MH253 Nursing Financial Issues and Proposed Plan Presentation

MH 253 MDC Nursing Financial Issues and Proposed Plan Presentation

CASE STUDY 

Background

You are the new administrator of the Greater Miami Medical Group, a 100-physician multi-specialty group practice. You have 10 years of industry experience and an MHA from FAU. The physicians in the group have always been very conservative in dealing with the group’s finances.  The group has never kept extra money in the bank but has distributed it to the doctors.  As the group has grown over the past few years, younger physicians have decided to change and update their business practices.  The younger physicians now control the Board of Directors. You have asked the board chairman to design a cash management program that will benefit the practice but keep the older doctors pacified. 

The Miami Medical Group occupies a 40,000-square-foot building, which houses most physicians and ancillary services.  The group also operates 50,000-square-foot practices geographically dispersed throughout Miami’s various ethnic communities.  The group generates $150,000,000 annually, with 70% of operating expenses to the total patient care revenue.

Issues

As you design the cash management system, you realize the assignment’s scope is greater.  Cash management only looks at immediate needs, while looming changes on the forefront will dictate the need for a more sophisticated planning process that accounts for the organization’s sustainability and viability for the future.

Many factors complicate the financial planning process, including:

COVID-19 pandemic disruption to clinical and business operations of healthcare (great resignation economy, physician burnout, high physician turnover, supply chain issues, etc.)

The Affordable Care Act will be fully implemented in 2014.

The digital health transformation (opportunities and challenges) telehealth, virtual care, EMR/EHRs, etc.

The reimbursement model is changing from fee-for-service to value-based payment.

Federal, state, and local regulations and scrutiny of healthcare organizations are increasing.

Regulators are looking at income distribution within medical groups.

Merger, consolidation, and buyout from Wall Street Firms.

Assignment

• This assignment includes a PowerPoint Presentation and an Executive Memo:
• Prepare 6-8 content slides PowerPoint Presentation summarizing your plan to use at the board meeting. 
• Prepare a two (2) full-page memo explaining the group’s critical issues on the financial landscape, and explain how the doctors will ultimately benefit from the plan. You must read and integrate 4–6 current high-quality references, including at least two (2) peer-reviewed journal articles, and use their information to support your presentation and memo. Your goal is to demonstrate to the doctors that your cash management plan is sound and meets their anticipated changes.   

 

 

Writing Business MemosLinks to an external site.

• 10 Tips for Maximizing Cash FlowLinks to an external site.

COVID-19: Cash Management Strategies to Implement to Stay ViableLinks to an external site.

• Top Tips for Effective PresentationsLinks to an external site.