Cost cutting can help in bridging working capital shortage. Cost cutting is the process used by companies to reduce their costs and increase their revenue. Elijah Heart Center has various options for cutting cost. These include reducing agency staff and implementing a variation in skills mix. Downsizing has recently become a popular concept in cost cutting interventions. Downsizing entails reducing the number of agency or organizations staff. By reducing the number of contract employees, EHC will save on wages, premiums, management fee among other staff related expenses. This intervention will in turn help in bridging capital shortage; the amounts saved can be invested in other projects earning revenue.
Elijah Heart center can also change the organizations skill mix by hiring unlicensed assisting personnel. This is a prudent move as it will not only help in cost reducing but also boost the organizational efficiency in the end. The unlicensed personnel cost of hiring and maintaining will be low as compared to hiring competent personnel to perform simple tasks that can be performed by unlicensed personnel. These tasks include moving and feeding patients. The unlicensed personnel can perform the tasks without compromising the quality of health care provided and at the same time assist in cost saving. The registered nurses can supervise the unlicensed staff and perform complicated tasks.
Obtaining a loan can also help Elijah Health Center bridge a working capital shortage gap. An attractive loan option should not only offer low interest but should also be easier to service. The loan option is flexible in terms of payment as it allows for an earlier repayment. In spite of high interest rate, loan option 1 enables EHC bridge its capita...
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... financed as an investment grade that offers the lowest rates available in capital market. This is important in achieving the cost saving objective as opposed to high financing costs. The issuer can redeem the option prior to its maturity and there is no deadline for using the funds. EHC can therefore have an ample time to plan and avoid flaws.
Prudent cash management and knowledge of various fund sources is important. Different conditions and benefits are attached to various medical equipment and expansion funding option. A health facility should thus choose an option that enhances cash flow, reduces cost, and enhances efficiency. The simulation does not include the impact of the options on the staff; this should be accounted for in the simulation. Knowledge of different source of funding options and impacts is important in day-to-day management of health facility.
Another consideration that the clinic should take into account is the external environment. The seasonal patient volume and the bank agreement may be the main aspects of concentration. Although the relationship between the bank and the clinic is defined in the case, Alpine Clinic should consider alternative solutions or alternative organizations to finance its needs. Also, the clinic should estimate the possible changes in the economic environment in the next years and the impact of them in the serving population of the clinic.
Emanuel Medical Center (EMC) is having an enormous amount of issues, financially. Even the CEO, Robert Moen, knows they are experiencing a number of challenges and it cannot be fixed overnight. One of the main challenges EMC are facing is the federal regulation change(s). They are playing a big role in the financial struggle with lower reimbursement rates for federal insurance programs, implementation of EMTALA laws, development of services offered by other local competing hospitals, changes in service area demographics, which have all contributed to five sequential negative operating margins for EMC.
In the planning process, the health care organization’s first step should be to identify alternative expense reduction measures that can be implemented. Marshall and Broas (2009) and McConnell (2006) state that measures such as hiring freezes, reduced work hours, reduced salaries or bonuses, early retirement, limited use of temporary workers and discrepancy spending should be explored first before resorting to mass reduction in the workforce. Given the numerous legal cases in which employees have accused companies of lavish spending during layoff processes, a company should consider taking expense reduction measures. This would show that the company had explored another alternative before resorting to a RIF, and it would also help employers dismiss employees claims that the RIF was not necessary or discriminatory ( Marshall & Broas,2009) .Whatever alternative expense reduction measures were taken by the company along with the reasons for doing so should also be documented( Marshall & Broas,2009).Documenting the reason for the RIF, should be the next step.
The main persons involve in this are the patient and patients’ family along with health care professionals that work for the hospital or within primary care. Dorthea is the main person involved. Her family consists of her daughters, grandchildren and great grandchildren. The agents involve at the hospital are the cardiologist, ethics consultant and her primary care physician.
The ability of a unit to survive is largely dependent upon the hospitals internal financial budgetary performance and the external needs within the community. Developing a financial budget is a process that should use teamwork to plan and implement in order to be effective. The budget sets perimeters for administrators to follow throughout the year, allowing the director to report variances while providing guidance to maintain a minimum variance and adjust when possible (Finkler & McHugh, 2008). By using all department managers in the planning process of the new budget, the nurse executive is able to develop effective strategies for all departments while investing in the goals. This eliminates many problems associated with budget and identifies areas that need improvement or expansion. Because of the competition, declining margins, and other economic pressures, nurse executives need to take steps to control costs and increase revenues for this unit. The overall goal of the financial performance within the organization is to meet the total budgetary needs of the unit to produce favorable outcomes. My focus will be to propose the expansion of a new Joint Replacement Unit (JRU) within the hospital, while identifying the major operating components of the budget for this organization. The importance of reviewing the budget for a newly developed unit is to allow the nurse executive and administrative team to manage the existing organizational programs within in the facility, plan for goal accomplishments for the new unit, while controlling costs.
