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Healthcare is an ever-changing industry that requires healthcare organizations to align with those changes or risk being left behind. With the advances being made in technology, every corner seems to present the healthcare industry with new technologies, new approaches to treatment, new ways of rendering services, new electronic health record (EHR) platforms, and other innovations that promise to improve medical outcomes and ultimately, the quality of care rendered to individuals.
In this last assignment, you will look at the rural hospital you’ve researched throughout this course and think about one major addition or implementation that you believe will help to turn the healthcare organization around. The healthcare organization has been facing financial challenges and your recommendation will go a long way toward improving outcomes. Your organization is being given a grant of $1 million dollars to invest in this plan that will assist in the turnaround of the organization. Think of a new or updated Electronic health record system, rebuilding the infrastructure to add more beds, investing in a rehabilitation robot, investing in a vaccine to treat a specific illness, condition or disease, or any other innovation.
Use the financial strategies and medical and financial reports you’ve learned about throughout the course (profit and loss statement, break-even analysis, etc.).
Write a 5-6 page paper for the hospital board that does the following:
- Describe financial challenges being faced by the healthcare organization and what led to those challenges.
- Provide the organization’s assets and liabilities in a financial statement (Balance Sheet).
- Explain how and on what the organization will spend the $1 million dollars.
- Explain your thought processes and decision-making strategies that led to the investment.
- Provide a timeframe for the organization to see its return on investment. Conduct break-even analysis.
- Share a final recommendation based on your research to the board.
- Address at least 2 financial concepts presented in the course.
- Use at least 4 credible sources.
- Use APA formatting.