...Complete the following tasks before beginning the simulation: Save and print the Simulation Aid document. You will need to reference it as you complete the simulation. Review the assignment instructions and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. In the simulation, you are in charge of a fictitious health care organization facing financial difficulties. You must complete the following tasks: Phase 1: Capital Shortage - Analyze the working capital shortage presented in the simulation Phase 2: Funding Options for Equipment Acquisition - Evaluate funding options for acquiring medical equipment Phase 3: Funding Options for Capital Expansion - Evaluate funding options for capital expansion Write a 1,050- to 1,400-word paper analyzing 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. Evaluated 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...
Words: 284 - Pages: 2
...Simulation Review HCS405 Jan10, 2013 Simulation Review Introduction: Elijah hospital provides both cardiac diagnostic services as well as rehabilitation programs. Even though the hospital’s patient volume is steady and increasing, the profit margin is dropping. In this simulation, we will evaluate and assess the funding options for obtaining a new or refurbished medical equipment. Phase 1: Capital Shortage: I selected these options because I felt it was an excellent opportunity for the association to cut down its cost and save money. By reducing the agency staff, the organization will be saving a lot of money. The other cutting option, that I selected, was hiring unlicensed staff. Moreover, the unlicensed staff will require less skilled training as compared to licensed nurses. The second option for phase I is based on loan. It consists of a six month repay loan period with the total interest payout of $56,589 and $21,297 interest saved. The monthly payment period is over in twelve months with no prepayment limitation that is an excellent deal.. I chose option one loan plan because it has no prepayment limitation. Taking the first loan will help the hospital close the loan within three months, as compared to the second loan option which could take six months to prepay. Phase II: I chose to take the refurbished loan for the high-Speed CT scanner. Choosing refurbished machines will be a good option and will save the hospital almost 50 percent of the cost price...
Words: 713 - Pages: 3
...Simulation Review By: Jessie Vest HCS/405 11/21/2011 For this assignment we had to review the Analyzing Financial Indicators for Decision Making. I had to look at three different phases of the simulation review. During each phases there was different categories that I had to look into. So to begin things off I will be first talking about the first phase of the simulation review. During the first phase they ask which cost-cutting options did I select and why I selected them? The cost-cutting option that I selected was “Reducing Agency Staff and Changing the Skill Mix.” I had selected these because they made more since to me. When looking at the things I picked they really make since to me. Meaning why would you have an agency working for you when you can have your own employees picking up extra shifts and so forth. I was also thinking when I picked that topic that with reducing agency staffing my organization would also be saving a ton of money. When you use agency staffing you are spending a lot more then you would when just using your own employees. The second option that I picked was changing the skill mix. Meaning that with the more skills that you have the less money that you have to put out for all that training. Also with the skills that you do have you are able to do more of the skills that are required of you for your job and even more sometimes. I also believe that this was a good pick because a lot of organizations are requiring more skills but...
Words: 956 - Pages: 4
...Simulation Review Paper Vicky Davis HCS/405 September 12, 2011 Kristin McFarland Simulation Review Paper Financial Accounting from a Cardiac Care Hospital’s Perspective In 1975, the first hospital that was constructed in Kelsey is Patton-Fuller Community Hospital. They are most often dedicated to provide quality customer care; they specialize in programs that can maintain the health and welfare of the local community and other population. Patton-Fuller Health Care is a not-for-profit Community Hospital that services care such as emergency medical care, labor, delivery, physical therapy, radiology, cardiology, and surgery for all adults and children. In this paper I will be analyzing financial indicators for decision-making to understand the strengths and weaknesses of a Cardiac Care Hospital. In addition, I will be implementing strategies to improve the cash flow at Elijah Heart Center (EHC). At the same time, I will also be evaluating the funding options for obtaining medical equipment, and also the funding strategies for the success or failure of capital expansion (Apollo Group, 2011). On behalf of the summary and conclusion, I will need to explain what I learned from this simulation, what I would do differently if I performed the simulation over again, and following how I would apply what I have learned at my current or future job (Apollo Group, 2006). Phase I: Capital Shortage The board members at Elijah...
