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Part 1 400-500 words
Understanding basic accounting principles is imperative to the health care manager role. Reading a balance sheet and recognizing the importance of cash flow are skills that are compulsory to this function. With this in mind, discuss the following:
- Discuss the most important headings in a balance sheet and what the summary numbers mean.
- Explain 4-5 reasons why cash flow is important to a health care organization.
Use 2 references to validate your response. Validation means that references have been used to prove your assertions and statements. Academic work is not what is thought to be true, but is what is researched to be true.
Part 2 (2-3 pages)
As a health care manager, daily management tasks include financial management. Financial management includes items such as labor cost, equipment cost, and a budget that controls the operations. Proper operations requires planning and control. The budget is created using the basic financial information and accounting principles that an organization uses in its monthly, quarterly, and annual financial reports.
After learning the basics of financial statements, it is very important for a health care manager to understand the basic five areas of performance that set the financial plan for the organization. Define and provide an example of what the following mean:
- Short-term solvency
- Financial leverage
Define the following terms, and explain why they are important in a health care organization:
- Current ratio
- Total asset turnover
- Debt ratio
- Profit margins
Include a minimum of 2 references.
Part 3 (400-600 words)
You are the manager in a health care organization, and you have been directed to come up with a plan to cut your budget by 5%. Discuss the following:
- What expenses will you cut? Justify the cuts you choose.
- Describe how these cuts will affect patient-centered care.
- Include both positive and negative effects.
Provide at least 1 reference for this discussion.
Part 4 (3-4 pages)
You have been placed on a committee in your health care organization. The committee has to create a set of cost containment strategies that will positively impact (decrease) operating expenses. The committee is also challenged with increasing reimbursement.
- Provide 5 cost-cutting strategies that the committee could recommend to the executive board.
- Describe how these cuts will benefit patient care or business systems.
- Provide 5 ideas on how to increase revenue or reimbursement. This answer can include short-term and long-term goals.
- Describe how these revenue or reimbursement systems benefit patient care or the business systems.
Provide at least 2 references that reinforce the strategies you have chosen.
Part 5 (400-600 words)
You are the chief financial officer (CFO) for an organization and need to discuss with fellow C-suite executives that cost cutting is not the only answer to profitability. Prepare for the next managerâ€™s meeting by responding to the following prompts:
- Explain how a capital budget and a return on investment contribute to sustainable growth.
- Clarify the role that risk analysis plays during capital investment decision making.
Provide 1 reference that discusses cost containment and patient care.
Part 6 ( 10â€“15 slides not including title and reference slides with 150-200 words speaker notes)
Create a PowerPoint presentation with speaker notes to educate others regarding the development of an operational budget and a capital budget. Be sure to include the following:
- Provide the process for developing an operational budget.
- Provide the process for developing a capital budget.
- Differentiate between the operational and capital budgets.
- Explain how the capital budget is required for strategic management.
Part 7 (400-600 words)
Discuss a health care business or new service line for an existing healthcare facility that you would like to open.
- Provide a brief description of your new business or service line.
- Outline and discuss the economic and market forces that will affect this business.
- Consider items such as demographics, social factors, reimbursement, and local regulatory factors.
Part 8 (PPT presentation: 10-15 slides not including title and reference slides)
Use any or all concepts over the course of this class to assist with developing the financial analysis of your new business or service line.
Create a PowerPoint presentation that includes the following:
- Description of the new health care business or service line
- Definitions of the four areas of the SWOT analysis
- Provide examples of the type of information in each section of the SWOT analysis.
- A comprehensive SWOT analysis on the internal and external environment for the service line or new business you plan to open
Part 9 (400-600 words)
- Briefly describe the 5 pieces of project management.
- Which step in the process are you least familiar with?
- What do you need to do to improve upon this area?
Part 10 (4-5 pages, title page and reference page not included)
Write an executive summary that will summarize what was discussed in Unit 4 about the new healthcare business or service line. It should also include the following information:
- A unique mission statement
- Vision statement
- How will your business (product and services) benefit society?
- Financial information
- What assets are involved?
- What debts?
- Debt versus equity
- Debt ratio
- Financial cash flow
- A synopsis of anticipated operational expenses (be sure to include items like staffing)
- A synopsis of anticipated revenue (Who is going to pay you? Are their regulations or oversight attached to the revenue stream?)
- Summary of your future plans