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FOR MADAM-Professor
Financial Plan
Analysis Discussion—Financial Crisis
Organizations can experience crises due to changes in economic
conditions. In an economic downturn where individuals lose their jobs,
many also lose their medical insurance coverage. With fewer employees on
the payroll, states receive less revenue from taxes and thus have less
money to pay for Medicaid and other services. This compounds the problem
of healthcare funding. Hospitals lose out on high-margin procedures
and, at the same time, see an increase in charity care in less
profitable areas of the hospital.
1. Pick a hospital or healthcare setting
2. Write a summary of the strategic analysis of a hospital or healthcare
setting including an analysis of management, mission, vision, marketing
strategies, and operational considerations
3. Write a financial analysis including a discussion of current and projected earnings, cash flow, and financing needs.
4. Write a series of recommendations to management regarding the
necessary next steps to be successful in the event of a financial
crisis. For your paper, you will consider the following two scenarios:
a. Scenario 1: The nursing union has begun bargaining and has demanded a
10 percent increase in salaries, a guarantee of no lay-offs, and an
increase in pension benefits. The increase in pension benefits has a $1
million annual impact.
b. Scenario 2: Your community is suffering a significant decrease in
employment. Employees are losing their health insurance. You anticipate a
10 percent decrease in patient revenue. However, your costs will not
decrease to the same extent. You anticipate many of these individuals
will continue to visit your emergency room (ER) and consume resources.
The net impact is a significant increase in bad debt.
In your plan, include the operating and capital requirements the
organization would need in order to navigate the crisis. Write a 3- to
5-page report in Word format. Apply current APA standards for writing
style to your work. Comments on these questions:
a. How often should a hospital management review the budget?
b. Can a hospital develop an austerity program with deep budget cost cuts without affecting patient care?
c. You manage an operating budget of approximately $500,000. You have
been instructed to cut your budget by 10 percent two months after you
had agreed to a barebones budget for the upcoming year. What do you do
if you know that the cuts will affect patient care? Demonstrate the
importance of cost management.
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