Words: 1591 - Pages: 7
...Complete a simulation and then write a paper that analyzes the decisions you made. You are in charge of fictitious health care organization facing financial difficulties. In the simulation, you will complete the following tasks: • Bridge a working capital shortage. • Evaluate funding options for acquiring medical equipment. • Evaluate funding options for capital expansion. Part I below explains how to successfully complete the simulation and prepare for writing the paper. Part II explains the paper requirements. Part I Complete the following tasks before beginning the simulation: • Save this document to your desktop. You will need to reference it as you complete the simulation. • Print this document before beginning the simulation for easy reference. • Review the paper requirements listed in Part II and have an extra sheet of paper ready for taking notes as you complete the simulation. Complete the Health Care Financial Accounting simulation. A link is provided on the student website. To get the most out of the simulation, consider the following tips: • The minimize icon ( ), shown in the upper-right side of the simulation may not function on your computer. Once you begin the simulation, you may not be able to access your desktop or other applications without ending the simulation. To end the simulation, click on the exit icon ( ), shown in the upper-right side of the screen. • The decision-making portion of the simulation begins on the...
Words: 472 - Pages: 2
...Simulation Review University of Phoenix HCS/405 Health care organizations, particularly hospitals face increasing problems managing cash flow due to changes in billing procedures and the economic climate. Research quoted in Fierce Healthcare Finance showed that hospitals are using investment cash flow, normally reserved for capital expenses, to pay for operating expenses. In a study quoted by Fierce Healthcare Finance (Ziegler, 2008) the depth of the problem becomes apparent “Between 2004 and 2007, the 170 hospitals studied by Best allocated a steadily greater portion of their invested assets to cash and short-term investments, climbing from 27 percent in 2005 to 31.1 percent in 2007.”With reduced funds available for capital expenses, it becomes difficult for hospitals to keep up with technology and to thrive. Elijah Heart Center is facing the financial dilemma common in specialized health care organizations, the combination of the need for improved technology, reduced income, and the demand for expansion. Without the needed technology and expansion, there little the hospital can do to improve income. The financial situation requires a combination of strategies to reduce costs and to make the wisest choices regarding acquiring needed technologies and expansion. Phase I: Capital Shortage The goal is to save $900,00 for the first year and to help improve the cash flow problem that Elijah Heart Center is experiencing. The hospital can select two cost cutting options...
Words: 1415 - Pages: 6
...Simulation Review Paper Kimberly Roehler HCS 405 September 26, 2011 Sandra DiPietro Simulation Review This is a stimulation review of a cardiac care unit that is facing working capital shortages. As the lead financial consultant brought into address the financial indicators and evaluate to bring working capital back to in order at the Elijah Heart Center (EHC). The other financial analyst will focused around addressing issues as they relate to this particular cardiac care unit; what funding can be acquired to garner medical equipment; what funds can be used for capital expansion; finally a summation of findings and a conclusion of what the overall stimulation showed, in regards to how through the analyst were. Financial Accounting from a Cardiac Care perspective: Phase 1: Bridging a working Capital Shortage Facing a working capital shortage, EHC in an emergency state without enough cash to sustain themselves the following where indentified as the reason: huge discount given to managed care companies; higher wages given to contract nurse, because of acute nursing shortage; low Medicare reimbursements; unused equipment placed in patient’s rooms, unbilled. It is the lead financial counselor evaluation that EHC should, change the skill mix, and reduce the use of contracted agencies; till further notice. A review of the financial reports showed that, contracted nurses are paid twice that of the other hospital staff and EHC cannot articulate those kinds of...
Words: 1162 - Pages: 5
...Simulation Review There are different healthcare, particularly hospital that is face increasing problems with managing cash flow due to the changes in the billing procedures and with the change of economic climate. For the research quoted in Fierce Healthcare Finance showed that hospitals are using investment cash flow, which reserved for capital, so they can pay for operating expenses. There is a study that is quoted by Fierce Healthcare Finance the depth of the problem comes “Between 2004 and 2007, the 170 hospital studied by Best allocated a steadily greater portion of their invested assets to cash and short-term investments, climbing from 27 percent in 2005 to 31.1 percent in 2007” (Ziegler,2008). With all of the reduced funds that is available for capital expenses, it does become difficult for the hospital to keep up with all of the technology and thrives. The Elijah Heart center is facing the financial dilemma common it the specialized healthcare organization, with the combination of the need of improving technology, reduced income, and demand for expansion. With of the technology and expansion, the little hospital can improve income. Phase 1: Capital Shortages The goal for the first year is to save $900,000 to help improve the cash flow that is a problem that the Elijah Heart is experience. The hospital can choose two different cost cutting so that is effecting the goal. The five different cost cutting obtains to choose from are reducing benefits, downsizing...
