Financial Accounting from a Cardiac Hospital

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Financial Accounting from a Cardiac Hospital If I were in a management position and had to create a working strategy in order for my company to gain strength, I would create a plan involving three phases: capital shortage, evaluation of the funding options for medical equipment, and the evaluation for capitol expansion. I would then run the necessary financial reports, analyze all the collected data, and then decide the best strategy for our improvement. Financial gain is important to the company, however budgeting is a must. Capital shortage, also known as cost cutting, is the first phase of rebuilding when it comes to a facility on the brink of foreclosure. I was asked to choose two areas that in my opinion, would offer the best…show more content…
Not to mention that using an operating lease will also keep the cost off the balance sheet. However, after submitting all the choices into the simulator, it was discovered that the recommended choices would have been a refurbished option for the CT, a capital lease for the x-ray machine, and an operation lease for the ultrasound machine. Funding options for capital expansion would be the final step to making sure that the hospital and its entire staff would be able to keep their jobs, patients would be able to receive the proper care and that in fact the hospital would be able to stay afloat. There were three choices to choose from when it came to the funding from outside sources. Private Banks, tax exemption loans, or a 25 year maturity loan called the HUD where on the table. After consideration of all information that was available about the loans, the years of maturity, the percentage rates, the payments, and all the requirements involved, I felt it would be in the best interest to stay with the HUD. Not only was this a lower interest rate loan, there was no period required for using the funds on areas where I, as the financial manager, saw fit for it to go. There was also the convince that it could be paid off in as little as eight years allowing for the hospital to draw in more revenue and build a more financially strong base in which to continue to provide care for patients. For my hospital to properly function and for me to be an

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