Health Information Financial Management
isdory
Week7project.docxWeek 7: Course Project: Final Submission
Submit your completed Course Project this week. See the Course Project Overview under Introduction & Resources in Modules for details about this assignment.
Submit your assignment.
Rubric
Week 7: Course Project Final Submission
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Week 7: Course Project Final Submission |
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Criteria |
Ratings |
Pts |
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This criterion is linked to a Learning OutcomePart 1: Demographic Site Analysis Student analyzed what sort of healthcare needs one might anticipate in the geographic area. The following questions were answered in course project: What does this demographic profile tell you about the needed healthcare services or products? Are all these needs currently being met? If not, which needs might provide a market opportunity? |
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50 pts |
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This criterion is linked to a Learning OutcomePart 2: Budget Analysis In the budget analysis component, student identified a specific department in a healthcare organization. Prepared a budget for this particular department. Student can opt to reach out to your healthcare community and meet with a healthcare representative who can help identify some pertinent budgeting items for the departments. |
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50 pts |
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This criterion is linked to a Learning OutcomePart 3: Budgeting Plan In this section of the course project, student should do the following. Identify the overall budgeting goals. Identify three to five specific budgeting objectives (these should be specific, measurable, achievable, realistic, and have a time element). Identify specific budgeting strategies for achieving the objectives and goals. This includes department strategies (what will your department gain?); employee strategies (how will you maximize employee work output?); and promotion strategies (how will you promote your budgeting tactics?). You may also identify an action plan used for implementing your strategies (this typically identifies who will do what by when). Remember, the health information manager is the key player. |
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50 pts |
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Total Points: 150 |
In Week 7, we conclude with our final lesson on healthcare contracts. It is important to have a familiarity with the terms and conditions of contracts. Our focus will turn to the contracts that directly impact healthcare financial objectives. Healthcare investment decisions involve contractual arrangements that bind healthcare organizations. These contracts offer opportunities and obligations with associated financial implications for compliance and breaches. In addition, we will identify and apply some basic analytical techniques for evaluating the value of healthcare investments. These lessons will enable us to achieve our final course objectives.
Some of us have healthcare benefits through our employers. We became members of a plan managed by an insurance company such as Blue Shield. The insurance company then contracts with a healthcare provider to provide healthcare services (covered services) to members of the plan. The nature of the contract differs based on the plan. What are the terms and conditions spelled out by such a contract? What are the financial implications of these contracts? These are all pertinent questions to be asked when going into contract negotiation. As we delve into this week’s lesson, we will answer these questions. Note that contract arrangements may arise as a result of investment decisions. How do healthcare organizations evaluate these investments? In Week 7, we explore the various tools for evaluating financial investments.
Healthcare contracts are binding agreements between healthcare parties and third parties. It is in the best interest of the healthcare entity to investigate every aspect of contracts. These contracts can have either a positive or a negative impact. For this reason, understanding the basic terms and conditions of healthcare contracts gives an organization a greater strategic advantage.
Note that the Final Course Project is due by the end of Week 7.
"We cannot solve the problems we have created with the same thinking that created the problem." -Albert Einstein
Course Objectives
7
Apply basic analysis techniques to assist in determining the value of the investment.
Knowledge, Skills, and Abilities
· Define bond rating in relation to long-term debt financing and business loans.
· Understand and differentiate between purchasing equipment and leasing equipment.
· Identify sources of capital for a healthcare organization.
