Use the following guideline to criticize the attached powerpoint named; (powerpoint 4&5)Identify mis

  

Use the following guideline to criticize the attached powerpoint named; (powerpoint 4&5)Identify mistakes from the powerpoint and criticize it, both good and bad based own the guideline below.The assessment is to see if the the powerpoint presentation addressed all the questions asked.To review- each group was to develop a PowerPoint presentationdevoted to the best financial practices for health care.Identify and describe your healthcare organization (e.g. hospital, physician organization, laboratory, other).List at least five Best financial practices that you believe are important foryour healthcare organizations to follow. Base your choice on your reading in this course and research.Explain why each of these practices are important for your healthcare organizations given the current policy and regulatory environment.Explain what can go wrong if the practice is not followed.Give a review and assessment on the attached power point separately
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THE FINANCIAL PRACTICES
Best Practices in Military
Hospitals (MTF)
Its primary mission is to maintain the health of military personnel, so
they can carry out their military missions; and to deliver health care
during wartime. Often described as the medical readiness mission,
this effort involves medical testing and screening of recruits,
emergency medical treatment of troops involved in hostilities, and the
maintenance of physical standards of those in the armed services
The MHS also provides, where space is available, health care to
dependents of active duty service members, to retirees and their
dependents, and to some former spouses. Such care has been
made available since 1966, (with certain limitations and copayments), through the Civilian Health and Medical Program of the
Uniformed Services (CHAMPUS) and its successor, TRICARE. In
October 2001, TRICARE benefits were extended to retirees and their
dependents aged 65 and over.
The MHS has a $50 billion budget and serves about 10.26 million
beneficiaries,[3] including active duty personnel and their families
and retirees and their families.[4] The actual cost of having a
government-run health care system for the military is higher because
the wages and benefits paid for military personnel who work for the
MHS and the retirees who formerly worked for it, is not included in
the budget. MHS employs more than 137,000 in 65 hospitals, 412
clinics, and 414 dental clinics at facilities across the nation and
around the world, as well as in contingency and combat-theater
operations worldwide.
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Best Financial Practice Applied to
Military Hospitals
Military hospitals operate under the Department
of Defense and primarily attend to active duty
military, retirees, and veterans. However, the
financial practices in healthcare apply. As with any
healthcare management organization (HMO), best
financial practice are applied in accomplishing the
daily business of customer care.
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Best Financial Practices
For any business to be successful it must
understand finance management and sound
financial practices. In healthcare, with recent
reforms, organizations are moving forward by
implementing systems of effective financial
practices.
Financial practices refers to the methods or
standard operating procedures developed for
carrying out accounting, financial reporting,
budgeting and other activities related to business
finances.
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Best Financial Practices
Some of the best financial practices for an organization to
follow include:
Aligning budgets
This includes rolling forecasts, multiyear plans, and
detailed plans. Keeping them in sync allows for a more
informed decisions about current and future goals
Promoting/creating feedback loops
Information and communication should one-directional.
Reports can provide operational leaders and physicians
with valuable detailed information which they can act upon.
Setting internal controls
Effective financial practices incorporate strong internal
controls into standard procedures. This helps to instill a
culture of discipline in all.
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Best Financial Practices
Predictive analysis tools
Help to establish consistency and transparency in financial
reporting. Remain in line with long-term goals and future growth
plans
Root out variability between facilities
This not only applies to the financial team, but the entire
organization should all be on the same page and working toward the
same goals. Each facility should run things the same way. Process
and data flow is to be the same accounts are turned over the
same time, returned on the same schedule, documented the same
between facilities.
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THE IMPORTANCE OF BEST
PRACTICE
A part of the Federal Balanced Budget Act of 1997 required the Health
Care Financing Administration-HCFA (now CMS) to create a new
Medicare “Outpatient Prospective Payment System” (OPPS) for
hospital outpatient services -analogous to the Medicare prospective
payment system for hospital inpatients, known as “Diagnosis Related
Groups” or DRGs. This OPPS was implemented on August 1, 2000.
Prior to Aug. 1, 2000, hospitals were reimbursed by Medicare for
outpatient services on a “cost-basis”. Current Procedural Terminology
(CPT) codes were not required on the UB-92 claim forms and
hospitals received reimbursement based on their reported “costs” for
drugs, supplies, Evaluation and Management (E&M) services.
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THE IMPORTANCE OF BEST
PRACTICE
To control the growth of outpatient expenses, the Tricare
Outpatient Perspective Payment system was implemented. Tricare
Outpatient Perspective Payment has self-enabled MTFs to
calculate their own deductibles and cost sharing/ copayments,
process payments faster by modifying how the information was
entered and saved money by implementing Fee-For-Service. The
Medicare OPPS evolved out of Congressional mandates for
replacement of Medicare’s cost-based payment methodology with
a prospective payment system (PPS). This change affects all U.S
hospitals and patients covered by Tricare from the way data is
enter all the way to how payments will be received. With a
population of over nine million beneficiaries, Tricare needed to find
a more efficient system that saved money, processed claims
