Assignment: Working Capital, Materials Management, And Evaluating Financial Health
Required Reading/Viewing
Nowicki, M. (2018). Introduction to the Financial Management of Healthcare Organizations (Vol. Seventh edition). Chicago, Illinois: Health Administration Press. Part 3; pages 229-242, and pages 252-281. Retrieved from the Trident Online Library.
View: Great Business Videos for Great Entrepreneurs: "Financial Reports 101, Balance Sheet and Income Statement Overview - Basics and Best Practices" (Youtube Video).
Homework Assignment:
WORKING CAPITAL, MATERIALS MANAGEMENT, AND EVALUATING FINANCIAL HEALTH
Overview
In the management of the revenue cycle in the healthcare environment, we have four clear steps: establishing effective policies and procedures, implementing/evaluating an accounting system, implementing/evaluating a medical records system, and implementing/evaluating a credit and collections system. Each of these steps are central to the success of the organization, and any weakness at just one of the steps leaves your organization critically vulnerable.
The passing of HIPAA (as a transactional standard) gives us the unique opportunity to improve revenue cycle performance. As you grow in financial managerial skills, it will help you to conceptualize the revenue cycle as a continuum, instead of a set of isolated happenings. This Module's Case will challenge you to study each of the four steps, and then explain their central nature to organizational success.
Task
Once you've read the assigned background readings, as well as completed some peer-reviewed research of your own, please answer the following:
1. What are the four distinct steps of the revenue cycle?
2. How does each portion of the cycle specifically support organizational success?
3. How can revenue cycle management be improved using the five key areas noted by Dr. Nowicki (2018; see required background reading)?
4. Which step do you feel your organization (or most organizations) struggles with the most, and why? Be as specific as you can in your explanations.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.