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Assessment #5: Best Financial Practices Group Project - Submiss Assessment #5: Best Financial Practices Group Project - Submissions Hide Assignment Information Instructions Due Date Dec 8,...

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Assessment #5: Best Financial Practices Group Project - Submiss
Assessment #5: Best Financial Practices
Group Project - Submissions
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Instructions
Due Date
Dec 8, XXXXXXXXXX:59 PM
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Assignments Assessment #5: Best Financial Practices Group Project - Submissions
Each group is to develop a 7-10 slide PowerPoint presentation devoted to the best financial practices for
health care. Each presentation should:
1. Identify and describe your healthcare organization (e.g. hospital, physician organization, laboratory,
other).
2. List at least five “Best financial practices” that you believe are important for your healthcare
organizations to follow (One Best Practice per participant). Base your choice on your reading in this
course and research.
3. Explain why each of these practices are important for your healthcare organizations given the cu
ent
policy and regulatory environment.
4. Explain what can go wrong if the practice is not followed.
Since graded as a group, please get feedback from your group members before finalizing your slides. Post
your group presentation to the Assignment folder by Sunday at midnight and the Professor will post your
group PowerPoint at the beginning of Week 8 for the Week 8 discussion. Your final grade for the group
presentation will be based on the PowerPoint that is posted and will take into account your classmates
feedback.
 


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Criteria Outstanding Superior Good
Critical
Thinking/Reasoning
Application of
Concepts/Development
Attention to
Instructions
Clarity; grammar & APA
35 points
demonstrates a high
degree of critical
thinking, is
consistent in
accurately
interpreting
questions &
material; provides
solid assumptions,
easoning & claims;
provides thorough
analysis &
evaluation with
sound conclusions
31.5 points
shows good critical thinking;
accurately interprets most
questions & material; usually
identifies relevant
arguments
easoning/claims;
offers good analysis &
evaluation with fairly sound
conclusions
24.5 points
shows occasional critical
thinking; questions &
material is at times
accurately interpreted;
arguments
easoning/claims
are occasionally explained;
offers fair analysis &
evaluation with a
conclusion
35 points
arguments or
positions are well-
supported with
evidence from the
eadings/experience;
ideas go beyond the
course material and
ecognize
implications and
extensions of the
material and
concepts
31.5 points
arguments or positions are
mostly supported by
evidence from the readings
and course content; ideas
presented demonstrate
student’s understanding of
the material and concepts
24.5 points
arguments are more often
ased on opinion or unclear
views than on position
grounded in the readings of
material or external sources
of material
15 points
demonstrated full
understanding of
equirements;
esponded to each
aspect of
assignment
13.5 points
demonstrated understanding
of requirements; missed one
minor aspect of assignment
10.5 points
demonstrated some
understanding of
equirements; missed a key
element or two minor
aspects of assignment
15 points 13.5 points 10.5 points
Add a File Record Audio
Total / 100
Overall Score
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Comments
 
Criteria Outstanding Superior Good
writing is clear and
easy to follow;
grammar and
spelling are all
co
ect; formatting
gives a professional
look and adds to
eadability, no APA
style e
ors
most ideas are presented
clearly; occasional spelling
and/or grammar issues,
attempts in-text citation and
eference list but 1 or 2 APA
style e
ors are present
wordy; some points require
ereading to understand
fully; more than an
occasional spelling and/or
grammar, attempts in-text
citation and reference list;
APA style e
ors are
present; inconsistencies in
citation usage can be found
throughout the document
 
Outstanding
100 points
minimum
Superio
90 points minimum
Good
70 points minimum
Below Standard
60 points minimum
Failure
0 points minimum
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Answered Same Day Nov 25, 2021

Solution

Swati answered on Nov 26 2021
152 Votes
Best Financial Practices For health care
Best Financial Practices
Fo
health care
Healthcare organization- Hospitals
In US, majority of hospitals are in private sector.
Either investor owned or community non-profits.
Thus, existence depends on revenue generation ability.
2
Best financial practices
Challenges in hospitals are due to-
Economic recession
Increase in uninsured care
Growing competition for outpatient services.
Practices adopted by Hospitals to be financially strong are as follows-
        
Reduce staffing costs by using data to drive staffing decisions
Reduce supply costs by better managing vendors.
Involve physicians in cost reduction efforts.
Consider partnering with local physicians to reduce competition for outpatient cases
Consider outsourcing the management of some services
Reduce staffing costs by using data to drive staffing decisions
Labor- largest expense for Hospitals
Avoid over staffing and understaffing
Use flexible staffing like
Pat time employees
Hourly employees
Contractual staff
Reduce benefits for full time staff.
Although some staffing cuts may be necessary, hospitals should be careful not to take a blanket approach to layoffs or cuts in services.
Reduce supply costs by better managing vendors.
Work with...
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