Financial Strategies Needed to Fund Implementation of Sustainability Initiative

Financial Strategies Needed to Fund Implementation of Sustainability Initiative
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Financial Strategies Needed to Fund Implementation of Sustainability Initiative
Summary of the Sustainability Initiative Proposal
Hospitals in the United States of America (USA) waste approximately $5 billion annually in unnecessary and redundant testing, which is something that can be prevented. In particular, my sustainability initiative plan is to reduce the waste of resources and facilitate an efficient supply of the products needed by hospitals seamlessly. Hospitals can eliminate unnecessary or redundant testing by implementing electronic health records (EHRs), which is a system that is used to record individuals’ medical profiles. When patients visit healthcare facilities, physicians should retrieve their information from the EHR so that they can see whether they have been diagnosed with a specific health problem before recommending any test. In addition, hospitals should not order numerous resources when they are not intending to use them. The available products should be kept in an organized manner so that those with a short deadline to the expiry date can be used first. As such, this sustainability initiative will enable hospitals to save more money without affecting the quality of healthcare services provided to patients.
Three Financial Strategies to Fund the Implementation of the Sustainability Initiative
The first financial strategy that can enable a hospital to get funds and implement the sustainability initiative is focusing on the quality of healthcare services. Patients want to get quality medical services that are affordable. They are ready to pay for such services and are likely to return and refer their friends and families. That way, a hospital will increase its revenues and become highly profitable. The products ordered are likely not to expire since they are used and stocks replenished on time.
Hospitals should hire highly skilled and experienced healthcare professionals. That way, there will be no room for compromising the quality of healthcare services provided. These specialists should be handled well and their well-being prioritized. For instance, they need to be given enough time to rest and balance their life and work. Besides, physician burnout has adverse economic costs for hospitals since even highly experienced health professionals can make mistakes when they work for many hours without resting (Shanafelt, Goh, & Sinsky, 2017). As such, if physicians have adequate time to rest, they provide quality patient care, which is the primary determinant for individuals’ willingness to return to a specific facility for more services. In addition, a hospital will reduce instances of lawsuits, which can drain its finances.
The third financial strategy that can provide funds to implement my sustainability initiative is adopting an EHR and data analysis experts. Specifically, an EHR is appropriate since it records patient data and can eradicate unnecessary or redundant tests. Once a particular medical test has been taken, the laboratory results are posted in an EHR and can be retrieved by autho...