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Luzviminda fluctuation between costs and revenues will need to be re-evaluated. For example when you go to purchase a cell phone you can make a decision based on the features and cost. The same thing when purchasing a home or automobile. Healthcare cost cannot continue to increase if patient outcomes and quality of care do not go hand in hand. Reimbursements will not increase and that is going to create a significant challenge to healthcare organizations. What do you think is the best solution to this situation?
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Hello Luzviminda, great job on the discussion board. Your right that a hospital’s profitability will depend on the amount of revenue being generated. Cash flow forcasting is very important to an organization. If a business can monitor its cash flow they will know how they will be doing in the future. When it comes to future expectations of their profit and loss, business owners tend to know their business inside and out. (Channing, S. (2020, December 23). I like the examples you gave as far as why cash flow forecasting is beneficial. Knowing if the business is in trouble is a very important thing for any company.
Channing, S. (2020, December 23). The importance of cashflow FORECASTING & 5 tips for three Way Forecasting. Retrieved from
https://www.menzies.co.uk/the-importance-of-cashflow-forecasting/
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Based on your past experiences and the knowledge gained during your coursework, consider the following question and post a substantive initial post:
The success or failure of hospital profitability in the coming years will depend on a continued fluctuation between revenues and costs. What are your thoughts about the impact of cash flow forecasting in hospitals based on utilization, physician competition, technology, cost of providing care, and hospital spending on organizational success?
Based on the past experiences amongst healthcare and with me working amongst the field, I feel that there will be more successful ventures but depending on how the companies accomplish their goals with their profitability.Profitability plays major roles with health care and if the impact of cash flow isn’t truly stable there can be possible failures for the organization. However, if healthcare change their models in the future then maybe they will be able to save money and focus on costing. By controlling hospital operations revenues that can at least compromise all costs with taking care of their patients. The patient can be taken care of with their labor costs, supplies, medical equipment and more. The hospital also can save on their utilities, buildings, property and capital as well.
Meanwhile, here lately the main focus has been towards more like with patients experiences and satisfaction still . I believe that the health care should focus more on costing , although the patients are very important but if a patient simply can’t afford the actual right care than it is unpromising even before it’s given. Cost of care has gotten so unaffordable that care has declined a lot in certain circumstances especially during these times around the world. Hopefully, with new healthcare insurance plans improvements yearly, things will get better for individuals.
However, physician competition with the utilization of medical technology is on the rise yearly. Therefore providers as well as the businesses that they practice in are going to have to step their game up tremendously in order to maintain profitability and stable success. For example, Redesigning and improvising new systems that provides extended hours might help bring their patient scores up and add a revenue increase ,but there could be a downfall in regards to providing an organization with those following mentioned things by costing extra money too add them in for patients as well as for the organizations. However, if the businesses aren’t able to expand then maybe they will have partner up or add a contract labor even though it might be unbalanced at first , it will begin to eventually balance itself out throughout the business. Furthermore, if they do the following five suggestions, successful ventures can be implemented, 1. Refocus on Labor Management 2. Manage Employed Physicians 3.Change the Patients Encounter Environments 4.Augment Standard Approaches with Technology to Control Costing5. Manage Patient Access and Flow through the Healthcare System. However, Healthcare leaders overall must always keep in mind that a good effective plan does not come over night, things will take time to accumulate properly!
Brown,B. (2018, January 11). Five solutions to help control Healthcare’s Cost Problems. Retrieved from,www.healthcatalast.com
Kindly put 166 WORDS to answer these three and if you need to use the > [email protected]. you can, and if you prepare from your own point of view is also welcome.