17 Jun COMPARE THE FOUR MAJOR ETHICAL PRINCIPLES.
vUnit 9 Assignment Unit outcome(s) addressed in this Assignment: ● Compare the four major ethical principles. ●
Unit 9 Assignment Unit outcome(s) addressed in this Assignment: ● Compare the four major ethical principles. ● Analyze the relationship of these principles to current healthcare issues. ● Examine the influence of individual ethics on professional decision making. ● Examine the law and ethics of labor relations. ● Evaluate ethical issues related to resource allocation. Course outcome(s) addressed in this Assignment: HA499-1: Knowledge Base: Demonstrate a sound foundational knowledge and understanding of the principles and practice in healthcare regarding administration, management, law, economics and policy. GEL-1.1: Demonstrate college-level communication through the composition of original materials in Standard American English. HA499 Capstone Project NOTE: The Capstone Project will begin in Unit 2 and will be submitted in sections. Instructors will provide feedback along the way. The final completed project will be submitted in Unit 9, and the Unit 9 final report is the GEL-1.1 Assignment. Introduction: The purpose of the Capstone Project is for you to show your understanding of the course materials and your ability to communicate at the college level. For your Capstone Project, you will be performing research on a real-life healthcare organization. Drawing upon your learning in previous courses, you will be asked to analyze various facets and provide a detailed picture of the organization. As you compile the information, consider what value each process adds to the company and how quality improvements might improve outcomes. Compose your report using Standard American English as described in the APA guidelines available at Kaplan University Writing Center. You need to follow formal APA formatting and citation style for the project and include a title page and a reference page. Make sure you cite your resources in the text and on the reference page using proper APA formatting and citation style. The citations and references should match. Your instructor will make suggestions for improvement and provide follow-up needed for Sections 1 and 2. It is your responsibility to incorporate instructor feedback into the final presentation in order to achieve full credit. Unit 9 Assignment (This is the GEL-1.1 Assignment) Capstone Project — Section 3 Write a conclusion for your paper and combine all the sections into a project paper. Impact of economic and outside influences to the organization • National and world economy impact • Explanation of the sustainability of this organizational care model • Healthcare reform • Regulations • Summarize the info regarding organization. • Provide a glimpse into the future for the organization based on your learning. • Combine all parts into a narrative, using APA formatting and citation style. This narrative report is essentially a detailed, comprehensive assessment of your capstone experience. Please combine Sections 1, 2, and 3 in this submission and be sure to complete any improvements that were indicated by your instructor. You will need to cite at least 12 references in the complete report. Prepare this Assignment according to APA formatting and citation style. Section 3 should contain a conclusion that is to be 1600-1200 words in length and in APA format. Please submit your work (Sections 1–3) as a complete report of your Capstone Project. Label each section (Section 1, Section 2, and Section 3). Submit the final document to the Unit 9 Dropbox for grading.
Theresa McNair
HA499
Tiffany Matthews
Kaplan University
August 23, 2016
Financial analysis is a business process used to evaluate a business entity, project or even a budget with a view to establishing how well it is financially. Some of the key areas of focus are; a thorough look at the entity’s solvency as reflected by the continued ability of the organization to support its operations into the near future. Another very critical aspect in financial analysis is the liquidity of a business. This is the continued ability of the entity to settle its short-term obligations as and when they fall due. Liquidity problems are very common, as such financial analysis in an organization facing such a risk is very crucial. Financial analysis also enables the evaluation of financial performance of an entity over time in terms of profitability. Essentially financial analysis answers the question is the organization working well enough to warrant investment of resources. It is a very important tool for decision makers as it provides an impartial tool to analyze the performance of an institution or organization. It is also advantageous in that it can be applied to any sector and it is adjustable to suit the specific nature of that particular sector be it profit making or non-profit making.
The analysis is via an in-depth evaluation of the income statement or statement of activity, balance sheet and cash flow statements. It is important to note that financial analysis is applicable to both profit making and non-profit making entities. Owing to the fact that, the healthcare sector has both types of organizations in almost equal measure, it is important we take note of that. Depending on the purpose, financial analysis can be technical or fundamental. Technical analysis utilizes tools such as moving averages and is more suitable for the non-profit organizations. Also, fundamental analysis on the other hand is based on the computation of basic ratios such as Return on Investment (ROI) and is more suited to the for profit organizations.
