Measuring the impact of three healthcare improvement frameworks

Title : Measuring the impact of three healthcare improvement frameworks

Abstract:

Objective: To analyse the financial, clinical and cultural impact of the Balanced Scorecard (BSC), the Magnet Recognition Program® (MRP) and a revenue cycle management (RCM) program implemented at the study hospital to improve its overall performance and sustainability towards an accountable and sustainable Patient-Centred Care (PCC) model.

Methods: A cost-benefit analysis of the three management interventions over a 10 year time frame.

Results: An internal rate of return of 585%, a net present value of $A28.2 million, a benefit cost return of 31.9 and a return on investment of 16.2 was realised over the years 2005-2015. Savings achieved were related to quality and safety improvements 9%, labour efficiencies 70% and clinical practice improvements 21% yielding a 20% increase in the hospital’s overall profit margin.

Conclusion: This is the first study that has analysed the impact of these three performance improvement frameworks on the overall performance of a hospital. The findings strongly suggest that the combined impact of these three frameworks has assisted the study Hospital in its journey towards an accountable and sustainable PCC model. The advocate and support the incorporation of the three frameworks into a single, integrated PCC model.

Biography:

Dr Jose Aguilera OAM, is the Director of Nursing and Clinical Services at St Vincent’s Private Hospital [SVPH], Sydney. He holds a Doctorate of Health, Masters Qualifications in Nursing Administration and Commerce. Is an Adjunct Professor with the Australian Catholic University ACU; an Adjunct Associate Professor with the University of Tasmania; a Fellow of the Australian College of Nursing; an Associate Fellow of the Australian College of Health Services Management [AFACHSM] and a member of the Sigma Theta Tau International.

Adjunct Professor Jose Aguilera has 40 years’ experience in health care in the public and private sectors and has held senior clinical and management positions in both.

Jose led SVPH in becoming the first private hospital in Australia to be awarded the prestigious Magnet Recognition Program® designation in May 2011 and redesignated in April 2016.