Financial Accounting > QUESTIONS & ANSWERS > HCS 451 Week 5 DQ 1 with correct answers (All)

HCS 451 Week 5 DQ 1 with correct answers

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Week 5 DQ 1 1. Mandatory: Review the scenario below and answer the questions that follow: ABC Hospital is a small, privately owned community hospital. It has been struggling to survive financially... , as reimbursement rates have declined and consumers are being drawn to the larger state-of-the-art hospital facilities in urban areas that are perceived to have better quality. ABC Hospital was built in 1960 and has been operating in the same manner for many decades. The hospital meets legal and regulatory requirements but has not kept pace with some of the newer technologies and patient conveniences becoming more prevalent in the health care industry.  What strategies can the organization take to survive, improve its performance, and compete with other hospitals over the next 5 years?  What are some advantages or disadvantages of these strategies? Provide specific examples to support your answers. Financial performance is important any type of organization whether small or large. With a small organization, the financial stability may decline due to overspending, unorganized book keeping, or not providing advances in technological services. It is important that an organization be prepared for any financial burdens that could arise. With a small organization that is struggling financially, some strategies that could be implemented to survive would be spend on advertising to increase revenue, cut high costs by using spending systems that might increase accounts receivable, and strategize more efficiently with leadership and administration. Though the small organization may not have all the advanced This study source was downloaded by 100000830919685 from CourseHero.com on 05-24-2022 11:58:56 GMT -05:00 https://www.coursehero.com/file/18395064/HCS-451-Week-5-DQ-1/ technological advances, the organization can still provide the best care to patients with the resources that they have. An advantage to some of these strategies are that revenue may increase from advertising stating that they provide the best in care and the organization may be more advanced in leadership and ownership, but a disadvantage may be that it may be hard to complete these tasks due to high expenditures and increasing high costs of health care. In our health care industry competition is increasing, resources are limited; government regulations and balanced budget are touchy subjects. The health care market is now more demanding than 20 years ago. In order for hospitals that are struggling need to stay a float by working on a plan of strategies like: 1) Despite the barriers hire more physicians 2) Offer more medical services 3) Provide improvements 4) Advertise the organizations new services Hospitals are competing for physicians and patients. This health care organization needs to have a committed medical staff. Today physicians are what the health care market is recruiting for. ABC Hospital may need to work with the administration to come up with guarantee compensation regardless of the financial struggles. Due to the increase cost for hospitalization; health insurance companies have d [Show More]

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