Financial Management Process
In today’s world of healthcare, capital expenses are a common element to the financial management process. In fact, all healthcare organizations, at some point, must convert to an Electronic Health Record (EHR) system to be compatible with the rest of the world. However, this is a major capital expense that will cost many healthcare organizations millions of dollars. Purchasing an EHR system will undoubtedly require the acquisition and use of long-term assets under a capital budget.
The final assignment of your project will require you to make a recommendation to finance an EHR system, based on information from previous assignments. You will compile all the information in a proposal format, which will be addressed to the organization’s executive managers. You will create a separate presentation as an overview of your proposal.
Your organization is considering financing a 1.5 million dollar EHR system (if an EHR system not a good fit for your case, you can choose any major health information system/technology but the 1.5 million dollar reference should remain the same). Based on the financial outlook of your case/organization, make a recommendation to purchase or not purchase the system. You will need to draw on the material you have learned in throughout the class and assignments; as well as background information from your case description. Collectively, that information will serve as the foundation to support your recommendation.
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Your final Financial Analysis report should be a minimum of eight (8) pages in length, excluding title and reference pages.
· Introduction of case and financial challenges and issues; perspective of financial challenge (Introduction)
· Report on assets and liabilities, cash flows and financial position, etc (Financial Statements).
· Examination of financial analysis methods (Financial Analysis Methods).
· Interpretation of financial management and capital management; influences for capital investments and decision-making (Capital Management).
· Assessment of EHR implementation (or relevant information system) and recommendation; using supportive information from financial management assignments (Proposal)
o Summarizes and presents a collection of financial management concepts, strategies and methods; applicable to case financial position, needs and challenges.
· Make sure to use block letter formatting and proposal formatting guidelines. You will need to include a title page. Remember, your audience is the organization’s executive managers. Make sure to use proper audience tone.
· Include an APA formatted reference page to include at least five (5) academic sources, such as a book or an academic scholarly journal, to support your topic. You should reference your academic sources by including at least five (5) in-text citations. Academic scholarly journals can be access through the Rasmussen Online Library.
Your Presentation should be created in MS PowerPoint to include a minimum of seven (7) slides. You will also add a narration to your presentation that should be 15-20 minutes in length. Be sure to discuss your project components in a concise, yet effective manner. You should highlight key points of each component of the Financial Analysis Report, leading up to your EHR recommendation outcome. Include graphical displays (such as graphs or other pictorials) to add visual interest and support of your information. Use a professional tone and keep in mind that you are presenting to the executive management team; consider their interests as stakeholders.
· Summary of financial statements
· Summary of financial analysis methods
· Findings of capital management influences
· EHR recommendation outcome
· APA formatted reference slide