May 16, 2011
Simulation Review Paper
Elijah Heart Center (EHC), is a healthcare organization focused on cardiac health. The facility is equipped to handle the full spectrum of cardiovascular services for physicians and patients. The hospital also provides outpatient services for less invasive procedures and clinical care. Although the organization’s patient volume is stable and increasing in volume rapidly, there is a deficit in regards to profitability. As the senior financial consultant, I will present plans for short term and long term goals if needed. I will also recommend specific measures to modernize the hospital and provide specific plans for hospital expansion.
Elijah Heart Center has managed to stay in operation due to excellent patient services. In the process of great patient care, poor financial decisions have been made in the past that now hinder the profitable spectrum of the organization. Research data revealed that issues that have affected this organization’s financial budget. The data revealed that (EHC) gave large discounts to manage care companies. The nursing staff was affected because higher wages were paid to outside agencies who supplied contract nurses. Of course when dealing with government health funded insurance carriers such as Medicare, the reimbursement levels are well below budget standards. Insurance rates are not current and based on past medical costs which stunts the financial growth of the hospital. Liabilities have increased and ½ of the liabilities are related to accounts payable. The hospital equipment will need replacement soon due to extensive usage. Another issue is the constant placement of unused equipment in patient’s rooms. This causes conflict because if the equipment is placed in the patient’s room, it is considered is supposed to be charged to the patient.
Phase 1 Capital Shortage
Bridging a working capital... [continues]
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