboards, KPIs, and reports) can help you improve things all the time.
- Tell the organization how risk mitigation strategies can help them save money and provide safer care.
- End with a summary and some ideas for what leaders should do to make risk financing projects their top priority.
Sample Assessment:
Patient Safety Issue
Rochester General Hospital (RGH), a part of Rochester Regional Health, has been honored for its quality healthcare services, earning Magnet status for excellence. Still, to sustain its progress and achieve organizational pretensions, addressing the high rate of drug crimes through threat backing is pivotal. These crimes not only compromise patient safety but also present significant fiscal pitfalls to RGH.
An evaluation of RGH’s spring 2021 sanitarium grade highlights the inflexibility of this issue. The performance in the drug administration sphere is particularly concerning, as detailed below (Hospital Safety Grade, 2021).
Patient Safety Risk and Key Performance Indicators
Drug crimes are a leading cause of patient detriment and fiscal loss in healthcare installations worldwide (Haytham, 2016). Defined as any preventable event that may beget unhappy drug use or patient detriment under healthcare professional control (AMCP, 2019), these crimes can occur during ordering, transcribing, allocating, administering, or monitoring stages (Durham, 2016). Given the dynamic nature of healthcare assistance, with its evolving regulations, programs, technologies, and guidelines, drug crimes pose both clinical and fiscal pitfalls to RGH.
Threat backing is essential for relating the implicit costs of these pitfalls and assessing the association’s capability to manage them (Rhinehart, 2021). Exploration indicates that drug crimes bring the U.S. healthcare system roughly $3 billion annually (AMCP, 2019).
To address this, RGH’s threat operation platoon will employ crucial performance pointers (KPIs) and performance dashboards to cover, assess, and alleviate pitfalls associated with drug administration
Strategies to Identify Risk Financing Issues
Threat backing involves assessing RGH’s fiscal capacity and amenability to manage pitfalls while aligning with the association’s strategic values (Harvard University, n.d.). Crucial strategies include relating, accepting, and managing pitfalls. (Indeed Editorial Team, 2020).
Relating pitfalls involves examining processes or events that can harm cases and beget fiscal loss. For illustration, drug crimes can affect extended sanitarium stays, increased resource use, dropped payment, and fiscal losses (Chen, 2017). Managing pitfalls entails gathering data, reviewing information, and developing strategies to reduce the circumstance of these pitfalls (NEJM Catalyst, 2018). Benchmarking can also be used to measure progress in threat mitigation and fiscal performance (Institute for Safe Medication Practices, 2005).
Recommendations for Risk Financing
To reduce drug crimes at RGH, the following strategies are recommended:
- Computerized Provider Order Entry (CPOE) with Clinical Decision Support (CDS)
- Bar Code Medication Administration (BCMA) System
- Confidential Incident Reporting
Implementing technologies like CPOE and CDS has been shown to reduce drug error rates by 55% (Durham, 2016). These systems inform companion healthcare professionals on medicine tablets, routes, and frequentness and give cautions for disinclinations or relations (Shah, 2016). The BCMA system ensures the five rights of drug administration (right case, cure, medicine, time, and route) and generates real-time cautions (Shah, 2016).
Nonpublic incident reporting will help gather data on drug crimes, enabling the development of strategies to ameliorate patient safety. A safety culture will be fostered, encouraging error reporting without fear of impacts, thereby furnishing precious perceptivity for threat directors (Rodziewicz, 2021).
Legal and Ethical Financial Risk Obligations
As a responsible care association (ACO), RGH must manage legal and fiscal pitfalls effectively to remain profitable and successful (NAACOS, n.d.; LaPointe, 2016). ACOs aim to give coordinated, high-quality care while reducing costs and precluding medical crimes (CMS, 2021). Compliance with CMS programs, which reduce or withhold payment for preventable crimes, is essential (National Conference of State Houses, n.d.). By clinging to safe drug practices and The Joint Commission (TJC) guidelines, RGH can ameliorate patient safety and maximize payment from CMS.
MHA FPX 5014 Assessment 2 Internal Memo – Risk Financing
Durham, M. S. (2016, February). Reducing Medication Administration Errors in Acute and Critical Care: A Multifaceted Pilot Program Targeting RN Awareness and Behaviors. The Journal of Nursing Administration, 46, 75-81. Retrieved from https://oce-ovid-com.library.capella.edu/article/00005110-201602000-00006/HTML
Harvard University. (n.d.). What is risk financing? Retrieved from Harvard University: https://rmas.fad.harvard.edu/faq/what-risk-financing
Haytham, T. A. (2016, June 6). Improving admission medication reconciliation compliance using the electronic tool in admitted medical patients. Retrieved from U.S. National Library of Medicine: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5067707/#:~:text= Medication reconciliation is a key safety measure, and patients receive medication reconciliation within 24 hours of admission. Hospital Safety Grade. (2021). Rochester General Hospital. Retrieved from Leapfrog Hospital Safety Grade: https://www.hospitalsafetygrade.org/h/rochester-general-hospital?findBy=hospital&hospital=Rochester+General+Hospital&rPos=96&rSort=grade Indeed Editorial Team. (2020, December 10). Five Key Risk Mitigation Strategies (With Examples). Retrieved from Indeed: https://www.indeed.com/career-advice/career-development/risk-mitigation-strategies
MHA FPX 5014 Assessment 2 Internal Memo – Risk Financing
Institute for Safe Medication Practices. (2005, March 10). Measuring Up to Medication Safety. Retrieved from ISMP: https://www.ismp.org/resources/measuring-medication-safety LaPointe, J. (2016, April 5). Understanding the Fundamentals of Accountable Care Organizations. Retrieved from Revcycle Intelligence: https://revcycleintelligence.com/features/understanding-the-fundamentals-of-accountable-care-organizations#:~:text=ACOs%20take%20value-based reimbursement to a new level,in%20ACO%20contracts%20can%20be%E2%80%9Cupside%E2%80%9D%20or%E2%80%9C NAACOS. (n.d.).
