Health Care Financial Accounting

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Health Care Financial Accounting Simulation
Kanisha Wilson
HCS/405
October 20, 2013
Adrian Parker Health Care Financial Accounting Simulation
Health care organizations are cutting back on expenses in order to continue to provide quality health care to the community. Cutting back can cause layoffs, the number of patients that who are treated in the health care facility, and how funds are used to keep the organization running. The Elijah Heart Center, located in New York is to have financial difficulties maintaining its hospital’s 140- bed cardiac care unit. I have been selected by the Consulting Firm of Huber and Guizot as the senior consultant to help develop and implement a turnaround strategy. Decisions made during the simulation will be discussed to help Elijah Heart Center on their financial situation.
In the simulation reducing agency staff and changing the skill mix were chosen as cost –cutting options. “Whether you as a manager must either review or prepare required data, your responsibility is to recall and apply the elements of consistency, because such data will typically be used for decision making” (Baker & Baker, 2011 p. 152). Reducing agency staff was chosen because by reducing the number of agency staff would help reduce cost by saving money on premiums and contract fees paid to the staff. Changing the skill mix was chosen because it allows the health care organization to hire unlicensed assistants to help the nursing to focus on more important task whereas the assistants can help perform small tasks. This will help cut the cost because they will not have to pay a large amount of funds to the unlicensed assistants versus pay a nurse. This will also help nurses maintain and see more patients in a given time. Loan option one was chosen, which included $1, 500, 00 as the total amount financed with a 9.45% interest rate, and $131,490…...

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