Another perspective of looking at financial analysis is in terms of the user of the analysis. If the analysis is meant to evaluate or select a project internally, this is called corporate finance. However, if an external investor commissions the analysis, this will be called investor finance. For example, if a particular hospital wishes to buy an additional x-ray machine, build a new lab and buy a mammography machine but had only funds enough for one project, corporate financial analysis would come in handy in selecting the project to implement from a purely financial perspective. On the other hand, if they decided to look for funding from a third party, the third party may wish to conduct an investor financial analysis on the hospital before committing his funds.
Operations assessment relates to the process of reviewing the suitability and working effectiveness of any particular system e.g. online patient registry system. The aim of operational assessment is primarily to identify defects in the system or gaps that need closing. Effective operational assessment can also serve to measure the reliability of that particular system. Sticking with our example of an online patient registry system, operational assessment could identify one of the defects of the system as data loss during downtime or lack of sufficient back up capacity. It may also establish the number of times the system has failed and then assign a figure as a measure of reliability. Operational assessment has also been used to evaluate the adequacy of the final output. In the health sector, this is a very common application of operational assessment. For example, after purchase of a new mammography machine, the management of the hospital may wish to know the extent to which the rate at which early detection of breast cancer has increased. Also, then requires the use of operational assessment to identify the change in output after the purchase of the new machine.
Quality improvement refers to the formal approach to continuously analyzing performance of the services rendered and using systematic ways to improve on areas of weakness. This on-going process aims at delivering the best possible level of satisfaction for the final customer or patient in this case. In the health sector, quality improvement focuses on reduction of errors such as misdiagnosis and avoidance of needless mortality and morbidity. Several approaches are applicable in an attempt to achieve quality improvement. One of the main approaches commonly used in the health sector is the Total Quality Management abbreviated as (TQM). The basic principles of TQM are continuous improvement and learning, focus on the patient and an all-round involvement of all staff and management in the process of improving quality.
These three processes, financial analysis, operations assessment and quality improvement play a very crucial role in ensuring sustainable and proper healthcare service delivery (Kight, 2009). They are interrelated and complement each other in ensuring the services are made available in a timely manner and in a way that satisfies the purpose for which the services were sought in the first place. Financial analysis answers the question is the project capable of delivering financial value. Operations assessment then comes in and answers the questions are the systems in place working at the optimal level and producing the desired results. While the quality improvement paradigm responds to the question what are we doing to ensure that we learn from yesterday’s mistakes and use the lessons to give better care today and tomorrow? When used together this three can result in optimal performance for any health sector entity ensuring patient satisfaction.
The health sector in general is very sensitive owing to the tremendous impact on the quality of human life. This in mind decisions in this sector should be taken very carefully and in an impartial and professional manner. In this regard, the three paradigms, financial analysis, operations assessment and quality improvement play a crucial role in the decision-making process ensuring the best possible final course of action prevails. In most cases, a systematic approach is adopted when it comes to making crucial decisions to ensure impartiality. One of the generic decision making processes involves the following steps: problem identification, situation analysis, goal consideration, identification of alternative courses of action, simulation of possible outcomes, selection of best alternative and evaluation of the result and taking heed of the lessons. In this process, the three paradigms are used in different stages each individually or all combined and in varying degrees to ensure the best course of action is taken.
When identifying the problem, operations analysis plays a very crucial role especially in identifying system hurdles in delivery of quality health care. Also, when conducting an operations assessment identifies gaps in service delivery as well as any flaws that may act as hindrances to optimal operation of the facility (Alexander, 2001). These flaws identified can be the problem that requires a decision to be taken to resolve them. In case a gap is identified, this may be seen as an opportunity that requires a decision so as to effectively take advantage of the opportunity. Financial analysis also plays a role in the identification of problems. For example, a current ratio of 0.2:1 is clear indication of liquidity problems that require urgent action to resolve (Edmister, 2002). In addition, on the other hand excess cash in the bank can be an indicator that an opportunity to invest in new machinery exists and thus a decision is required as to which medical equipment to purchase.
