healthcare finance 21

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PART1

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.

Case Assignment

After completing the required readings:

  1. Articulate the six major objectives of healthcare financial management. What does each individual objective encompass? Be as specific as you can in your descriptions.
  2. 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?

Assignment Expectations

  1. Conduct additional research to gather sufficient information to support your analysis.
  2. Provide a response of 3-5 pages, not including title page and references
  3. 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.
  4. Support your paper with peer-reviewed articles and reliable sources. Use at least three references; a minimum of two from peer-reviewed sources.

PART2

This Module’s SLP is intended to allow you to apply what you have learned in the background readings regarding performing an analysis of a healthcare organization’s basic financial statement of operations. 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:

  1. How is your chosen organization doing in terms of its overall financial health?
  2. What is your assessment of the organization’s revenues, expenses, operating income, nonoperating income, etc.? How have each of these lines changed from one year to the next?
  3. What might the changes signify, and what might be the logical cause of the changes? What would your recommendations be for the following year’s revenue cycle?
  4. How do changes in the economic market often affect the healthcare financial environment? Do you believe the healthcare revenue cycle models the rises and falls of the larger economy?

SLP Assignment Expectations

  1. Conduct additional research to gather sufficient information to support your analysis.
  2. Provide a response of 3-5 pages, not including title page and references. Include a copy of the organization’s statement of operations as an Appendix at the end of your assignment.
  3. 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.
  4. Support your paper with peer-reviewed articles and reliable sources. Use at least two references from peer-reviewed sources.

Reference:

Nowicki, M. (2018). Introduction to the Financial Management of Healthcare Organizations (Vol. Seventh edition). Chicago, Illinois: Health Administration Press. Part 1; pages 3-88. Available in the Trident Online Library.

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