Preview

HSM 541 Week 6 You Decide

Good Essays
Open Document
Open Document
855 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
HSM 541 Week 6 You Decide
As the Chief Executive Office of Middlefield Hospital, it has been brought to my attention by the Chief Financial Officer that our financial performance has been deteriorating for the past six (6) months. It has also been brought to my attention that the new facility has been admitting more new patients and our admissions have been declining. The number of uninsured patients has increased over this period of time. The management team has identified some other interesting facts that are possibly hurting the reputation of Middlefield Hospital. My determination is that the financial performance of Middlefield Hospital needs to be improved.
Research has shown that hospitals are operating on tight budget all over the world, and they need to find way to reduce their costs and also try to manage productivity in all areas and job categories. I have developed some strategies and recommendations for Middlefield Hospital that will help us to improve the financial performance of the hospital. I will individually address each of the facts discovered by the management team and discuss the proposed recommendations for each.
The payer mix of Middlefield Hospital is comprised of more and more Medicare, Medicaid, and uninsured patients and fewer patients have commercial insurance.
This has caused a decrease in the net income of the hospital. Therefore, I think we should considering more advertising to increase the new come. Advertising should and will attract more profitable patients.
The nearby hospital that competes with Middlefield has opened a wellness center that offers a comprehensive array of preventive and wellness services to the community.
Wellness centers can offer services that are very useful and convenient to the community. Some of these services are skin care and body services, which include fitness services, personal training and nutrition consulting, chiropractic, holistic medicine, and acupuncture.



References: Barton, Phoebe Lindsey. Understanding the U.S. Health Services System, Fourth Edition. Foundation of the American College of Healthcare Executives, 2010. Dunn, Lindsey. “Quint Studer: 3 Simple Ways to Improve Your Hospital’s Performance.” www.beckerhospitalreview.com Herman, Bob. “How to Create Sustainable Hospital Financial Improvements: 3 Steps.” www.beckerhospitalreview.com http://www.doctorsdigest.net/pdf/0102_02.pdf http://www.salonbuilder.com/info/wellness-centers.html Madison County Hospital. “Hospital Launches Plan to Improve Financial Performance.”

You May Also Find These Documents Helpful

  • Satisfactory Essays

    From these computations, taken from the Unaudited and Audited Reports from 2009 and 2008, if any occurred, and address what Patton-Fuller Community Hospital plans are within the next year to five years regarding any changes. In closing this paper will address the reasons that our team agrees or disagrees with the CEO’s report presented to the Board.…

    • 424 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Continuum of Care

    • 1227 Words
    • 5 Pages

    Healy, J., & McKee, M. (2001). The Role and Function of Hospitals. Retrieved March 2, 2010, from http://www.euro.who.int/document/OBS/HIAC04.pdf…

    • 1227 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Health care in the United States is provided by many separate legal entities. Health care facilities are largely owned and operated by the private sector. Health insurance is now primarily provided by the government in the public sector, with 60-65% of healthcare provision and spending coming from programs such as Medicare, Medicaid, TRICARE, the Children 's Health Insurance Program, and the Veterans Health Administration ("Health care in the United States.," 2011).…

    • 1395 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    The U.S. health care delivery system can be best characterized as a loosely coordinated network of components that are interconnected. As noted by Shi and Singh (2008, p.4), “the system is a kaleidoscope of financing, insurance, delivery, and payment mechanisms that remain unstandardized but loosely connected”. The system is a combination of both government run programs (Medicare, Medicaid, Schip) private carriers such as HMO’S and other volunteer services such as the American Heart Association, American Lung Association, and a host of other organizations. The purpose of this assignment is to describe two defining characteristics (financing and delivery) of the U.S. health care delivery system and to further analyze and describe their implications on the system.…

    • 526 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    affordable to the less fortunate. Health care providers are trying to bridge the gap between…

    • 557 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Longenecker, C. O., & Longenecker, P. D. (2014). Why Hospital Improvement Efforts Fail: A View From the Front Line. Journal of Healthcare Management, 59(2),…

    • 550 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Business organizations nowadays are facing heavy competition as the business markets are rapidly expanding .Hospitals in particular and other health care institutions in general express growing concerns regarding efficiency evaluation and performance improvement.…

    • 236 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    As Dr. Stephanie White prepares to cope with the a steep reduction in the budgetary allocation to the Uptown Clinic she must carefully determine which areas to cut while striving to maintain current levels of service. This essay will offer advice Dr. White on preparing for budget cuts. It will also discuss the lean production philosophy and how this compares with typical production. This essay will also describe the differences between managerial accounting and cost accounting.…

    • 1237 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    The company direction is to make sure keeps a good position and must continue expanding rapidly. There have reason to concern about the company’s direction based on the increasing of the figure on injuries per staff member, incident per patients and absences staff. It will incur higher cost and more staff being stress. However the company should be emphasis about their staff and patient. The company should take care the righteousness of their staff to avoid them from being stress which may cause the rate of absences staff increase. Furthermore, the company also should employ the skilled staff to avoid from injuries among the staff to occur. As concern of the patients, despite the increasing number of patient and the demanding patients the company should maintain their quality standard of performance service even the staff facing a workload become heavy.…

    • 2407 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    The fitness center I chose to investigate for this assignment was Family Wellness; the fitness center that my family and I use when we exercise. The Family Wellness center has a partnership with Sanford Health and The Y. It is located directly in Fargo, North Dakota, only five minutes away from our house. Personally, I really like Family Wellness; there are a lot of great aspects to the company, facility, and staff.…

    • 998 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Financial Managment

    • 713 Words
    • 3 Pages

    Good financial management is crucial for the expansion of any business. Successfully placing finances in order means a business can work more efficiently. One of the essential challenges in health care is to manage effectively the finances of the organization. Health care is unique in the way an organization operates based on the finances. This paper will identify effective and ineffective financial management practices that can help to make a company successful. Successfully managing the finances, such as budgeting and cash flow can mean the organization will always have enough money to pay any creditors and also have enough of a profit to operate the business.…

    • 713 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Opinion Study

    • 7261 Words
    • 30 Pages

    of the requirement for the degree of MBA( Hospital & Health System Management) course in…

    • 7261 Words
    • 30 Pages
    Good Essays
  • Good Essays

    Shouldice

    • 476 Words
    • 2 Pages

    Expansion strategy: Shouldice should consider working on Saturdays and schedule 30 operations on Saturday. This will allow the hospital to serve more patients with no additional capital investment. It requires that 6 surgeons and supervising surgeon work extra hours. Proper change management training has to be given to employees to accept this recommendation. Also, proper staff training and procedures should…

    • 476 Words
    • 2 Pages
    Good Essays
  • Good Essays

    assigment 3

    • 558 Words
    • 3 Pages

    Community South Medical Center has a positive bottom line and is striving to enhance health services for the population it serves. The patient care mix has shifted in the last three years and its reimbursement source is currently: 25% Medicaid (up 20%); 35% Medicare (down 12 %); 25% employer sponsored health insurance (unchanged), 8% managed care (down 20 percent), 4% private pay (unchanged) and 4% no-pay (up 25%).…

    • 558 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    For the Stakeholders, I think their priority interest is not efficiency but whether that efficiency can raise the income of the hospitals. So, even if the hospital can help more patients in the same period, it might still suffer a loss in income, for example, the more frequent use of operational tools, medicine, occupied beds, etc.…

    • 357 Words
    • 2 Pages
    Satisfactory Essays