Unit 3 Business Principles Paper

In the healthcare business as in any business decisions will impact how you do business in a significant way. Moreover, one of the more difficult decisions is what I am going to do within the business and more importantly, what am I not going to do. This post will discuss three business principles that I feel create patient-centered care delivered with quality and safety.
My first business principle is, decide who you serve (and focus on them intensely) (Fisher, 2008). I made this my first choice because it is the reason I became a nurse. I wanted to care for, treat, and educate the sick and infirmed population. This business principle ensures that one provides the best possible patient care because without this concept quality is lacking.
The excellence, appropriateness, and price of your service accounts for 90 percent of business success; it is key to businesses that thrive and grow (Tracy, 2013). By serving the patient I can be a patient advocate by communicating with, informing, and when necessary standing up for my patient. Healthcare is about serving the patient’s needs, providing excellence in patient care will ensure that business at my facility will continue to thrive. Part of my facility’s mission statement if to provide exceptional patient care. They ensure that nurses are current on education and skills by providing continued education and annual competencies for all nursing staff.
My second choice is, always maintain your integrity (in everything you do) (Fisher, 2008). Integrity mean doing the right thing even when you are not being watched. I feel that this is extremely important because your patients, as well as your healthcare facility, needs to trust your actions to act responsibility and prudently. Furthermore, I feel that my patients’ trust in me will bring about opportunities and possibilities to advance patient-centered care. Profit in dollars or power is temporary, but profit in a network of people who trust you as a person of integrity is forever (Anderson, 2012). When patients trust or mistrust nursing at a healthcare facility, they will spread that word, and that word about that facility will spread like wildfire, having a positive or negative impact on patient volume. Because, integrity in healthcare can have a complex set of values that have to be considered as a whole; characteristics that embody integrity are incorporated into codes, practices, policies, and guidelines created by individual hospitals and associations. At my facility the American Nurses Association’s Code of Ethics and the American Hospital Association’s Patient's Bill of Rights are part of my facility’s policies. Furthermore, these policies are reviewed annually with staff and are visible on all nursing units.
Set goals (and go after them) was my third business principle (Fisher, 2008).
Goals that are effective and achievable are the heart of any good business strategy.
Having clear, well defined goals can: help business growth, achieve your objectives, improve teamwork and collaboration, and help everyone understand the direction a business is heading (Australian Government, 2016). I chose this principle because goals towards patient-centered measures and outcomes are increasingly important as insurance reimbursement is based on performance. Having well- implemented goals that provide a transformation to a more patient-centered model ensures the highest reimbursement for the facility, this should be the direction healthcare facilities from a business stand point are moving. Moreover, well-implemented goals have the potential to improve the comprehensiveness, coordination, efficiency, effectiveness, cost effectiveness, and value of care, as well as the satisfaction of patients and providers. My institution strives to continuously improve the quality-of-care, with a vision of patient-centered care. They value and promote evidence-based processes and goals that promoted patient-centered care that improves quality and has cost effective outcomes. It is the reason why my department is supporting my capstone for Nursing 4600. In conclusion, healthcare because of its nature is a complex service or product, it is not an item on a store shelf. Applying business principles is necessary to the success of a healthcare facility. The Affordable Care Act’s strategy focuses on lower cost and team-based approach, but it may take a while before the evidence is clear to the public and traditional providers (Mason, Gardner, Outlaw, & O'Grady, 2016). Therefore, healthcare professionals need to apply economic thinking into their delivery-of-care for healthcare businesses to thrive in a competitive
market.