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Financial Management Best Practice

Create a 2–4-page best practices implementation strategy designed to improve financial management practices in your targeted health care organization. Address your document to a specific health care team. Preparation Use the Internet to analyze research and informal information related to the following topics: • Four cornerstones of financial management. • Best practices in financial management in health care. • Best practices in health care inventory management (for example, GS1 standards). • Supply chain management practices. • How to calculate ROI. Health Care Setting Parameters Use the following parameters to complete this assessment: • Work with your target organization contact to access necessary data. • Use only data that are supplied to you or publicly available. Financial Management: Best Practices Document Create a financial management strategy document whose audience is a targeted health care practice team. Include the following elements: • Analyze a facility or asset management strategy of your target health care organization using the four cornerstones of financial management. o Identify the data needed to calculate ROI on an evidence-based supply chain management practice in a health care setting. o Identify operational risks of budget cost cutting in terms of impact to quality of patient care. Analyze the benefits and drawbacks of holding inventory in a health care supply chain. Identify opportunities for supply chain cost improvements. Describe the importance of using standard language (for example, GS1 standards) in inventory management systems. o Use an example to summarize how a typical health care supply inventory practice benefits from the addition of GS1 methodology. Create a value proposition to staff members, demonstrating how improved inventory management practices impact patient care. Recommend a best-practices strategy in health care financial management that operates within the constraints of your targeted health care setting. o Support your recommendations with credible authoritative sources. Additional Requirements Your assessment should meet the following requirements: • Written communication: Demonstrate academic writing skills by communicating with writing that is clear, logical, and grammatically correct. • APA format: All sources must be cited using current APA standards. Langabeer and Helton (2016) state: The relationship between operations and working capital must be well defined and managed. When analyzing any project for a department, the working capital consumed must be calculated for that area to examine how it contributes, positively or negatively, to the institution. Similarly, operations managers must check that AR and accounts payable align and match to ensure that money is not being paid out faster than it comes in. Exploring changes in inventories for key nursing units and materials management departments is also necessary to ensure that supplies are being used properly and that there is an efficient utilization or turnover in assets. (p. 69) Reference Langabeer, J. R., II., & Helton, J. (2016). Health care operations management: A systems perspective (2nd ed.). Burlington, MA: Jones & Bartlett. As you prepare to complete this assessment, you may want to think about other related issues to deepen your understanding or broaden your viewpoint. You are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of your professional community. Note that these questions are for your own development and exploration and do not need to be completed or submitted as part of your assessment. Supply Chain Considerations Consider the following: • What are the four cornerstones of logistics and supply chain management? • How does communication, collaboration, IT, and the budgeting process impact effective facilities management? Budgeting Considerations Consider the following: • What are the thoughts, criteria, and tools utilized in the capital asset budgeting process? • What aspects of the budgeting process do you consider the most difficult to implement? • What data or information is critical to know to do this effectively? • Why would organizations not pursue this approach? • How would you go about implementing an effective capital budgeting approach? Inventory Considerations Consider the following: • What are the GS1 standards and how do they impact health care organizations? • What is the impact of code sets on health care operations, specifically the budgeting process? • What are potential benefits to holding inventory in a health care supply chain? • What are some reasons not to hold inventory? Suggested Resources The resources provided here are optional. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. Supply Chain and Inventory This flow chart shows how elements supply chain flow from producers of goods and services upstream to consumers downstream: • Flows in Supply Chain | Transcript. This flow chart shows standard purchasing methodology for a health care organization from defining user requirements to processing purchase orders: • Standard Purchasing Methodology | Transcript. Supply Chain Best Practices These articles provide information on various best practices that is helpful to supply chain leaders: • Zepeda, E. D., Nyaga, G. N., & Young, G. J. (2016). Supply chain risk management and hospital inventory: Effects of system affiliation. Journal of Operations Management, 44, 30–47. • TractManager. (2014). Seeking direction: 5 best practices for healthcare supply chain leaders. Retrieved from http://www.mdbuyline.com/seeking-direction-5-best-practices-new-old-supply-chain-leaders/ This website contains links to research and information that are very helpful to supply chain leaders: • Supply Chain Insights. (n.d.). Retrieved from http://supplychaininsights.com/ GS1 Standards These articles discuss standards that help organizations share data, promote accuracy, and work more efficiently, including barcoding: • Moore, A. (2016). The benefits of keeping track. Nursing Standard, 30(46), 25. • Gawronska-Blaszczyk, A. (2016). Enhancing patient response time and hospital efficiency. Evidence from the Wielkopolska region (Poland). Economics & Sociology, 9(3), 89–98. • GS1 US. (n.d.). Healthcare. Retrieved from https://www.gs1us.org/industries/healthcare Enterprise Resource Management This graphic shows the scope of ERP and the roles of each department involved in the process: • Scope of Enterprise Resource Planning (ERP) Systems | Transcript. This article discusses methods to identify shortages in the supply chain and mitigate their negative impacts: • Grose, J., & Richardson, J. (2014). Strategies to identify future shortages due to interruptions in the health care procurement supply chain and their impact on health services: A method from the English National Health Service. Journal of Health Services Research & Policy, 19(1), 19–26. Review the following: • Langabeer, J. R., II., & Helton, J. (2016). Health care operations management: A systems perspective (2nd ed.). Burlington, MA: Jones & Bartlett. Available from the bookstore. o Chapter 10, "Return on Investment Analysis," pages 219–237. o Chapter 11, "Supply Chain Management," pages 241–278. o Chapter 12, "Purchasing and Materials Management," pages 279–316. This article is an example of conducting a return on investment (ROI) analysis: • Tucker, R. N. (2014). Determining the return on investment for evidence-based practice: An essential skill for all clinicians. Worldviews on Evidence-Based Nursing, 11(5), 271–273. Supply Chain and Inventory This flow chart shows how elements supply chain flow from producers of goods and services upstream to consumers downstream: FLOWS IN SUPPLY CHAIN The flows in supply chains are typically shown in a linear fashion to show the product movement from left to right. Referred to as upstream and downstream, where upstream is closer to the manufacturer of a good, and downstream is closer to the final consumption or use, this illustration show the flow of goods from the manufacturer, through other organizations, to the final user, with cash flowing in the opposite direction. REFERENCES • Langabeer, J. R., II. (2008). Health care operations management: A quantitative approach to business and logistics. Sudbury, MA: Jones & Bartlett. This flow chart shows standard purchasing methodology for a health care organization from defining user requirements to processing purchase orders: STANDARD PURCHASING METHODOLOGY 1. Define User Requirements 2. Analyze Market and Solicit Vendor Responses 3. Prepare Value Analysis 4. Process Requisitions and POs 5. Administer Contracts and Create Service Level Agreement 6. Negotiate and Obtain Approvals Special Focus on: • Internal controls and audit trails • Ensuring ethical purchasing practices • Creating long-term financial value, through economies of scale and standardization • Reducing order fulfillment cycle time REFERENCES • Langabeer II, James R. Health Care Operations Management. Sudbury: Jones and Bartlett Publishers, 2008. Print.
Create a 2–4-page best practices implementation strategy designed to improve financial management practices in your targeted health care organization. Address your document to a specific health care team. Preparation Use the Internet to analyze research and informal information related to the following topics: • Four cornerstones of financial management.
Assignment ID
801172
Discipline
CREATED ON
19 December 2018
COMPLETED ON
21 December 2018
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19 December 2018
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19 December 2018
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