Paper -Group Practice Operations Plan Part
RUNNING HEAD: GROUP PRACTICE OPERATIONS PLAN 3
GROUP PRACTICE OPERATIONS PLAN 3 5
Group Practice Operations Plan 3
Ronda Peacock
Dr. K.Mezu
Physicians Practice Management
February 27, 2022
Accounting and Budgeting
Accounting involves keeping records that relate to the financial transactions of an organization (Lalli, 2012). This refers to summarizing, analyzing, and providing a report to agencies and regulators. It is essential to know about accounting, enabling a leader to know its financial situation. It is also necessary for a practice leader to understand the budgeting process because this will allow them to allocate funds and other resources to the organization's operations. Budgeting lets the leader know how much resources are available and what is needed. It makes it possible for funds to be effectively allocated for different organizational purposes.
Financial Benchmarking
Financial benchmarking refers to analyzing and comparing the financial results of different departments or organizations. There are two major types of financial benchmarking: internal comparison and external comparison. The internal comparison involves comparing the economic consequences of other departments within an organization. This helps one department learn how to improve its financial performance based on the results of another department. In an organizational setup, different departments might perform differently financially. They must learn from one another so that there is an improvement.
The external comparison involves different companies. One organization can compare its financial performance with another organization to see how well it can improve its strategies to boost its financial performance. It is important to do financial benchmarking to acquire and apply new techniques to improve an organization's financial results.
Strategic Purpose and Importance of Benchmarking
Financial benchmarking is one of the concepts that help businesses improve their fiscal management abilities. The primary purpose of financial benchmarking is to enable an organization to see how it affects others, especially in a similar field. It is essential in medical practice because it allows relevant organizations to set realistic goals. Financial benchmarking enables an organization to access their competitors' financial results and strategies and implement some of them for their benefit. Organizations that engage in medical practice invest substantial money into their services. This implies that they need effective fiscal management tactics for effective operation.
Telehealth and Telemedicine Services
Telehealth and telemedicine services allow medical services to be provided remotely (Gogia, 2019). By using technologies such as video calls, providers of medical services can serve their clients remotely without necessarily having to be at the same place. A medical professional can call and advise patients on what to do to take care of themselves or even prescribe medicines. Telehealth has an overall beneficial effect on patient care safety and quality because it increases the efficiency and effectiveness of service delivery. Patients are dealt with within the shortest time possible because they do not have to travel to meet the healthcare professionals. The service is efficient because it is just a phone call away.
Patients also can choose the specific professionals they want to deal with. This improves patient satisfaction and the quality of services provided to the patient. Telehealth and telemedicine should be encouraged because they save time.
Health Information Technology System
The recommended health information technology system is Remote Patient Monitoring (Gogia, 2019). As the name suggests, this system enables healthcare professionals to keep an eye on patients wherever they are; they do not have to visit a conventional health care facility. The system keeps electronic health records to help medical professionals keep up with their patient's progress. The implementation of this system will increase the overall management of patients.
Below are some of the benefits that come along with remote patient monitoring
1. It leads to better decisions because it keeps records of the patient over time
2. It cuts down costs because patients do not have to spend to travel to see a service provider
3. It is convenient; services are available remotely
Mitigating Risks Associated with Technology
Technology is one of the core components in healthcare in the modern world. Technology is used in different departments in medical facilities to improve the quality of products and services offered. Computers are used to store patient data later used to make other decisions. Such data is sensitive and needs to be protected from risks. One of the ways to mitigate such risks is by restricting access to the information in the computer. For example, passwords can lock files that contain patient data. This will make sure that only authorized people have access to the report. It keeps the data safe from leaking out.
References
Gogia, S. (2019). Fundamentals of Telemedicine and Telehealth. Amsterdam: Elsevier Science.
Lalli, W. (2012). Handbook of Budgeting. Hoboken: Wiley.