Summative Assessment: Accounting Trends Report

A good financial strategy can always be improved. Having knowledge of your organizations finances provides the leverage to make decisions that affect the outlook and goals of the company. This assessment allows you to examine company practices from a financial lens, which provides you with insight into what drives financial decisions for a health care system.

Listen to Bert discuss the context and background for this week’s assignment.

below the transcript of video

Context for Health Care Accounting Report FACULTY CREATED CONTENT

Bert provides context for the Health Care Accounting Report.

Video Views: 610

Hi there.

Bert Munoz, again, faculty practitioner at the University of Phoenix with the College of Health Professions.

The topic of this video is healthcare, accounting and finance.

Here’s a background. Look, financial statements are very important in any organization.

Why? Well, because they do tell the story of the financial position of the organization based on the analysis of its income statement, balance sheet, and the cash flow statements.

While cost may increase and reimbursement may decrease, healthcare organizations need to remain profitable.

The big question is, how can hospitals optimize their financial position without compromise and quality or patient safety? So here’s a case scenario for you to consider.

You have been promoted from controller to chief financial officer or CFO of General Hospital.

You are concerned about the financial position of the hospital, and as a result, you conducted a financial analysis of the profitability, revenue streams, expenses, and state of liquidity of General Hospital.

You have used HCA as a company, as a public healthcare company to benchmark trends in the financial performance of General Hospital, best of success in your efforts in finding viable business solutions and the financial performance of General Hospital.

Thank you for watching this video.

Access the and use the income statement and balance sheet information as you prepare your report.

Write a 1,050- to 1,400-word report on the major trends in your organizations expenses and revenues in which you:

• Analyze any trends in expenses and revenueusing your own organization’s financial datayou see for the past 3 years in terms of gross profit, operating expenses, and operating income.
• Explain how this organization can curtail expenses without compromising services and quality of care.
• Interpret how your organizations reimbursement strategy can be improved to increase revenue. If it can be improved, what would it be, and how would it be implemented? If it cannot be improved, what would you recommend if your organization cannot increase its revenues?
• Calculate the current ratio (Hint: current assets current liabilities) for the past 3 yearsfor your organizationby reviewing the data in the balance sheet. What can you conclude about the trend of the liquidity of this organization? Is it positive or negative? Explain.
• Recommend how General Hospital can use this financial performance analysis from HCA to build its brand by optimizing financial performance without compromising quality, patient satisfaction, or patient safety.

Cite any references according to APA guidelines.