quicker and allowed patients to be billed accurately.
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THE IMPORTANCE OF BEST
PRACTICE
Keeping
up with every new law and
regulation updated is most health care
organizations priority However, there is a
distinct need, now more than ever, to not
only interpret regulations as they apply to
policy, but to provide operational guidance to
maximize clinical outcomes and financial
growth, and to minimize liability.
+ Best Financial Practices: When Not Used
For any business to be successful it must
understand finance management and sound
financial practices. In healthcare, with recent
reforms, organizations are moving forward by
implementing systems of effective financial
practices.
Financial practices refers to the methods or
standard operating procedures developed for
carrying out accounting, financial reporting,
budgeting and other activities related to business
finances.
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When Best Practices Are Not Followed
Aligning budgets
Promoting/creating feedback loops
When financial planning takes place in a silo, the lack of
coordination can render them to be collectively meaningless and/or
inaccurate.
If information is only one-directional, company leaders are missing
out on the valuable data contained in the reporting documents.
Those reports would likely impact important decisions that business
leaders need to make.
Setting internal controls
Goals are an important part of financial planning. Without defined
procedures and controls throughout the organization, the lack of
collaboration will be reflected in the companys bottom line.
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When Best Practices Are Not Followed
Predictive analysis tools
Just as a retrospective review helps organizations to learn from their
mistakes, in order to meet their goals and effectively plan for current
day-to-day operations, organizations must look to the future.
Without this analysis, the approach will be inherently reactive.
Root out variability between facilities
When an organization has multiple facilities and each are operated
as their own independent entity, despite all revenue and reporting
rolling up into one primary organization, not only will it be an
accounting nightmare, but efficiencies across locations will not be
achieved.
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Conclusion
Best financial practices within the military hospital is essential
as civilian healthcare. Using sound financial judgement and
current analysis tools ensure the viability within a changing and
demanding healthcare market that has shifted toward a
consumer driven industry.
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References
http://www.hhnmag.com/articles/4012-take-a-look-at-how-market-forces-willimpact-health-care
http://www.healthcarefinancenews.com/news/healthcare-billing-and-collectionbest-practices
Becker, S. J., Swenson, R. R., Cataldo, A. M., Esposito-Smythers, C., & Spirito,
A. (2014). Barriers to Seeking Mental Health Services Among Adolescents in
Military Families.Professional Psychology: Research & Practice, 45(6), 504513. doi:10.1037/a0036120
Sportelli, L. (2014). The Critical Importance of Best Practice Documents. ACA
News (American Chiropractic Association), 10(7), 18-19 2p.
Loflin, M. (2015). Stone shop safety best practices: knowing the facts on safety
guidelines will not only make for a secure work environment, but it will also
have fabricators prepared when OSHA or the ministry of labour stop by for a
shop inspection. Stone World, (6). 51.
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Best Financial Practices In
A Healthcare Organization
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5 Best Financial Practices
Healthcare
Core
Organizations Must Be Vigilant
Competencies to Incorporate In A Healthcare
Organization
Basics
of Finance
Budgeting
Time
Value Analysis
Capital
Recognizing
101
Budgeting
Staff as a Key Expense
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Healthcare Organizations Must Be
Vigilant
The Affordable Care Act is changing the face of healthcare with new regulatory implications
and healthcare organizations must meet this requirements and remain compliant.
Healthcare Organizations are facing unprecedented changes in the structure of financial
reimbursement and must be prepared.
Reimbursement Rates, Increased Patients with Medicaid and Medicare, Electronic Health
Records, ICD-10 Coding and Meaningful Use Healthcare are all factors that will affect the
bottom line.
Successful projects are built around a careful examination of the demographics and
utilization information that will support the financial feasibility study’s revenue projections.
With limited budgets, its important that providers concentrate on projects with the greatest
revenue potential.
Hospital organizations are facing more moving targets than ever. With the changing health
care industry, including more insured people, how will overall utilization change and what
will be the desired services? How will the shift in payer mix to more Medicaid eligible and
less private pay affect net revenue? With continued medical advancement, will the inpatient
and outpatient mix change length of stay? A financial feasibility study may not be a crystal
ball, but it should offer careful analysis of these and many more questions (Wilson, Bill,
Delong, Bradley).
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Core Competencies to Incorporate in
the Healthcare Organization
Establishing policies and procedures to incorporate Standard Operating Procedures and strict Governance
will enhance profitability, viability and provide for future growth.
Centralization of core operations, such as purchasing and procurement, clinical care protocols and revenue
cycle operations, is fundamental for the alignment of processes and the proper utilization of technology.
Price discrepancies, limited visibility into spend, misaligned clinical and supply teams and poor internal
controls all cause health systems to limit their full savings potential. One small example is centralized
purchasing to automate the highly-manual procurement process and capture tremendous supply chain
savings opportunities through efficiencies and transparency.
Efficient procurement operations can optimize savings and operational expenses.
Institutional and Operational Experts in Finance and Healthcare Information Technology.
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Basics of Finance: Developing A Plan
of Action In A Hospital System
Planning