When analyzing the situation, financial analysis plays a key role. By employing a situation analysis, one of the tools of financial analysis, one can analyze a situation in detail and in an unbiased manner. For example, assuming the management of a particular hospital want to know whether it is prudent to open a new branch, situation analysis will provide all the necessary information regarding the hospital’s financial health, credit ranking and the applicable cost of credit, impact on cash flows and the sustainability of the new branch financially. This will then give management insight enabling them to make a better-informed decision.
When looking for alternatives, quality improvement plays a very crucial role. It encourages the members of staff and the entire health care fraternity to innovate and come up with new and better solutions on an ongoing basis. This may result in a variety of solutions from which the decision maker can select. . Also, this means that the chances of an optimum decision being arrived at are higher. In addition, financial analysis can also provide alternatives by providing various means of financing available for projects and detailing the expected results of each method.
In consideration of the consequences of various alternatives, financial analysis will play a very crucial role. Sensitivity and scenario analysis, tools of financial analysis, can be very effective in achieving this. Sensitivity analysis will give detailed information on the extent to which changing a particular variable will affect the outcome (Healy, 2012). Scenario analysis on the other hand simulates the different scenarios if different decisions are taken. This ensures management has foresight into the consequences of their decisions thus avoiding pitfalls that could catastrophic. Quality improvement can also be applied in this step as a guiding principle. For instance, if a certain alternative has consequences detrimental to the delivery of quality healthcare services then such an alternative is eliminated at that juncture leaving only alternatives that do not affect quality negatively for consideration.
When selecting the best alternative, all three paradigms are applicable. Financial analysis provides the best alternative from a purely financial perspective. Operations assessment assists in identifying the decision that best utilizes operational opportunities available and closes any gaps identified in the system as a whole. Quality improvement then comes in and points towards the best alternative in ensuring that the quality of services delivered is beyond reproach. The management may adopt a weighted average in selecting the best alternative so that the final decision takes into account financial aspects, operational capabilities as well as the need to keep improving the quality of health care services delivered.
● Examine the influence of individual ethics on professional decision making. ● Examine the law and ethics of labor relations. ● Evaluate ethical issues related to resource allocation. Course outcome(s) addressed in this Assignment: HA499-1: Knowledge Base: Demonstrate a sound foundational knowledge and understanding of the principles and practice in healthcare regarding administration, management, law, economics and policy. GEL-1.1: Demonstrate college-level communication through the composition of original materials in Standard American English. HA499 Capstone Project NOTE: The Capstone Project will begin in Unit 2 and will be submitted in sections. Instructors will provide feedback along the way. The final completed project will be submitted in Unit 9, and the Unit 9 final report is the GEL-1.1 Assignment. Introduction: The purpose of the Capstone Project is for you to show your understanding of the course materials and your ability to communicate at the college level. For your Capstone Project, you will be performing research on a real-life healthcare organization. Drawing upon your learning in previous courses, you will be asked to analyze various facets and provide a detailed picture of the organization. As you compile the information, consider what value each process adds to the company and how quality improvements might improve outcomes. Compose your report using Standard American English as described in the APA guidelines available at Kaplan University Writing Center. You need to follow formal APA formatting and citation style for the project and include a title page and a reference page. Make sure you cite your resources in the text and on the reference page using proper APA formatting and citation style. The citations and references should match. Your instructor will make suggestions for improvement and provide follow-up needed for Sections 1 and 2. It is your responsibility to incorporate instructor feedback into the final presentation in order to achieve full credit. Unit 9 Assignment (This is the GEL-1.1 Assignment) Capstone Project — Section 3 Write a conclusion for your paper and combine all the sections into a project paper. Impact of economic and outside influences to the organization • National and world economy impact • Explanation of the sustainability of this organizational care model • Healthcare reform • Regulations • Summarize the info regarding organization. • Provide a glimpse into the future for the organization based on your learning. • Combine all parts into a narrative, using APA formatting and citation style. This narrative report is essentially a detailed, comprehensive assessment of your capstone experience. Please combine Sections 1, 2, and 3 in this submission and be sure to complete any improvements that were indicated by your instructor. You will need to cite at least 12 references in the complete report. Prepare this Assignment according to APA formatting and citation style. Section 3 should contain a conclusion that is to be 1600-1200 words in length and in APA format. Please submit your work (Sections 1–3) as a complete report of your Capstone Project. Label each section (Section 1, Section 2, and Section 3). Submit the final document to the Unit 9 Dropbox for grading.
