- A good financial strategy can always be improved. Having knowledge of your organization’s finances provides the leverage to make decisions that affect the outlook and goals of the company. This assignment gives you an opportunity to examine company practices from a financial lens, which provides you with insight into what drives financial decisions for a health care system.
Obtain a recent financial statement for your organization, detailing expenses and revenues (This can be from within the last year. You may need to work with your supervisor to obtain a financial statement.).
Note: If you cannot access a financial statement, discuss it with your faculty member.
Write a 1,225- 1,550-word report on the major trends in your organization’s expenses and revenues. Include the following points:- Analyze any trends in expenses and revenue that you see. Are they on target to meet budget goals? How can your organization contain or reduce expenses without damaging services and quality of care?Can your organization’s reimbursement strategy be improved to increase revenue? If so, what would it be, and how would it be implemented?How can your organization use its financial performance to build its brand?
Cite any references to support your assignment.
- The Centers for Medicare and Medicaid Services (CMS) implemented a new approach to reimbursement starting in 2011 called value-based purchasing. The goal was to reduce the amount of CMS payments overall and to tie patient satisfaction and quality goals to reimbursement. Has this shift in reimbursement strategy been successful? Why or why not?
- Health care organizations must opt in to accept payment from Medicare and Medicaid, and payment from private insurance companies usually requires a negotiated contract, with reduced reimbursement rates. What is the reimbursement strategy for your organization? If this information isn’t available to you, research and explain 2 different reimbursement strategies.
………Get more on Centers for Medicare and Medicaid Services (CMS)
