remain in operation‚ because of their good reputation. Beside the organization’s great patient care‚ certain departments have invested in making poor financial decisions‚ which are now becoming a hindrance to the organizations profits. In the recent reviews of the organization financial data‚ the center has given huge discounts to managed care organizations‚ such as Medicaid/Medicare. When an organization deals with negotiating a set or contracted price for services‚ the reimbursements for these services
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Simulation Review Janette E. Guevara HCS/405 August 26‚ 2013 Todd Brown Simulation Review I have been brought in as a financial advisor to assist Mr. Gilbert Sanchez‚ CEO at Elijah Heart Hospital (EHC) to find some cost efficient ways to continue to provide quality care but at the same time reduce costs for the organization. EHC is a hospital that specializes in Cardiac surgeries and procedures. They would like to expand and have a promising growth in patients as well as revenue‚ but with
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Simulation Review Essay Macy Skalski HCS/405 Health Care Financial Accounting University of Phoenix- AXIA Instructor Sherida Douglass November 19‚ 2012 Simulation Review Essay The Elijah Heart Center is facing the financial distress common in specialized health care organizations. This is the combination of the need for improved technology‚ a reduced income‚ and the demand for expansion. Without the needed technology and expansion‚ there is little that the hospital can do to improve the
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Simulation Review De’Anna Andrew HCS/405 March 25‚ 2015 James Taylor Simulation Review Large health care organizations‚ particularly non-for-profit hospitals‚ come face to face with swelling difficulties handling cash flow every day. These struggles can be due to variations in economic climate and billing. Research tells us that the cash flow‚ hospitals would normally use for capital expenses‚ are frequently being used to pay for operating costs (Ziegler‚ 2008). Functioning as such‚ causes risky
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Simulation Review HCS483-Health Care Financial Accounting Simulation Review When working as a health care administrator‚ one must make important financial decisions that can make or break the future of the organization. To give students a peak into some of these financial decisions‚ online simulations are used. This is the breakdown of one such simulation. The simulation in question deals with the Elijah Heart Center in New York State. The simulation
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Reporting Practices and Ethics HCS/405 Reporting Practices and Ethics A major aspect of health care organization operation is that of financial management. Financial management of health care organizations incorporates ethical standards and proper reporting practices. Financial practices and ethical finance concerns are important to the success of any organization‚ particularly within the health care industry. The four elements of financial management‚ generally accepted accounting
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Reporting Practices and Ethics Erin Martin March 21‚ 2011 HCS/ Healthcare Financial Accounting Todd A. Brown Reporting Practices and Ethics Crime and corruption is unfortunately a reality and financial management is not an exception. Unfortunately there are people out there that do not adhere to the general accepted accounting principles or ethical standards. When not following the standards theft‚ embezzlement‚ and fraud occur. Financial managers of an organization need to follow the four
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2008 Ratio (unaudited) 2009 Ratio (unaudited) 2008 Ratio (audited) 2009 Ratio (audited) Current Ratio Current Ratio Current Ratio Current Ratio $130‚026 Assets $8‚380 Liabilities 15.52 to 1 $128‚867 Assets $23‚807 Liabilities 5.41 to 1 $130‚026 Assets $8‚380 Liabilities 15.52 to 1 $128‚867 Assets $ 23‚807 Liabilities 5.37 to 1 Quick Ratio Quick Ratio Quick Ratio Quick Ratio $41‚851 $37‚666 $79‚517 / $8‚380 9.49 to 1 $22‚995 $59‚787 $82‚782 / $23‚807
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Discussion Questions • Why is it important that financial accounting systems report performance fairly and factually? One of the biggest reasons it is important that financial accounting systems reports performance fairly and factually is to avoid legal actions in regards to accounting fraud. Recent downfalls of organizations due to financial misrepresentations and financial fraud have caused a huge downfall in our society. It is important for management accounting
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Simulation Review Paper Denise Coleman HCS/405 May 4‚ 2011 Mrs. LaDonna Battle Simulation Review Paper In this paper the author will discuss the financial accounting from the Cardiac Care Hospital. The author will describe the cost- cutting options that were selected‚ the loan option‚ and the outcome of the decisions made. There will be some cost equipment and a source of funding that will determine how to save the company money without affecting the quality of the care of patients
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