Theresa McNair
HA499
Tiffany Matthews
Kaplan University
August 23, 2016
Financial analysis is a business process used to evaluate a business entity, project or even a budget with a view to establishing how well it is financially. Some of the key areas of focus are; a thorough look at the entity’s solvency as reflected by the continued ability of the organization to support its operations into the near future. Another very critical aspect in financial analysis is the liquidity of a business. This is the continued ability of the entity to settle its short-term obligations as and when they fall due. Liquidity problems are very common, as such financial analysis in an organization facing such a risk is very crucial. Financial analysis also enables the evaluation of financial performance of an entity over time in terms of profitability. Essentially financial analysis answers the question is the organization working well enough to warrant investment of resources. It is a very important tool for decision makers as it provides an impartial tool to analyze the performance of an institution or organization. It is also advantageous in that it can be applied to any sector and it is adjustable to suit the specific nature of that particular sector be it profit making or non-profit making.
The analysis is via an in-depth evaluation of the income statement or statement of activity, balance sheet and cash flow statements. It is important to note that financial analysis is applicable to both profit making and non-profit making entities. Owing to the fact that, the healthcare sector has both types of organizations in almost equal measure, it is important we take note of that. Depending on the purpose, financial analysis can be technical or fundamental. Technical analysis utilizes tools such as moving averages and is more suitable for the non-profit organizations. Also, fundamental analysis on the other hand is based on the computation of basic ratios such as Return on Investment (ROI) and is more suited to the for profit organizations.
Another perspective of looking at financial analysis is in terms of the user of the analysis. If the analysis is meant to evaluate or select a project internally, this is called corporate finance. However, if an external investor commissions the analysis, this will be called investor finance. For example, if a particular hospital wishes to buy an additional x-ray machine, build a new lab and buy a mammography machine but had only funds enough for one project, corporate financial analysis would come in handy in selecting the project to implement from a purely financial perspective. On the other hand, if they decided to look for funding from a third party, the third party may wish to conduct an investor financial analysis on the hospital before committing his funds.
Operations assessment relates to the process of reviewing the suitability and working effectiveness of any particular system e.g. online patient registry system. The aim of operational assessment is primarily to identify defects in the system or gaps that need closing. Effective operational assessment can also serve to measure the reliability of that particular system. Sticking with our example of an online patient registry system, operational assessment could identify one of the defects of the system as data loss during downtime or lack of sufficient back up capacity. It may also establish the number of times the system has failed and then assign a figure as a measure of reliability. Operational assessment has also been used to evaluate the adequacy of the final output. In the health sector, this is a very common application of operational assessment. For example, after purchase of a new mammography machine, the management of the hospital may wish to know the extent to which the rate at which early detection of breast cancer has increased. Also, then requires the use of operational assessment to identify the change in output after the purchase of the new machine.
Quality improvement refers to the formal approach to continuously analyzing performance of the services rendered and using systematic ways to improve on areas of weakness. This on-going process aims at delivering the best possible level of satisfaction for the final customer or patient in this case. In the health sector, quality improvement focuses on reduction of errors such as misdiagnosis and avoidance of needless mortality and morbidity. Several approaches are applicable in an attempt to achieve quality improvement. One of the main approaches commonly used in the health sector is the Total Quality Management abbreviated as (TQM). The basic principles of TQM are continuous improvement and learning, focus on the patient and an all-round involvement of all staff and management in the process of improving quality.
