Assignment 2: Project- Solutions to the Problem

 

 

You have now identified a problem; collected information related to the problem and analyzed your findings.  This week, you will explore potential solutions to the problem.  In addition to your own ideas, you can also contact the individuals you interviewed to learn about any suggestions they may have for solutions to the problem.  Conduct a review of the literature to also identify possible solutions for the problem.

Create a 2-3 page Word document to explain your findings

NOTE: If a component is absent, student receives a zero for that component.

Rubric

Unsatisfactory

1

Emerging

2

Proficient

3

Exemplary

4

Score

Assignment Components

Described at least two solutions to the identified problem.

Lacked the description of one solution to the identified problem

Provided a minimal description of one solution to the identified problem

Provided a description of two solutions to the identified problem

Provided a thorough description of two or more solutions to the identified problem

[Score x 5 = 20 pts]

Provided a background for selection of two solutions including expert opinions and current literature.

Lacked a background for selection of one solution including expert opinions and current literature.

Provided minimal information about a background for selection of one solution including expert opinions and current literature.

Provided information about a background for selection of two solutions including expert opinions and current literature.

Provided thorough information about a background for selection of two or more solutions including expert opinions and current literature.

[Score x 5 = 20 pts]

Discussed a process for implementation of two strategies including information related to the roles of various members of the organizational team including administration, nursing and any other related aspects of the organization.

Lacked a discussion about a process for implementation of one strategy including information related to the roles of various members of the organizational team including administration, nursing and any other related aspects of the organization.

Provided a minimal discussion about a process for implementation of one strategy including information related to the roles of various members of the organizational team including administration, nursing and any other related aspects of the organization.

Provided a discussion about a process for implementation of two strategies including information related to the roles of various members of the organizational team including administration, nursing and any other related aspects of the organization.

Provided a thorough discussion about a process for implementation of two or more strategies including information related to the roles of various members of the organizational team including administration, nursing and any other related aspects of the organization.

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Running head: FINANCIAL MANAGEMENT

1

FINANCIAL MANAGEMENT

6

Financial Management

Tanyanika McMillian

South University

Financial management

Financial management refers to the process through which organizations come up with those techniques and methods that enable them to manage their financial resources (Paramasivan, & Subramanian, 2009). It is the process through which firms make sure that they identify those ways and strategies that will make it possible for them to effectively allocate their resources to the different departments that exist. It is, therefore, the responsibility of the company through the management team to make sure that they work towards making sure that the company achieves efficiency and effectiveness. The hospital has an average of 150 employees who are affected by the financial issue.

The selected organization is a hospital that exists in the health industry. The main function of the hospital is to provide care and services to the patients to maintain a healthy society. The financial issue that was looked into is the negative impacts of the budget due to unskilled nurses, lack of information, and understaffing. Budgets refer to the form of planning that enables organizations to manage and control the available financial resources to make sure that the hospital achieves quality care and a healthy society (Stanton, & Rutherford, 2004).

Role of the interviewees

The interview was conducted to the Chief Finance Officer and the accountant who are in a better position to explain more about financial management. The roles of the two are to make sure that they identify the available funds and discuss how to allocate the funds to the different departments that exist. Also, they are believed to set up the budgets for the organization enabling them to continuously view and follow up the organizational financial performance.

How long has the organization tried to address this issue?

It has been identified that the organization has been facing this problem for a period of five years according to the Chief Finance Officer. The hospital has not been in a position to come up with the best means and methods that will help eliminate the issue to be in a position to gain success. The problem has continued to exist because of the lack of skilled and experienced personnel with the ability to closely monitor and control the use of funds.

What measures have been taken to address this issue in the past?

Some of the measures that have been put in place include searching the skilled and experienced personnel who will assist in the management of the funds. Also, the Chief Finance Officer and accountant have been working together to make sure that they recruit a supervisor for the finance department whose responsibility will be to oversee the day to day activities of the ho

Running Head: PROBLEM ANALYSIS AND BUDGET IMPACT

PROBLEM ANALYSIS AND BUDGET IMPACT 5

Problem Analysis and Budget Impact

Tanyanika McMillian

South University

The hospitals face different healthcare financial problems which at times can make the delivery of quality care to the patients difficult. Healthcare is one of the major industries facing financial problems. According to Bazzoli et al. (2008), the deficiency in the quality of patient care deteriorated at the time when many hospitals were facing financial crisis. Therefore, the quality of attention given in the hospitals dependent on its financial stability. The purpose of the paper is to create an analysis of the patient care financial problem and to identify more financial problems based on the interviews carried on the management of hospital and the available literature review.

The primary purpose of the hospital is to provide care to the patient, a task which can be costly. Maintaining the health care staff can be expensive. The problems identified were compiled after interviewing more than 150 employees faced with financial challenges. The main basis of the problems in the health care industry as indicated by the chief financial officer and the senior accountant of the hospital is the lack of skilled labor and information to implement the budget (Bazzoli, Chen, Zhao, & Lindrooth, 2008). Few employees are involved in the budget-making of the hospitals. Although budgeting is very instrumental to the success of any organization, lack of skilled labor to implement it poses a challenge to many hospitals. Many hospitals have insufficient workforce who have financial skills (McKeeargue, 2010). Managing the funds becomes a difficult task for the hospitals and it becomes difficult for the hospital to use the available financial resources to achieve quality care resulting in a healthy society.

Report by the Berger (2008) identified another healthcare financial problem as managing investment in a capital strained environment. There are current changes happening in the industry such as frequent change in laws mainly the healthcare reform. Another change recorded is the expansion of healthcare access and growing patient demands, which can reflect high costs for hospitals if they care for to many patients that do not have health insurance. Besides the increasing demands of patients, there is pressure on the hospitals to cut costs. The restriction is put on how much can be spent on improving the patient’s health. Therefore, the rising demands for services from the patients is another cause of health care financial problems.

Also, hospitals are also facing challenges in adapting the market forces. They have adopted the market forces as any other conventional business (Karanikolos, 2013