NURS FPX 6612 Cost Savings Analysis Paper Example

NURS FPX 6612 Assessment 4 Cost Savings Analysis

NURS FPX 6612 Cost Savings Analysis Paper Assignment Brief

Course: NURS-FPX6612 Health Care Models Used in Care Coordination

Assignment Title: NURS FPX 6612 Assessment 4 Cost Savings Analysis

Assignment Instructions Overview

In this assignment, you will conduct a cost savings analysis focusing on the efficiency gains attributable to care coordination within a healthcare setting over the course of one fiscal year. Your task involves compiling cost savings data into a spreadsheet and presenting your key findings in an executive summary. The assessment aims to evaluate your understanding of how care coordination can positively impact the financial health of an organization, improve patient outcomes, and enhance the collection of evidence-based data.

Understanding Assignment Objectives

The primary objective of this assignment is to assess your proficiency in applying care coordination models to improve the patient experience, promote population health, and reduce costs within a healthcare setting. By analyzing cost savings data and presenting key findings, you will demonstrate your ability to communicate effectively with diverse audiences and support your claims with relevant evidence.

The Student’s Role

As the senior care coordinator in your organization, you are tasked with examining and reporting on how care coordination can generate cost savings, improve outcomes, enhance evidence-based data collection, and improve healthcare quality for the community. You will compile cost savings data in a well-organized spreadsheet and create an executive summary to present your analysis to your manager.

Competencies Measured

This assignment measures the following competencies:

• Apply care coordination models: Describe ways in which care coordination can generate cost savings.
• Explain the relationship between care coordination and evidence-based data: Describe how care coordination efforts can enhance the collection of evidence-based data and improve quality through the application of an emerging healthcare model.
• Use health information technology: Explain how care coordination can promote improved health consumerism and effect positive health outcomes.
• Communicate effectively: Present cost savings data and information clearly and accurately, supporting main points, claims, and conclusions with relevant and credible evidence, and correctly formatting citations and references using APA style.

You Can Also Check Other Related Assessments for the NURS-FPX6612 Health Care Models Used in Care Coordination Course:

NURS FPX 6612 Assessment 1 Triple Aim Outcome Measures Presentation Example

NURS FPX 6612 Assessment 2 Quality Improvement Proposal Example

NURS FPX 6612 Assessment 3 Patient Discharge Care Planning Example

NURS FPX 6612 Cost Savings Analysis Paper Example

Introduction

In the ever-evolving landscape of healthcare, the importance of effective care coordination cannot be overstated. Care coordination, involving seamless collaboration among healthcare providers across different settings, has emerged as a pivotal strategy not only for improving patient outcomes but also for achieving cost savings within healthcare organizations. This paper focuses on the diverse nature of care coordination, exploring its role in generating cost savings, promoting health consumerism, and facilitating the collection of evidence-based data. Through an analysis of various approaches and case studies, this paper aims to provide insights into how healthcare organizations can leverage care coordination to optimize financial resources while enhancing the quality of care.

Cost Savings through Care Coordination

One of the primary objectives of care coordination is to streamline healthcare delivery processes to achieve better outcomes at reduced costs. Several key avenues exist through which care coordination can yield significant cost savings:

• Enhanced Communication and Collaboration: Poor communication among healthcare providers often leads to redundant tests, procedures, and avoidable hospitalizations, driving up healthcare costs. By facilitating seamless communication and collaboration among various stakeholders, care coordination mitigates these inefficiencies, resulting in cost savings. Studies have shown that improved communication can substantially reduce unnecessary healthcare utilization and associated expenditures (Breckenridge et al., 2019).
• Prevention of Medical Errors: Medical errors not only jeopardize patient safety but also incur substantial financial costs for healthcare organizations. Through proactive care coordination efforts, such as medication reconciliation and standardized care pathways, healthcare providers can minimize the occurrence of medical errors, thereby reducing the associated costs. For instance, the implementation of electronic health records (EHRs) has been shown to significantly decrease medication errors and their corresponding financial implications (Rodziewicz & Hipskind, 2022).
• Optimal Resource Utilization: Care coordination facilitates the efficient allocation of resources by ensuring that patients receive the right care, in the right setting, at the right time. By avoiding unnecessary hospital admissions, emergency department visits, and prolonged lengths of stay, healthcare organizations can achieve substantial cost savings while maintaining quality of care. Integrated care models, which emphasize comprehensive, patient-centered approaches, have been particularly effective in optimizing resource utilization and reducing overall healthcare expenditures (Rocks et al., 2020).
• Proactive Chronic Disease Management: Chronic diseases impose a significant economic burden on healthcare systems worldwide. Care coordination plays a pivotal role in managing chronic conditions through proactive monitoring, patient education, and adherence to evidence-based treatment protocols. By preventing disease exacerbations and complications, care coordination reduces the need for costly interventions such as hospitalizations and emergency care, resulting in long-term cost savings (Khullar & Chokshi, 2018).
• Leveraging Health Information Technology (HIT): The integration of HIT tools, such as electronic medical records and telehealth platforms, into care coordination processes can streamline workflows, improve data accessibility, and enhance decision-making. By leveraging HIT solutions, healthcare organizations can automate administrative tasks, reduce documentation errors, and facilitate real-time communication among care team members, leading to operational efficiencies and cost savings (Wilt et al., 2020).

Health Consumerism and Positive Health Outcomes

In today’s healthcare landscape, empowered consumers seek transparency, convenience, and personalized experiences in their healthcare journeys. Care coordination plays a pivotal role in meeting these evolving consumer expectations while driving positive health outcomes:

1. Patient-Centric Care Delivery: Care coordination emphasizes a patient-centric approach, wherein healthcare services are tailored to meet individual needs and preferences. By involving patients as active participants in their care journey, care coordination fosters a sense of empowerment and engagement, leading to improved health outcomes and greater satisfaction. Patients who feel supported and involved in decision-making are more likely to adhere to treatment plans and achieve better clinical results (Taylor, 2019).
2. Seamless Care Transitions: For patients with complex healthcare needs, transitions between different care settings can be challenging and fraught with potential risks. Care coordination ensures seamless transitions across the care continuum, facilitating the exchange of information, continuity of care, and collaboration among providers. By minimizing care fragmentation and preventing gaps in care, care coordination enhances patient safety and reduces adverse events, ultimately leading to improved health outcomes (Hannigan et al., 2018).
3. Empowerment through Health Education: Education is a cornerstone of effective care coordination, empowering patients to make informed decisions about their health and well-being. Through targeted health education initiatives, care coordinators provide patients with the knowledge and resources they need to manage their conditions, navigate the healthcare system, and adopt healthy lifestyle behaviors. By promoting health literacy and self-management skills, care coordination enables patients to take control of their health, resulting in improved outcomes and reduced healthcare utilization (Karam et al., 2021).
4. Personalized Care Plans: Care coordination involves the development of individualized care plans that take into account each patient’s unique needs, preferences, and circumstances. By tailoring care interventions to the specific requirements of each patient, care coordinators optimize treatment efficacy, minimize unnecessary interventions, and promote patient engagement. Personalized care plans enhance patient satisfaction, adherence to treatment regimens, and overall health outcomes, contributing to a more consumer-centric healthcare experience (Khullar & Chokshi, 2018).
5. Accessibility and Convenience: In an era of digital transformation, consumers expect healthcare services to be accessible, convenient, and responsive to their needs. Care coordination leverages technology-enabled solutions such as telemedicine, mobile health apps, and remote monitoring devices to deliver care beyond traditional brick-and-mortar settings. By expanding access to care and reducing barriers to engagement, care coordination enhances patient convenience and satisfaction, driving positive health outcomes and fostering long-term loyalty (Rocks et al., 2020).

