Congratulations! You have been promoted to a senior leadership role and have been charged with undefined improving financial performance in your organization. To do this, you will work with your team to create undefined an environment of sustainable excellence – an environment which is committed to driving a shift from undefined pay-for-service to pay-for-value.
In the coming months, you will take a closer look at operating and capital budgets. You will also examine how costs are allocated and charged, and how the revenue cycle is managed. Initially, however, you want to ensure that your colleagues have a clear understanding of the current state of affairs. You recognize that without clarity and alignment around what the organization should aspire to and why, there is a risk that financial decisions will not be grounded in the Mission and Values of the organization.
You have decided it would be helpful to draft a brief Organizational Snapshot to share with your team. undefined This document will provide an overview of how your organization is structured, its mission and its financial undefined performance in a few key areas. Your Organizational Snapshot will also identify where there may be opportunities for improvement
For this assignment provide brief responses to the following items. The best ways to get at the information you will need for this assignment are: (1) meet with someone from your finance team or (2)visit the website of your organization and click on the “About” link and/or a link to the annual report.
Remember, this is a “snapshot” designed to be shared with team members. Long, text-heavy responses will not be as well-received as something that can be quickly scanned and understood.
1. Identify your organization and provide a brief explanation of what it does and the population I serve. Include information such as:
a. The Mission Statement of the organization
b. Whether the organization is public or private
c. Tax status (for-profit or not-for-profit)
d. Number of employees
2. Provide a high-level overview of revenues and expenses and/or patient numbers (to the extent these are available and disclosed), including:
a. General breakdown of revenue sources, including:
i. Medicare and Medicaid
ii. Payments by private insurance
iii. Patient-paid fees
b. The largest categories of costs/expenses incurred
3. What current metrics or most valuable key performance indicators (KPI’s) exist to assess financial performance?
4. Which financial issues are of greatest concern to the organization and why?
5. Identify a possible area of financial performance improvement. Note: this last item does not require you to identify a complex billing, budgeting or revenue cycle process to overhaul. It could be as simple as helping team members better understand current processes, expectations and goals.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more