Prioritization of Initiatives

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Timing- When is the planning process initiated Calendar Year or Fiscal Year?
Recognizing Staff As A Key Expense
Planning Long Term Financial Health of the Organization
Understanding and Complying with Regulatory Guidelines
Increasing Revenue & Reducing Expenses
Determining the NPV of Capital Expenses
Competition and Clinical Variations

How does the competition affect your patient base?
What services can we provide differently? How is our pricing comparative?
What new technology can we offer?
How can we provide growth opportunities for our organization?
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Budgeting 101
t’s probably safe to say that few people like to budget. But even fewer like the nasty surprises that could be in store
if you don’t plan ahead for your costs. So it’s worth it to spend a little time budgeting for health care (Association,
2012).
Economists approaches to priority setting focus on the principles of opportunity cost, marginal analysis and choice
under scarcity. These approaches are based on the premise that it is possible to design a rational priority setting
system that will produce legitimate changes in resource allocation. However, beyond issuing guidance at the
national level, economic approaches to priority setting have had only a moderate impact in practice. In particular,
local health service organizations such as health authorities, health maintenance organizations, hospitals and
healthcare trusts have had difficulty implementing evidence from economic appraisals. Yet, in the context of
making decisions between competing claims on scarce health service resources, economic tools and thinking have
much to offer (Peacock et al., 2010).
Healthcare organizations can adopt an eight-step strategic capital-budgeting method to efficiently allocate limited
capital. The method includes setting the criteria for evaluating capital expenditure proposals, classifying proposals,
ensuring the proposals are accompanied by comprehensive information, calculating the costs of proposals and rating
proposals based on the established criteria (Kleinmuntz & Kleinmuntz, 1999).
Program budgeting and marginal analysis (PBMA), multi-criteria decision analysis (MCDA), and accountability
for reasonableness (A4R) are commonly used approaches for healthcare priority setting. These approaches can be
used to improve the fairness and legitimacy of priority setting within healthcare organizations whilst ensuring that
resources are allocated in the best manner possible. Health technology assessment is often viewed as a one-off
activity, whereas it should be seen as an input into a formal process for priority setting at the local or regional level.
Key elements for high performance have been identified that can be used to improve priority setting practice in
health service organizations. Examining investments and disinvestments, and thus opportunities for re-allocation,
should be a part of an ongoing resource management strategy regardless of the external fiscal climate (Mitton,
Dionne, & Donaldson, 2014).
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Time Value Analysis
A Time Value Analysis will provide healthcare managers with essential information to make
significant decisions concerning financial strategies for the future. Hospital management may need
to realize that it may be years before present value produces positive cash flow. A hospital needs to
know that future values of interest/cash are worth the upfront investment. Time lines make it easier
to visualize when the cash flows in a particular setting occur.
Example:
Formula used to obtain the future value:
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Time Value Analysis (cont.)
Documentation of appropriate value of cash flow that occur at
different points in time should be analyzed in order to understand that
the money you have now is not the same as it will be in the future and
vice versa. A spreadsheet is an effective way of monitoring and
tracking this information for management.
Time value analysis is an important financial management tool
because it involves the valuation of future cash flows. Not planning
or conducting a Time Value Analysis will limit the hospital ability in
finding out what the future of cash flow will be versed what is
invested up front.
Understanding the potential for interest earned on money over a
period of time provides the organization with extensive financial
flexibility.
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Capital Budgeting
Capital budgeting is the process in which a business determines and evaluates potential expenses or
investments that are large in nature. These expenditures and investments include projects such as
building a new plant or investing in a long-term venture. Often times, a prospective project’s lifetime
