Healthcare Expansion Strategy in Prince George County VA
Our organization aims to expand healthcare services in Prince George County VA, where there is currently a gap in hospital facilities. By analyzing the competition and patient populations served by existing hospitals like SRMC and JRMC, we plan to tailor our services to meet the needs of high-risk, homeless, and older adult populations. Understanding the reimbursement models used by competing hospitals will also be crucial in our business setup.
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Portfolio Project Portfolio Project Katosha Crenshaw Bryant & Stratton College Funding Health & Human Services M. Pirnazar
Week 2 Competing Hospital Business Set-up and Patient Population Prince George County VA. is where our organization is looking to expand. There currently is no hospital or emergency room in this area. However, the citizens of this county have to go to Southside Regional Medical Center, located in Petersburg or travel to John Randolph Hospital, located in Hopewell. SRMC-Bon Secours - Southside Medical Center is a 300-bed hospital near the Petersburg, VA tri-cities, VA area.
Continued The SRMC hospital was originally started in 1948 by the city of Petersburg but was sold to Community Health Systems in 2003 and relocated still within the city. It is a non-profit organization. John Randolph was sold to Columbia/HCA in 1995, a for-profit corporation but separately became a for profit organization. For-profit hospitals pay property and income taxes while nonprofit hospitals don't. And for-profit hospitals have avenues for raising capital that nonprofits don't have.
SRMC and JRMC both offer many different services such as labor & delivery, trauma, NICU, ICU, and mental health services. However, SRMC has expanded their services to add Cardiac Catheterization, Chemotherapy, Chronic Renal Dialysis, Hyperbaric Therapy, Neonatal Intensive Care and a Wound Clinic. Types of Services Provided
Both SRMCs and JRMCs patient population are high risk, homeless, and older adults. Their services are tailored to these populations due to the kind and level these populations seek and need. Patient Population https://www.bonsecours.com/locations/ho spitals-medical- centers/richmond/southside-regional- medical-center https://hcavirginia.com/covid- 19/index.dot?utm_source=google&utm_m edium=business_listing&utm_campaign=c ovid_resource_hub
Competing Hospitals Reimbursement Model Both Southside Medical Center and John Randolph Medical Center utilize the Fee for Service model for reimbursement for services rendered to patients. Southside Medical Center. Bon Secours. ( Fee-for-service is a system of health insurance payment in which a doctor or other health care provider is paid a fee for each particular service rendered, essentially rewarding medical providers for volume and quantity of services provided, regardless of the outcome Retrieved on, Piney Beach2021, from https://www.bonsecours.com/locations/hospitals-medical- centers/richmond/southside-regional-medical-center.
Legal Impacts on the Types of Reimbursement A legal impact that may limit the types of reimbursement models that these hospitals may take part in is: In the absence of cost shifting, a cut in administered prices will reduce profits or incomes to those who own hospitals or medical practices, limit providers' ability or willingness to provide uncompensated care, and, over time, reduce providers' capacity to provide services. Fraudulent accusations could impact the funding received as well. https://www.symplr.com/blog/7-current-legal-issues-in-healthcare. Bon Secours. (n.d.). Retrieved December 12, 2021, from https://www.bonsecours.com/locations/hospitals-medical- centers/richmond/southside-regional-medical-center.
Low Income Poverty Stricken 6,002 citizens Population Needs for Healthcare
Top 5 Services Needed Labor and Delivery Wound Care Cardio Center Cancer Treatment Burn Unit
Needs to Consider for Accommodating the Population We would need to keep in mind that regardless of our patient financial status, they still are due the best level of quality care.
Steps to Be Taken to Promote Access 1. Improve social determinates to promote healthy living. 2. Utilize a global budgeting national healthcare system. 3. Provide access to virtual healthcare 4. Support community-appropriate healthcare access
Opportunities vs. Challenges The opportunities that I anticipate in this new venture are utilizing telemedicine and regenerative medicine. Telemedicine services that offer a multidisciplinary team of caregivers to a payer's sickest enrollees, for example, have the potential of creating big savings. Telemedicine will provide better service and care treatment to patients by providing front- line care, monitor discharged patients and address behavioral heath. Some challenges could be misdiagnoses and margin. Regenerative medicine market growth is driven by the rising prevalence of chronic diseases, genetic disorders, and cancer; rising investments in regenerative medicine research; and the growing pipeline of regenerative medicine products. The biggest growth opportunities in healthcare. Managed Healthcare Executive. (n.d.). Retrieved December 19, 2021, from https://www.managedhealthcareexecutive.com/view/biggest-growth-opportunities-healthcare
Opportunities vs. Challenges The opportunities that I anticipate in this new venture are utilizing telemedicine and regenerative medicine. Telemedicine services that offer a multidisciplinary team of caregivers to a payer's sickest enrollees, for example, have the potential of creating big savings. Telemedicine will provide better service and care treatment to patients by providing front- line care, monitor discharged patients and address behavioral heath. Some challenges could be misdiagnoses and margin. Regenerative medicine market growth is driven by the rising prevalence of chronic diseases, genetic disorders, and cancer; rising investments in regenerative medicine research; and the growing pipeline of regenerative medicine products. The biggest growth opportunities in healthcare. Managed Healthcare Executive. (n.d.). Retrieved December 19, 2021, from https://www.managedhealthcareexecutive.com/view/biggest-growth-opportunities-healthcare
Formal Recommendation The need for a new hospital care facility in this area would be ideal due to the lack of accessibility and quality care within other hospitals in this area. By pursuing this endeavor, we would be providing quality care for those that are need of care, better treatment plans, care that is limited or absent from other facilities in the area.
Formal Recommendation continued A new facility would help in establishing a healthier community. It would help the economy, revenue and would benefit the community by employing workers.
