Jackson Memorial Hospital's Financial Crisis

Carolinas Healthcare System is a large not for profit health care system, with over 40 hospitals across 900 locations in North and South Carolina. Carolinas Healthcare Pineville is one of the acute hospitals within this large organization (CHS, n.d.). It takes integration, coordination and planning to operate a profitable facility in this current climate. P. Hiltz contributes to this coordination and planning for Carolinas Healthcare Pineville. During an interview conducted on October 28, 2014, P. Hiltz shared his background, roles and responsibilities, budgeting practices and concerns for the future, as it relates to CHS Pineville. He also shared his predictions of future occurrences, as it relates to nurses. Chief financial officers are currently facing many challenges as it relates to planning a budget. P. Hiltz also elaborated on these challenges.

Sinclair memorial hospital has the following background information: 305 bed acute care facility, 6,300 in patient visits, 17,000 emergency patients yearly, 13,600 clinic visits and 8,500 outpatient visits. Services offered by the facility include: community health care, primary care, home health care, and cancer care. Before entering the HIM department there is a code of dressing that is expected. For the IT department, a casual wear is recommended but the most important part is the identification badge which has to visible all the time. The identification badge shows one is an employee in a particular department and also allows the accessibility of restricted areas within the organization. The facility has to be accessible to the public but The HIM department is expected to be secure in order to keep other employees and unauthorized persons from accessing and accessibility can achieved through authorization and permission are coded in the badge Recording is procedural, for example when a patient is brought by an ambulance, the nurse starts electronic recording through documentation and the health care information is kept throughout the period the patient is being taken care of by other health providers

Duke University Children's Hospital was facing a financial crisis in 1996 that required turnaround and transformation in order for the hospital to survive (Spector, 2013). On top of the financial crisis, caused by decreased Medicaid allowances and an increase in capitated reimbursement patients, patient and staff satisfaction had reached an all-time low (Spector, 2013). The hospital's chief medical director, Jon Meliones, understood that the hospital could only do so much to control their financial outcomes and a united front would be needed to bring about effective and impactful change (Spector, 2013).

After reading the case study it seems that one problem between the hospitals and upper management seems to be lack of communication. It seems that Singh and Mrs. Manzoni have not affectively communicated to the hospital administrators what the goals of the company are and what is best for the company. I believe that Mrs. Singh and the hospital administrators value the importance of two different things. Mrs. Singh values the importance of correct data entry into the firm’s management information system. While, the hospital administrators seem to be placing more value on the importance of patient services. In addition, it seems Mrs. Singh does not know what

Each aspect plays a role, as financial management as a whole impacts the health care organization in a significant way. An example (that ties to evidence) of a primary component is the model analysis of the insurance system that affects the health budgeting spending on a statewide level. Further elaborating, the insurance system affects the input and output of the external categorization of the practical approach for a health care organization to utilize their primary care towards patients. Thus, as a result the aspects shift according to model process. Additionally, one’s perspective plays an important role in influencing decision-making in regards to financial management for healthcare. This is because the individual plays a primary role in the performance and internal indicators of the direction of the organizational mission; thus their output affects the organization’s advancement.

This week’s case looks at the critical situation occurring at Riverview Regional Medical Center located in Etowah County, Alabama. The medical center, located near a strong competitor, is run by a veteran in the hospital management market, Mr Matt Hayes. Hayes is actively in the process of developing new ideas and revolutionary steps in an attempt to remain competitive in the market and regain profitability. The overall performance of Riverview Regional Medical Center appears to have decreased throughout multiple departments except outpatient surgical procedures, outpatient CT imagining, MRI imagining and inpatient MRI scans.

