Healthcare organizations must be economically viable to implement and maintain policies. Cost-benefit analysis measures viability and highlights when or where changes need to be made to ensure financial sustainability. In a minimum of 250 words, discuss the following:

Find a healthcare company (department or company-wide) of your choosing and examine the financial policy within that company that supports or negates sustainability (i.e., cost, benefit, and outcome). Provide a rationale for your position.

Sample Solution

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ere is an example of a healthcare company (department or company-wide) and a financial policy within that company that supports or negates sustainability:

Company: Kaiser Permanente

Department: Pharmacy

Policy: Kaiser Permanente’s pharmacy department has a policy of using generic drugs whenever possible. This policy is designed to save money for the company and its members. Generic drugs are typically much cheaper than brand-name drugs, and they are just as effective.

Cost: The cost of generic drugs is significantly lower than the cost of brand-name drugs. For example, the cost of a generic version of Lipitor, a cholesterol medication, is about $10 per month. The cost of the brand-name version of Lipitor is about $40 per month.

Benefit: The benefit of using generic drugs is that they save money for the company and its members. Kaiser Permanente estimates that it saves about $1 billion per year by using generic drugs. This money can be used to provide other services to members, such as preventive care or mental health services.

Outcome: The outcome of Kaiser Permanente’s policy of using generic drugs is that it has been very successful in saving money. The company has saved billions of dollars over the years, and this money has been used to provide other services to members. The policy has also been well-received by members, who appreciate the savings.

I believe that Kaiser Permanente’s policy of using generic drugs is a good example of a financial policy that supports sustainability. The policy saves money for the company and its members, and it has been well-received by members. The policy is also in line with Kaiser Permanente’s mission to provide high-quality, affordable healthcare to its members.

Here are some other examples of financial policies that can support sustainability in healthcare organizations:

• Using electronic health records (EHRs): EHRs can help to reduce costs by streamlining administrative processes and improving communication between healthcare providers.
• Implementing preventive care programs: Preventive care programs can help to reduce the number of expensive emergency room visits and hospital admissions.
• Promoting healthy lifestyles: Healthcare organizations can promote healthy lifestyles by offering nutrition counseling, smoking cessation programs, and other wellness services.

These are just a few examples of the many financial policies that can support sustainability in healthcare organizations. By implementing these policies, healthcare organizations can help to ensure that they are financially viable in the long term.