Implementing Evidence-Based Care Coordination Models

To maximize the benefits of care coordination and achieve sustainable cost savings, healthcare organizations must implement evidence-based models that align with their unique needs and priorities. Several key strategies can enhance the effectiveness of care coordination efforts:

• Interdisciplinary Collaboration: Effective care coordination requires collaboration among diverse healthcare professionals, including physicians, nurses, social workers, pharmacists, and allied health professionals. By fostering interdisciplinary teamwork and communication, healthcare organizations can optimize care delivery processes, minimize redundancies, and improve patient outcomes. Interdisciplinary care teams facilitate holistic assessments, shared decision-making, and coordinated interventions, resulting in comprehensive, patient-centered care (Breckenridge et al., 2019).
• Standardized Care Pathways: Standardized care pathways outline evidence-based guidelines and protocols for managing specific health conditions or procedures. By standardizing care delivery processes and promoting best practices, healthcare organizations can reduce variations in care, enhance quality and safety, and achieve cost savings. Care coordination efforts should prioritize the development and implementation of standardized care pathways across relevant clinical specialties, ensuring consistency, efficiency, and adherence to evidence-based standards of care (Rodziewicz & Hipskind, 2022).
• Health Information Exchange (HIE): Health Information Exchange (HIE) platforms facilitate the seamless sharing of patient information across different healthcare settings and systems. By enabling interoperability and data exchange, HIE platforms support care coordination efforts by providing timely access to relevant clinical information, reducing duplication of tests and procedures, and enhancing care continuity. Healthcare organizations should invest in robust HIE infrastructure and participate in regional or national HIE networks to facilitate coordinated care delivery and optimize resource utilization (Taylor, 2019).
• Patient Engagement Technologies: Patient engagement technologies, such as patient portals, mobile apps, and remote monitoring devices, empower patients to actively participate in their care and self-management. By facilitating real-time communication, education, and health tracking, these technologies promote patient engagement, adherence to treatment plans, and early detection of health issues. Healthcare organizations should leverage patient engagement technologies as integral components of care coordination initiatives, tailoring solutions to meet the diverse needs and preferences of their patient populations (Wilt et al., 2020).
• Data Analytics and Performance Monitoring: Data analytics tools enable healthcare organizations to analyze large volumes of clinical and operational data, identify trends, and measure performance against key metrics. By leveraging data analytics, care coordinators can identify opportunities for process improvement, monitor patient outcomes, and evaluate the effectiveness of care coordination interventions. Healthcare organizations should invest in robust data analytics infrastructure and establish performance monitoring mechanisms to track the impact of care coordination efforts on cost savings, quality improvement, and patient satisfaction (Hannigan et al., 2018).

Cost Savings Data and Analysis

To demonstrate the tangible impact of care coordination on cost savings, healthcare organizations must collect and analyze relevant data on key performance indicators. The following hypothetical scenario illustrates how care coordination initiatives, particularly the implementation of electronic health records (EHRs), can yield substantial cost savings within a healthcare setting:

Table 1: Comparison of Staffing Levels before and after EHR Implementation

***Source: Adapted from Hypothetical Data

The implementation of EHRs resulted in significant reductions in staffing levels across various roles within the healthcare organization. By streamlining documentation processes and automating administrative tasks, EHRs enabled healthcare providers to operate more efficiently, thereby reducing labor costs.

Table 2: Comparison of Key Performance Metrics before and after EHR Implementation

***Source: Adapted from Hypothetical Data

Furthermore, the transition from manual records documentation to EHRs led to substantial reductions in medication errors, drug complications, hospitalizations, and post-discharge cases. By improving data accuracy, facilitating real-time information exchange, and supporting clinical decision-making, EHRs contributed to enhanced patient safety and reduced healthcare utilization, resulting in significant cost savings for the organization.