This paper strives to answer questions based on the case study “Emanuel Medical Center: Crisis in the Health Care Industry”. As excerpted directly from the case study, Mr. Robert Moen, Emanuel Medical Center (EMC) president and CEO, was experiencing a number of challenges in 2002. The medical center faced numerous challenges in its external and internal environment. First, EMC garnered an onslaught of negative attention for the “Haley Eckman incident” in which a young man, who happened to be a gang member, died within view of EMC’s Emergency Department (ED) medical personnel rendered no care and watched. The emergency department at EMC was also experiencing greater pressure to deliver services in an increasingly

Without strategic planning, several things can go wrong including missing out on great opportunities. Strategic planning is an organization’s outline to help achieve its purpose. Although strategic planning begins at the top of the pyramid, it is more effective when it is carry out as a whole among other in the organization. Having a good internal control system in place protects an organization from high risk, fraud, and more. Jackson Memorial Hospital has several weaknesses which are similar to its competitors and other health care organizations. For instance, Mount Sinai Medical Center one of Jackson Memorial’s competitors, encountered lack of strategic planning that led to many issues such as with readmissions, surgical complications,

In the past years Jackson have dealt with major decrease in profit, decrease in patient services and more. However, Jackson Memorial was able to keep a positive net income because of its non-operating revenue. Both income statement and balance sheets are analyzed and compared with Jackson’ competitors to show some of the improvements. In addition, several of the organization’s aspect are finalized, including corporate and business strategies. Although Jackson started to experience major changes such as increase in revenue, increase in patient services, as well as increase in Medicare and Medicaid patient revenue under the leadership of appointed CEO, Carlos A. Miyoga. Jackson entered into new related business lines to build new facilities and

This case study looks at the challenges faced by Matt Hayes, executive director of Riverview Regional Medical Center (RRMC). Previously named as “The Holy Name of Jesus Hospital”, the facility was owned and operated by Catholic nuns. The Hospital Management Associates (HMA) bought the facility in August 1991 and modify the name to Riverview Regional Medical Center. Hospitals that were taken over by HMA upgraded to state-of-the-art facilities that provided high quality medical care. RRMC run numerous private practices throughout the city and shared common medical staff with their chief opponent, Gadsden Regional Medical Center (GRMC). However, the common staff from the Emergency and Radiology department were not shared. Over the past years, RRMC has been facing multiple challenges concerning the different services provided by the facility (Swayne, Duncan, & Ginter, 2013).

21% cannot afford prescription drugs while 30% went without the needed care due to the high costs

“Leaders without a solid knowledge of finance are at a severe disadvantage. Many of the major bankruptcies involving healthcare companies resulted from a combination of poor strategic and financial management” (Walston, 2014, p.202). Management leaders who portray a lack of financial skills, is indicating risky behaviors. The organizations capital structure ratios are an indication of the leaders’ lack of financial decisions. This condition has been proven during the operations of John Hopkins Health Systems (JHHS), in the years of 2012 and 2013. The balance sheet attached provides insight on behalf of (JHHS) overall

The health care organization covered is Jackson Health System in Miami, Florida. With over 2500 beds, this is one of the largest health systems in Florida and its flagship Jackson Memorial is one of the largest in the country. There are a number of strengths and weaknesses that will characterize the strategic direction that the organization will follow. Among the strengths are that Jackson has a large geographic footprint with Miami-Dade County, it has the financial backing of the county, that it has a diverse workforce, its relationship with medical school at the University of Miami, its leadership, and the multiple clinics and specialized services that it offers.

The Jackson Memorial Health System is based in Miami. This not-for-profit, county run organization has multiple sites, the main one being Jackson Memorial Hospital. The hospital has over 1550 licensed beds and is a teaching facility for the medical school at the University of Miami (JHS Miami, 2012). While the JHS has a number of different programs and facilities, it is important from the perspective of central management to understand the position that each has in the marketplace. JHS has a significant market share, as it is the largest hospital in Miami-Dade County. Its size and its mandate to serve the residents of the country regardless of ability to pay ensures a strong customer flow and substantial market share. The hospital's total revenue for the latest fiscal year was $4.8 billion, and on this it lost $34 million, an amount the county covers through a sales tax levy (Becker's, 2012).

The financial statement analysis of Doctors Hospital raises hopes and concerns regarding the financial performance and financial situation of the hospital. A rise in net assets and drop in liabilities will support the financial base of the hospital. Profits from short-term I nvestments should maintain this base, and improve the total assets. There is a concern in regards to cash flow and net income. There is a large reduction in cash flow of $2,222,000, which means there might be a shortage in cash flow to continue the project or purchase capital equipment. The organization should have to find solutions like to borrow from banks, spreading payments in future, etc. to manage the shortage of cash flow (Finkler et al., 2013). Another area