Overview
Assignment 1: Profit and Cost Variances
Purpose: This assignment aims to help students understand how to assess profit and cost variances.
Instructions: A variance is a difference between a budgeted value, or standard, and the actual (realized) value (Reiter, 2018). For this assignment, you are to create a 5-6 minute presentation using PowerPoint.
Reference: Reiter, K. (2018). Gapenski's Fundamentals of Healthcare Finance, Third Edition (Gateway to Healthcare Management) (3rd ed.). Health Administration Press.
The Radiology Department at ABC Hospital is preparing to merge with the ABC Hospital's Surgery Department. One of the merger requirements was for the Radiology Department to consolidate the variety of services they offer into the following three service lines: Diagnostic Radiology, Therapeutic Radiology, and Nuclear Medicine.
After the successful completion of the Radiology Department services consolidation, the Chief Medical Officer at ABC Hospital has asked you as the Radiology Finance Manager to put together a 5 to 6-minute presentation to serve as a blueprint to assist other departments who are also required to merge and consolidate their services with ABC Hospital. Your presentation is to address the following key points.
Key Points
- What role does the finance department play in helping a department merge and consolidate its services?
- How are the fees for healthcare services determined?
- Explain the differences between variables and fixed costs.
- Explain 2-3 ways to allocate revenue towards accommodating the overhead costs that arise when merging a department?
- Explain two benefits a merger can provide to the overall operations of a healthcare organization.
- Explain two challenges associated with merging and consolidating healthcare services.
- Provide 2-3 financial recommendations on how to increase profitability post the facilitation of a department merger.
Resources
Reiter, K. L., & Song, P. H. (2018). Gapenski's fundamentals of healthcare finance (3rd ed.). Chicago, IL: Health Administration Press.
Assignment 2: Long Term Care Facility Comparison
Purpose: To determine the significance of the different levels of facilities that exist in long-term care including senior housing and community based services.
Instructions: After reviewing the required materials in this week’s reading and resource page about senior housing and community based services, research one of each of the following facilities in your local community.
- Independent Living Facility
- Memory Care Facility
- Home Health Agency
- Hospice Agency
Next, complete and Download Long-Term Care Facility Comparison Assignment Template.
For each facility discuss what the agency is, and include at least three examples of the services they provide. Identify the clientele who qualifies for the services, how payment for services are compensated, and the length of stay requirement. Be sure to cite sources used on the reference page included in the template.
Submit your assignment template as a word document to Canvas.
Additionally, you will need to include references to the research you used in APA format.
Resources
FACHCA, S.C.M.H. L. (2020). Pratt's Long-Term Care (5th ed.). Jones & Bartlett Learning. https://reader2.yuzu.com/books/9781284229615