This paper was prepared for Leadership Development and Change Management MGT 6503
Week 7 Final Project: Cash Control
Cash Control
In an organization as large as the healthcare system I work for, each clinical department has their own financial group consisting of a Chief Financial Officer and a Director who is supported by two to three accountants. To name a few, some of these many clinical departments are OBGYN, Ophthalmology, Medicine, Radiation Oncology, Dermatology, Surgery, Family Medicine, Neurology and Radiology. All together, the health system is organized into about twenty clinical departments (excluding non-clinical departments such as advertising, accounts payable, legal, human resource, etc) that report to corporation’s centralized Finance department. Some of Finance’s many duties are to book journal entries that are often generic to all departments and review all the submitted P&L from each department. Once the reviews and analyses are completed, the Centralized Finance team consolidates all of the financial statements for the organization as one.
My department (OBGYN, Obstetrics & Gynecology) is made up of both full time and part time employees. The department has about eighty physicians and an additional three hundred employees supporting the work of the physicians. The other supporting staff members include practice managers& supervisors, nurses, technicians, patient services representatives (PSR) and the finance unit in my group. Our department consists of seventeen practice locations that are in both Pennsylvania and New Jersey.
My finance unit is responsible for booking journal entries during the course of each month and then preparing and analyzing the financial statements during the month end close. In addition, we are