Conclusion

In conclusion, effective care coordination holds immense potential for generating cost savings within healthcare organizations while improving patient outcomes and experiences. By optimizing care delivery processes, leveraging health information technology, and promoting interdisciplinary collaboration, healthcare providers can achieve efficiencies across the care continuum and realize tangible financial benefits. Moreover, by embracing consumer-centric approaches, empowering patients, and leveraging evidence-based models, healthcare organizations can foster a culture of innovation, responsiveness, and continuous improvement. As healthcare continues to evolve, care coordination will remain a cornerstone strategy for achieving cost-effective, high-quality care that meets the needs of diverse patient populations.

References

Breckenridge, E. D., Kite, B., Wells, R., & Sunbury, T. M. (2019). Effect of patient care coordination on hospital encounters and related costs. Population Health Management, 22(5), 406–414. https://doi.org/10.1089/pop.2018.0176

Hannigan, B., Simpson, A., Coffey, M., Barlow, S., & Jones, A. (2018). Care coordination as imagined, care coordination as done: Findings from a cross-national mental health systems study. International Journal of Integrated Care, 18(3). https://doi.org/10.5334/ijic.3978

Karam, M., Chouinard, M.-C., Poitras, M.-E., Couturier, Y., Vedel, I., Grgurevic, N., & Hudon, C. (2021). Nursing care coordination for patients with complex needs in primary healthcare: A scoping review. International Journal of Integrated Care, 21(1). https://doi.org/10.5334/ijic.5518

Khullar, D., & Chokshi, D. A. (2018). Can better care coordination lower healthcare costs? JAMA Network Open, 1(7), e184295. https://doi.org/10.1001/jamanetworkopen.2018.4295

Rocks, S., Berntson, D., Gil-Salmerón, A., Kadu, M., Ehrenberg, N., Stein, V., & Tsiachristas, A. (2020). Cost and effects of integrated care: A systematic literature review and meta-analysis. The European Journal of Health Economics, 21(8), 1211–1221. https://doi.org/10.1007/s10198-020-01217-5

Rodziewicz, T. L., & Hipskind, J. E. (2022). Medical error prevention. PubMed; StatPearls Publishing. https://pubmed.ncbi.nlm.nih.gov/29763131/

Taylor, K. (2019). Embracing and advancing the consumerist era in healthcare. Frontiers of Health Services Management, 36(2), 15–25. https://doi.org/10.1097/hap.0000000000000069

Wilt, T., Duan-Porter, W., Miake-Lye, I., Diem, S., Ullman, K., & Majeski, B. (2020). Department of Veterans Affairs Veterans Health Administration Health Services Research & Development Service. https://www.hsrd.research.va.gov/publications/esp/care-coordination-models.pdf

Detailed Assessment Instructions for the NURS FPX 6612 Cost Savings Analysis Paper Assignment

Description

Assessment 4 Instructions: Cost Savings Analysis Paper Assignment

Cost Savings Analysis

Overview

• Prepare a spreadsheet of cost savings data showing efficiency gains attributable to care coordination over the course of one fiscal year, and report your key findings in an executive summary, 4–5 pages in length.
• Information plays a fundamental role in health care. Providers such as physicians and hospitals create and process information as they deliver care to patients. However, managing that information and using it productively poses an ongoing challenge, particularly in light of the complexity of the U.S. health care sector, with its many diverse settings for care and types of providers and services. Health information technology (HIT) has the potential to considerably increase the productivity of the health sector by assisting providers in managing information. Furthermore, HIT can improve the quality of health care and, ultimately, the outcomes of that care for patients.
• The use of HIT has been upheld as having remarkable promise in improving the efficiency, quality, cost-effectiveness, and safety of medical care delivery in our nation’s health care system. This assessment provides an opportunity for you to examine how utilizing HIT can positively affect the financial health of an organization, improve patient health, and create better health outcomes.
• By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
  • Competency 1: Apply care coordination models to improve the patient experience, promote population health, and reduce costs. 
    • Describe ways in which care coordination can generate cost savings.
  • Competency 2: Explain the relationship between care coordination and evidence-based data. 
    • Describe ways in which care coordination efforts can enhance the collection of evidence-based data and improve quality through the application of an emerging health care model.
  • Competency 3: Use health information technology to guide care coordination and organizational practice. 
    • Explain how care coordination can promote improved health consumerism and effect positive health outcomes.
  • Competency 4: Communicate effectively with diverse audiences, in an appropriate form and style, consistent with applicable organizational, professional, and scholarly standards. 
    • Present cost savings data and information clearly and accurately.
    • Support main points, claims, and conclusions with relevant and credible evidence, correctly formatting citations and references using APA style.

