PHN 652 Describe financial planning and management best practices in the implementation of population-based interventions
PHN 652 Describe financial planning and management best practices in the implementation of population-based interventions
PHN 652 Describe financial planning and management best practices in the implementation of population-based interventions
Financial planning and management are crucial in implementing population-health interventions by ensuring there are realistic estimates of the budget impact. It also ensures the cost-effectiveness of the intervention and offers important insights into the feasibility, scale-up, and sustainability of the population-health interventions (Sohn et al., 2020). Financial planning entails an evaluation of the implementation costs. It should be conducted prospectively and in a standardized approach to ensure generalizability.
Failing to plan and manage the financial resources needed to implement population health interventions successfully can result in underestimation of costs and budget impact. Sohn et al. (2020) explain that it can lead to optimistic cost-effectiveness estimations and eventually a disconnect between the published evidence and population health decision-making. Therefore, it is critical to document all the costs needed for program implementation, including the costs of intervention design and local adaptation, initiation, and scale-up, and maintenance or sustainability of the population health interventions. This provides decision-makers with a candid appraisal of the potential costs and benefits of the population health intervention,
Financial management plays a crucial role in the effectiveness and efficiency of population-based interventions by informing the prioritization of health interventions and allocation of resources. It ensures that funds are utilized effectively and efficiently to deliver high-value population health interventions (Roberts et al., 2019). Financial management helps to make sure that funds are channeled to priority populations, interventions, and services. Furthermore, it enables the implementers of the interventions to fully evaluate the costs of implementing the intervention, particularly during the early stages of design and initiation. This helps to make any amends early in the implementation stage, promoting the effectiveness and efficiency of the interventions (Roberts et al., 2019). Besides, financial management ensures that costs associated with implementing complex and comprehensive population health interventions are affordable or feasible.
References
Roberts, S., Healey, A., & Sevdalis, N. (2019). Use of health economic evaluation in the implementation and improvement science fields-a systematic literature review. Implementation science : IS, 14(1), 72. https://doi.org/10.1186/s13012-019-0901-7
Sohn, H., Tucker, A., Ferguson, O., Gomes, I., & Dowdy, D. (2020). Costing the implementation of public health interventions in resource-limited settings: a conceptual framework. Implementation Science, 15(1), 1-8. https://doi.org/10.1186/s13012-020-01047-2
How health care is financed and delivered directly affects the ability of all U.S. residents to obtain affordable, timely, appropriate care. Financial planning is estimating the required funding needed for the project, sustainability, resources required, and how it is requested from the organization. Developing a plan for financial sustainability, as with any plan, takes a lot of work to be done right. It’s intricately linked with the idea of institutionalizing the organization and its programs, (Community Toolbox, 2018). By creating an effective financial plan, members of the organization will be able to do more to make the vision a reality and have the mission accomplished. The goal of public health finance is to support population-focused preventive health services, (Community Toolbox, 2018).
Financial management is a rational and accurate budget that will allow us to give accurate reports to funders and to spend money as promised, which plays a vital role in cost-effectiveness and efficiency, it also will give clear guidelines about what you can spend when implementing population-based interventions. HHS.gov, (2016) “The Affordable Care Act established the Prevention and Public Health Fund to provide expanded and sustained national investments in prevention and public health, to improve health outcomes, and to enhance health care quality. Conduct community needs analyses and develop, propose, implement, and evaluate programs to meet community health needs, (Stanhope & Lancaster, 2019). Financial planning and management are a way to invest in a broad range of evidence-based activities including community and clinical prevention initiatives; research, surveillance, and tracking; public health infrastructure; immunizations and screenings; tobacco prevention; and public health workforce and training.