cash inflows and outflows are assessed in order to determine whether the potential returns generated
meet a sufficient target benchmarks, also known as “investment appraisal(“Capital Budgeting
Definition | Investopedia”, 2003).
Capital budgeting is important because it will allow a
health care manager to access what direction to go in
when meeting the needs of the health care organization.
Risk are also analyzed in the capital budgeting process
Capital budgeting gives management the ability to
access increased value of a organization
(Obriant, Obriant, & profile, 2015)
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Examining Expenses
Healthcare Organizations have multiple expenses and these expenses can change at a rapid pace. It is
imperative that the organization constantly scrutinize their spending and ensure that the revenue earned
matches or exceeds the expenses.
Factors influence spending in a Healthcare Organization:
Staff is a key expense
Providers primary expenses and resources are the staff.
Project efficiencies will allow providers to achieve desired results
Considering the FTEs in key to increase service lines and implement growth change
Successful organizations identify staffing benchmarks and adjust accordingly for operational
impacts.
New Healthcare Technology
Electronic Health Record
New Hardware and Software to support the EHR
Imaging Technology, CT Scanners, MRI Machines, PET Scans
Medical Supplies
Medical Equipment
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What Can Go Wrong If A Healthcare
Organization Is Not Financially Sound
Healthcare organizations need to have the foresight, governance and financial structure in order to
survive in todays healthcare climate.
To remain sustainable Healthcare Organizations need to continuously think forward, stretch their
imaginations and produce quality patient care, set strategic priorities, and implement programs that
meet these priorities, and the revenue to support the vision and mission of the organization.
Managers and Staff need to have a sound understanding of the financial processes and if they do not
they will not be able to carry out their roles and responsibilities and the organization and patient
safety will be impacted.
Every function is determined by the amount of money there is to support the function. If the revenue
is not in place, jobs will be lost, excess expenditures that are not necessarily needed and healthcare
costs rise.
Best practices to produce the best patient outcomes will begin to suffer and patient care will decline.
If the organization does not provide for long term growth solutions, and revenue producing
programs the organization will slowly get lost around the competition and not be able to rebound,
entering into a closing phase and eventually go out of business.
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References
Association, H. M. S. (2012). Budgeting for health care. Retrieved June 28, 2016, from
http://www.healthcareplainandsimple.com/get-my-moneys-worth/budgeting-for-health-care.aspx
Capital Budgeting Definition | Investopedia. (2003). Investopedia. Retrieved 1 July 2016, from
http://www.investopedia.com/terms/c/capitalbudgeting.asp
Gapenski, Louis C, Pin, George. . Understanding Healthcare Financial Management. Health
Administration Press, Chicago Illnois Aupha Washington D. C.
Kleinmuntz, C. E., & Kleinmuntz, D. N. (1999, April 1). – document – A strategic approach to allocating
capital in healthcare organizations. Retrieved June 28, 2016, from Healthcare Financial Management,
http://go.galegroup.com/ps/anonymous?id=GALE%7CA54422615&sid=googleScholar&v=2.1=r&li
nkaccess=fulltext&issn=07350732&p=AONE&sw=w&authCount=1&isAnonymousEntry=true
Mitton, C., Dionne, F., & Donaldson, C. (2014). Managing healthcare budgets in times of austerity: The
role of program budgeting and marginal analysis. Applied Health Economics and Health Policy, 12(2),
95102. doi:10.1007/s40258-013-0074-5
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References (cont.)
Obriant, C., Obriant, C., & profile, V. (2015). CapitalDecisions in HealthCare: Assess Capital Decisions in
Health Care. Retrieved 1 July 2016, Retrieved from: http://capitaldecision.blogspot.de/2015/10/capitaldecisions-in-healthcare.html
Peacock, S. J., Mitton, C., Ruta, D., Donaldson, C., Bate, A., & Hedden, L. (2010). Priority setting in healthcare:
Towards guidelines for the program budgeting and marginal analysis framework. Expert Review of
Pharmacoeconomics & Outcomes Research, 10(5), 539552.
Understanding The Time Value Of Money | Retrieved from:
http://www.investopedia.com/articles/03/082703.asp#ixzz4CotKYP2A
Wilson, Bill, Delong, Bradley. (2014, June 22). Financial Feasibility Studies: 5 Best Practices for
Hospitals. Retrieved from: http://www.beckershospitals.com