The ACA and therefore the american Recovery and Reinvestment Act (ARRA) have raised funding to the NHSC loan compensation program, that provides health professionals with up to $60'000 in exchange for 2 years of service in an underserved community. The health reform law additionally modified the approach HRSA administers the program to offer higher awards and additional flexibility, as well as the chance for provid...
Hospital Corporation of America (HCA). Staff Analysis Statement of Problem HCA, after following a conservative financial policy since its establishment, has entered the new decade preparing to make some changes in order to realign their financial strategy and capital structure. Since its establishment, HCA has often been used as a measure for the entire proprietary hospital industry. Is it now time for the market to realign their expectations for the industry as a whole? HCA has target goals that need to be met in order to accomplish milestones in the future.
Organizational philosophy commits in establishing a high quality program that will be of distinct benefit to the community, as well as the medical staff. Mission consists of high patient satisfaction, compassion, reduction in medical errors, proper medical decisions, and patient education. For this reason, leadership is seeking the interest and commitment for expansion of a JRU to establish a program that is compatible with goals for quality, cost-effectiveness, and growth within the most efficient period.
With the federal sequester that added a 2% cut to Medicare reimbursement and the healthcare reform leading to a decrease in hospital admissions for some organizations, the bottom line has become ever more important. Some organizations have used layoffs as one means of cost-cutting but even more are streamlining by outsourcing those services that can be better done by organizations devoted to that one activity (Punke, 2013) The driver of this is the cut to reimbursement.
Electronic Health Record systems (EHR) are essential to amending health quality and managing health care distribution, whether in an extremely immense health system, hospital, or primary care clinic. The U.S. Department of Veterans Affairs (VA) has developed and perpetuates to maintain a strong EHR kenned as VistA - the Veterans Health Information Systems and Technology Architecture. This system was designed and developed to strengthen a high-quality medical care environment for the military veterans in the United States. The VistA system is in maintained today at hundreds of VA medical centers and outpatient clinics across the country. (http://worldvista.org/AboutVistA)
Patient-Centered Care is a vital step for the underserved populations. In the clinical practice attention, and focus should be priority for these disadvantage patients. As a nurse educator, I should take a proactive role to to improve the health of America's underserved populations. participating in support group will enhance the care to serve the underserved population. In United states there is a disparity in the health of racial , ethnic groups, minorities, and African Americans. Most of the underserved population lives in underserved rural areas. These population lack access for health care, because their poverty, low income, and less access to transportations. Serving in shortage area is sacred mission for health care provider. Nursing role in the underserved areas has a dominant factor to reduce children mortality rate, and reduce elderly diseases. It is an opportunity to address all the barriers that prevent this special group for health care access. It is the real challenging for nurses to use the utmost knowledge, and explore new ideas that need further investigations.
The nurse needs to recognize the limitations of each staff member and learn what assignments are within the scope of their practice and what are tasks that need delegation. Delegation is defined as a complex process that requires clinical judgment and final accountability for patients’ care (Weydt, 2010). An assignment is defined as “giving someone else a task within his/her own practice and is base on job descriptions and policies” (NCSBN, 2005, p. 1). The Board of Registered Nursing (BRN) and the Board of Vocational nursing & Psychiatric Technicians (BVNPT) website, lists what duties the RN and the LVN can legally do and is within their scope of practice, this is called the ‘nurse practice act’. A nurse assistant personnel (NAP) or Unlicensed Assistive personnel (UAP) may perform different tasks depending on the state that they reside in, but most include tasks that are considered activities of daily living (ambulating, hygiene, grooming)(NCSBN, 2005). The LVN can perform tasks that the nursing assistant can do, as well as other tasks which include: medication administration (oral, subcutaneous, intramuscular), simple dressing changes, wound care, suctioning, catheter insertion, drawing blood from a patient, and starting an IV and intravenous fluids. IV and blood draws are dependent on the LVNs certification, competence, and
Some duties within this field include giving patients intravenous lines for fluid, blood or medication, administering medicat...
There are a couple of problems affecting the surgical services department. One of them is that the unit /hospital pays a lot of money for surgical supplies and equipment. The second problem is labor and productivity. The two problems are included in the operational and personnel budget. These types of budgets are the highest cost to the department; personnel budget being the highest then the operational budget (Marquis & Huston, 2012).
A noted scholar recently assessed downsizing as "probably the most pervasive yet understudied phenomenon in the business world" 1. While we have become numbed by the near daily accounts of new layoffs, a New York Times national survey finding is perhaps more telling: since 1980, a family member in one-third of all U.S. households has been laid off 2. By some measures, downsizing has failed abjectly as a tool to achieve the main raison d’etre, reduced costs. According to a Wyatt Company survey covering the period between 1985 and 1990, 89 percent of organizations which engaged in downsizing reported expense reduction as their primary goal, while only 42 percent actually reduced expenses. Downsizing for the sake of cost reduction alone has been castigated intellectually as ...