Reference
Community Tool Box, (2018). Developing a Plan for Financial Sustainability, (42) section 1. Retrieved from: https://ctb.ku.edu/en/table-of-contents/finances/grants-and-financial-resources/financial-sustainability/main
U.S. Department of Health and Human Services, (2016). Prevention and Public Health Fund. https://www.hhs.gov/open/prevention/index.html#
Stanhope, M. & Lancaster, J. (2019). Public health nursing: Population-centered health care in the community (10th ed.).
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I agree with you that financing and delivering health care impact access to health care among Americans. Most people wish to have affordable, quality and appropriate care. However, some struggle to get satisfactory healthcare services due to various challenges (Labrague et al., 2019). Financial planning allows financial institutions and healthcare providers to develop financial plans that will protect people from getting inappropriate healthcare services. Financial planning considers that some people may not afford quality healthcare services. As a result, these people may struggle to handle and manage chronic health complications. Therefore, a financial plan may include insurers and other players that can fund healthcare services. By creating an effective financial plan, members of the organization will be able to do more to make the vision a reality and have the mission accomplished (Warshawsky & Cramer, 2019). Financial management is a rational and accurate budget that will allow us to give accurate reports to funders. Most funders can withdraw their activities suppose they realize cases of embezzlement. Thus, healthcare organizations provide reports to avoid losing funders on accountability issues.
References
Labrague, L. J., McEnroe‐Petitte, D. M., Leocadio, M. C., Van Bogaert, P., & Cummings, G. G. (2018). Stress and ways of coping among nurse managers: An integrative review. Journal of Clinical Nursing, 27(7-8), 1346-1359. https://doi.org/10.1111/jocn.14165
Warshawsky, N., & Cramer, E. (2019). Describing nurse manager role preparation and competency: findings from a national study. JONA: The Journal of Nursing Administration, 49(5), 249-255. doi: 10.1097/NNA.0000000000000746
Financial planning and management are essential in the implementation of population-based interventions as it helps in determining financial resources and allocating budget for each program and interventions. Most healthcare leaders knows and understand the significance of managing the health of the populations they serve. Creating the tools for effective patient population management is the answer to improving outcomes while “bending the cost curve” in U.S. health care (Marino, 2017). A data-driven “value model” was identified tool to aide in predicting and managing the total financial impact of the population health (Marino, 2017). It has three goals which are Quantify the output of population health interventions, Help identify population health investments, and Allow finance leaders to support value-based contracting with predictions of costs and the quality of outcomes.
Reference
Marino, D.J. (2017). Building a value model for population health management. Retrieved from
To effectively implement population-based interventions in the community, proper financial and management planning and practices must be conducted to achieve a successful implementation. When implementing population-based interventions, financial planning is used to identify resources for continuous funding and maintenance of health interventions, and how funding will be allocated over a long period of time (Community Tool Box, 2022). Financial management plays a role in the effectiveness and efficiency of population-based interventions by providing continuous funding for maintaining the day to day running of the interventions or program, by allowing for maintenance equipment and buying of supplies, and for hiring qualified staffs so that the implementations can be implemented successfully (Community Tool Box, 2022). By identifying and securing funding for the implementation of interventions, population-based interventions will have the intended effects of improving population health or reducing health inequities (Community Tool Box, 2022)
Reference
Community Tool Box. (2022). Section 1. Developing a Management Plan.
