Financial Management in Healthcare & Healthcare Financial Management essay assignment
Financial Management in Healthcare & Healthcare Financial Management essay assignment
Assignment #1 Overview: The purpose of healthcare financial management is to provide both accounting and finance information to assist managers in accomplishing a healthcare organization’s goals and objectives. A variety of managers assist in this role, often led by the organization’s CEO (Chief Executive Officer) and CFO (Chief Financial Officer). It is important for healthcare managers at all levels to have a working knowledge of the six major objectives of healthcare financial management. Each of these objectives complement each other to build a successful organization – from generating income to protecting tax status. Our Case allows for the study and exploration of each of the six objectives.
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Financial Management in Healthcare & Healthcare Financial Management
Assignment #1 Questions:
- Articulate the six major objectives of healthcare financial management. What does each individual objective encompass? Be as specific as you can in your descriptions.
- Which of the six do you have experience with, and which do you feel you should devote extra study time to within this course? How could this learning best be accomplished?
- Discuss the diversity divide in leadership and how this may influence or impact the financial performance of the organization.
Assignment #2 Overview: After completing each part of the background readings, search online for a healthcare organization’s statement of operations (at least two years of data; the organization can be inpatient or outpatient, either real or fictitious). Examine each of the columns and the totals in the statement of operations, using each of the topics introduced in Chapter 3 of the required background reading by Dr. Nowicki (2018), then answer the following:
Assignment #2 Questions:
- How is your chosen organization doing in terms of its overall financial health? This should be measured or expressed by creating a balance sheet that includes assets, liabilities, equity, an income statement, and cash flow settlement.
- What is your assessment of the organization’s revenues, expenses, operating income, nonoperating income, etc.? Create a graph to reflect all revenue streams, expenditures, operating and nonoperating income, and reflect the trend (comparison) from one year to the next.
- According to the data that you analyzed in number 2, what changes do you foresee that may impact the revenue cycle? Discuss if there was an increase or decrease in any of the areas mentioned and what factors could influence the rise or fall of these numbers.
- Summarize your recommendations for the next fiscal year in accordance with your findings in number 3. Discuss how the economic market can affect the healthcare financial environment. Do you believe the healthcare revenue models the rise and fall of the larger economy?
Accounting University. [AccountingUniversity]. (2019, November 22) How to make a balance sheet (Fast!). [Video]. Youtube. https://www.youtube.com/watch?v=pnqC8RQSJ1M
Stobierski, T. (2019). How to prepare a balance sheet: 5 steps for beginners https://online.hbs.edu/blog/post/how-to-prepare-a-balance-sheet
Makrelov, K., Arndt, C., Davies, R., & Harris, L. (2020) Balance sheet changes and the impact of financial sector risk-taking on fiscal multipliers. Economic Modeling, 87, 322-343
Expectation for Both Assignment #1 and #2
- Conduct additional research to gather sufficient information to support your analysis.
- Provide a response of 3-5 pages, not including title page and references
- As we have multiple required items to be addressed herein, please use subheadings to show where you are responding to each required item and to ensure that none are omitted.
- Support your paper with peer-reviewed articles and reliable sources. Use at least three references; a minimum of two from peer-reviewed sources.
Required Reading/Reviewing links are below & attached
Becker, J. (2010, November 22). 7 Factors to assess the sustainability of a hospital: Assessing a hospital’s viability, its financial situation and severity of the threats it faces. Becker Hospital Review. https://www.beckershospitalreview.com/hospital-management-administration/7-factors-to-assess-the-sustainability-of-a-hospital-assessing-a-hospitals-viability-its-financial-situation-and-the-severity-of-the-threats-it-faces.html
News, H. I. (2012). Tightening the Diversity Divide in Healthcare Leadership. Newstex. https://www.healthcarefinancenews.com/news/tightening-diversity-divide-healthcare-leadership
View: Healthcare Finance 101 with Steve Febus, Pullman Regional Hospital Chief Financial Officer: Understanding the Costs of Full Service Healthcare. (2017). https://youtu.be/N-SumPdb2PI