HCM 676 Unit 5 ip

docx

School

Columbia Southern University *

*We aren’t endorsed by this school

Course

676

Subject

Business

Date

Jan 9, 2024

Type

docx

Pages

Uploaded by ecolbert3

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 1 Euphemia Colbert Colorado Technical University HCM676-2304A-01 12/17/2023

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 2 Financial operations and return on investment Executive Summary Healthcare organizations provide critical services to the public and have become increasingly complex in recent years due to a rapidly evolving industry and technological advancements. In completing this assignment, I selected a nursing home called Serene Haven. At Serene Haven, we embark on a compassionate expedition to redefine aging by fostering a nurturing haven where wisdom is fêted, dignity is preserved, and joy flourishes. Devoted to providing exceptional and personalized care, our mission is to create an empowering and animated community for the elderly, where each resident is not just a beneficiary of aid but a cherished individual on a continued journey of purpose and well-being. Company Overview The organization's vision statement pictures a future where aging is a heartening and pleasant chapter of life; Serene Haven aspires to be the beacon of pioneering and holistic elderly care. Our vision is to forge a transformative experience, redefining the setting of senior living by promoting vitality, nurturing deep connections, and inspiring a legacy of fulfilled lives. We see a community where residents prosper in a supportive and engaging environment, radiating a sense of belonging, purpose, and contentment, creating a lasting legacy of love and respect for the elderly. Research suggests that the figure of persons living in nursing homes is about 2 million. In spite of the existence of nursing home personnel responsible for elderly care and safety, a

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 3 considerable fraction of abuse incidences remain unreported. This is where Serene Haven comes in through the provision of quality services to the elderly members of our society. The first strategy is to provide clear expectations and goals for employees. The organization's objective is to communicate with the staff and make sure appropriate rewards, recognition, and evaluation systems are in place. The second strategy involves providing employees with the resources they need to succeed. Employees in the organization will be well- trained to develop opportunities to operate at a high level. Serene Haven will also implement a customer relationship management system that tracks the patient's needs and preferences. The system allows healthcare professionals to provide a more personalized approach to care, helping to meet the needs of each patient, hence preventing instances of abuse and neglect. Finally, Serene Haven will promote a culture of inclusivity and collaboration. There are different strategies that management can use to develop an effective organizational culture. One strategy is learning. Today, organizations are improving their labor forces through learning. According to Bates et al. (2018), increasing employee skills and competencies leads to increased strategic outcomes such as high-quality products and services, high employee satisfaction, and increased savings. Employees can be trained through the use of on-the-job training, in-organizational training, and professional health standards (Bates et al., 2018). Training helps an organization increase its output value. Another strategy is proper communication. Proper communication is vital for the healthcare organization as it ensures quality services. Organizational managers can promote effective communication by encouraging employee collaboration, which allows workers to work together toward achieving the organizational mission and vision. Leaders can also act as role models to create an effective

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 4 organizational culture. This strategy involves leaders leading by example in nurturing an organizational culture that aligns with the organization's mission and vision statement (Bates et al., 2018). By doing so, they act as change agents. Financial Information Investing in a nursing home needs careful consideration of several assets to ascertain that the establishment is going to provide exceptional services and care as well as meet the evolving demands of its residents. Some of the assets that the nursing home requires include; Real estate and facilities: Sufficient and elegant physical space to house the residents. The nursing home ought to be compliant with local as well as federal policies and planned for user- friendliness, especially for persons living with disabilities. There will be plenty of open-air spaces for pastime and recreation. Medical gear and equipment: Medical divans, mobility assistance, and additional aiding devices. Monitoring tools for the employees, such as CCTV cameras, will also be required. Ample supplies of drugs and other medical kits. Human resources: Competent and empathetic healthcare workers and support staff, including psychologists, doctors, and nurses, will be sourced. Training courses to keep employees up to date on the newest care practices are going to be at the top of the agenda at Serene Haven Nursing Home. Technological infrastructure: According to (Pai et al., 2021), EHR at every level of the Medicare system facilitates efficient and uninterrupted care to patients. That is why we will invest in Electronic health record systems (EHR) for well-organized and safe record-keeping.

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 5 Starting the nursing home involves considerable upfront expenses. I will require funds to cover initial operating expenses such as staff salaries, utilities, and supplies before the establishment becomes profitable. I will secure a construction or real estate loan facility from a financial institution to purchase land or build and renovate nursing home structures. Both debt and equity have their pros and cons, and the preference between the two is dependent on your risk tolerance, financial goals, and overall business strategy. I opted to use debt rather than equity to finance the nursing home so that I could take full control of the business rather than selling a portion of the organization to an investor or private equity firm. Even though investors provide capital without requiring regular repayment, I prefer being the final decision-maker through having complete ownership and control of the business. That notwithstanding, 20 percent of the starting capital for the nursing home will be from my savings, while the rest will be financed through debt. Debt-to-equity ratio illustrates how much liability an organization has in comparison to its assets (Shopify, 2022). For Serene Haven's nursing home business, the debt ratio will vary based on its capital structure, financial management strategy, and industry norms. Generally, as a businessman, I prefer a lower debt ratio, considering it is less risky, as it suggests that the company will have a lower level of debt relative to its equity. I want to increase my returns, but I also want to avoid putting the business in financial jeopardy. The organization's cash flow statement will be a key financial document that will provide insights into Serene Haven's liquidity, operational effectiveness, and the organization’s capability to meet its financial commitments. The statement will give me all the necessary information regarding cash flow in three parts: operating, investing, and funding activities.

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 6 The anticipated operational expenses that I will incur when running Serene Haven Nursing Home may include salaries and remuneration for nurses, healthcare workers, and administrative personnel. Medical supplies like medications. Utilities like electricity, water, heating, and cooling. Standard maintenance and upkeep for the building will also be an added expense. Liability insurance to shield the business against possible legal claims is as well an expense. Last but not least, miscellaneous expenditures may come up, including unanticipated everyday overheads. Serene Haven Nursing Home will generate revenue from the residents or their families directly paying for the services provided by the nursing home. This often includes accommodation, healthcare, and other services. Income streams for nursing homes are subject to different regulations and oversight at both federal and state levels. Compliance with healthcare regulations, licensing requirements, and top-notch standards is fundamental to maintaining eligibility for government compensation programs such as Medicare and Medicaid.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

FINANCIAL OPERATIONS AND RETURN ON INVESTMENT 7 References Bates, D. W., & Singh, H. (2018). Two decades since To Err is Human: An assessment of progress and emerging priorities in patient safety. Health Affairs, 37(11), 1736-1743. Pai, M. M., Ganiga, R., Pai, R. M., & Sinha, R. K. (2021). Standard electronic health record (EHR) framework for the Indian healthcare system. Health Services and Outcomes Research Methodology, 21(3), 339–362. Shopify. (2022). What Is Debt-to-Equity Ratio? Definition and Guide. https://www.shopify.com/blog/what-is-debt-to-equity-ratio#:~:text=The%20debt%2Dto %2Dequity%20ratio,harder%20time%20covering%20its%20liabilities.

HCM 676 Unit 5 ip

Related Documents