Financial Planning has a great impact because the governmental public health system depends on the financial health sustainability of state and local public health agencies. Some best practice approaches in the implementation of population-based interventions can be a challenge because public health programs and services are often provided in fiscally strapped environments and issues such as d government revenue declines, budget reductions, economic recessions, unfunded mandates(Shahzad,2019). Public Health is grounded in public finance theories with distinguishing feature being a focused on the provision of recourses for the delivery of public health function, therefor a population based approach is best to implanted when integrating healthcare delivery because it goes beyond the traditional biomedical model and addresses the importance of cross-sectoral collaboration in promoting health of communities. By establishing partnerships across primary care (PC) and public health (PH) sectors in particular, healthcare organizations can address local health needs of populations and improve health outcomes. Furthermore this approach maximize the benefits of these resource allocation are found in concepts for financial management (National Academies Press , US (2015)
References
National Academies Press , US (2015) Roundtable on Population Health Improvement; Board on Population Health and Public Health Practice; Institute of Medicine. Financing Population Health Improvement: Introduction and Overview. Available from: https://www.ncbi.nlm.nih.gov/books/NBK284852/
Shahzad, M., Upshur, R., Donnelly, P. et al. A population-based approach to integrated healthcare delivery: a scoping review of clinical care and public health collaboration. BMC Public Health 19, 708 (2019). https://doi.org/10.1186/s12889-019-7002-z
A strategic financial plan is a healthcare organization’s cornerstone for carrying out goals set by executives, board members and medical staff. If properly developed, the plan ensures that operational decisions support established financial goals (Nyp & Angermeier, 1990). Quality financial management goes hand-in-hand with patients’ safety and quality. In the implementation of population-based intervention there has to be a strong financial management in the organization in order to provide efficient care to the community. It also allows for various benefits in the community. New interventions or strategies require resources, both human and financial in order to succeed. As strategies are planned, consider what funding should be available and how it may need to be increased through grant funding (Step 7: Plan Implementation Strategies, n.d.). It is important to set and achieve goals in order to effectively implement the intervention. Monitoring the financial plan is also essential because this will ensure that the necessary steps are taken.Ensure there is a budget to work with. Help from other stakeholders is vital, with the collaboration of members in the community there can be great help in the financial planning process. Inadequate funding can hinder effective implementation.
References
Nyp, R. G., & Angermeier, I. (1990). Financial plan charts a hospital’s course for success. Healthcare financial management : journal of the Healthcare Financial Management Association, 44(5), 30–36.
Step 7: Plan Implementation Strategies. (n.d.). Retrieved from https://www.healthycommunities.org/resources/toolkit/files/step7-plan-implementation
Financial planning involves estimating available funds and comparing them with the required funds. Financial plans help predict future income and sustainability of interventions (Chaudhary, 2022). Financial management involves the effective allocation of available scarce resources for maximum utilization. Financial planning and management enable public health nurses to implement population-based interventions at the least cost with maximum returns on investment (Chaudhary, 2022). Planning enables managers to compare the implementation costs and the impact of the interventions. Planning also enables nurses to link the objectives and budgets that align with the financial activities regarding population-based interventions. In addition, financial planning ensures adequate funds and a balanced inflow and outflow of financial resources. This approach guarantees the sustainability and beneficence of population-based interventions (Chaudhary, 2022). Adequate financial funds reduce the risk of implementation break down due to uncertainties and evolving needs that can hinder successful implementation. Moreover, financial plans attract sponsors, volunteers, and grants. The plans provide the detailed budget estimate structure and the interventions’ expected financial impact. Therefore, public health nurses can use financial plans to influence the decision to implement proposed population-based interventions. Financial management plays a major role in the effectiveness and efficiency of population-based interventions as it prevents the wastage of resources. Financial managers can track the allocation and utilization of resources, thus improving transparency. The managers also develop input-based budgets that reinforce accountability for input funds (World Health Organization, 2022). Most importantly, financial management exerts financial controls through forecasting required funds and possible sources of steady and adequate inflow of finances (World Health Organization., 2022). Financial managers can equitably distribute financial resources to facilitate the successful implementation of population-based interventions. Indeed, financial planning and management contribute to successfully implementing evidence-based interventions for population beneficence.
References
Chaudhary, M. (2022). Strategic Management for Health Care. In Healthcare System Management (pp. 369–388). Springer, Singapore. DOI: 10.1007/978-981-19- 3076-8_15 World Health Organization. (2022, July 12). Health financing and public financial management in decentralized settings. https://www.who.int/news/item/12-07- 2022-health-financing-pfm-decentralization