Hcs 405 Week 4 Team Assignment Form

Health Care Financial Accounting 2 Simulation Review Phase I: Capital Shortage The cost-cutting option that I selected was Reducing Agency Staff and Reducing Benefits because these two options will produce the biggest savings annually. In choosing reducing the agency’s staff members, it provides good cost cutting measures without there being any significant drop in the organization’s revenue. This type of reduction will only slightly affect patient care. The most important reason this cost-cutting option was selected was that in hiring staff from an agency it is more costly than hiring employees to work full-time. It will save on the management fees billed to the organization and premiums that must be paid out to the agency. The salaries for individuals that are contracted through the agency are twice the cost of hospital’s staff members. However, if it deemed necessary to bring in agency workers then that option can be evaluated for each job’s position that have been vacated. The second option was to reduce benefits and this particular change will help Elijah Health Center with a 20-30 percent cost reduction. It will also only cause a slight affect to the quality of care the patient receives. Downsizing, reducing the length-of-stay, and changing the skill mix provides the least savings annually to the health center. Therefore, in choosing this option along with the reduction of agency staff it only slightly affects the quality of patient care and annual savings The loan option to improve the current working capital situation at Elijah Health Center was loan option two. This option was selected because it provides a lower interest rate of nine percent, and would solve the current cash flow problem. The hospital will also receive payments from Medicare, as well as other managed care payers and in three months, it will solve the current cash flow situation.

HCS/405 Week 4

Everything listed for Week 4 is Included in Purchase! A+ Work!

Learning Team:Simulation Review
Instructions:
Resource: Completed Health Care Accounting: Financial Indicators Simulation
In the simulation, you are in charge of a fictitious health care organization facing financial difficulties. As a team, discuss your experience on completing the simulation and brainstorm on the content learned. This discussion will help you evaluate your decisions and organize your thoughts for this week's individual assignment.
Discuss the following as a team:
• Discuss your experience completing the simulation.
• What was the working capital shortage presented in the simulation?
• What were the funding options for acquiring medical equipment?
• What were the funding options for capital expansion?
Write a 175- to 350-word paper summarizing your discussion.
Format your summary according to APA guidelines.
Click the Assignment Files tab to submit your assignment.

 

Individual: Simulation Paper
Instructions:
Write a 1,050- to 1,400-word paper that analyzes the decisions you made in the simulation.
Include the following in the paper:
Phase I: Capital Shortage
• Analyze which cost-cutting options you selected and why.
• Analyze which loan option you selected and why.
• Analyze the outcome of your capital shortage decision.
Phase II: Funding Options for Equipment Acquisition
• Evaluate which cost-effective equipment selections you made and why.
• Evaluate the outcome of your cost-effective equipment acquisition decision.
Phase III: Funding Options for Capital Expansion
• Evaluate which source of funding for capital expansion you selected and why.
• Evaluate the outcome of your source of funding for your capital expansion decision.
Summary and Conclusions
• Explain what you learned from this simulation.
• Explain what you would do differently if you performed the simulation again.
• Explain how you will apply what you learned from the simulation at your current or future job.
Support your ideas, analysis, and conclusions with references to scholarly external sources, such as the textbook and journal articles.
Format your paper according to APA guidelines.
Click the Assignment Files tab to submit your assignment.

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