Words: 377 - Pages: 2
...According to Cutting Costs without Cutting Corners (2013), “Cost cutting is difficult in any industry, but it’s particularly challenging in healthcare, where organizations are simultaneously undergoing a major transformation to improve care and the patient experience. In a hospital setting, cost-reduction is often equated with cutting corners, and so is perceived as antithetical to care providers’ values, and typically creates high levels of employee and patient dissatisfaction.” During the simulation review phase I the cost cutting options I chose to cut was reducing agency, and changing the skill mix. The outcome of my choice was that it would slightly affect patient care, and it would generate a savings of $3,515,135. When I originally reviewed the choices I was going to choose reducing agencies, and changing benefits. I learned from that choice I would have made the employees not feel secure in their positions. After reviewing that I think I would still maybe make employees pay more of a percentage into their benefits depending on what they already contribute. I also relies when going through the hiring process people are not only looking at the salary’s offered they are also looking at the benefits offered by the company so that may deter new hires if the percentage they contribute is too high. For the second question of phase I the loan option I selected was option 1. The outcome of my choice is the total interest paid out is $11,813 and the saved is $66,073, during...
Words: 1087 - Pages: 5
...“Representing over 20 percent of the U.S. Gross Domestic Product and accounting for approximately $1.5 trillion in revenue, health care is the single largest industry in the U.S. today.” (University of Phoenix, 2015). However, it is a vulnerable industry. The facility we are looking at is in New York, where the third highest losses in the country occur because of numerous problems dealing with Medicare and Medicaid reimbursements, cuts in funding, and pressures for discounted managed care, amongst others. The facility is called Elijah Heart Center (EHC). First we looked at the capital shortage because in an emergency, the hospital might not have enough cash to sustain itself. The challenge was to decide on the best strategy to solve the cash flow problem. The first think I thought of was how to make the needed cuts without sacrificing employees and their morale. Without your employees, you’ve got nothing. So, I looked at other options that wouldn’t sacrifice the team. The first one that came to mind was Reducing Agency Contracted Staff. They come at about double the price as the regular facility employees, there are fees that have to be paid to the staffing agencies they come from, and honestly, they won’t have the same level of commitment to your facility as your regular employees. Conveniently, this was a huge cost savings. Secondly, I chose to Change the Skill Mix. What this does is give the nurses a break from tasks that others can do. This allows the nurses to do tasks that...
Words: 1199 - Pages: 5
...Communication Opinion Paper Emily Shiluli HCS/320 07/14/2014 Debbie Hunt Communication plays a role in aspects of our lives. People communicate to meet needs, to enhance and maintain a sense of self, to exchange information which we get through observation reading, television and direct communication, it also used to develop relationships and to influence others. Communication also helps us better understand the motives of those we talk with, through thoughts or feelings that we intend to share. The basic elements of communication are messages, channels, participants, context, feedback, and presence or absence of noise. With messages participants need to understand the meaning, symbols and how the message is formed and processed. As senders, participants form and transmit messages using verbal symbols and nonverbal behavior. As receivers, they process the message and behaviors that have been transmitted to them. The information is achieved easily when the receiver understands the idea or message being communicated. The message sent can be achieved through words, sounds, gestures and drawings. The second step is the message which is delivered to the receiver which can be done face-to-face, through sound and senses, for example, mobile phones, Skype and all different modern types of communication technologies that we currently have. Under the feedback the receiver’s response to a message indicates how that message was heard and seen, and understood...
