560 Assessment 3

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University of Phoenix *

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560 REFLEC

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Health Science

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May 29, 2024

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docx

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Uploaded by PresidentGuineaPig1374

Robert De Jesus MHACB 560 Competency 3 Assessment September 13, 2023

Financial Strategies for the Sustainability Initiative The success of healthcare in a country is founded by those at the helm of the leadership to develop strategic visions and missions that are geared at making the organization efficient in service delivery within sound financial management. The sustainability of healthcare systems is a significant concern for health organizations and healthcare providers. To ensure the long-term sustainability of healthcare systems, organizations must develop and implement effective financial strategies. This Financial Strategies Summary overviews a proposed sustainability initiative and presents a minimum of three financial strategies for funding the initiative. The strengths, weaknesses, opportunities, and threats associated with each financial strategy are analyzed, and the impact of proposed community partnerships, waste reduction, and improved patient care outcomes on the financial strategies are evaluated. Finally, a petition to the leadership for approval of the financial strategy is included. Brief Summary of Sustainability Initiative Proposal This sustainability initiative proposal focuses on improving the sustainability of healthcare systems by reducing costs and increasing efficiency. The proposal has three main components: community partnerships, power suppliers, and improved patient care outcomes. The facility has opted to revamp its method of energy use. A reduction of energy usage and developing other substitutes is a crucial sustainability endeavor. Energy has become a fundamental demand in healthcare facilities. The facility is working towards creating and implementing more responsible options. The company's mission is to become socially and environmentally responsible. The organization's aim is supported by its willingness to reduce energy consumption. The institution’s goal is to reduce energy usage by 35 percent during the next three years. Aside from that, the facility should reach approximately 50 percent in the next three to five years. The sustainability program includes new energy efficiency measures, alternate sources of consumption, and improvements in the internal climate by engaging staff, patients and families. Financial Strategies to Fund Implementation Reducing energy consumption can have a significant positive impact on your cash flow by lowering utility bills and operational costs. Below are the strategies for cash flow for energy reduction: 1.Seaking and Insulation which would improve seals on any gaps or leaks in your buildings envelope. This would prevent energy loses and reduces work load on HVAC systems.

2.Energy Management Systems which would monitor and control energy usuage in real time. These systems can automatically adjust lighting, HVAC, and other equipment based on the occupancy and energy demand 3. Energy Rebates and Incentives which would be done through research and take advantage of government incentives and utility company rebates for energy efficient upgrades. The incentives would offset the initial costs. 4.Energy Benchmarking is to compare your energy usage with the industry benchmarks to gauge performance and set goals for improvement. 5.Energy Procurement would explore options to secure more favorable energy supply contracts. Locking in a fixed rate for energy can provide cost predictability. By having these cash flow strategies for energy reduction, you can not only lower your operational cost but also add to a more sustainable future. The initial investment in energy efficiency measures often pays off in the form of reduced energy bills and improved cash flow over time. Identifying Strengths, weaknesses, Opportunities, and Threats It would be prudent to perform a SWOT analysis on these financial plans. Every plan has the potential to include a variety of aspects, including strengths, weaknesses, opportunities, and dangers. In light of these repercussions, the administration has some leeway to innovate concerning the implementation process. The illustration will look like this. Strengths

Cost per case strategy can be determined or estimated with the help of financial strategy and thus help the facility allocate cost per head. The hospital will be aware of or have an understanding of the cost of the energy that is necessary for each scenario. Therefore, it is possible to have the appropriate energy equipment at the appropriate moment for the appropriate situation. Equally, activity-based costing is advantageous for several reasons, one of which is that it allows the administration to determine or be aware of each activity's cost and any potential loopholes or wastes at the micro level. Increasing cash flow with data and analytics can make the financial system quick, predictable, and resilient. Weaknesses The cost per case can grow complicated because each case may have unique dynamics or requirements. Because there are so many cases, accurately estimating the costs associated with each case will be difficult. Activity-based costing can be time-consuming for the management team and administration. Because of this, the financial or costing system will become more complicated, resulting in a delay in implementing the energy alternatives. Keeping data and analytics in sync may in the cost of the energy project. In order to transition from the traditional financial system to a more tech-savvy system the facility needs to invest a significant amount of money, time, and expertise. Opportunities

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