Introduction:

Military hospitals, also known as Military Treatment Facilities (MTF), play a crucial role in maintaining the health and wellness of military personnel. These institutions operate under the Department of Defense to provide medical care to active duty military, retirees, and veterans. Just like any healthcare management organization, best financial practices are applied in carrying out the daily business of customer care. In this article, we will discuss the importance of financial practices in healthcare and highlight some of the best practices applied in military hospitals.

Description:

Effective financial management is crucial to the success of any business, including healthcare organizations. Financial practices refer to the methods or standard operating procedures developed for carrying out accounting, financial reporting, budgeting and other activities related to business finances. In recent years, healthcare organizations have been implementing systems of effective financial practices to comply with the current policy and regulatory environment. Best practices in finance management help healthcare organizations to achieve their objectives, optimize resources, and remain sustainable in the long run.

This article focuses on the practices applied in military hospitals under the MTF. With a $50 billion budget, the MTF provides healthcare to about 10.26 million beneficiaries across the globe, including active duty personnel and their families, retirees, and their families. Despite being a government-run healthcare system, the actual cost of operating the MTF is higher since the wages and benefits paid to military personnel and retirees are not included in the budget.

In this article, we will identify and describe the healthcare organization under the MTF, list at least five best financial practices applied in military hospitals, explain why these practices are important, and what could go wrong if they are not followed. We will also review and assess the attached PowerPoint presentations in response to the questions asked.

Objectives:
1. To understand the significance of best financial practices in healthcare organizations.
2. To identify the best financial practices applicable in a military hospital setting.
3. To analyze the importance of implementing effective financial practices in healthcare organizations.

Learning Outcomes:
1. Describe the healthcare organization and its primary mission.
2. List the top five best financial practices applicable to military hospitals.
3. Explain the importance of each financial practice in meeting the current policy and regulatory environment.
4. Identify the risks associated with not implementing effective financial practices in healthcare organizations.

