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Financial Risk and Rates of Return
Every day, technological advances are being made in some entity that contributes to the healthcare system. From medical devices to pharmaceuticals, improvements in the healthcare world can alter, enhance, and save the lives of individuals around the globe. As our knowledge of these matters expands, the care in which patients receive expands, too. In the end, improved patient outcomes are the goal of any hospital, clinic, or practice, regardless of other differences the healthcare providers may have.
When determining new ways to increase patient outcomes, there is a multitude of components that play a major part in the care that patients receive. Within every level of a healthcare organization, from the ground up, the choices and decisions that administrators, physicians, and other personnel make, have a significant effect on the lives of their patients. Making informed decisions with reason often takes an understanding of the implications that the decision will have on the road. If decisions are not made taking the needs of patients into account, the end goal of quality care may be cut short.
Research the internet, the OCLS, and other sources, including the Bible, to support your position for your discussion.
a.What are some of the most important financial keys to consider when looking at capital budgeting in health care organizations?
b.What are some important things to consider in doing this risk assessment?
c.What are the major differences in doing these assessments for healthcare industries versus traditional business financial models?
Your initial response should be 150 to 200 words in length for each question and include at least one academic source that is properly cited.
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Financial Risk and Rates of Return
There exist some crucial financial keys or aspects to consider when looking at capital budgeting in healthcare organizations. The CFO should rely on specific financial performance metrics or indicators, including the return on equity (ROE), return on assets (ROA), and profit margin (Burkhardt & Wheeler, 2018). The ROA evaluates a hospital’s financial viability in using its assets to generate returns, the ROE evaluates the rate of growth in equity over a specific period from a hospital’s earnings, and the profit margin looks at a hospital’s revenues, income, expenses, assets, liabilities, and cash flow. Although the profit margin indicators indicate a hospital's financial performance, they fail to depict a profound overview of its financial performance leading to the reliance on other metrics such as ROA and ROE.
The CFO and other decision-makers consider specific aspects when conducting their risk assessment for capital budgeting. For instance, they must determine or plan on funds allocation and any areas to improve. Here, decision-making plays a fundamental role as they decide how to use limited resources to get excellent results. Also, CFOs and other decision-makers must consider the cost-benefit and cost-effectiveness of any future project (Reiter & Song, 2018). That is, every project should contribute to positive patient care outcomes by improving the quality of health care services. On future planning the decision-makers fulfill the Biblical words in Proverbs 6:6 that "go to the ant, O sluggard, observe the ways and be wise, which, having no chief, officer or ruler, prepared for food in the summer and gathers her provision in the harvest."
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The capital budgeting assessments for healthcare industries are different from those of traditional business financial models. For instance, while traditional business models have a massive focus on quantitative factors or financial criteria, healthcare organizations must uphold qualitative or non-financial factors in their assessments. As CFOs and other decision-makers decide on healthcare spending, they remain accountable for the quality and patient outcomes. Therefore, the ultimate goal of every healthcare capital budgeting process is improving patient outcomes unlike the 'shareholder wealth maximization' goal of most traditional business models.
References
Burkhardt, J. H., & Wheeler, J. R. (2013). Examining financial performance indicators for acute care hospitals. Journal of health care finance, 39(3), 1-13.
Reiter, K. L., & Song, P. H. (2013). Hospital capital budgeting in an era of transformation. Journal of health care finance, 39(3), 14-22.
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