Cost Containment/ Finance

Question 1

Moral aspect to finance/cost containment in healthcare

Answer 1

ethical to demonstrate good stewardship. (ex: don’t take home supplies, don’t clock in early, call in sick early, eat leftovers, use a few briefs at a time)

Question 2

economics

Answer 2

science of making decisions regarding scarce resources. concerned with production, distribution, consumption of services - need healthy workforce.

Question 3

What is the largest component of hospital costs

Answer 3

nursing

Question 4

Goal of economics

Answer 4

improve pt outcomes while controlling costs - push towards preventive care

Question 5

What percent of American healthcare costs are wasted?

Answer 5

20-40%

Question 6

Why is American healthcare so expensive?

Answer 6

duplication of services, failure to coordinate care, aging population, expensive procedures, readmissions (medicare doesn’t pay), administration costs (ex: secretaries, housekeeping not involved in pt care)

Question 7

Cost containment in nursing

Answer 7

staffing mix (ex: more techs in nursing homes), work design (ex: only work during busiest time), mandatory overtime (smaller payroll), cross training (tech who can also be secretary), send home extra staff (if lot of discharges), on call (costs a lot - time and a half + 50 when desperate), STAFF TURNOVER VERY costly (training people costly)

Question 8

Managing staffing and decreasing length of stay immediately ________ costs

Answer 8

reduces

Question 9

Cost effective does not mean __________

Answer 9

inexpensive

Question 10

Cost effectiveness

Answer 10

producing good results w/ money spent. product = worth price

Question 11

What can nurses do

Answer 11

empty pockets before leave work, be punctual, ebp, qi, talk to pt about cost - have money for prescription? (ride home, med, preventive screenings), case management, lock up valuables, keep track of dentures/glasses, clump supply fees or scan out (lump sum for supplies/day OR just pay for what you use)

Question 12

case management

Answer 12

type/quantity of resources, supplies, personnel, time. what is covered by insurance, preauthorization, required vendor?

Question 13

Leaders are expected to be __________ leaders as well

Answer 13

financial

Question 14

case study

Answer 14

3 days in rural hospital, forced ambulance transport, name mixup 2 day delay for specialist, weekend surgery, post op complications from delay, 2 extra days in ICU b/c staff shortage. had to write off costs, lack of communication - lack of effectiveness, poor outcomes/costs

Question 15

It’s cheaper to do preventative care. Promote health prevention. wellness programs

Answer 15

true