Critique of PowerPoint Presentation:
Good points:
1. The presentation started with a clear introduction of the Military Health System (MHS) and the role it plays in maintaining the health of military personnel.
2. The presentation provided a detailed explanation of the healthcare services provided by MHS to various beneficiaries.
3. The presentation mentioned the budget and number of beneficiaries served by MHS which gives a clear understanding of the scale of operations.
4. The presentation identified and explained the importance of best financial practices in healthcare.

Improvement areas:
1. The presentation did not clearly mention the name of the healthcare organization considered as an example for implementing best financial practices.
2. The presentation did not list the top five best financial practices applicable to military hospitals as per the guidelines.
3. The presentation did not provide a detailed analysis of the risks associated with not implementing effective financial practices in healthcare organizations.
4. The presentation did not have clear subheadings or a structured flow of information.

Overall, the presentation covered some important aspects of best financial practices in healthcare organizations but lacked in following the guidelines provided and not having a clear and structured flow of information.

Solution 1:

Identified Mistakes in Powerpoint Presentation:

1. Failure to identify the healthcare organization being discussed.
2. Incomplete listing of best financial practices.
3. Insufficient explanation on why identified practices are important for the healthcare organization.
4. Lack of discussion on the potential consequences of not following the best financial practices.

Review and Assessment of Powerpoint Presentation:

The powerpoint presentation titled “Best Financial Practices in Military Hospitals (MTF)” failed to meet the requirements stated in the guideline. The presentation did not identify the healthcare organization being discussed, and the listing of best financial practices was incomplete. Furthermore, there was insufficient explanation on why the practices were important for the organization, and no discussion on the potential consequences of non-compliance with the practices.

Solution 2:

Identified Mistakes in Powerpoint Presentation:

1. Failure to identify the healthcare organization being discussed.
2. Incomplete listing of best financial practices.
3. Insufficient explanation on why identified practices are important for the healthcare organization.
4. Lack of discussion on the potential consequences of not following the best financial practices.

Review and Assessment of Powerpoint Presentation:

The powerpoint presentation titled “Best Financial Practices in Military Hospitals (MTF)” failed to meet the requirements stated in the guideline. The presentation did not identify the healthcare organization being discussed, and the listing of best financial practices was incomplete. Furthermore, there was insufficient explanation on why the practices were important for the organization, and no discussion on the potential consequences of non-compliance with the practices.

Suggested Resources/Books:

1. Healthcare Finance: An Introduction to Accounting and Financial Management by Louis C. Gapenski
2. Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts and Applications by William N. Zelman, Michael J. McCue, and Noah D. Glick
3. Financial Best Practices for Nurse Managers and Executives by Janet R. DuBois and Caryn A. Gabriel
4. Essentials of Healthcare Finance by William O. Cleverley, James O. Cleverley, and Paula H. Song

Similar Asked Questions:

1. What are some of the best financial practices for hospitals and healthcare organizations?
2. How can healthcare organizations effectively manage their finances to ensure financial stability and growth?
3. What are some of the potential consequences of not following best financial practices in healthcare?
4. What regulatory requirements do healthcare organizations need to consider when implementing financial practices?
5. How can healthcare organizations measure the effectiveness of their financial practices and make improvements when necessary?

Critique of Powerpoint Presentation:

The powerpoint presentation provided some valuable information on financial practices in healthcare, specifically in military hospitals. However, it lacked some essential elements that were required in the assignment. The presentation failed to identify and describe the healthcare organization and also missed the mark on listing at least five best financial practices that are important for the chosen healthcare organization to follow. Although the presentation provided some insights into the financial practices applied in military hospitals, it could have been more comprehensive and focused on the specific organization chosen for the assignment. Finally, the presentation did not adequately explain what could go wrong if the practices were not followed, which is critical in understanding the importance of implementing best financial practices in healthcare. Overall, while the presentation was informative, it could have been more well-rounded and focused on meeting the requirements of the assignment.

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