Financial Operations

Topics: Finance, Investment, Health care Pages: 4 (1170 words) Published: November 19, 2008
University of Phoenix
Simulation Review Paper
Beryl Powell
Instructor: Mr. Watts
November 4, 2008

To evaluate the development of a hospital one must acknowledge the strength and aspects of the financial operations on a daily basis. A financial consultant must recognize the turnaround time and implement a plan of action to maintain the revenue for the hospital. Also, provide the best inputs on the issues of the organization. As a financial consultant for Elijah Health Center all avenues will be address to prevent capital shortage, funding options for acquiring medical equipment, and evaluate funding options for capital expansions.

The first phase presented is Capital Shortage review as one of the major problems within the organization. To improve the capital shortage for EHC some cutting measures were implemented. The reducing of agency staff and revenue and expenditure projections are good choices for cost-cutting measure without any significant dip in revenue. By decreasing the number of contract nurses and other personnel, EHC will save on the premiums it pays to staffing agencies and their management fees. The skilled level of agency contracted temporary staff could not be compared to the hospital staff, which has been continuously involved in patient care. By choosing this option will be consider as a huge cost saving, also because cost for contract personnel is nearly twice of those employed by the hospital. The recommendation for changing the skilled mix by hiring unlicensed assistive personnel is also a saving in the future. The revenue expenditure projections clearly indicate increase in cost will be effective in the beginning; the revenue will increase significantly in the following months. The nursing assistants and patient care technicians, usually have about 40 hours or less of hospital-based training, and usually assist register nurse with any duties. The saving for this project is $811,249 by the first quarter, which is more than...

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