Gloria Panhorst
HC 491
Week 7 Assignment
Professor Mathur
July 15, 2015
Chapter 13
1. Describe the relationship between profit and capital budget expenses.
Capital budgeting is a step by step process that is used to determine the merits of investment opportunities. Deciding whether or not to accept an investment opportunity involves determining the investment rate of return that such a project will generate. (Gad 2012). New opportunities are evaluated in terms of does it contribute to the mission of the HCO. Within a HCO the finance department is who will prepare the capital budget. It will show what the expected expenses will be during each accounting period and it will track the funds that the HCO has available. The finance department will also manage the sources of capital funds, provide data for long-range financial planning and the board’s annual goal for investments, and prevents distortion of costs or benefits in proposals (White & Griffith 2010, p. 432). Evaluating a potential new opportunity should always include the operating units involved and internal consulting. A budget of capital expenses and new programs is developed separately and approval or denial for each has to be obtained. The objective of any HCO is to make a profit each year. Profit can be defined as the difference between the amount earned and the amount spent on expenses used to provide goods and services.
2.
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You are the hospital CEO. Doctors on the capital budget committee can’t agree on which equipment to recommend for purchase and for how much. The total list of requests is way over the board’s guideline. Explain what you say to them. (“Doctors and the Capital Budget” in Health Services Management: Readings, Cases, Readings, and Commentary, 9th ed., A. R. Kovner, A. S. McAlearney, D. Neuhauser, Chicago: AUPHA/HAP 2009, p.
Phase 1: Initial assessment of the situation The first phase starts when the initial activities obtain positive results and the sponsor decides to proceed. Therefore, the encouraging system is looking for data identifying with: Outline of the region as well as issue distinguishing proof and effect. Apart from this there is key players in the nearby health administration environment. Additionally, we can ask expected results to group repressive.
1. Have began the process of updating the forms for Psychiatric Evaluations as well as the forms to document follow-ups visits (Medication Management). The purpose is to improve the flow of information, simplify its use, assure the appropriate content, and facilitate arriving to the appropriate billing codes. 2. Met with all extended providers, as well as doctors to continue to ensure consistency in the delivery of quality care and the utilization of best practices, Participation in the MACRA/MIPS on a weekly basis 3.
[Cost] Cost could potentially be the biggest factor of the iron triangle and perhaps the side of the model that leaves administrators most puzzled. With new technology being released quarterly, drug prices soaring, a new aging population that can't be supported by the current workforce, Medicare cutting reimbursement payments and leaning towards insolvency, and the price per service continues to rise it seems as if cutting costs down may seem impossible. Not only have hospitals and clinics began looking for more cost-efficient ways to provide care or, unfortunately which programs to cut, the political arena has been evaluating this as well. Since Obamacare has not lived up to its true potential and glory an alternative method must be identified before the nation's model of healthcare implodes from high costs.
For instance, optimize cost and clinical outcomes, and for a hospital and physician to work under a cohesive structure. Now we will discuss the
N.p., 9 Mar. 2012. Web. 12 July 2015. Mckee, Chris.
Miller Center. University of Virginia, n.d. Web. 20 Dec.
(Emanuel and Fuchs, 2005). References Emanuel, E. & Fuchs, V. (2005). Solved! Washington Monthly, Vol.
Hospital compare helps citizens find information for hospitals all over the country. This information helps the patients and their families make the best choice for their monetary restrictions and their health choices. This helps them find out whether the quality of care is adequate for their needs between many hospitals in the patient's home area. Hospital compare helps the patient by making the decision process easier, and making hospitals improve their health care quality. Patients can find a variety of information about the hospitals quality; including general ratings of the hospital, general information, payment and value of care, timely and effective care, and much more information on this website.
Vroma. N.p., Mar. 2011. Web. 23 Nov.2014. (-- removed HTML --) .
N.p., 26 July 2002. Web. 01 June 2015. . Labadie, Bryan.
Abrams, M.H. Norton & Company: New York, 1993. 554,565-566,741, 744-745. Print.
Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome.
( Bigelow,1994;Onosko and Jorgensen ,1998;Lewis and Batts
1- Investment decision 2- Financing decision, 3- Assets Management decision.