Membership Types and Dues. Retrieved from National Association of AC
Election. National Conference of State Legislatures. (n.d.). Medicare Nonpayment for Hospital-Acquired Conditions. Retrieved from NCSL: https://www.ncsl.org/research/health/medicare-nonpayment-for-hospital-acquired.aspx NEJM Catalyst. (2018, April 25). What Is Risk Management in Healthcare? Retrieved from Catalyst: https://catalyst.nejm.org/doi/full/10.1056/CAT.18.0197
Rhinehart, C. K. (2021, June 30). Risk Financing. Retrieved from Investopedia: https://www.investopedia.com/terms/r/risk-financing.asp
MHA FPX 5014 Assessment 2 Internal Memo – Risk Financing
Rodziewicz, T. L. (2021, January 4). Medical Error Reduction and Prevention. Retrieved from U.S. National Library of Medicine: https://www.ncbi.nlm.nih.gov/books/NBK499956/
Shah, K. L. (2016, September). Bar Code Medication Administration Technology: A Systematic Review of Impact on Patient Safety When Used with Computerized Prescriber Order Entry and Automated Dispensing Devices. The Canadian Journal of Hospital Pharmacy, 394-402. Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5085324/
References (APA 7 Format)
- AMCP. (2019, July 18). Medication Errors. Retrieved from Academy of Managed Care Pharmacy: https://www.amcp.org/about/managed-care-pharmacy-101/concepts-managed-care-pharmacy/medication-errors
- Chen, C. H.-Y.-C. (2017, August). The cost-saving effect and prevention of medication errors by clinical pharmacist intervention in a nephrology unit. Retrieved from Medicine: LWW Journals: https://journals.lww.com/md-journal/Fulltext/2017/08250/The_cost_saving_effect_and_prevention_of.40.aspx
- CMS. (2021, March 4). Accountable Care Organizations (ACOs). Retrieved from Centers for Medicare and Medicaid Services.
Rubric Breakdown
| Criteria | Basic (Low) | Proficient (Pass) | Distinguished (High Score) |
| Identification of Risk | Vague, unclear | Identifies medication errors | Clearly explains errors, financial & patient impact |
| KPIs & Monitoring | Minimal | Lists basic KPIs | Detailed KPIs with justification and data tracking |
| Risk Financing Concepts | Weak | Mentions financial risk | Explains assessment, mitigation, and financial capacity |
| Mitigation Strategies | Few | General strategies | Specific, evidence-based, and linked to outcomes |
| Regulatory Compliance | Limited | Mentions CMS/TJC | Clear connection to compliance, penalties, and finances |
| Legal & Ethical | Minimal | Notes ethics | Explicit discussion of ACO obligations and patient safety |
| Analysis & Recommendations | Weak | Basic proposals | Well-analyzed, actionable, and justified strategies |
| Structure & Clarity | Disorganized | Adequate | Logical, professional, clear headings, concise memo style |
Step-by-Step Guide
Addressing financial trouble like medicine crimes requires a multifaceted approach. Follow these ways to develop a comprehensive plan.
- Relating the Core Financial Risk fluently defines a specific functional trouble that has significant financial implications. In this case, the trouble is a high frequency of medicine crimes, which can lead to longer patient stays, increased resource use, and reduced CMS remittances.
- Establish pivotal performance pointers (KPIs) Develop a set of measurable KPIs to track the trouble. For medicine crimes, KPIs could include the chance of e-conventions covered, the use of two patient identifiers, and the number of adverse events related to specifics. This allows you to quantify the problem and monitor progress.
- instrument trouble—mitigation strategies Propose specific, validation-predicated strategies to reduce the trouble. For medicine crimes, the memo recommends
- Motorized Provider Order Entry (CPOE) with clinical decision support to help define crimes.
- Bar-law medicine administration (BCMA) to ensure the “five rights” of medicine administration (right case, cure, medicine, time, and route).
- A confidential incident reporting system to encourage staff to report crimes without fear of discipline, which helps identify systemic issues.
- Connect to Financial and Regulatory Compliance Explain how your proposed strategies will directly impact the association’s financial health. Punctuation: Reducing crimes will help the sanatorium avoid penalties from nonsupervisory bodies like CMS and the Joint Commission, thereby guarding profit and ensuring long-term financial stability.
- Address legal and ethical considerations by the legal and ethical scores of the association. As an Accountable Care Organization (ACO), RGH is responsible for furnishing high-quality, cost-effective care and must cleave to morals to cover cases and avoid legal and financial penalties.
Frequently Asked Questions
What is trouble backing up?
Trouble backing is the process of deciding how to cover the implicit costs associated with trouble. This includes both the financial capacity to absorb losses and the strategies to control those risks.
Why are medicine crimes a financial trouble?
Medicine crimes are a financial trouble because they can lead to increased costs from longer sanatorium stays, fresh treatments, and implicit legal fees. They can also inflict financial penalties and reduced remitments from payers like CMS.
What is the purpose of a KPI in this terrain?
KPIs serve as a critical tool for measuring the effectiveness of trouble-shooting strategies. They provide concrete data that shows whether the proposed changes are actually leading to a reduction in medicine crimes and an improvement in financial issues.
How does a confidential reporting system help?
A confidential reporting system creates a culture of safety. By allowing staff to report crimes without fear of retribution, it provides troubled directors with precious, unaddressed data that can be used to identify the root causes of crimes and develop further effective prevention strategies.
Integrity Note
Note: Only use this assessment example for learning and structure purpose. Do not submit as your own work.
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