The topics of quality and initiatives to improve it are important for any organization in the healthcare industry since the degree to which the provided services benefit patients forms the basis of competitive ability. In the context of financial managers’ work and scope of activities, quality improvement strategies have a significant meaning. It is because many quality improvement initiatives allow evaluating the use of financial resources and eliminating unnecessary costs apart from simply improving the practical outcomes of services.
Financial managers should be concerned with quality initiatives since their competencies allow them to make contributions to strategies aimed at improving quality through more responsible use of financial resources. According to the modern statistics on healthcare costs, at least 20% of national healthcare costs is attributed to waste (Synhorst et al., 2020). Thus, many quality improvement initiatives involve the principle of improving patient safety by doing less and eliminating unnecessary manipulations and interventions (Synhorst et al., 2020). Regarding this approach to quality improvement, financial managers’ participation in initiative planning, implementation, and evaluation is essential since these specialists have the necessary skills to analyze the organization’s resource use patterns in the context of its financial goals.
One specific area where quality is critical in the provision of healthcare services to consumers. Without proper mechanisms and initiatives to ensure care quality, healthcare organizations cannot achieve their basic goal, such as bringing benefits to patients and promoting health (Gupta & Rokade, 2016). Human resource management is another area where quality plays a pivotal role. It heavily affects patient outcomes since the effectiveness of employee selection practices can predict patient outcomes and satisfaction to a large extent. If educational experiences are the only indicator that influences job applicants’ chances to get a job, an organization may end up hiring people that do not possess work integrity or are not empathetic towards patients.
In summary, quality and quality initiatives play a critical role in healthcare. Financial managers can use their experiences and an understanding of care procedures’ cost-effectiveness to promote quality through the reduction of waste. Among other areas, quality is of ultimate importance when it comes to care provision and HR management since the failure to improve these activities leads to poor patient outcomes and dissatisfaction with patient-provider communication.
Gupta, K. S., & Rokade, V. (2016). Importance of quality in health care sector: A review. Journal of Health Management, 18(1), 84-94.
Synhorst, D. C., Johnson, M. B., Bettenhausen, J. L., Kyler, K. E., Richardson, T. E., Mann, K. J., Fieldston, E. S., & Hall, M. (2020). Room costs for common pediatric hospitalizations and cost-reducing quality initiatives. Pediatrics, 145(6), 1-8.