Posted: September 27th, 2023

Assignment 2 Health Financial Management HSM 331-90

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Individual Assignment 2 Health Financial Management, HSM 331-90 Individual Assignment 2 (30 Points) Module
One of the goals’of Health Service Managers is to achieve a basic level of competency in epidemiology to address issues such as population health and chronic disease. Health Service Managers also research consumer spendin4 to help contribute to the practice of Health Services Management research. You will gain foundational skills by developing an Income and Expense Budget in Microsoft Excel to meet the annual financial goal of the department at a healthcare organization. In this assignment, you will complete the Income and Expense Budget, then write a one-page summary using the -Sample Paper” format to describe your data to your department head.
Background
You were recently hired as a Health Service Manager in the Orthopedic Department at a high-perforrning rnedical center. One of your first tasks was to create an Income and Expense Budget. Your department head also said that within the next three months, you would need to research and use the Income and Expense Budget to deterrnine the Medicare and Medicaid patient populations (i. e. children, pregnant women, parents, seniors, and individuals with disabilities). The department head also commented that initially, the government paid 100% under the ACA between 2014-2016. The states will have to pay their percentage and manage the increasing costs by tapping into tax revenues, making hospitals help, and adding work requirements and premiums (the data showed the government payments in 2016: 100%, 2017: 95%, 2018: 94%, 2019: 93°/o, and 2020 and each year thereafter 90%). The states began paying the difference in the percentage costs in 2017.
Assignment • Download and use the format in the “Sample Paper.” • Review Chapter 14, Budgeting, in the textbook. • Review and Analyze the Video: Income and Expenditure Spreadsheet at https://www.youtube.comfwatch? v=bulupSWqmmc • Use the data in the table below to create your expense budget and the date and reference nurnbers.
Income Expenditures Procedure A, Hip Replacement 10,000 Inventory 5000 Procedure B, Back Surgery 13,000 Supplies 4000 Procedure C, Knee Replacement 15,500 Admin Salary 1000 Procedure D, Hip Fracture 5,000 Physician Salary 3000 Procedure E, Pediatric Surgery 5,000 Nurse Salary 2000 Procedure A, Hip Replacement

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Sample Assignment Answer:
Assignment 1: Responsibilities of the Chief Financial Officer

Nursing and Allied Health,
HSM 331-90: Health Financial Management

Responsibilities of the Chief Financial Officer
In health care organizations, the Chief Financial Officer (CFO) measures and reports on the validity of meeting the business’s objectives. The CFO also measures the effectiveness of policies and procedures to attain those objectives (Nowicki, 2018). One of the CFO’s primary goals is to protect the assets of the organization and ensure that the hospital systems are running most cost-effectively. To achieve the hospital goals, the characteristics and traits of CFOs will be discussed. Also, the American College of Healthcare Executives (ACHE), conducted a survey in 2015 to identify typical CFO profiles (Nowicki, 2018). Subsequently, the International Journal of Innovation and Research in Educational Sciences published an article that identified healthcare CFO professional development attributes. This paper aims to identify the characteristics, traits, and responsibilities of CFOs and their fiduciary duties in healthcare organizations. [Thesis Statement]

Characteristics and Traits of the CFO [APA Level 1 Title]
There are some CFOs that oversee the day-to-day administrative operations of healthcare organizations. They plan and supervise all medical services that include monitoring budgets and updating health records. Nowicki (2018) believes there are six skills that CFOs must have: 1) the ability to communicate clearly, 2) provide day-to-day leadership, 3) manage resources and finances, 4) build coalitions, 5) create a positive organizational culture, and 6) maintain strong physician relationships.

ACHE Survey of Typical CFO Profiles
The American College of Healthcare Executive (ACHE) conducted a survey that showed CFO compensation trends of middle managers from 2005 to 2015. There were seven CFO job titles that showed a progression of increased salaries. In 2015, the director/manager of managed care’s largest salary was $134,000 followed by the director/manager of finance at $127,600 (Nowiski, 2018). Today, the nationwide average CFO hospital annual salary is $152,106 (Zip recruiter, 2020).

CFO Professional Development Attributes
The International Journal of Innovation and Research in Educational Sciences published an article titled “Identifying Healthcare CFO Professional Development Attributes” written by Rochester, Wilson, Berkshire, & Houlihan (2017). The article identifies the concern of uncontrolled healthcare expenditures in the United States. The authors also identified fourteen important attributes for CFO development and success. The top five attributes respectively ranked: “1) ability to translate financial information into meaningful action, 2) effective communicator, 3) high integrity, 4) ability to translate financial and performance metrics into useful measures for operations people, and 5) ability to execute…” (p. 617). The article focused on the importance of financial leaders having a professional development portfolio.

Conclusion [Summary of the Paper]
This paper aimed to identify the characteristics, traits, and responsibilities of CFOs and their fiduciary duties in healthcare organizations. Research and literature reviews were conducted for the past five years. Research showed that the healthcare industry would be the most prominent industry by 2026, employing more than one-third of all jobs in the country with the project ( help with nursing paper writing from experts with MSN & DNP degrees)ed growth rate exceeding every other sector (BLS, 2016). The characteristics, traits, and responsibilities of CFOs play an essential role in helping the United States reduce healthcare costs by improving the CFO professional development portfolio.

References
Bureau of Labor and Statistics. (2016). Industry employment and output project ( help with nursing paper writing from experts with MSN & DNP degrees)ions to 2024. https://www.bls.gov/opub/mlr/2015/article/industry-employment-and-output-project ( help with nursing paper writing from experts with MSN & DNP degrees)ionsto-2024.htm.
Hospital Chief Financial Officer Salary. (2020). https://www.ziprecruiter.com/Salaries/HospitalChief-Financial-Officer-Salary.
Nowicki, M. (2018). Introduction to the financial management of healthcare organizations (7th ed.). Chicago, IL: Health Administration Press.
Rochester, C., Wilson, A., Berkshire, S., & Houlihan, R. (2017). Identifying healthcare CFO professional development attributes https://www.ijires.org/administrator/components/com_jresearch/files/publications/IJIRES_1096_FINAL.pdf

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