MHA FPX 5014 Assessment 2 Healthcare Quality, Risk, and Regulatory Compliance 

INTERNAL MEMO

From the risk management team at Rochester General Hospital 

From: John Smith 

CC: Professor Mary Bracker 

Date: July 21, 2021 

RE-EVALUATION 2 – Risk financing  

Edition of patient safety 

Rochett General Hospital (RGH), Rochett is part of indigenous health, the quality is honored for health services, and it serves as an attractive position for skills. Still, in order to maintain your progress and achieve organizational pretensions, it’s important to address a high frequency of medicine crimes through threat backing. These crimes not only compromise patient safety but also pose a significant fiscal threat to RGH. The evaluation of RGH’s spring 2021 Sanitarium degree highlights the inflexibility of the problem. The findings in the Drug Administration Cathedral are nearly associated, as indicated below (Hospital Safety Grade, 2021). 

Patient Safety Risk and Key Performance Indicators 

The drug crimes are a major contributor to the loss of the case and fiscal losses within healthcare across the globe (Hitham, 2016). The use of wrong medicine or patient detriment in the process of professional control of the health care system (AMCP, 2019) can lead to any forestallment, which can lead to any forestallment; these types of crimes can be in the way of orders, recaps, allocations, administration, or monitoring (Durham, 2016). Due to the dynamic nature of the health care system, with its established rules, guidelines, technologies, and guidelines, medicine crimes are both a clinical and profitable threat for RGH. Threat backing is needed to determine the possible costs of these pitfalls and determine whether the association can go through them (Rinehart, 2021). It’s set up so that the US healthcare system costs roughly $3 billion each time (AMCP, 2019). In response to this, RGH’s threat operation platoon will employ large performance pointers (CPI) and performance dashboards to track and minimize the threat involved in the Drug Administration. KPI encompasses 

CPI information CPO monitoring of e-prescriptions through the operation of the use of the medicine specified with two identifiers, the chance number of cases, and the chance to ensure the verification delicacy, which tracks the undesirable waking events associated with the drugs due to the drug. 

Strategies to Identify Risk 

The threat of backing problems comprises the fiscal capability of RGH and the will of the association to control the threat, grounded on strategic values (Harvard University, ND) within the association. Crucial strategies encompass identification, acknowledgment, and control of pitfalls (Factual Tract, 2020). Threat identification comprises the review of procedures or accidents that can harm cases and dodge fiscal loss. For example, medicine crimes can result in longer sanitarium stays, increased resource application, dropped payment, and fiscal loss (Chain, 2017). Managing pitfalls, assessing collection data, reviewing information, and creating strategies that will minimize the circumstance of these pitfalls (NEJM Catalyst, 2018). Benchmarking can laterally be applied to track threat reduction progress and fiscal issues (Institute for Safe Medicine Practice, 2005). 

Recommendations for Risk Financing 

To minimize pharmaceutical miscalculations in RGH, the below strategies are supported. 

• Computer-controlled orders for drugs (CPOE) with clinical decision support (CDS) 
• The BCMA system (BARCODE medicine ADMISSION) 
• Nonpublic reporting of perpetration technologies like CPOE and CDS has been known to drop the frequency of medicine crimes from 55 (Durham, 2016). These systems inform healthcare professionals on medicine boluses, places, and frequentness and include an alert for disinclinations or relations (Shah, 2016). The BCMA system guarantees five rights of medicine administration (correct case, cure, drug, time, and route) and provides real-time alerts (Shah, 2016). Reporting nonpublic incidents will help in gathering data about medicine crimes, which will allow developing strategies to increase the safety of the case. A security culture will be encouraged, misreporting will be sanctioned without fear of issues, and it offers helpful information to threat directors (Rodziewicz, 2021). 

Legal and Ethical Financial Risk 

As a responsible care association (ACO), RGH should adequately manage legal and fiscal pitfalls in order to remain successful and profitable (NAACOS, N.D.; LAPOINTE, 2016). The thing of ACO is to give high-quality coordinated care at a lower cost and help medical miscalculations (CMS, 2021). Adherence to CMS guidelines that lower or forestall payment for preventative miscalculations is needed (National Conference of State Legislative Assembly, N.D.). Following guidelines for safe medicines and common commission (TJC), RGH can enhance the safety of the case and optimize CMS payment. 

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: Haytham, T. A. (2016, June 6). The article discusses the use of an electronic tool to improve medication reconciliation compliance among admitted medical patients. Retrieved from the U.S. National Library of Medicine: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5067707/#:~:text=Medication reconciliation is a key safety measure and ensures that 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 ACOs: 

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/