Purchase Solution

Hospital Funding: Planning, Forecasting, and Finance Management

Not what you're looking for?

Ask Custom Question

Scenario:
You work for the local hospital. In a meeting, your boss mentioned that profit margins were declining.

The hospital's board of directors' future vision is to raise the target profit, expand the facility size, and increase the amount of beds and emergency room spaces offered by the hospital. You are a staff member in the finance department, and your sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.

Health care organizations obtain revenues through multiple funding sources. Unlike consumer products, health care organizations do not rely on the consumers of their services as the primary sources of revenue.

Discuss the following with your colleagues:

1. Three identified sources of revenue that may assist you in the financial forecasting for the organization
2. Three grant resources that can be included as additional revenue to ensure the success of the hospital's financial future. Explain your reasoning in choosing the grant resources listed in your answer.

Purchase this Solution
Solution Preview

1. One very important source of revenue that can be helpful in financial forecasting for the hospital organization is Medicare, due to the fact that Medicare is one of the largest sources of income for most hospital organizations, including this hospital organization. This financial source will become a larger part of the hospital's overall revenue, due to the fact that the population in the area and across the nation is aging, which means that more individuals over the age of 65 will be entering the hospital for treatment, thereby increasing the number of Medicare recipients that will be treated at the hospital, and invariably increasing the percentage of ...

Solution provided by:
Marcel Parker, MPA
Education
  • Criminal Justice, Elizabeth City State University
  • Master of Public Administration, North Carolina Central University
Recent Feedback
  • "Excellent work, from the time of my post to the time I received a response was days ahead of my requirements. "
  • "Great, Thank You for our Help!!"
  • "Excellent, thank you "
  • "Thank you"
  • "Thank you!"
Purchase this Solution
Free BrainMass Quizzes
Test your health planning and program evaluation knowledge

Health planning and program evaluation is an important aspect of the Health Sciences' field. Organizations and communities must understand the needs of their audiences, and a way to obtain this datum is through proper design and assessment. This quiz will test your ability to understand the importance of planning and evaluation in the health sector.

What everyone should know about MRSA

This quiz focuses on what everyone should know about community MRSA. Community MSRA is an infection in healthy people.

Celiac Disease

This quiz will provide a brief introduction to Celiac Disease. Questions will focus on definitions and symptoms.

Tumor Markers

This quiz help you memorize common tumor markers used to detect and diagnose some types of cancer.

Fibromyalgia

This quiz provides a brief overview of Fibromyalgia. Research is currently evolving regarding this diagnosis.

View More Free Quizzes
Related BrainMass Solutions

  • Raising the financial bar in healthcare

    You are a staff member in the finance department, and your sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.

  • Verybest Hospital

    You are a staff member in the Finance Department, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management. ----------------------------------------------------------

  • Baldrige award forecasting techniques

    Consequently, funding requirements and investments of cash resources are better managed.

  • Health care organization: Budgeting & Sources of Funding

    Further, they started budgeting with strategic goals in mind, communicating better during the budget setting process, and planning for up to five years at a time. And, budget management was introduced as something to do regularly.

  • Question about Forecasting and Budgeting

    There is an intrinsic relationship between finance and time value of money. Finance refers to providing funding for an activity or the business of a firm. If finance is to be provided, the question is when the finance is to be provided.

  • Operation Management: Justify implementing a new collaborative planning process.

    Collaborative planning, forecasting and replenishment: demand planning in supply chain management. International Journal of Information Technology and Management 7(2), 4-20.

  • Healthcare operations budget

    To accurately assess revenue and cost considerations, strategic forecasting must be performed. Each type of healthcare business (i.e., hospital, health plan, facility other than a hospital) has its own issues to consider when forecasting.

  • Healthcare

    The above three steps will help in strengthening and developing the planning capabilities (Methods of Planning and Design, n.d.). The other methods of planning and forecasting can be scenario planning or strategic planning.

  • Financial Forecasting and Forecasting Income Statements

    531312 Financial Forecasting and Forecasting Income Statements 1. Read Case 29: Riverview Community Hospital and review the spreadsheet. 2.

View More Related Solutions