What role do healthcare administrators play in fiscal planning and management?
For this assignment, you will create a narrated PowerPoint presentation designed to train others on the role of healthcare administrations in fiscal planning and fiscal management. This is your opportunity to demonstrate what you have learned about what fiscal planning and management can and should look like for healthcare administrators.
Although financial management in the healthcare sector exclusively deals with financial matters, it offers various benefits across the healthcare industry for providers and their patients:
Investing in medical research and specialized equipment through a financial management company allows practice owners to more effectively track and analyze their expenses and the overall cost of related patient outcomes. Strategic medical investing can also provide healthcare facilities with the information needed to establish successful and cost-effective tactics to create smart investments for future growth.
In a 2010 case study from the Journal of Business Case Studies, Cleveland Clinic established a strategic financial management plan that would ensure a long range of financial success focused on the mission and vision of the organization.
Though the healthcare industry has an acute focus on preventing patient-related risks, healthcare risk management makes it a priority to monitor other threats beyond patient-related concerns.
This includes ensuring that the healthcare facility’s medical records are protected from hackers to help prevent fraud or the misuse of funds. To ensure confidentiality of records, an understanding of the reimbursement policies of the government and insurers is crucial in order to have a vital comprehension of compiled patient information.
As healthcare providers implement value-based payment models, caregivers are paid based on the health outcomes rather than the services that doctors performed. This model allows healthcare providers to assist patients in reducing their risk of chronic disease and reducing the long-term cost of care by improving their immediate health concerns.
Hospitals should be cautious about the new revenue streams they can—and should—invest in as the healthcare marketplace continues to grow and shift. Through healthcare investment management systems, new strategic revenue opportunities are developed per the following guiding principles:
As a regional healthcare administrator for a long-term care organization, you have been asked to train a new group of healthcare administrators who just completed their degrees. They have no work experience in healthcare administration or financial management. For this assignment, you will develop a 10–12 slide narrated PowerPoint presentation explaining the role of healthcare administrators in fiscal planning and financial management.
Your presentation should address each of the following:
Explain how fiscal planning ties into strategic planning. Be sure to provide at least two concrete examples. In this context, fiscal planning may be considered strategic financing.
Describe the role (direct or indirect) that healthcare administrators play in budgeting. Specifically, address the role administrators play in the construction and implementation of operating and capital budgets.
Assess how fiscal planning and financial management help ensure that provider organizations remain compliant with federal, state, and local regulations. Conversely, you should assess how those regulations impact fiscal planning and healthcare financial management.
Review the 4 Cs of healthcare finance: cost, capital, control, and cash by writing a brief definition of each and explaining, with rationale, the impact of the 4 Cs on the success of health service organizations.
Propose the application of Lean Six Sigma concepts as a tool for in strengthening the revenue cycle of provider organizations.
Your presentation should meet the following formatting requirements:
Be 10–12 slides in length.
Include narrated content to match the presentation.
Include a cover slide and references slide (or slides). (These slides are not part of the 10–12 slide requirement.)
Include 3–5 quality references, one of which should be your course textbook.
Use Basic Search: Strayer University Library to find and include 3–5 quality references, one of which should be your course text.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Analyze the healthcare administrator’s role in financial planning and management.