Venice Family Clinic Budget and Healthcare Strategies Analysis

Venice Family Clinic Budget Kayla M. Diaz IHP-450 Southern New Hampshire University

Department ● Gives complete medical care to several individuals throughout the state of California, having sites in several places to optimally cater to the populace, encompassing: - Kids - Grownups - Senior citizens ● Different Divisions: - Medical assessment, therapy, training, thorough bodily examinations, and test results

Financial Condition ● Nearly 120,000 people in the South Bay, California region received complete care from the Venice Family Clinic in 2021. - Adult health care division saw eighty-one thousand individuals. ● During the year 2020, Venice Family Clinic recorded $63,197,330 in sales, compared with $58,607,628 in the year prior. According to the yearly document, attainable cash for nothing at the conclusion year 2021 had been $13,567,506 - $3,489,064 revenue for the entirety of 2020.

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Healthcare Trends * Using telemedicine and remote visits to treat individuals throughout the COVID-19 pandemic represents a current medical practice. * Repayment for medical reimbursements to institutions according to a system based on value is an additional development in medicine. *Centered around value systems prioritize providing the highest caliber services and improving the health of patients whereas maintaining expenditures as low as possible. Under this method, medical establishments are reimbursed according to the caliber of care rather than the amount of attention supplied.

Proposal Item The Venice Family Clinic is looking to hire translators as part of this suggested program. Mission and values such as The Venice Family Clinic's goal is to help individuals who require assistance by offering high-quality medical treatment. In order to address the demands of the patient's population, the health care facility prioritizes adjustment and development.

Organizational Strategic Goals Objectives: Serving residents with the finest, most thorough, excellent healthcare is at the center of our objective and purpose. Since its founding in the early 1970s, the medical center has expanded to accommodate an increasing number of individuals in western California while our clientele grows. Interpreters are required to help fill the communication disconnect among personnel who understand English as well as migrant individuals who do not, with the goal to maximize treatment and attract new patients.

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Options ● The first choice: AMN Healthcare produced the stratus video. ● Second choice: Throughout hours of openness, speakers can be obtained in reality. ● Third choice: Facilities for telephone interpretation are provided over phone calls.

Financial Research Option one: Stratus Video Interpreters: Whenever a business acquires Stratus's technology for analysis: Stratus will provide away free iPads. A five thousand dollars installation charge and a thirty dollars per month charge accompany this arrangement for practices with six physicians, such as the older adult primary healthcare division of Venice Family Clinic. Establishing at thirty dollars according each month, 175 additional languages are obtainable. This is less expensive than hiring interpreters in individual, who might only understand a few different languages.

Financial Research ● Option two: On-site medical translators can make between thirty-three dollars and $133 per hour, according to their expertise level, the quantity of languages spoken, and abilities. - Given that the medical facility is available for business for roughly 57 hours per week, this equates to generate a typical expenditure of $4731 each week, or almost two hundred fifty thousand dollars annually. - Although face-to-face communicators are among the most costly, they are also the best at effectively communicating and understanding data.

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Financial Research Option Three: Because they only require a working telephone, phone translators, whose prices fluctuate according to consumption, are most expensive to set up. It costs anywhere from one dollar and fifty cent to three dollars per minute. Acquiring significant telephones to place in medical examination rooms so that interpreters may be conveniently accessed right by the bedside could mean further expenses.

Organizational Resources * Stratus Video Translating - HR: No recruits are needed; existing staff are able to be trained on how to utilize Stratus equipment. The technology is going to be maintained and updated whenever necessary by the present IT team. -Supplies: Employee instruction regarding how to make use among this equipment is one of the materials required for this choice. Although the equipment is user-friendly, employees still need to receive training on how to find multiple languages as well as the way the entire system operates. With the acquisition of the infrastructure, the devices will be supplied provided completely free of charge; however, the health care facility might be in charge of providing supports or wires that will allow the devices to be used utilized and affixed to, as well as appropriate enclosures.

Communication Employee Education: - Emails informing employees about the update. In assistance consultations conducted by a Stratus agent Both management and staff should be in constant contact to evaluate the effectiveness of the aforementioned translators in the division.