These three processes, financial analysis, operations assessment and quality improvement play a very crucial role in ensuring sustainable and proper healthcare service delivery (Kight, 2009). They are interrelated and complement each other in ensuring the services are made available in a timely manner and in a way that satisfies the purpose for which the services were sought in the first place. Financial analysis answers the question is the project capable of delivering financial value. Operations assessment then comes in and answers the questions are the systems in place working at the optimal level and producing the desired results. While the quality improvement paradigm responds to the question what are we doing to ensure that we learn from yesterday’s mistakes and use the lessons to give better care today and tomorrow? When used together this three can result in optimal performance for any health sector entity ensuring patient satisfaction.
The health sector in general is very sensitive owing to the tremendous impact on the quality of human life. This in mind decisions in this sector should be taken very carefully and in an impartial and professional manner. In this regard, the three paradigms, financial analysis, operations assessment and quality improvement play a crucial role in the decision-making process ensuring the best possible final course of action prevails. In most cases, a systematic approach is adopted when it comes to making crucial decisions to ensure impartiality. One of the generic decision making processes involves the following steps: problem identification, situation analysis, goal consideration, identification of alternative courses of action, simulation of possible outcomes, selection of best alternative and evaluation of the result and taking heed of the lessons. In this process, the three paradigms are used in different stages each individually or all combined and in varying degrees to ensure the best course of action is taken.
When identifying the problem, operations analysis plays a very crucial role especially in identifying system hurdles in delivery of quality health care. Also, when conducting an operations assessment identifies gaps in service delivery as well as any flaws that may act as hindrances to optimal operation of the facility (Alexander, 2001). These flaws identified can be the problem that requires a decision to be taken to resolve them. In case a gap is identified, this may be seen as an opportunity that requires a decision so as to effectively take advantage of the opportunity. Financial analysis also plays a role in the identification of problems. For example, a current ratio of 0.2:1 is clear indication of liquidity problems that require urgent action to resolve (Edmister, 2002). In addition, on the other hand excess cash in the bank can be an indicator that an opportunity to invest in new machinery exists and thus a decision is required as to which medical equipment to purchase.
When analyzing the situation, financial analysis plays a key role. By employing a situation analysis, one of the tools of financial analysis, one can analyze a situation in detail and in an unbiased manner. For example, assuming the management of a particular hospital want to know whether it is prudent to open a new branch, situation analysis will provide all the necessary information regarding the hospital’s financial health, credit ranking and the applicable cost of credit, impact on cash flows and the sustainability of the new branch financially. This will then give management insight enabling them to make a better-informed decision.
When looking for alternatives, quality improvement plays a very crucial role. It encourages the members of staff and the entire health care fraternity to innovate and come up with new and better solutions on an ongoing basis. This may result in a variety of solutions from which the decision maker can select. . Also, this means that the chances of an optimum decision being arrived at are higher. In addition, financial analysis can also provide alternatives by providing various means of financing available for projects and detailing the expected results of each method.
In consideration of the consequences of various alternatives, financial analysis will play a very crucial role. Sensitivity and scenario analysis, tools of financial analysis, can be very effective in achieving this. Sensitivity analysis will give detailed information on the extent to which changing a particular variable will affect the outcome (Healy, 2012). Scenario analysis on the other hand simulates the different scenarios if different decisions are taken. This ensures management has foresight into the consequences of their decisions thus avoiding pitfalls that could catastrophic. Quality improvement can also be applied in this step as a guiding principle. For instance, if a certain alternative has consequences detrimental to the delivery of quality healthcare services then such an alternative is eliminated at that juncture leaving only alternatives that do not affect quality negatively for consideration.
When selecting the best alternative, all three paradigms are applicable. Financial analysis provides the best alternative from a purely financial perspective. Operations assessment assists in identifying the decision that best utilizes operational opportunities available and closes any gaps identified in the system as a whole. Quality improvement then comes in and points towards the best alternative in ensuring that the quality of services delivered is beyond reproach. The management may adopt a weighted average in selecting the best alternative so that the final decision takes into account financial aspects, operational capabilities as well as the need to keep improving the quality of health care services delivered.
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