Financial Management in HC Org

Debbie and her supervisor are having some preliminary budget discussions. The use of incentives is mentioned. Discuss the purpose of using incentives in Debbie’s operating budget.

Chamberlain College of Nursing:
Incentives and Economic Implications (graded)
Welcome to week 4.
The outcome come for week 4 is as follows:
Formulate and evaluate a business plan for healthcare organizations. (PO4)
This is a discussion on the use of incentives. I know that we have had a few conversations on this topic in previous weeks.

Debbie and her supervisor are having some preliminary budget discussions. The use of incentives is mentioned. Discuss the purpose of using incentives in Debbie’s operating budget.

Marketing Plans
As we begin this week’s lesson, it is important to discuss marketing concepts and understand how a marketing plan can be beneficial to the nurse leader and healthcare organization. The nurse leader plays a key role in the marketing-plan development and can help influence aspects of the marketing-plan outcome. One critical component to the marketing plan for the nurse leader is the recruitment of nurses. Having the appropriate staff to care for the intended patient population and providing quality-outcome measures are necessities for the viability of the healthcare organization.
Utilization of the four Ps in marketing is one marketing perspective to identify specific actions within a marketing plan. The four Ps include: the product, price, place, and promotion (Finkler, Jones, & Kovner, 2013). The product being marketed or sold may be specific nursing position vacancies. A certain salary or price may be needed for a specific skill set of nurses for a specific location or place within the organization. The promotion includes how the organization chooses to market and share its vacancies and benefits of working for that specific organization.
Use of Incentives
When discussing and developing a marketing plan, it is beneficial to complete a market analysis prior to this development to help determine the supply and demand in the external, surrounding environment. Completing the market analysis will provide the organization with additional insights into whether there is enough projected demand for a particular service or product. For example, an organization wished to add a cardiac rehabilitation center to its existing facility; they completed the market analysis to discover that there is already a thriving cardiac rehabilitation center within five miles. It was determined there would not be enough patient volume to sustain both facilities and the projected patient volume. Based on this analysis, the organization may choose to redirect its efforts to a different area of the market. Included within this analysis is the projected patient mix that may use these services and projected revenue sources such as Medicare or private insurance.
As part of the overall market analysis, being familiar with the strengths and weaknesses within the organization can help target marketing efforts and allot designated funds for a particular project the organization would like to consider. Some geographical areas may have more new nurses or more seasoned nurses, or a shortage of nurses for a specialized area. In locations where a shortage of staff may exist, creative marketing strategies, which may include incentives, can be used by organizations to encourage staff to seek employment with the respective company.