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Statements Despite over 135,000 visitors annually, the older patient's primary health care division generates the most income for the medical center out of its overall 166,000 appointments annually. Of these trips, thirty-six percent are through individuals who communicate Spanish primarily their primary means of communication. The combination of revenue from hospitals ( property ) to expenditures ( debts ) towards the previous couple of months was determined using a financial statement to establish the quantity of funding accessible for the proposed project. Upon examination of the clinic's report regarding its financial condition, it can be observed that the net worth and equity of the business exceed by $52,250,669. According to the clinic's summary declaration of operations customer service recovery brought in $28,694,912 in profits in 2021.

Expenses Purchasing applications: - Setting up of five thousand dollars - A recurring subscription that begins at $30 Personal interaction interpretation: - Pay for on-site healthcare interpreters - Paging devices for employees to alert translators when assistance are required The total expense of purchasing dual-headed phones to enable conversation transmission ranges from $1.5 to $3 each minute.

Reasoning Patients who are multilingual and from a diverse range of cultural backgrounds are treated at the Venice Family Clinic. Interpreters reduce mistakes or unfavorable patient outcomes, which reduces the need for legal representation and malpractice claims. improved patient results and higher payment. One service that might be charged by either the client or the insurance organization is the consumption of translator assistance.

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Ratios and calculations Benefit on Investing: Individuals who use translators are more inclined to adhere with their treatment schedule and have a better knowledge of it. This reduces the need for follow-up appointments. There was an overall seventeen percent reduction in ER follow-up visits when translators were employed, this lowers the cost of healthcare. Total financing: The facility will have $13,562,106 in the form of free cash remaining shortly after the installation of the electronic interpretation equipment, which incurred initial costs of about $5,400. $5,400 - $13,567,506 = $13,562,106

Short Term Impact Over the course of the suggested endeavor, financial expenditures will rise to an anticipated $5,600. The software installation costs $5,000, and the monthly subscription fee is thirty dollars, depending on usage. Although the initiative's cost may affect expenditures and costs on accounting records, patient care will be directly impacted throughout the duration of the clinic.

Long Term Impact Enhanced income through: - Growing the patient base -Paying for the services of translators - Enhancing results for patients to increase compensation Reduced expenses related to legal bills and malpractice claims enhances the standard of care given to people in our neighborhood

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Cost-Benefit The clinic has the option to use only the stratus video translator technology or to employ a single translator in addition to purchasing the stratus software to make it available for all other languages. The medical center will be rated higher by insurance businesses and

Strategic Planning 1. Studying different kinds of interpreting software 2. Budget for interpreting software and evaluate its effect on accounts receivable 3. Send employees a notification regarding implementation and required staff training. 4. Offer a during service with a stratus video consultant. 5. Take the lead in the domain of adult primary healthcare. 6. Evaluate both employees and patients to find out how helpful and satisfied they are with their experience.

Conflict This clinic caters to a group of immigrants who struggle with their English language skills. If we can't even speak with them, how can we give them easily accessible, high-quality care? In the interaction between the patient and the provider, interpreters are essential. The use of interpreters advances the mission of the business, enhances patient outcomes, and foster's health. Our vision is to enhance community health by providing affordable, high-quality healthcare to individuals.

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References: Bigus, J. P., Campbell, M., Carmeli, B., Cefkin, M., Chang, H., Chen-Ritzo, C. H., … & Zhu, X. (2011). Information technology for healthcare transformation. IBM Journal of Research and Development, 55(5), 6-1. Carlson, B. (2019). Workstations on wheels are workhorses of clinical care. Journal of clinical Engineering, 44(4), E1-E3. Comprehensive health care. Venice Family Clinic. (n.d.). Retrieved February 26, 2023, from https://venicefamilyclinic.org/programs-and-services/comprehensive-health-care/ Finkler, S. A., Calabrese, T.D., & Smith, D. L. (2022). Financial management for public, health, and not-for-profit organizations. CQ Press (PDF) a survey on internet of things and cloud computing for ... (n.d.). https://www.researchgate.net/publication/334457075_A_Survey_on_Internet_of_Things_and_Cloud_Computing_for_Healthcare Gambhir, R. S. (2015). Primary care in dentistry-An untapped potential. Journal of Family Medicine and Primary Care,4(1), 13. Singh, N., Raza, M., Paranthaman, V. V., Awais, M., Khalid, M., & Javed, E. (2021). Internet of things and cloud computing . Digital Health. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8266689/

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Venice Family Clinic Budget (1)

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