Finance in Healthcare
For this assignment, you will create a paper designed to train others on the role of healthcare administrations in fiscal planning and fiscal management.
As a regional healthcare administrator for a long-term care organization, you have been asked to train a new group of healthcare administrators who just completed their degrees. They have no work experience in healthcare administration or financial management.
For this assignment, you will develop 4 page paper explaining the role of healthcare administrators in fiscal planning and financial management. Your paper should address each of the following:
Explain how fiscal planning ties into the strategic planning. Be sure to provide at least two concrete examples. In this context, fiscal planning may be considered strategic financing.
Describe the role (direct or indirect) that healthcare administrators play in budgeting. Specifically address the role administrators play in the construction and implementation of operating and capital budgets.
Assess how fiscal planning and financial management help ensure that provider organizations remain compliant with federal, state, and local regulations. Conversely, you should assess how those regulations impact fiscal planning and healthcare financial management. Review the 4 Cs of healthcare finance: cost, capital, control, and cash by writing a brief definition of each and explain, with rationale, the impact of the 4 Cs on the success of health service organizations.
Propose the application of Lean Six Sigma concepts as a tool for in strengthening the revenue cycle of provider organizations. Your presentation should meet the following formatting requirements: Be 4 pagers in length. Include 3–5 quality references. The specific course learning outcome associated with this assignment is: Analyze the healthcare administrator’s role in fiscal planning and management.