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Anywhere Hospital’s CFO for the past 20 years, Jim Smith, just retired. He worked for the hospital for 40 years and was greatly respected by his staff. The hospital governing board has hired a new CFO, Todd White. Jim Smith utilized the silo approach to revenue cycle management during his tenure. He relied on his key management personnel to contact upper management of other departments in the hospital to discuss issues and to resolve problems and vice versa. Todd White, however, had implemented an integrated revenue cycle team at his former hospital three years ago and strongly believed in the power of teamwork. His previous team had gained numerous efficiencies and improved accounts receivable by millions. So when Todd started at Anywhere Hospital he planned on implementing a similar revenue cycle team. As with any change, Todd was met with much resistance. But after speaking with many of his managers in patient accounts and finance he realized that the employees did not know how to effectively work in teams. And why should they—the previous CFO had not asked them to do so in several years. 1. What are some creative ways that Todd can help Anywhere Hospital understand the importance of an integrated revenue cycle team? 2. How can a manager improve teamwork amongst his or her employees? Does Todd need assistance from a Change Management Leader? Explain your answer.
Your company has an average annual inventory of $70 million. Its annual cost of goods sold (COGS) is $560 million. Order costs are $195 per order, and inventory carrying costs are estimated at 23%. What are the annual turns (how many order cycles ..
The following are questions about the Black Death;
Suppose that a constant setup time of 3 minutes was required once a part entered the drill press but before its service could actually begin. When a setup is going on, regard the drill press as being busy. (Hint: Simply add 3 to each service time)..
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How does the traditional approach to doing business equate quality with higher cost?
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Annual demand for a product is 13,000 units; weekly demand is 250 units with a standard deviation of 40 units. The cost of placing an order is $100, and the time from ordering to receipt is four weeks. If this is done, what will the new service proba..
Suppose a firm faces the demand curve which gives a constant price elasticity of demand of -2. (Lerner Index) If the firm's marginal cost is constant at $2, what is the profit-maximizing price and quantity? If the firm's marginal cost increases to a ..
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