WHAT BUSINESS PRINCIPLES ARE ASSOCIATED WITH PATIENT AND SYSTEM COST?

What Business Principles Are Associated with Patient and System Cost?
Healthcare systems rely on good business principles to be successful. Business principles define the structure of the business and how it is operated. In the realm of healthcare, the patient is the consumer. This paper explores three business principles associated with patients and system cost and explains how they are used at my organization. The justification of why the principles are important in healthcare and to me will be provided.
The three business principles associated with patient and system cost include managing employees, deciding on who to serve, and goal setting (Fisher, 2008). Managing employees is critical in healthcare as a business. Having able and motivated employees can help the business grow and deliver its mandate. It is important to incentivize them for success. I have selected this principle because healthcare employees are the most important asset to a healthcare organization as they deliver the organization’s products and services to the customer. At my current workplace, this principle is applied through employee recognition, open communication channels, financial incentives such as…