Congratulations! You have been promoted to a senior leadership role and have been charged with improving financial performance in your organization. To do this, you will work with your team to create an environment of sustainable excellence – an environment which is committed to driving a shift from pay-for-service to pay-for-value. In the coming months, you will take a closer look at operating and capital budgets. You will also examine how costs are allocated and charged, and how the revenue cycle is managed. Initially, however, you want to ensure that your colleagues have a clear understanding of the current state of affairs. You recognize that without clarity and alignment around what the organization should aspire to and why, there is a risk that financial decisions will not be grounded in the Mission and Values of the organization. You have decided it would be helpful to draft a brief Organizational Snapshot to share with your team. This document will provide an overview of how your organization is structured, its mission and its financial performance in a few key areas. Your Organizational Snapshot will also identify where there may be opportunities for improvement. Instructions For this assignment provide brief responses to the following items. The best ways to get at the information you will need for this assignment are: (1) meet with someone from your finance team or (2) visit the website of your organization and click on the “About” link and/or a link to the annual report. Remember, this is a “snapshot” designed to be shared with team members. Long, text-heavy responses will not be as well-received as something that can be quickly scanned and understood. 1. Identify your organization and provide a brief explanation of what it does and the population it serves. Include information such as: a. The Mission Statement of the organization b. Whether the organization is public or private c. Tax status (for-profit or not-for-profit) d. Number of employees JWI 533: Saving Money, Saving Lives Assignment 1 Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University. This course guide is subject to change based on the needs of the class. JWMI 533 (1178) Page 2 of 3 2. Provide a high-level overview of revenues and expenses and/or patient numbers (to the extent these are available and disclosed), including: a. General breakdown of revenue sources, including: i. Medicare and Medicaid ii. Payments by private insurance iii. Patient-paid fees b. The largest categories of costs/expenses incurred 3. What current metrics or most valuable key performance indicators (KPI’s) exist to assess financial performance? 4. Which financial issues are of greatest concern to the organization and why? 5. Identify a possible area of financial performance improvement. Note: this last item does not require you to identify a complex billing, budgeting or revenue cycle process to overhaul. It could be as simple as helping team members better understand current processes, expectations and goals. Submission Requirements Your Organizational Snapshot should be between 2 to 3 pages. It should be typed, single-spaced, using Times New Roman (font size 12), with one-inch margins on all sides. This same standardized format will apply to all assignments submitted in Word in this course. You may use charts, tables and bulleted lists to support the clear communication of your content. Note: Depending on the legal structure of your organization, there is a possibility that some of the items above may not be disclosed. That’s okay. We’re not asking you to share any information that is proprietary or confidential. If you have any concerns about the availability or disclosure of confidential data, discuss these with your professor as soon as possible. Also, if you are unable to use your current employer for this assignment, you may, with prior approval, select another Healthcare provider IN YOUR
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