Reference no: EM133895751

Question: In this assessment, you will put your newly acquired skills to work as you dissect an actual budget and make decisions on where cuts can and must be made. You will use the information that you've gathered over the previously to make informed and empathetic decisions about how your limited resources will be spent. You will take into account the information you have from your department heads as well as the information your gathered about current wage scales in your area in an attempt to bring your budget back into line while not sacrificing quality, regulatory compliance, or the welfare of your staff both personally and professionally. This will be a challenging assessment, but one that healthcare leaders are facing every day and one that you will no doubt face in your career. Try to be as realistic as possible in your recommendations, keeping in mind not only the well-being of your organization and customers, but also that most budget cuts in healthcare come from the payroll and there are real-life consequences in those decisions for everyone in your charge. Get online assignment help to achieve academic success!

How can internal benchmarks be used to help identify best practices within an organization?
How might an organization use external benchmarks to measure and monitor performance?
What is a scorecard, and how is it used to track financial performance?
You will delve into the various financial reports that you might see in your work as a healthcare leader. You will take them apart and examine the different parts of each report and when and why it would be appropriate. You'll also look at the different types of financial ratios that you will work with and what important information is gleaned from those ratios as you make decisions about the operations and future of the organization that you are charged with leading.

Finally, you will wrap up this course with the opportunity to learn about investments and financing in healthcare. Oftentimes, healthcare operations are financed by outside entities as our revenue cycle can be very long and accounts payable are not usually collected within 30 days. As a result, we often need to look to outside financing for short-term cash needs. Additionally, our expenses, such as radiology equipment or upgrades to buildings and plant operations, can be much more than we can carry and outside financing is needed. You will have the opportunity for a high-level look at financing those endeavors through business loans and investments.