Words: 863 - Pages: 4
...Simulation Review The simulation review exercise was rather interesting, to include the exercise putting me in the mindset of being in the “hot seat” so to speak as it relates to analyzing financials and making the right decisions for the betterment of an organization. I must say that is was a difficult task, one filled with an abundance of stress because my focus was to save the organization money, in which I believe that’s the focus for most organizations across the board. Although this was only a simulation exercise, I became overwhelmed with nervousness and anxiousness, and the calculated numbers started to look the same, but my focus was geared toward lowering total liabilities, and having assets in abundance. Thinking about the simulation on a larger scale, I definitely don’t want financial analysis to be part of my responsibility unless I am trained thoroughly as it relates to short cuts, in addition to key indicators to look for in efforts to enhance and streamline the process, as well as helpful hints with regard to making the right decisions. At this time I will cover Phase I of the simulation review related to Capital Shortage. The cost-cutting options I selected were Reducing Agency Staff and Reducing Length of Stay. The reason I selected Reducing Agency Staff for one of the cost-cutting options is because contract worker’s make twice the amount of a regular full-time employee, therefore equating to cost savings. On an additional note, I would also have...
Words: 831 - Pages: 4
...Simulation Review Paper Patton-Fuller Health Care is a not-for-profit Community Hospital that has many different types of services. Some of the services that are provided within this hospital are: emergency medical care, physical therapy, radiology, cardiology, labor and delivery, and even surgery for everyone. The Cardiac Care Hospital is a very important part of the Patton-Fuller Hospital, within this paper analyzing the financial indicators that help with the decision making that help in both the weaknesses and strengths within the Cardiac Care Hospital (CCH). At the same time, I will also be evaluating the funding options for obtaining medical equipment, and also the funding strategies for the success or failure of capital expansion (Apollo Group, 2011). Within phase one, one of the simulations observed was the great impact was throughout the cost cutting measures. Some of the options that were given and even used were the reduction of staff, and making changes within skills that were being used. By cutting these two cost, may have seen to some as a bad thing, but in the end was something that needed to be done to help the organization and it did not leave the organization in a shortfall. Reducing the staff was a great option because it helped the organization reduce the costs of training that needed to be done. Reducing staff members also meant that the organization would have fewer salaries to pay, meaning more for other equipment that is needed. The other option...
Words: 974 - Pages: 4
...Class: Seminar in Organizational Theory & Behavior Professor :Dr. Dyck's Bio Name: Zhihui Dai Change Management Simulation: Power and Influence Abstract Within this program Change Management Simulation: Power and Influence, I am a Director Product Innovation manager in Spectrum Sunglass Company, which is a private company that designs, manufactures, and sells sunglasses. What I need do is convince people adapt my proposal. I should choose method from 18 change levers that attempt to convince workers to adapt my new proposal that will change their attitude from awareness, interest, trial, to adoption. I must decide the proper method and use the time wisely. Be able to increase credibility and achieve the greatest percentage of adopters. Key words: Convince percentage of adoption credibility limited time This Management Simulation Project from Harvard provides students a virtual experience to convince people in start-up companies. When I started the first test run of the simulation there are various decisions, However, if an administrator make the wrong move, then I lose credibility and set the proposal is a backwards. On the other hand, if I decide on a correct decision, then not only will I get the workers are more interested in my proposal, but it also increases the credibility of the workers. When I was implementing change behavior, building a coalition of support is a important tool to get satisfied from people. When I simulate this behavior, I can have more...
Words: 942 - Pages: 4
...Chapter 51. Enhancing Patient Safety in Nursing Education Through Patient Simulation Carol Fowler Durham, Kathryn R. Alden Background The alarming rise in morbidity and mortality among hospitalized patients throughout the United States heightens concerns about professional competency.1 Nurses and other health care professionals are under increased scrutiny to provide safe, effective care. Likewise, nursing education programs are faced with increased pressure to produce graduates who are capable of providing safe patient care. Toward that end, nursing education programs develop curricula, hire qualified faculty, and select learning experiences for students in an effort to train and graduate competent, effective nurses. The instructional strategies utilized in both didactic and clinical components of nursing education courses are highly influential in determining critical thinking and clinical decisionmaking ability as well as in developing the psychomotor skill performance of new graduates. Of course, it is unrealistic to think that graduates of nursing education programs have received all the training they need when they depart the doors of academia. Orientation programs for new graduates and continuing education for nurses are essential tools to help practitioners improve their knowledge, skills, and expertise so that quality patient care is provided and outcomes are optimized while errors are minimized. Ongoing evaluation of nursing competence is necessary...
Words: 20085 - Pages: 81