Competency Map

CHECK YOUR PROGRESSUse this online tool to track your performance and progress through your course.

• • APA Module.
  • Academic Honesty & APA Style and Formatting.
  • APA Style Paper Tutorial [DOCX].
  • Capella Resources
  • ePortfolio.
  • Research Resources
    You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. The MSN-FP6612: Emerging Health Care Models and Care Coordination Library Guide can help direct your research. The Supplemental Resources and Research Resources, both linked from the navigation menu in your courseroom, provide additional resources to help support you.
    As you review these resources, you may want to consider the following questions:
  • What is the main focus of information gathering in health care?
  • How can care coordination efforts enhance the collection of evidence-based data and improve quality?
  • What governmental entities are leading care coordination practices?
  • What influence does data analysis have on the development and advancement of health care policy?
• Assessment Instructions

Preparation
As the senior care coordinator in your organization, your manager has asked you to examine and report on how care coordination can generate cost savings, improve outcomes, enhance the collection of evidence-based data, and improve health care quality for the community. She would like you to compile cost savings data in a well-organized spreadsheet and present your key findings in an executive summary.

Note:

Remember that you can submit all or a portion of your draft spreadsheet and executive summary to Smarthinking for feedback before you submit the final version of this assessment. If you plan on using this free service, be mindful of the turnaround time of 24–48 hours for receiving feedback.
Requirements
Determine how care coordination can reduce costs. Compile your cost savings data in a spreadsheet, using Microsoft Excel or a suitable application of your choice. (If you elect to use an application other than Excel, check with faculty to avoid potential file compatibility issues.) Your spreadsheet should containat least fourcost-saving elements. Identify the cost-saving element, current costs, and anticipated savings.
Then create an executive summary using the APA Style Paper Template [DOCX]. Discuss your cost-saving elements and report key findings from your analysis.

Analyzing Cost Savings

The requirements outlined below correspond to the grading criteria in the scoring guide. Be sure that your analysis addresses each point, at a minimum. You may also want to read the Cost Savings Analysis Scoring Guide to better understand how each criterion will be assessed.

• • Describe ways in which care coordination can generate cost savings.
    • What are your primary evidence-based sources of information?
    • Are your conclusions substantiated by the data?
    • What assumptions, if any, underlie your analysis?
  • Explain how care coordination can promote improved health consumerism and effect positive health outcomes.
    • What evidence do you have to substantiate your claims?
  • Describe at least five ways in which care coordination efforts can enhance the collection of evidence-based data and improve quality through the application of an emerging health care model. 
    • Choose any emerging health care model.
  • Present cost savings data and information clearly and accurately.
  • Support main points, claims, and conclusions with relevant and credible evidence, correctly formatting citations and references using APA style.

Additional Requirements

• • Executive Summary Format and Length
    Format your executive summary using APA style:
  • Use the APA Style Paper Template [DOCX] provided. Be sure to include:
    • A title page and references page. An abstract is not required.
    • A running head on all pages.
    • Appropriate section headings.
  • See also theAPA Style Paper Tutorial [DOCX]to help you in writing and formatting your executive summary.
  • Your summary should be 4–5 pages in length,not includingthe title page and references page.

Supporting Evidence

• • Cite 4–5 sources of relevant and credible scholarly or professional evidence to support your cost savings analysis.
  • Apply APA formatting to all in-text citations and references.
  • Submit both your spreadsheet and your executive summary.
    Portfolio Prompt: You may choose to save your spreadsheet and executive summary to your ePortfolio.

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